Nagi Bioscience, a Swiss life sciences startup developing next-generation laboratory equipment to unlock the full potential of alternatives to animal testing, is thrilled to announce the successful closure of its Series A funding round. The company has secured an oversubscribed 12.4M CHF investment from top-tier venture capital firms across Europe.
Nagi Bioscience’s first commercial product, SydLab One, was launched at the end of the first quarter of 2023, and has already gained significant traction in the biopharma and agrochemical R&D sectors, among others. “The enthusiastic support from our new investors reflects our belief in Nagi’s potential to disrupt the drug discovery and toxicology testing markets. We are deeply grateful for their trust in our vision.” said Matteo Cornaglia, CEO and co-founder of Nagi Bioscience. “This substantial investment is a testimony of the hard work, dedication, and passion of our incredible team and will be instrumental now in scaling-up the commercial organization and operations, while expanding R&D activities to strengthen Nagi’s portfolio of innovative products.”
The round was co-led by Swisscanto and imec.xpand, together with the participation of Excellis Holding and existing investors Verve Ventures and Zürcher Kantonalbank. Robert Schier, Senior Director of Swisscanto, expressed enthusiasm about the investment, stating, “We are very excited about Nagi’s potential of replacing a wide range of mammalian tests in various industries. The company and its technology are great examples of Swiss high-quality innovation and entrepreneurship. We are convinced that Nagi’s products will have a major impact on how future drugs and chemicals are developed in a more humane way”.
The success journey of Nagi Bioscience has been driven by fostering close collaboration with its customers from the start. The collaborative mindset extends beyond product development; it’s about co-creating solutions that genuinely meet the needs of the market. Nagi’s ability to establish deep-rooted partnerships with customers has not only validated their current offerings, but also has set a promising trajectory for the future. As Frank Bulens, Partner of imec.xpand, underscores “Nagi is introducing a new standard for preclinical evaluation enabling the identification of interesting compounds faster and more cost-effective, which will impact large markets, from cosmetics over food to agro and pharma. We are really glad to join this series A round with a significant investment”.
Opening doors to new marketsThe successful completion of the Series A round marks a remarkable milestone for Nagi Bioscience, opening doors to new markets, partnerships, and advancements to further disrupt the current biological testing paradigm. The company remains focused on its commitment to innovation, customer satisfaction, and delivering game-changing solutions that shape the future of next-generation drug discovery and chemical testing technologies.
(Press release)
On picture: Laurent Mouchiroud, co-founder and CSO, Matteo Cornaglia, CEO and co-founder, Nagi Bioscience.
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