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EUR 2.3 million for Aligned Bio from European Innovation Council Accelerator

Photo of the logotype of Aligned Bio

The European Innovation Council Accelerator has awarded Aligned Bio €2.3 million in funding, with the possibility of a further €2.3 million in venture capital. This is to accelerate the company’s investment in the detection of biomarkers at the molecular level using the patented Aerotaxy nanowire production process. This spring, the company is expected to close a new share issue of a further SEK 50–60 million.

“It was a long process that started with a written pitch, then a video pitch followed by a written application of 100 pages. Then 1.5 hours of hearings by a jury panel of experts. It’s been a lot of work, but now of course it feels worth it, says Aligned Bio’s CEO Erik Smith to the news agency Rapidus.

Aligned Bio, based in Lund, was one of about 4,500 applicants, of which four percent were granted support by the EIC Accelerator. The program will run for two years and Aligned Bio will focus on the detection of three different diseases in collaboration with three “internationally very well-known” partners. The announcement of the EU money also came shortly after Aligned Bio opened an investment round in the hope of raising €7–8 million.

“We are very happy and grateful that all our previous owners have committed to participate in the round and we have a list of potential new investors that we are working through. We are raising our sights to more international venture capital, but of course, we are also looking further afield in Sweden,” says Erik Smith.

The company is in discussions with ProNano, which is housed in Sol Voltaic’s old premises, about moving back in with the Aerotaxy technology. Less than a year ago, Aligned Bio raised 23 million from Stockholm Business Angels STOAF, Christer Fåhraeus Fårö Capital, Mist Ventures and Almi Invest. The company has also been funded by LU Holding, Erik Smith, LU researchers, and members of the advisory board, which includes Lars Samuelson, Heiner Linke, Fredrik Höök, and Winnie Svendsen.