June 21, 2023 Press release:
Inossia, a leading medical technology company in active aging and treatment of back pain, announces today that it has successfully completed its latest investment round. The round was oversubscribed and resulted in a capital injection of over SEK 10.5 million.
Earlier this spring, Inossia has been selected as one of the projects to be funded by the European Innovation Council (EIC) Accelerator Programme and awarded a sum of EUR 7.3 million, divided into EUR 2.3 million in the form of grants and EUR 5 million as equity. This significant financial support has had a positive impact on the investment round and has resulted in a valuation increase for the company of SEK 20 million. With this new capital and the successful investment round, Inossia’s total value is now estimated to exceed SEK 100 million. The majority of the existing shareholders have chosen to join and new investors include the angel investor network ScaleUp Life Science Invest, Svanberg & Co Invest and health tech entrepreneur Maria Rankka.
“Inossia is very pleased with the positive interest in our business and that the investment round was oversubscribed which is not a matter of course in these times”, says Malin Nilsson, CEO of Inossia. “This is a proof of the importance of our work and our innovative technology in the field of medical technology.”
Inossia specialises in the development of medical technology solutions with a focus on active ageing and improved treatment options for patients suffering from back pain. The company has developed and patented a unique bone cement softener, which enables better treatment of osteoporosis fractures and degenerative discs in the spine. With the softener from Inossia, properties are achieved that are more similar to normal bone, which means that fractures of surrounding vertebrae are avoided. This will improve the quality of life for patients and save healthcare costs.