Cypriot biotech company raises €1m in seed funding

Cypriot biotech company Embio Diagnostics announced this week that it has successfully raised €1m in seed funding from multinational group Asbis, with the investment aimed at accelerating the company’s growth through wider and more comprehensive product distribution.

Embio Diagnostics created a proprietary piece of technology called a BELD (Bio Electric Diagnostics) device, as well as related algorithms and software, which it uses to quickly detect bacteria and other dangerous chemicals in food categories such as dairy and leafy greens.

According to the company, its BELD device is one of the few handheld chemical analyser systems on the market able to achieve its core function within the span of a few minutes, while it’s intended for use by both professionals in a number of industries, as well as private individuals for personal use.

Moreover, the company has also created portable devices that can be used in the medical industry for the swift detection and diagnosis of SARS-CoV-2.

“The USP of this innovative device is that its application can expand for countless other purposes like the detection of SARS-CoV-2, or even for Ballast water environmental testing in the shipping industry, making it a key asset for rapid expansion in both healthcare and environmental sectors,” the company explained.

Commenting on the partnership between the two companies, Embio Diagnostics CEO Constantinos Loizou said that the company develops “unique biotechnology-based solutions that can significantly improve our quality of life”, before expressing “delight that a strategic investor and an innovator such as ASBIS is supporting us with their multilevel resources”.

“Our vision for providing customers with industry-leading monitoring solutions made us partners,” Loizou added.

Furthermore, the Embio Diagnostics CEO explained that Asbis’ extensive geographical presence and sales structures in 56 countries around the world will enable the company to commercialise its devices and scale at a much faster rate.

“We have ambitious development plans, and I am convinced that our cooperation will bring tangible benefits to both parties,” Loizou concluded.

Meanwhile, CEO and Chairman of the Board of Directors Asbis Enterprises Siarhei Kostevitch said that his company is always on the lookout for investment opportunities that fit into Asbis’ vision.

“We invest in the development of very innovative technologies that meet the current global needs – fast and effective SARS-COV-2 diagnostics as well as food and environmental safety,” Kostevitch said, explaining that Embio Diagnostics’ management and its experience in the field of biotechnology will facilitate the further development of the company.

“I am convinced that by introducing these innovative devices to our distribution channels, EMBIO Diagnostics will achieve global success, of which we, as the company’s shareholders, will also be the beneficiaries,” Kostevitch concluded.

Embio Diagnostics stated that the investment partnership has come at a crucial point for the company, explaining that it will support its efforts for global expansion.

“The team will utilise its new resources in further research and technological development of its diagnostic device and applications, in order to set itself as a key global player across its industries of interest,” the company said, adding that “the investment will be used in the hiring of engineering talent, as well as in developing its marketing strategy and activities internationally”.