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Incubator/Accelerator
mitefcee.org

Investments

85

Portfolio Exits

2

Partners & Customers

1

About MIT Enterprise Forum CEE

The MIT Enterprise Forum (MITEF) informs, connects, and coaches technology entrepreneurs, enabling them to rapidly transform ideas into world-changing companies.

Headquarters Location

ul. Nowy Świat 51 m. 3

Warsaw, 02-042,

Poland

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Latest MIT Enterprise Forum CEE News

50+ Biotech Startups in CEE You Should Know

Jul 31, 2023

The biotech industry is currently navigating a complex path, with established big pharma companies seeking new revenues to offset the massive wave of looming patent expirations. According to an EY global report , public biotech companies revenues decreased 1% from the previous year in 2022, but when factoring out COVID-19 vaccines and antiviral treatments, the industry’s revenues increased a modest 3.7%. The report also highlights that 2023 will witness a total of five patent expirations of established biologic products worth billions of dollars in revenue. Moreover, it’s anticipated that over 20 products, which account for nearly $200 billion in annual product sales, will have their patent protection expire by 2030. This presents a significant challenge for the industry, but also an opportunity for emerging biotechs to fill the innovation gap. This is where the Central and Eastern Europe (CEE) region enters the picture. There are two organizations playing a pivotal role in the support of biotech startups from CEE. The Central European Biotech Incubator and Accelerator (CEBINA) is nurturing promising projects and turning them into startups. Meanwhile, the MIT Enterprise Forum CEE’s Biotech Accelerator Program is connecting startups with established companies, providing the support needed to refine, test, and scale innovations. Adding to this momentum, X2.0 has launched its third open call for startups in the realm of health tech and biotech , offering selected startups access to €30,000 in Innovation Vouchers, as well as the chance to receive mentorship and scaling services from over 100 Impact Builders . And indeed, CEE startups have been making some significant strides in the biotech sector. For instance, Lifebit, a Greek-born biotech AI startup, raised $60 million in 2021 to accelerate biomedical research and innovation, while Slovenian GenePlanet recently scored a €20 million Series B to improve lives with DNA discovery. Other startups like Romanian Peelhy are focusing on food safety, offering biotech solutions for pesticide-free fruits . We also have Biomyc, a young Bulgarian company, specializing in design for sustainability and biotech innovation , creating environmentally friendly and socially responsible products. In this article, we spotlight over 50 biotech startups from the CEE region. These startups, categorized by their country of origin and listed in alphabetical order, provide a snapshot of the biotech landscape across different countries in the region. For the purposes of this listicle, we’ve adopted a specific definition of a biotech company. These are companies that concentrate on leveraging living materials, including cells, to address a broad spectrum of challenges. They employ technology rooted in biology to establish the necessary framework for developing gene therapies, monoclonal antibodies, vaccines, and other biologics aimed at treating various illnesses and diseases. In addition to traditional biotech companies, we’ve also included software companies that operate within the field of life sciences. These companies, while not directly involved in biological research or product development, provide essential tools and platforms that support and enable the work of biotech companies. Based on our research, the biotech startup scene in Central and Eastern Europe (CEE) is diverse, with a wide range of startups focusing on various verticals. However, there seems to be a significant focus on healthcare-related biotech, with numerous startups developing innovative solutions in areas such as genomics, personalized medicine, and medical devices. Additionally, certain countries, such as Estonia and Poland, have a particularly strong presence in the biotech sector. This list serves as a curated snapshot of the innovative biotech startups making waves in the Central and Eastern Europe (CEE) region. While we’ve aimed to showcase a diverse range of companies, the fast-paced and dynamic nature of the biotech industry means there are undoubtedly more startups making notable advancements. We see this list as a springboard for further exploration within the thriving biotech ecosystem of the CEE region. Biotech Startups in CEE: Bulgaria BioSeek JSC About: Genegoggle develops precise therapeutics based on DNA loops. They have created Genegoggle Epigenetic Viewer (GEV) – a tool that serves as an epigenetic microscope, enabling the visualization and analysis of the 3D structure of DNA as it exists within the cell nucleus. GEV offers a set of functionalities, allowing researchers and scientists to delve into the intricacies of epigenetic modifications. With this tool, users can compare various types of cells, measure distances between specific genomic regions in 3D space, and gain a deeper understanding of the current state of chromatin. GEV can serve as a foundation for novel epigenetics-based initiatives, including the identification of gene editing targets, inspection of DNA damage for space travel purposes, and selective drug activation. Genomtec About: Nomi Biotech Corporation is a Polish-Japanese biotechnology company co-financed by the National Centre for Research and Development. They specialize in selection, research and manufacturing of proprietary and clinically potent nutraceutical formulations of plant origin that have the potential to help consumers enjoy longer and healthier lives. The company is a laureate of the “Fast Track” program initiated by the National Centre for Research and Development. Additionally, they were finalists in the “Start-up of the Year” contest in the BIOTECHNOLOGY category at the European Start-Up Days 2019 and the “Rising Star” contest during the 19th BEF Forum in Basel, Switzerland. PioLigOn

MIT Enterprise Forum CEE Investments

85 Investments

MIT Enterprise Forum CEE has made 85 investments. Their latest investment was in EasySolar as part of their Incubator/Accelerator on May 26, 2020.

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MIT Enterprise Forum CEE Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/26/2020

Incubator/Accelerator

EasySolar

Yes

1

5/26/2020

Incubator/Accelerator - II

Clinic Hunter

Yes

1

5/26/2020

Incubator/Accelerator

Blovly

Yes

1

5/26/2020

Incubator/Accelerator - II

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Subscribe to see more

10

5/26/2020

Incubator/Accelerator - II

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Subscribe to see more

10

Date

5/26/2020

5/26/2020

5/26/2020

5/26/2020

5/26/2020

Round

Incubator/Accelerator

Incubator/Accelerator - II

Incubator/Accelerator

Incubator/Accelerator - II

Incubator/Accelerator - II

Company

EasySolar

Clinic Hunter

Blovly

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Amount

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

1

10

10

MIT Enterprise Forum CEE Portfolio Exits

2 Portfolio Exits

MIT Enterprise Forum CEE has 2 portfolio exits. Their latest portfolio exit was Roivenue on December 01, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/1/2022

Acquired

$99M

6

12/23/2020

Acquired

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$99M

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10

Date

12/1/2022

12/23/2020

Exit

Acquired

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

6

10

MIT Enterprise Forum CEE Partners & Customers

1 Partners and customers

MIT Enterprise Forum CEE has 1 strategic partners and customers. MIT Enterprise Forum CEE recently partnered with visadb.io on January 1, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

1/9/2020

Partner

Poland

Date

1/9/2020

Type

Partner

Business Partner

Country

Poland

News Snippet

Sources

MIT Enterprise Forum CEE Team

2 Team Members

MIT Enterprise Forum CEE has 2 team members, including , .

Name

Work History

Title

Status

Jerzy Potocki

Founder

Current

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Name

Jerzy Potocki

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Work History

Title

Founder

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Status

Current

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