Inoviem Scientific, a Strasbourg, France-based Contract Research Biotech (CRB), raised €500k ($566k) in seed funding.
Cap Innov’Est, a seed capital fund for the three French regions of Alsace, Burgundy and Franche-Comté, managed by Alsace Capital in partnership with Invest PME (a subsidiary of private equity group Siparex), provided the funding.
The company intends to use the funds to put its technologies into production and enter the European market over the next 12 months, increase its staff by 50% in 2015.
Led by Dr. Pierre Eftekhari, founder and chairman, Inoviem Scientific leverages two proprietary technologies to offer the pharmaceutical industry access at all stages of drug development, from drug discovery (identification of primary and secondary targets, detection of potential adverse effects) to clinical trials (patient stratification, identification of biomarkers, etc.)
The company has signed five agreements with pharmaceutical and biotechnology companies. At the start of 2015, it opened an office in Frankfurt, Germany, to grow its business in the German, Austrian and Benelux markets.