BiovelocITA, a Milan, Italy-based recently launched accelerator dedicated to biotech companies, received an €800k investment.
Atlante Seed – fund managed by Intesa Sanpaolo’s IMI Fondi Chiusi SGR – made the investment in exchange of a a 10% stake in the accelerator.
Fonded by Silvano Spinelli and Gabriella Camboni (who both founded EOS, which they sold to Clovis Oncology for $470m in 2013) as well as life sciences venture capital firm Sofinnova Partners, BiovelocITA is an accelerator dedicated to supporting the launch and growth of biotech companies by bringing together scientists, entrepreneurs and investors.
The organization aims to accelerate to proof of concept promising research projects and transform them into biotech companies.
BiovelocITA has already signed some academic partnerships and had secured initial endowment of approx. €6m million over the next years provided by Sofinnova Partners and a group of investors introduced by Banor SIM SpA.