Finnadvance completes 550k€ seed round led by Voima Ventures and Finnish biotech business angels
April 29, 2020
Oulu, Finland. Finnadvance, a Finnish biotech startup from Oulu Finland announces today it has closed a seed round of 550k€ led by deep tech fund Voima Ventures and Finnish biotech business angels Leena Niemistö and Sauli Törmälä. Company’s earlier investor is Icebreaker VC seed fund.
Finnadvance manufactures multi-channel 3-D microfluidic organ-on-a-chips that simulate the activities, mechanics and physiological response of entire organs and organ systems. In short, the company simulates the human body’s physiology on a microfluidic device, where small tissue and organ fragments are grown for molecule and drug testing. The technology allows more human-like pre-clinical drug testing, fast repurposing of old drugs and in the long term development of personalized therapies and medicines.
Finnadvance’s vision is that organ-on-chips will significantly speed the development of new drugs, as well as abolish the need for animals in drug development and toxin testing. Established in 2018 December, Finnadvance has already established joint research and collaboration with partners and customers such as the Finnish Red Cross Blood Service, Orion Pharma, University of Helsinki, University of Eastern Finland, Tampere University, VTT Oulu, UPM Biomedicals, the Biobank of Eastern Finland and SMEs, Kaivogen, Timegate Instruments, Bionavis, and Afekta.
“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. 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! ” says Prateek, the CEO of Finnadvance.
“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“, says Inka Mero, Managing Partner of Voima Ventures.
Finnadvance is a microtechnology and 3D biology solution company based in Oulu, Finland. Finnadvance is developing microfluidic organ-on-chips for pharmaceutical drug research and development.
About Voima Ventures
Voima Ventures is a €40M deep tech fund that invests purely in startups with deep tech and scientific backgrounds. Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and capital. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures is managing a portfolio of VTT Ventures with 20 prominent deep tech companies including Solar Foods, Paptic, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and European Investment Fund (EIF), backed by Finnish private and institutional investors.
Finnadvance part of Finland’s efforts on nanobiotechnology derived therapeutics
February 29, 2020
Finnadvance has joined a new research consortium of Finnish pharmaceutical technology and academic research organisations to develop new organ-on-chip platforms for treatment and early diagnostics of central nervous system degenerative diseases and cancer. The consortium’s research will leverage blood-derived extracellular vesicles for potential drug delivery vehicles and biomarkers.
Finnadvance presented it's mictotechnology solutions for on-body applications at the 36th WT | Wearable Technologies Conference 2020 EUROPE in Munich, Germany. Wearable Technologies EUROPE hosted an extensive exhibition area to feature all topics along the WT | Wearable Technologies value chain and companies from all wearable market segments offering a unique networking experience.
Finnadvance pitches in sauna!
November 26, 2019
Finnadvance’s COO Jari Moilanen won the first Sauna Pitching event organized by Tampere Entrepreneurship Society. This fun pitching event was live-streamed from a hot sauna with creative dresscode. Thanks to the organizers for a great event; pitching can be fun and easygoing too!
Finnadvance showcases it's organ-on-chips at MEDICA 2019
November 18 - 21, 2019
Our CEO, Prateek, presented the latest updates in organ-on-chips technologies from Finnadvance at MEDICA 2019, the worldwide largest medical marketplace. In 2018 more than 5,000 exhibitors presented their innovations to about 120,000 visitors from all over the world. Main topics are Electromedicine / Medical Technology, Laboratory Equipment, Diagnostics, Physiotherapy / Orthopaedic Technology, Commodities and Consumer Goods, Information and Communication Technology, and Medical Services and Publications.
CSO Minna Kihlström took to the stage as she presented the organ-on-chip platforms for research and drug development at Slush 2019 in Helsinki, Finland. Qualifiers were held among the companies selected for the Slush100 pitching competition on Wednesday, November 20th on the stage of the Kamppi shopping center in Helsinki. The best 15 were chosen for the semi-finals, Finnadvance among them. The semifinal pitching took place at Slush on November 21st.
Finnadvance enters the INNOVATION WORLD CUP Hall of Fame
October 31, 2019
Finnadvance enters the Hall of Fame by the Innovation World Cup® Series 2019 as the best tech start-up of 2019. At Cologne, Germany, Finnadwance was awarded the best TECH START-UP 2019 AWARD powered by Würth Elektronik. We were selected from over 260 submissions around the globe.
Significant EU-funding for the research of vascular anomalies
July 05, 2018
Finnadvance together with their European partners have received nearly 3.8 million euro funding for the H2020-MSCA-ITN project called V.A. Cure.
Image analysis for NASA challenge
August 29 - 31, 2017
Prateek Singh from Finnadvance with partners from Turku have been selected in the NASA Europa challenge with their project DRONE-TREK- which analyses satellite and UAV images for algal bloom detection. Our project was among the top 20 and the final demo took place in Helsinki 29th – 31th of August 2017.