Oulu-based Finnadvance has completed a €1.2 million seed financing round led by Finnish investor Athensmed. Several existing investors, such as deep tech VC Voima Ventures and early-stage VC Icebreaker, have participated in the funding round. The funding also includes a new investor: Takoa Invest.
Finnadvance is an organ-on-chip startup developing platforms that recreate tissue models with microfluidic flow patterning and hydrogel coatings. These models simulate tissue and organ function, mechanics and physiological response, simulating human organs in miniature.
“Our technology allows for more human-like preclinical drug testing, fast repurposing of old drugs and, in the long term, development of personalized therapies and medicines,” states Finnadvance’s CEO Prateek Singh.
The €1.2 million funding round will greatly help the company in expanding its operations to foreign markets. With commercial activities in South Korea and Europe, Finnadvance is now heading to the US market. The company has received numerous EU and National funded grants to accelerate product research and development and is now rapidly scaling its team.
Finnadvance revolutionizes drug research and development – they’re the highest throughput platform for the in-vitro blood-brain barrier. Now expanding into lung and gut fields. The company’s technology has practically limitless applications in fields such as biotech, safety and efficacy of nano/microparticles and biomaterials, and cosmetics evaluation – they can significantly speed up the preclinical R&D processes and save enormous spending observed with conventional methods.
Finnadvance currently has 17 team members. The company is already generating revenue and is constantly growing.