Riga-based developer of industrial organ-on-chip technology Cellbox Labs raised €935K

Latvian biotech Cellbox Labs, which develops industrial organ-on-chip technology, has raised €935K in a pre-seed round, led by Latvian Buildit VC, with participation from a syndicate of 12 LatBAN’s angels, managed by Girts Licis, Latvian investment fund ASP Asset Management AIFP, and its owner Ansis Spridzans.

Founded in 2020 in Riga by Arturs Abols, Gatis Mozolevskis, and Roberts Rimša, Cellbox Labs develops an organ-on-chip technology, which is based on the creation of miniature replicas of human organs (gut, lung) outside of the human organism, thus reducing animal testing in research. These replicas can be used to test various biological processes and for drug development. This technology allows for more accurate predictions of a drug's efficacy and toxicity during the development phase.

Additionally, Cellbox Labs is developing an automated organ-on-chip cultivation device that ensures high productivity, reduces the impact of human error, and minimizes the need for manual intervention. 

The startup will use the investment to complete the first version of this device and begin sales. 

Buildit is an accelerator for hardware and IoT startups. It provides €10K to €50K of pre-seed investments to best-performing startups and up to €250K of seed investments. Buildit's partners are Matīss Neimanis, Rene Tõnnisson, and Aleksander Tõnnisson.

ASP Asset Management AIFP is a registered alternative investment fund management company with the Latvian Bank. The company offers clients the opportunity to form investment syndicates to invest in high-risk projects.                                               

LatBAN was founded in April 2014. It helps business angels to invest in the Baltic and Nordic regions and provides training, advice, and co-investment opportunities.