SOFIA (Bulgaria), April 12 (SeeNews) - Bulgarian venture capital firm Eleven Capital said that it is co-investing together with Greece's Metavallon VC some 1.4 million euro ($1.7 million) in Heraklion-based biotechnology startup BIOPIX-T.
The seed funding, also backed by several business angels, will be used to finance BIOPIX-T's operations set-up and expansion, as well as the initial production and distribution of the company's products, Eleven Capital said in a statement last week.
According to a report published by Sofia-based news outlet Capital.bg on Saturday, the contribution of Eleven Capital amounted to 300,000 euro.
BIOPIX-T, established in 2019, offers portable molecular devices for diagnostics of Covid-19, influenza and other infectious diseases. The first product of BIOPIX-T, called Pebble, is a portable device plus a testing kit that can perform a swab test for Covid-19 and display the results within less than 30 minutes, Eleven Capital said.
Sergios Katsaros, co-founder of BIOPIX-T, noted in the statement that Eleven Capital can assist the company with introductions in the Bulgarian market, helping it establish a strong distribution network in the region.
According to Eleven Capital, BIOPIX-T now expects to complete a certification process that will grant it a CE mark for the European market. The first batch of Pebble devices and test kits for commercial use has been already ordered, so shipping will begin as soon as the certification is confirmed, the investor added.
BIOPIX-T is Eleven Capital's first investment in Greece.