Helsinki-based biotech startup Avenue Biosciences has raised $2.5 million in seed funding led by Finnish firm Voima Ventures, with participation from Inventure and US angel investors. The company has shared the news on its Linkedin page.
About Avenue Biosciences
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Established in 2023 by Tero-Pekka Alastalo, Katja Rosti, and Juho Kellosalo, Avenue Biosciences specialises on protein engineering technologies with the goal of increasing biopharmaceutical sector efficiency.
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The company is developing a technology that will shorten development times and lower costs for critical therapies, making them more accessible to patients worldwide. The platform uses machine learning to screen and optimize signal peptides, guiding protein delivery within cells.
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The team plans to launch commercial sales in Q4 and is aiming to tap into Nordic expertise and North American markets. The company's mission is to overcome the bottleneck in modern biotech.
‘This technology taps into a rapidly expanding biopharmaceutical market, poised for substantial growth. By making the production of complex proteins more efficient and affordable, it not only accelerates the development of innovative treatments but also significantly enhances the commercial scalability of these therapies. This positions us to capture significant value while improving access to life-saving medicines across a wider range of diseases.’ Jenny Engerfelt, Voima Ventures Partner says.
Investment details
Voima Ventures is the lead investor in this round. It is a Helsinki-based venture capital firm that supports creators in growing their businesses for international markets by investing in deep technology firms at all stages, from pre-seed to Series A and B, led the seed round.
Along with unnamed US business angels, the round was also supported by Inventure VC, a Helsinki-based venture capital firm that manages €377 million in assets and makes investments in Seed and Series A rounds in the Nordic and Baltic regions.
“Their innovative approach to a persistent bottleneck in protein production has the potential to disrupt the biopharmaceutical industry.We are especially excited to support Tero-Pekka for the second time as the teamworks towards realizing the full potential of their technology,” Tuomas Kosonen, Inventure Partner states.
The fresh funds will be used to develop Avenue’s enhanced platform, which tackles issues with complicated protein synthesis, such as mRNA treatments and monoclonal antibodies. It is anticipated that this investment will aid in quickening the development process and increasing access to vital therapies.
