Helsinki-based biotech Avenue Biosciences, specializing in high-throughput protein engineering to develop protein biologics, has raised $2.5 million in a seed round. Voima Ventures led the funding, with support from Inventure and American business angels.
- Founded in 2023 by Ville Paavilainen, Tero-Pekka Alastalo, and Katja Rosti, Avenue Biosciences develops a platform that accelerates the development of complex proteins vital for next-generation treatments like cancer immunotherapies, synthetic proteins, and mRNA therapies.
- The software acts like a smart GPS, optimizing delivery routes for signal peptides essential for effective protein delivery within cells.
- Avenue's proprietary technology leverages machine learning to screen and optimize signal peptides, enhancing protein production efficiency. The company aims to shorten development times and lower costs for essential therapies, making monoclonal antibodies, gene therapies, and mRNA-based treatments more accessible to patients globally.
"The potential for impact is immense. With this platform, we are not only optimizing the production process but enabling faster access to therapies that could significantly change patients’ lives," claims Tero-Pekka Alastalo, CEO of Avenue Biosciences.
Details of the deal
- The seed round was led by Voima Ventures, a Helsinki-based VC that invests in deep technology startups across various stages, from pre-seed to Series A and B, supporting founders in scaling their ventures for global markets.
" 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," Partner at Voima Ventures, Jenny Engerfelt, commented.
- The round also received support from Inventure Partners, a Helsinki-based VC managing €377 million in assets that invests in Seed and Series A rounds across the Nordics and Baltics, along with various US business angels.
- With the fresh capital raised, Avenue Biosciences plans to accelerate the development of its platform, which is designed to enhance the efficiency of protein production in the biopharmaceutical industry.
