Mimetas secures $20.5 million in financing round

Mimetas, provider of organ-on-a-chip technologies and tissue models, has secured $20.5 million in financing from an international syndicate from Asia and Europe.

The company will use the proceeds of this Series B financing round to expand its global commercial footprint with the OrganoPlate organ-on-a-chip platform. Additionally, the company will broaden its product portfolio, establish tissue production facilities, develop novel OrganoPlate products and expand into clinical market segments, including personalised medicine.

Investors involved in the syndicate include European Life Sciences Growth Fund (ELSGF, Singapore), Aglaia Oncology Fund II (the Netherlands), Korys (Belgium), Cathay Venture (Taiwan), InnovationQuarter and Oost NL (the Netherlands).

“From the start, we were impressed by MIMETAS’s technology and highly talented team,” explained Ginger Hsiao, fund manager of ELSGF, acting as spokeswoman for the syndicate. “We consider the company as today’s leader in the organ-on-a-chip space with tremendous growth potential in the coming years. Its customer base already includes leading multinationals from Europe, US and Asia and the adoption of the platform ranges from academic users to high-throughput screening facilities for pharmaceuticals. We are looking forward to supporting the MIMETAS team with their commercial expansion and addressing new markets.”

“This strong investor base ticks all the boxes for MIMETAS in this phase of corporate development,” according to founders Jos Joore and Paul Vulto. “Korys has solid expertise in product commercialisation at the interface of hardware and biology, while Aglaia brings a wealth of clinical and oncology expertise to the company. ELSGF and Cathay will support the company in expanding in the Asian market. This is complemented with local support from Oost NL and InnovationQuarter.”