Latvian biotech Cellbox Labs raises €935k in a pre-seed round

Cellbox Labs, a Riga-based startup developing industrial organ-on-chip technology, has raised €935,000 in a pre-seed round led by the Latvian Buildit VC, with participation from a syndicate of 12 LatBAN angels. The startup will use the investment to complete the first version of its device and begin sales.

About Cellbox Labs

  • Founded in 2020 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 outside of the human organism, thus reducing animal testing in research. The startup claims its replicas can be used to test various biological processes as well as for drug development.
  • This technology also allows to predict a drug’s efficacy and toxicity during the development phase. Additionally, Cellbox Labs develops an automated organ-on-chip cultivation device.

Investment details

  • The investment was led by Buildit VC, a Latvian accelerator. It provides from €10,000 to €50,000 of pre-seed investments and up to €250,000 of seed investments for hardware and IoT startups. Buildit’s partners are Matiss Neimanis, Rene Tõnnisson, and Aleksander Tõnnisson.
  • A syndicate of 12 LatBAN angels, managed by Girts Licis, Latvian investment fund ASP Asset Management AIFP, and its owner Ansis Spridzans, also joined the round.

Cellbox Labs will use the fresh funding to complete the development of its automated organ-on-chip culturing platform, start sales, and expand the team. The startup also plans to present it at the MPS World Summit 2024 in Seattle from June 10-14 and at the EUROoCS Annual Meeting 2024 from July 3-7 in Milan.