Life sciences start-up Nagi Bioscience has closed its Series A funding round with an oversubscribed investment of CHF 12.4 million, catapulting its vision of developing groundbreaking laboratory equipment that pioneers alternatives to animal testing. This substantial investment comes from reputable venture capital firms across Europe, emphasizing the boundless potential of Nagi Bioscience’s humane and innovative approach to drug discovery and toxicology testing.
Marking its debut in the commercial market, Nagi Bioscience launched SydLab One at the end of Q1 2023, gaining a foothold in the biopharma and agrochemical R&D sectors, among others. Matteo Cornaglia, CEO and Co-Founder of Nagi Bioscience, conveyed his gratitude towards the investors, stating, “The enthusiastic support from our new investors reflects our belief in Nagi’s potential to disrupt the drug discovery and toxicology testing markets. 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 funding round witnessed a collaborative effort co-led by Swisscanto and imec.xpand, with additional participation from Excellis Holding, Verve Ventures, and Zürcher Kantonalbank. The investors share a collective enthusiasm for Nagi Bioscience’s revolutionary approach, which seeks to replace a broad spectrum of mammalian tests in various industries. Robert Schier, Senior Director of Swisscanto, accentuated, “We are very excited about Nagi’s potential… The company and its technology are great examples of Swiss high-quality innovation and entrepreneurship.”
Stepping into new horizons
Collaborations have been a cornerstone in Nagi Bioscience’s success journey, underpinning a close-knit relationship with customers to co-create solutions that genuinely address market needs. Frank Bulens, Partner of imec.xpand, highlighted, “Nagi is introducing a new standard for preclinical evaluation enabling the identification of interesting compounds faster and more cost-effective.”
The Series A round paves the way for Nagi Bioscience to delve into new markets, forge robust partnerships, and further disrupt the conventional biological testing paradigm.
