Finnadvance Closes €550k Seed Round


writer icon Kristine Hanson     ISB   |   Business     🕐 05. May. 2020

The Finnish biotech startup, Finnadvance, from Oulu Finland, have announced that they have closed a seed round of €550k led by deep tech fund Voima Ventures and Finnish biotech business angels Leena Niemistö and Sauli Törmälä.

Finnadvance's biotech product
The biotech startup manufactures a multi-channel 3D microfluidic organ-on-a-chip that simulates the activities, mechanics and physiological response of entire organs and organ systems.

Finnadvance simulates the human body’s physiology on a microfluidic device, where small tissue and organ fragments are grown for molecule and drug testing.

Human-like Drug Testing
The technology allows more human-like pre-clinical drug testing, fast repurposing of old drugs and, in the long-term, development of personalised therapies and medicine.

“Our goal at Finnadvance is to create a body-on-a-chip which could be used to test medications and treatments before they are administered to a patient,” explained the CEO of Finnadvance, Prateek Singh.

“This way performance of different medications and treatments could be tested in advance and the patient would receive only the best, most suitable medication for them. Selecting the right medication with organ- or body-on-chips both speeds up the process substantially and greatly improves the safety as well as patient outcomes. Futuristic, but this can be a reality in 3-5 years,” Singh added.

€550k in Added Funds
“This funding round boosts Finnadvance’s plans for rapid organic growth in the Oulu area and we hope to provide job opportunities at different skill levels in a rapidly developing biotech startup environment,” Singh explained.

With the newly added funds, Finnadvance can start their first product projects with their customers, such as Orion Pharma, the Finnish Red Cross Blood Service, University of Helsinki, University of Eastern Finland Kuopio, and others.

“We at Voima Ventures are eager to see how a company like Finnadvance can change the way the drug testing is perceived and executed. There is a tremendous effect of such innovations on one person’s life and later nations. Welcome to Voima ventures family, Finnadvance team“, said Inka Mero, Managing Partner of Voima Ventures.

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