The Biotechnology company ArcanaBio has secured a total investment of ISK 85 million from The New Business Venture Fund Kría, alongside Icelandic and international investors. The funding will support the continued development of the company’s new patented technology, which uses ultraviolet light and artificial intelligence to detect proteins in different biological fluids, replacing the need for conventional reagents.
ArcanaBio was founded in 2018 and is developing new technology to detect important health-related protein biomarkers, including from saliva. The technology has the potential to make regular health monitoring significantly more cost-effective than current methods, while opening up new opportunities for preventive and personalised healthcare, improved disease monitoring, and lower healthcare costs in the future. ArcanaBio was one of the companies selected for Kría’s Frumsjóður 2023 pre-seed programme.
The funding will be used, among other things, to develop the company’s new research instruments and support research projects carried out in collaboration with partners in Europe. Part of the ArcanaBio team is also developing new AI technology based on quantum optics, designed to help process and analyse the complex spectra of different wavelengths of light emitted by proteins.
In May, the company was granted a US patent protecting both its core technology and methodology. Four additional patent applications have also been filed in the United States.
Kristján Már Gunnarsson, CEO of ArcanaBio:
“We are extremely grateful that Kría and angel investors, including investors from the United States, are investing in the company for a second time. This financing, together with the substantial grants we have received from both the Icelandic Technology Development Fund and Eurostars, will enable us to complete the research and development of our new diagnostic technology, for which we recently secured a patent. It will also support preparations for the company’s first equity financing round, which we aim to complete next year.”
Hrönn Greipsdóttir, CEO of The New Business Venture Fund Kría:
“ArcanaBio was one of the companies selected for investment through a dedicated early-stage investment initiative in 2023. Since then, the company has made significant progress and now has valuable collaborations with international institutions and companies, in addition to securing highly competitive grants and recognition. With this financing, in which Kría is participating alongside other investors, the company gains further scope to continue developing its technology on its path to market. We at the Fund are very excited about the company’s future.”
