Lund, Sweden-based Aligned Bio, a nanotechnology company, announced on Monday that it has secured SEK 19.4M (approximately €1.6M) in funding through a new share issue.
Both current and new investors, including SmiLe Inject Capital, participate in the round.
The company will use the funds to develop and scale up its nanowire production technology.
Besides funding, the Swedish company also announced that it has been accepted into the SmiLe incubator program.
”We believe that our DNA analysis technology will soon be mature enough to attract a partner who can help us bring it to market. I am very much looking forward to leveraging SmiLe’s extensive network and expertise in business development. Moreover, their laboratories and equipment give us access to the instruments we really need,” says Kenneth Harlow, CEO of Aligned Bio.
Aligned Bio: Developing nanowire-based technology platform for biosensors
Led by Kenneth Harlow, Aligned Bio is developing a new nanowire-based technology platform for biosensors.
The company has chosen to apply the technology in two areas: disease diagnostics, such as cancer, and genome sequencing (mapping DNA).
The company’s technology can analyse longer DNA fragments and provides 10-100 times higher sensitivity in diagnostics compared to existing commercial sensors.
The production of nanowires also becomes simpler and thus more cost-effective than with existing techniques. The company is now starting to scale up production.
The company is conducting projects in collaboration with leading players in the diagnostics industry, including Roche Diagnostics.
The company is also collaborating with other international companies that recognise the potential to integrate nanowire technology into their products.
The investor
SmiLe is a venture hub that specialises in advancing life science startups from concept to commercialisation.
A few days back, Ulrika Ringdahl was appointed CEO of SmiLe Venture Hub, succeeding Ebba Fåhraeus, who stepped down after 10 years.
The platform offers comprehensive support through every stage of entrepreneurship, including tailored incubation and acceleration programs, a variety of educational courses, and access to top-tier lab facilities.
To date, the company’s flagship incubator program has supported over 100 startups, facilitating their collective acquisition of more than €841M in venture capital and contributing to 21 successful IPOs.
“We are very pleased that Aligned has been so successful with its financing. This enables their groundbreaking products to reach the market sooner and benefit patients. We look forward to being involved and supporting the company’s path forward,” says Ulrika Ringdahl, CEO of SmiLe Venture Hub.
