BioInnovation Institute announces new Venture House program and initial intake of four innovative companies

Venture House replaces the BII's former Creation House program to support Venture Lab Companies with further financing to accelerate growth.

COPENHAGEN, Denmark, Aug. 23, 2022 /PRNewswire/ -- BioInnovation Institute (BII), an international commercial foundation with a non-profit objective incubating and accelerating world-class life science research, today announces that four companies have joined its new Venture House program.

Formerly known as Creation House, the new Venture House program consists of the same 18-month long program with a risk-free convertible loan of EUR 1.3M. The change in strategy enables the BII to exclusively support the early-stage start-ups that have already benefitted from its 12-month Venture Lab program, created to support business acceleration, scientific and team development.

Following internal analysis, the BII team has determined that by leveraging the existing Venture Lab platform and offering an add-on funding opportunity, exclusively to those companies that have already spent a year at the BII and have built relationships with the team and its network, the BII will be better placed to support these companies in their next phase of growth.

Bobby Soni, Chief Business Officer, at BioInnovation Institute, said: "We are thrilled to present our new Venture House program. We have had great success in building our Venture Lab program as a solid platform for innovation and we believe that leveraging this existing platform will drive product innovation and ecosystem growth. By introducing this add-on funding opportunity, it will be even more attractive and exclusive for companies to be part of the program. We look forward to continuing to support these four innovative companies and accelerate their growth."

In 2021, as part of the BII's Venture Lab program that supports business acceleration, scientific development and team development, each Company received a risk-free convertible loan of EUR 500.000 plus access to labs and offices at the BII's entrepreneurial ecosystem in the center of Copenhagen. Thus, after entering the Venture House program they have received in total of EUR 1.8M. The new companies the BII has accepted into the Venture House program are:

• EvodiaBio is a bio-industrial company producing sustainable, natural aromas for the food and beverage industry. Its disruptive yeast-based technology enables consumers to enjoy the benefits of non-alcoholic beer without having to compromise on taste.
• HEI Therapeutics is a digital therapeutics company developing the world's first medical-grade home monitoring solution for patients with hypothyroidism based on state-of-the-art microfluidics, microtechnology and artificial intelligence.
• Stimuliver is developing disruptive liver implant technology to treat critically failing liver function in humans. Many people suffer from chronic liver disease. By supporting the liver with Stimuliver's 3D implants, it will help patients sustain critical organ function levels.
• AMPA Medical is working in the field of ostomy care and have developed an internal solution to replace the ostomy bag. With a new and disruptive technology, Ampa wish to remove time-consuming, mental and physical obstacles related to the use of ostomy bags.

Since inception in 2018, the BII has supported 62 start-ups and projects with EUR 50 million in funding. BII's start-ups have in total raised more than EUR 207 million from local and international investors. Its diverse team brings venture capital, pharma and business expertise together to help early-stage companies accelerate to the next level. Recent portfolio company successes include Adcendo, Stipe Therapeutics, Twelve Bio, Octarine Bio, and Cirqle Biomedical.

Read more at https://bii.dk/start-ups/ 

About the BioInnovation Institute Foundation

The BioInnovation Institute Foundation (BII) is an international commercial foundation with a nonprofit objective supported by the Novo Nordisk Foundation. BII operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by early life science start-ups for the benefit of people and society.

BII, located in Copenhagen, Denmark, offers start-ups and early-stage projects within health tech, therapeutics, and bioindustrials state-of-the-art labs, vibrant office facilities, business development, start-up business incubation, access to high-level mentoring and international networks, plus unique funding opportunities of up to 1.3 million euro per start-up and 2.4 million euro per project.

Since the inauguration of BII in November 2018, BII has awarded 50 million euros to 62 high-growth start-up companies. Read more on www.bioinnovationinstitute.com

SOURCE BioInnovation Institute (BII)