The Novo Nordisk Foundation has allocated up to 736m euros in funding to BioInnovation Institute (BII), a leading institute for life science and deep tech innovation in Copenhagen by 2035.
With the help of this funding, BII hopes to continue its strategic expansion across both Denmark and Europe, providing support to a wide range of innovative start-ups across the biotechnology and life sciences sectors. It hopes to increase the number of start-ups its supports annually.
Additionally, the Novo Nordisk Foundation’s financial support, spread over almost a decade, will allow BII to explore new areas in science and technology. These include AI and quantum.
The funding boost will bring advantages for BII, driving the translation of new scientific discoveries into solutions and start-up companies. It will also bring advantages to Europe’s life sciences sector more generally, helping the region to remain a competitive leader in life sciences and biotechnology.
Since it was founded in 2018, BII has participated in a number of notable collaborations. These include joint initiatives with Ferring and the Gates Foundation to encourage innovation in women’s health, as well as partnerships with the Villum Foundation and the Lundbeck Foundation to support start-ups working on Power-to-X technologies and brain disease therapies.
Jens Nielsen, CEO of BII, said: “None of this would be possible without the long-term support from the Novo Nordisk Foundation, which provides exceptional conditions for bringing more scientific breakthroughs to the market to address global challenges. We have proven that our innovation platform is successful, but we cannot push the boundaries of innovation alone. Strengthening partnerships will remain a top priority as we continue to develop Denmark’s innovation ecosystem and help ensure Europe’s competitiveness.”
Mads Krogsgaard Thomsen, CEO of the Novo Nordisk Foundation, added: “We are giving BII the opportunity to expand its reach and further strengthen its position as a European powerhouse for innovation. This will prove instrumental in securing that even more science is translated into new companies, jobs and solutions benefitting people and our planet – and ultimately driving the growth and entrepreneurial culture that will benefit European competitiveness.”