Eleven invests in the Greek biotech company BIOPIX-T
Part of the BIOPIX-T team.
The field of Healthcare is vast, rapidly changing and multilayered. Newer, better, faster and more reliable solutions leveraging innovation and technology are needed everyday to keep up with the needs of our world in preserving wellbeing and treating illness.
These are the kind of pioneering solutions which we seek out to support in the Healthcare field.
One such solution is developed by the team of our newest portfolio company.
BIOPIX-T offers portable molecular devices
for diagnostication of Covid-19, Influenza and other infectious diseases using the method of Loop-mediated isothermal amplification – (LAMP).
The first product of BIOPIX-T is called Pebble. It’s a portable device plus a testing kit that can perform a swab test for Covid-19 and display the results within less than 30 minutes. Unlike the traditional PCR tests that take a few hours to be processed by a special laboratory, the LAMP method enables the test to be quickly performed at the point of care or in field setting.
Why does it matter?
The new portable platform of BIOPIX-T introduces a radical improvement in genetic testing, allowing the combination of portability with the accuracy and sensitivity of standard lab-based molecular diagnostic tools.
Its mission is to offer portable diagnostic devices to end-users, regardless of financial status, geographical location and training. Doctors, healthcare providers, and patients in both the developed and developing countries will benefit equally from the technology, which intends to alleviate personal suffering and control disease outbreaks.
The device will further support the “Point-of-Need” diagnostics and the “Personalized Medicine” medical model, which require rapid and cost-effective methods that could be performed not only outside the traditional lab environment but in any place and under any circumstances, such as in remote and isolated areas or even in space.
The team of BIOPIX-T
is led by Dr. George Papadakis and Prof. Electra Gizeli who are associated with the reputable Institute of Molecular Biology and Biotechnology on Crete. The founding team also includes Dr. Alexandros Pantazis in charge of Product Development, Nikolaos Fikas, Head of Software and Electronics and Sergios Katsaros, Head of Commercial and Finance.
“Eleven is an experienced investor with a track record in assisting start-ups grow. We can benefit from their overall experience but more specifically, they can assist us with introductions in the local Bulgarian market, helping us establish a strong distribution network in the region.” commented Sergios Katsaros, Co-founder of BIOPIX-T.
On the investment in the biotech company Valeri Petrov, Partner at Eleven Ventures explains: “BIOPIX-T is our first investment in Greece and the company fits perfectly in one of our four focus areas – Healthcare. We are very happy to welcome the strong founding team to the Eleven family. They have a spectacular scientific background and track record supported by and closely cooperating with leading international institutes and organisations in the field. The product is truly innovative and is responding to a long pending need for portable molecular diagnostic devices that could produce lab quality results at the point-of-care. The BIOPIX-T diagnostic platform is coming right on time, much ahead of the competition in terms of both technological advantages and commercialization.
We are very happy to be co-investing alongside Metavallon VC as a trusted partner and one of the most prominent VC’s in Greece.”
Next up for BIOPIX-T
is to complete the certification process to receive the CE mark for the European market.
The first batch of Pebble devices and test kits for commercial use has been already ordered, so shipping will begin as soon as the certification is confirmed.
Meanwhile, the seed funding of €1.4M by Metavallon VC, Eleven and several business angels, will be used to finance their operations set-up and expansion, as well as the initial production and distribution of the products.
Want to learn more about BIOPIX-T? Visit their website – biopix-t.com