600,000 euro seed funding Dutch biotech coating startup

600,000 euro funding for LipoCoat

LipoCoat BV, a spin-off from the MESA+ nanotechnology institute from the University of Twente, gathered nearly 600.000 euro funding.

This milestone was reached with grants from the government, a loan from Redmedtech Ventures and recent investments from LLX2 Investments and an informal investor. LipoCoat develops coatings for the medical industry.

Nanotech spin-off of the year

LipoCoat BV has developed an innovative coating inspired by nature. The LipoCoat™ coatings are biocompatible and provide unprecedented resistance towards pollution of proteins, bacteria and even human cells.  LipoCoat BV is developing numerous coating formulations with anti-fouling, lubricious, and multi-functional properties as well as novel processing techniques. The properties of LipoCoat™ coatings can be tailored to meet customer requirements. In 2016 the company won the title ’Nanotech startup of the year’ and is currently running for the Accenture Innovation Awards 2017.  By the beginning of 2017 the company had expanded to 9 employees and future growth is foreseen.

Several applications – platform technology

As a result of the tunable properties of LipoCoat coatings, the coatings can be used on most (bio)materials, medical devices, diagnostic tools and on R&D devices. In the future, LipoCoat BV wants to explore opportunities in health, food and pharma. LipoCoat BV is currently co-developing with a multinational and is actively pursuing new opportunities. For the coming two years LipoCoat will carry out their research and production in the labs of the University of Twente.

Funding strategy

With 600K in funding LipoCoat is able to finance initial product development, prepare market entry, and invest in R&D applications and customer relationships. LipoCoat has sufficient resources to last well within 2018. The goal is to attract > 15 million in funding before the end of 2018. A road show to Boston-USA and Silicon Valley is already planned for the Fall of 2017.

Source: https://www.utwente.nl/en/news/!/2017/7/155909/600.000-euro-funding-for-dutch-biotech-coating-start-up