Austria

[Funding alert] Austria-based Synthetic Biology Company VALANX Biotech Raises €2.3M in Funding

Nov 11, 2023 | By Startup Rise EU

The synthetic biology startup VALANX Biotech, situated in Austria, has raised €2.3 million. The business has since secured more growth capital, including public and equity funds.

The synthetic biology startup VALANX Biotech, situated in Austria, has raised €2.3 million. The business has since secured more growth capital, including public and equity funds.

In the current round, SkyGene from Lower Austria was leading. Participating in this round were prior investors Tecnet Equity, SOSV, and Xista Science Ventures (previously IST cube).

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Ingo Nagler of SkyGene says, “We see a rapidly growing need for a simple but highly precise technology platform for protein conjugation and the development of new click chemistry for the delivery of complex biotherapeutics.”

According to VALANX, the money will be utilised for developing its protein conjugation platform, which will probably find numerous uses in biosensor technology, diagnostics, and medication development.

Read also - Copenhagen-based Biotech Startup Octarine Bio Secures €4.35 Million in Funding

Michael Lukesch, founder of VALANX says, “Since our foundation in 2017, we have been working on a technology that will help pharmaceutical and biotechnology companies to produce protein drugs faster and more reliably.”

About VALANX Biotech

In 2017, Michael Lukesch, the company's founder, spun off VALANX Biotech from the Graz University of Technology, using intellectual property from his dissertation work.

Read also - Chasse sur Rhône-based Recyc’ELIT Raises €3.2M in Funding

Based in Klosterneuburg, Austria, VALANX is a pharmaceutical business that specialises in the accurate synthesis of drug-protein conjugates.

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