The six companies – PanTarg, 3Sonic, Inia Biosciences, Yngvi Bio, Proxi Biotech and Sagava – have all previously received € 500.000 in funding from BII. With the new funds allocated, each company has now received a total of € 1.8 million from BII.

The continued funding also comes with access to BII’s internationally recognized innovation platform in the heart of Copenhagen. Here, the companies gain access to advanced laboratory facilities, a global network of investors, advisors and strategic partners, as well as expertise in business development and commercialisation.

“The six companies have demonstrated strong potential and have already taken important steps from promising research to developing solutions that can make a real difference. With continued funding, they have the opportunity to accelerate their development and focus even more on their path towards the market.”

says Trine Bartholdy, Chief Business Officer at BII

BII’s ambition is not only to provide funding, but also to give the companies the right framework and expertise to develop into strong, international businesses.

“It is precisely at this stage that the combination of capital, strong expertise and the right network can make a decisive difference. We see significant potential in all six companies, and our role is to help them turn their technologies into sustainable businesses and products that can create value for patients, society and investors,”

says Trine Bartholdy

With the new funding, the six companies are better positioned to further develop their technologies, attract additional external capital and bring their solutions closer to commercial market application.

The six companies receiving additional financial support from BII are:

3Sonic

3Sonic is developing a new imaging technology based on 3D ultrasound and artificial intelligence, designed to enable surgeons to assess cancer tissue in real time during surgery. The aim is to increase the precision of cancer surgery and improve patient outcomes. 3Sonic is a spin-out from Rigshospitalet and the Technical University of Denmark (DTU).

Sagava

Sagava is working to reduce CO2 emissions from the maritime sector by converting waste into sustainable biofuels and energy. The company’s technology aims to help decarbonise shipping by utilising waste resources to produce biogenic fuels. Sagava is a spin-out from the Technical University of Denmark (DTU).

Inia Biosciences

Inia Biosciences is developing new treatments for inflammatory diseases, with psoriasis as its initial focus. The company is working to transform the treatment of inflammation and develop more effective therapeutic solutions for patients suffering from inflammatory diseases. Inia Biosciences originally emerged from the innovation ecosystems in Boston and Oxford.

Yngvi Bio

Yngvi Bio is developing biological solutions to combat agricultural pests. Through targeted pest control, the company aims to protect crops while reducing the impact on biodiversity, the environment and human health. The goal is to contribute to a more sustainable food production system. Yngvi Bio is a spin-out from the University of Copenhagen.

PanTarg

PanTarg is developing a new type of antibody-based cancer treatment that combines two targeted attacks in a single therapy. The company’s technology is particularly aimed at aggressive cancers, including pancreatic cancer, where there remains a significant need for more effective treatments. PanTarg is a spin-out from the University of Copenhagen and Rigshospitalet, founded by researchers Lars H. Engelholm and Virginia Metrangolo. The company is also a partner in a major research project for the period 2026–2030, supported by the Innovation Fund Denmark, focusing on enabling drugs to cross the blood-brain barrier.

Proxi Biotech

Proxi Biotech is developing a novel vaccine-based immunotherapy for recurrent bacterial infections. The company’s lead candidate targets recurrent infections caused by Clostridium difficile, which can affect patients repeatedly and become chronic. The technology is intended to provide an alternative to treatments such as faecal microbiota transplantation. Proxi Biotech is a spin-out from Statens Serum Institut (SSI), Denmark’s national public health institute.

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Halmos Labs builds automated biotech R&D on the principles of validity and interpretabillity. They run research, and simulations answering open questions ranging from wetlab experiment design to full cancer vaccine manufacturing.

While the company itself is named Halmos Labs, its first product will be called Halmos Bio, founder Mattias Akke tells Swedish Tech News which was first with reporting the news.

The founders, Mattias Akke and Linus von Ekensteen Löfgren, have a background in Nanotechnology and Engineering Physics, and previous experience from MIT, AstraZenica, and Danske Bank.

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The round was co-led by EIFO and Unconventional Ventures followed by Proptechfonden and backed again by earlier investor EMDFonden.

“Closing this Seed round is an important milestone for Visibuilt. It enables us to mature our technical platform, validate our solution at a larger scale, and take the next steps towards the market,”

says Line Kloster Pedersen, CEO and founder of Visibuilt.

Founded in 2022, Visibuilt develops a mycelium-based binder solution for the construction and infrastructure industries. Founded by Line Kloster Pedersen and Oleksii Rebrov, the startup combines biotechnology and materialscience to create lower-carbon alternatives to conventional construction materials. Last year it created the worlds first mycelium cultivated outdoor paver – a natural alternative to cement.

“Concrete and asphalt production are among the largest sources of carbondioxid emissions globally. If we are to truly reduce emissions, it requires new solutions in heavy industries. Visibuilt has an approach that could become an important piece of that transition,”

says Sara Sande, Managing Director, Partner and Head of Direct Thematic Venture at EIFO.

The binder technology, visiBINDER, is a mycelium-based binder designed for paving and infrastructure applications. The technology is designed to offer a less energy intensive solution for paving materials while meeting the durability and performance requirements of outdoor applications. These cultivated pavers where pioneered last year at the Fælledby construction site in Copenhagen, following extensive testing.

“At Unconventional Ventures, we look for companies where the impact case and the commercial case are structurally identical. Visibuilt is that company. Every​ tonne of visiBINDER placed in a paving application displaces a tonne of fossil binder, generates royalty revenue, and reduces the embedded carbon of the infrastructure it goes into,”

says Thea Messel, General Partner, Unconventional Ventures

The new funding will allow Visibuilt to expand testing and validation activities, establish the production setup required for larger-scale trials, and strengthen the team with additional technical and commercial expertise.

“Line has built active industrial testing relationships with Denmark’s leading concrete paver manufacturer and Copenhagen Municipality within two years of founding – without a finished production setup and without a fully derisked product. That is an unusual execution signal for a HardTech founder at this stage, and it is why we co-led,”

says Thea Messel

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The company uses AI-designed protein binders to selectively detect and remove environmental contaminants (including PFAS, pharmaceutical residues and micropollutants) from water.

The funds will support a pilot project and the development of two initial products: biosensor probes for rapid contaminant detection and selective filter components for water treatment plants.

“This investment allows us to take the next step from breakthrough science to real-world impact. Together with our partners at the Chemistry department at Lund University, RecoLab and industry partners, we will validate our technology in operational water treatment environments and accelerate the path towards commercial deployment. Our ambition is to make precision-designed proteins a new tool in the global effort to secure clean water.”

says Mikaela Persson, co-founder and CEO at LivingFilters.

Current water treatment technologies (activated carbon, ozonation, membrane filtration) are all non-selective and energy-intensive. They are hard to reconfigure as the list of regulated contaminants grows. Two EU directives are now forcing action: the Drinking Water Directive requires PFAS monitoring from January 2026, and the revised Urban Wastewater Treatment Directive mandates a fourth treatment step for pharmaceuticals and micropollutants, with large plants required to comply by 2033.

“Mandatory compliance deadlines have converted a diffuse environmental problem into a funded procurement market. LivingFilters combines unique expertise acquired through advanced training and research at the world-leading Baker Lab for computational protein design with cutting-edge research at Lund University, a technology with no direct commercial comparable in Europe, and a regulatory tailwind that does not depend on voluntary adoption.”

says Karin Edström, General Partner at Turbine Capital.

LivingFilters uses AI to design protein binders from scratch, creating molecular tools that bind to a single target contaminant with high precision. A new binder can be computationally initiated within hours and experimentally validated within a couple of weeks.

The platform builds on breakthroughs recognised by the 2024 Nobel Prize in Chemistry for computational protein design. LivingFilters’ co-founder and Chief Science Officer Amijai Saragovi conducted his postdoctoral research at the Baker Lab, Institute for Protein Design, University of Washington, the world’s leading group in computational protein design. He now leads his own protein design group at Kemicentrum, Lund University.

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Paindrainer is a digital therapeutics (DTx) company developing digital platforms and applications contributing to health and well-being. PD Care System is the first evidence based digital tool demonstrating improved quality of life in patients suffering from chronic pain.

“Having completed a share issue transaction in the current market with support from both existing and new owners feels fantastic. It shows the growing interest in these types of third-generation digital companies, and it enables us to continue our highly important commercialization and start to grow our operations”

says Erik Frick, CEO Paindrainer.

The solution is powered by a proprietary Artificial Neural Network (ANN) and is fully adaptive to each chronic pain patient, demonstrating our unique and patented 360 patient-centricity concept. Key concepts of this device has now been implemented into an agentic AI powering our newest product, Relivra, that will reach the market during Q2 2026.

The use of proceeds focuses on Paindrainer continued successful commercial rollout in the US of the unique drug-free, digital remote therapeutic monitoring system for chronic pain patients, using the proprietary AI powered neural network. It also enables the company to commercialize the newest product, Relivra, directed to pain Organization in a number of selected markets.

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SAGA Diagnostics has developed a groundbreaking technology that detects and monitors cancer through the analysis of tumour-specific structural variations in DNA from blood samples. Unlike traditional methods that focus on individual mutations, SAGA approach enables highly sensitive detection of residual disease, allowing for earlier identification of cancer recurrence – a critical factor in improving treatment outcomes.

“I’m a bit overwhelmed and so incredibly proud of everyone who helped get us here. 10 years ago Anthony George and I spun-out SAGA Diagnostics, and today it enters a definitive merger agreement with Foundation Medicine (Roche). This means ultrasensitive ctDNA monitoring can now reach thousands of cancer patients around the world.”

said Lao Saal co-founder

The company’s flagship product, Pathlight, has achieved several key milestones since its 2021 financing round, including clinical validation with strong results, a commercial launch in the U.S., and Medicare reimbursement for breast cancer. These achievements have positioned SAGA Diagnostics at the forefront of the rapidly expanding liquid biopsy market, which is poised to transform cancer care through earlier and more precise interventions.

“Our mission at SAGA is to intercept cancer early when patients are most treatable and curable. Foundation Medicine’s commercial scale and innovation accelerates our ability to bring this unique MRD platform to more patients worldwide. We are proud of our team for advancing innovation in the MRD field and commercially launching Pathlight to improve patient outcomes.”

said Roopom Banerjee, Executive Chairman of SAGA.

A Strategic Acquisition in a Growing Field

The acquisition comes at a time of surging global interest in precision diagnostics, driven by the need for more personalized cancer treatments and the potential for earlier detection of recurrence. Liquid biopsy-based solutions, in particular, are experiencing strong growth due to their ability to detect minimal residual disease (MRD) – a game-changer for patient outcomes.

The company was founded in Lund, and has been part of the Smile incubator. But since 2023 had most of its approximately 100 staff in the US, with only a smaller R&D team in Lund. However, multiple of the key investors are from the ecosystem, such as LU Ventures and FSG (Fåhraeus Startup and Growth), which was one of the biggest external shareholders with a bit under 10% of the shares.

But also other life science investors, such as Sciety, which led Saga’s € 10 million financing round in 2021.

“When Sciety invested in Saga Diagnostics, we recognized the transformative potential of their technology. Since then, the company has not only validated its clinical and commercial relevance but also established itself as a leader in a field that is reshaping cancer care. This acquisition will accelerate the reach of Saga’s innovations to more patients worldwide. It also represents Sciety’s tenth exit, a testament to the strength of Nordic life sciences and our collaborative investment approach.”

Andreas Lindblom, Managing Partner at Sciety

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This means that the JPO has approved the patent application and registered the patent making it valid until 2041. This is the Company’s first patent to be granted in Japan for the LIT-platform technology.

“We are proud to announce that Lithea has secured patent approval in Japan. This milestone underscores our commitment to innovation and strengthens our position in delivering cutting-edge intratumoral therapies to patients worldwide. It also underscores our organization’s ability to generate patentable inventions.”

says Ludvig Sjöberg, CEO of Lithea

The patent provides the LIT-platform protection for treating cancer using the LIT-platform to deliver pharmaceutical drugs. Lithea has patents granted to date in Europe, Japan, and Singapore, with late-stage applications in the USA and China.

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With the financing secured, MedVasc is well positioned to accelerate the remaining key activities required for FDA clearance of Solutio for the U.S. market. Preparations are progressing according to plan, and market approval is expected during autumn 2026.

”The strong participation from current owners demonstrates continued confidence in MedVasc’s strategy, execution capability, and long-term value creation. The board and management view this support as a clear validation of the company’s direction and its ongoing development efforts,”

says Cathrin Johansson, CEO of MedVasc

Solutio is developed to provide painless and precise local anesthesia during thermal treatment of venous insufficiency. The anesthesia catheter is compatible with so-called gold standard treatment fibers (RF/Laser) worldwide.

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Fida Biosystems has developed a biophysical analysis platform for molecular and nanoparticle characterization to be conducted more quickly and accurately, ultimately speeding up the development of new medicines.

The new investment is an extension of a previous series A round and is intended to prepare Fida Biosystems for a future Series B growth round, paving the way for further expansion and scaling.

“With FSG’s focus on Scandinavian companies at the cross-section of Technology and Life Science we are proud to invest in FidaBio and its unique first principle technology for biophysical analysis for the Pharma and Biotech industry.  We look forward to work hard with the Fidabio team and EIFO as lead investors in this next phase of growth”

said Linus Wiebe, General Partner and Managing Director at FSG

Over the past year, Fida Biosystems has doubled its revenue, and with more than 100 instruments sold, it is seeing increased adoption across industry and leading research institution.

“As we close a year marked by more than double growth, we are pleased to complete a new round led by FSG, with continued support from EIFO and our other investors. With our amended team, we are confident that we are in the best possible position to continue supporting researchers in developing faster and better drugs – and to further accelerate the company’s growth,”

said Brian Sørensen, CEO of Fida Biosystems.

EIFO first invested in Fida Biosystems in 2019 and this follow-on investment strengthens EIFO’s strategic ambition for Denmark’s position in transformative technologies and life science.

“Fida’s technology aligns perfectly with EIFO’s focus on innovation that drives growth. We have strong confidence in the team and are pleased to support the company’s further expansion and scaling, reinforcing Denmark’s role in life science,”

said Tonni Bülow-Nielsen at EIFO.

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Flow Neuroscience recently announced FDA approval of their breakthrough Flow at-home brain-stimulation device for the treatment of major depressive disorder (MDD). The FDA approval marks the first time in history American clinicians are able to prescribe a novel at-home non-drug therapy as both a stand-alone and an adjunctive treatment for adults with moderate to severe depression.

Currently, depression affects more than 20 million U.S. adults, a 60% increase over the last decade. Around a third of these patients are not responsive to antidepressants, and many stop treatment because of side effects such as sexual dysfunction, weight gain, a sense of feeling emotionally blunted, and many others.

“We’re on a mission to make effective, affordable non-drug treatment available to the millions of Americans suffering from depression. Flow’s FDA approval is a watershed moment for the treatment of depression: the first step in moving from pharmaceutical treatments to tech-based therapies with minimal side effects.”

said Erin Lee, CEO of Flow Neuroscience.

Transcranial direct current stimulation, or tDCS, the technology behind Flow, is backed by more than 9000 publications and over 25 years of clinical research in depression treatment, stroke recovery, pain management, and other use-cases. Flow’s neurostimulation device applies a gentle electrical current to the prefrontal cortex, the part of the brain involved in mood regulation and stress response, which is often underactive in people with depression.

To prove device effectiveness, Flow published their landmark randomized controlled clinical study in Nature Medicine, showing that patients using Flow’s FL-100 tDCS device experienced symptom reductions as early as within 3 weeks. These results revealed a clinically meaningful response to treatment and side effects were, in general, mild and transient.

“Among our real world users, 77% see improvements in as little as three weeks. Such treatment, previously confined to clinics, can now be delivered at home, pointing to a scalable way of expanding access to effective depression care,”

added Flow’s Chief Medical Officer, Dr. Kultar Garcha.

Flow’s clinical trial was the largest of its kind and demonstrated that for the first time at scale, a fully remote, home-based neuromodulation treatment is effective in treating major depression. Active tDCS treatment with FL-100 not only outperformed sham stimulation but achieved two to three times higher remission and response rates, with 58% of patients in remission by the end of the 10 week study. Results were also observed among patients already on medication or psychotherapy who used FL-100 adjunctively, making it far closer to real-world conditions than most previous trials.

“For more than 6 years since the device’s launch in Europe, we’ve been building an evidence base globally with clinical trials, peer-reviewed research, and real-world case reports. The approval of FL-100 in the US will now offer millions of patients an accessible and effective non-drug treatment option.”

said Daniel Månsson, co-founder and Chief Scientific Officer of Flow Neuroscience

Flow has been used by more than 55,000 people in the EU, UK, Switzerland, and Hong Kong. In the UK, it is used by multiple NHS trusts and is prescribed by doctors in their public health system. Flow expects the device to be available in the U.S. as early as Q2 2026.

“We are committed to ensuring that Flow becomes a part of a standard treatment pathway for depression care. We are singularly focused on helping as many patients as possible achieve remission from depression,”

says Erin Lee.

The Flow System received Breakthrough Device Designation from the FDA in 2022, a program designed for technologies that offer potentially more effective treatment or diagnosis for debilitating diseases. The company is also planning to evaluate its platform as a treatment for additional neuropsychiatric indications, including traumatic brain injury, addiction and sleep disorders.

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