Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Proper, a Denmark-based long-term property rental management platform, has completed a $4.6m seed round backed by PreSeed Ventures, a venture firm owned by Technical University of Denmark. ByFounders led the round, which also included Danish Growth Fund (also called Vækstfonden), Prehype and private investors. The cash will allow Proper to expand internationally.
Allelica, a US-based developer of a platform that uses genomic data to stratify clinical trial participants with different trajectories of disease risk, has secured $1.8m in a seed round led by Valor Ventures’ Fund 2, with participation from Medical Genetics Center and Pi Campus. Gary Peat, general partner at Valor, will join the board of directors. Allelica was co-founded by chief executive Giordano Bottà after completing postdoctoral research at Sapienza Università di Roma and chief scientific officer George Busby, until January 2021 a senior research associate in translational genomics in University of Oxford’s Big Data Institute.
Nordetect, a Denmark-based developer of portable agricultural testing solutions, has collected $1.5m in its seed round backed by PreSeed Ventures, Vækstfonden, Rockstart and SOSV. The round was led by Luminate NY and will enable Nordetect to commercialise its product, initially on the US coasts and in western Europe.
Dynamhex, a US-based developer of software to track energy consumption and carbon footprint based on research at University of Baltimore, has obtained $1.5m in a seed round backed by University System of Maryland’s Maryland Momentum Fund as well as Chesapeake Bay Seed Capital Fund, Intelis Capital, Exelon Climate Change Investment Initiative and the KCRise Fund, Technical.ly reported yesterday. Dynamhex was founded two years ago by Sanwar Sunny, a professor of entrepreneurship and it will use the capital to increase its headcount.
Legislate Technologies, a UK-based legal technology technology developer working on a platform to create, sign and manage contracts, has raised £1m ($1.4m) in a seed round backed by Parkwalk Advisors, the fund management subsidiary of commercialisation firm IP Group. The round also attracted Perivoli Innovations and assorted angel investors. Legislate will use the funding to launch its product in the UK. The company previously raised $208,000 in pre-seed financing from private investors in January 2020.
Octarine Bio, a Denmark-based synthetic cannabinoid and psychedelic chemicals producer spun out of University of Copenhagen and Technical University of Denmark, has secured $1.2m in an extension that brought Octarine’s total funding to more than $3m. Óskare Capital and Vækstfonden co-led the extension, with also featured unnamed backers. Óskare and Vækstfonden had already backed the initial tranche of undisclosed size in November 2020, when investment company Enexis and angel investor Bruce Linton also invested.
Danalto, an Ireland-based distributed internet of things software platform provider spun out of Trinity College Dublin, has received €1m ($1.2m) in funding from a group of angel investors, according to the Irish Times. The private backers were previously affiliated with chipmaker Decawave, which was acquired by radio-frequency semiconductor components Qorvo for $400m last year. Ciaran Connell, one of the Decawave co-founders, is now chairman of Danalto. The investment doubled Danalto’s funding. The spinout previously obtained $857,000 in a seed round backed by spinout-focused vehicle Atlantic Bridge University Bridge Fund and government-owned Enterprise Ireland.
InSignals Neurotech, a Portugal-based medical device developer spun out of Portuguese Institute for Systems and Computer Engineering, Technology and Science, has secured €100,000 ($120,000) in funding from venture capital firm Portugal Ventures. InSignals will now accelerate the development and validation of its wearable device that measures wrist rigidity to help surgeons place brain implants more accurately. The company is initially focusing no patients living with Parkinson’s disease, and it was set up with support from University of Porto’s São João University Hospital. Commercialisation firm Frontier IP holds a 33% stake in the business and it was the firm’s third spinout in Portugal – find out more about Frontier IP in our interview with chief executive Neil Crabb.