Cellevate raises €3.2 million in second seed round to drive global commercialization of nanofiber technology

New Delhi: Cellevate, a Swedish biotech company pioneering next-generation cell culture systems for biomanufacturing, has raised €3.2 million in its second seed round, bringing its total equity funding to €6.6 million. The round was led by Industrifonden, in syndication with the European Innovation Council Fund (EIC Fund), as the company prepares to launch its flagship product, Cellevat3d™ nanofiber microcarriers, in November 2024.

With this new funding, Cellevate aims to accelerate its global commercialization efforts, establishing a commercial team in North America, scaling up production, and enhancing customer onboarding with the help of a dedicated field application support team. The funds will also fuel a marketing campaign for the international introduction of its breakthrough product.

Cellevate’s technology, Cellevat3d™, represents a significant innovation in biomanufacturing, particularly for cell and gene therapies and vaccines. The nanofiber-based microcarriers offer up to 60 times the surface area for cell growth compared to current industry standards, improving yields in bioreactors and enhancing the scalability and productivity of viral vector production. Recent tests showed that the microcarriers achieved double the productivity for AAV2 viral vector production, addressing key industry challenges such as low productivity and high costs.

Laura Chirica, CEO of Cellevate, commented, “This renewed investment is dedicated to achieving the most important milestone for Cellevate: the successful global launch, commercialization, and sales of the first nanofber based microcarriers in upstream bioprocessing.”

Industrifonden’s Investment Manager, Mala Valroy, who also serves on Cellevate’s board, highlighted the company’s progress: “This investment positions the company to begin its international expansion and help customers achieve the highest yield and productivity improvements in upstream bioprocessing for gene therapies.”

Uwe Gottschalk, Operating Partner at Keensight Capital and Chairman of Cellevate’s Board, expressed, “The timing for bringing such cutting-edge solutions for biomanufacturing could not be better as gene therapy needs improved productivity and process economy and Cellevate innovative nanofiber-based products hold the promise to deliver exactly that.”

Svetoslava Georgieva, Chair of the EIC Fund Board, reiterated, “Our investment confirms the successful achievement of critical milestones of Cellevate and will help them commercialize their technology. It also shows the continued support from all its investors.”

Cellevate’s total equity funding now stands at €6.6 million, with the recent seed round combined with an earlier round in October 2023 that raised €3.4 million. In addition to equity, the company has secured €2.6 million in soft funding and grants, including €2.48 million from the EIC Accelerator in 2022. This substantial financial backing highlights the significant potential of Cellevate’s nanofiber-based technology to disrupt the biopharmaceutical manufacturing market and revolutionize next-generation therapies.