iLoF – Intelligent Lab On Fiber secures £3.38 million Seed investment led by Faber
iLoF has announced $5m in funding to support its vision of democratizing access to personalized medicine for millions of people living with complex diseases. Currently, iLoF’s intelligent platform is collecting massive amounts of data to build a library of biological profiles, bringing together world-class physicists, biologists, and data scientists to get life-saving personalized treatments to patients faster.
The new funding round is comprised of $4.1m in equity investment led by Faber, alongside US-based M12, Microsoft’s venture fund and Quiet Capital, and EU-based Lunar Ventures, Alter Venture Partners, re.Mind Capital and Fluxunit, the corporate VC arm of arms OSRAM. Angel investor Charlie Songhurst, former GM at Microsoft, and Berggruen Holdings, the family office of Nicolas Berggruen, a serial investor and philanthropist, also participated.
iLoF also secured a $900k grant from ERDF to accelerate and clinically validate its mission of cutting the time and cost of recruiting patients for clinical trials. Helping to remove the barriers to the development of personalized, effective, and life-saving therapeutics. The company has raised over $8M in funding to date.
iLoF’s platform amasses a wide range of optical signals, creating rich signatures of the ensemble of particles on biological samples, which are then converted into bio-digital twins. These bio-digital twins overcome the traditional limits of biochemical analysis, in which they can be re-analyzed a potentially infinite number of times. This supercharges the search for emergent features and patterns that could be the key to developing various novel therapeutics.
During the pandemic, iLoF worked with St. John’s Hospital and the Faculty of Medicine in Porto to understand how the platform could help manage the influx of COVID-19 patients and optimize resources. iLoF was shown to be able to accurately distinguish COVID-19 patients based on their likelihood of ICU admission, which could allow hospitals to manage critical resources more effectively.
This seed funding will be used to accelerate ongoing engagements with leading global corporations in the Pharmaceutical, Biotech, and Clinical space, with the aim of fast-tracking current and future pilots, enabling the further development of the iLoF Platform.
iLoF is led by CEO Luis Valente, a serial entrepreneur and Forbes 30 under 30 for Science and Healthcare; COO Mehak Mumtaz, an Oxford University fellow and Biochemist PhD turned strategy and personalized medicine expert; and CSO Paula Sampaio, a renowned senior scientist and coordinator of a national bioimaging facility.
Initially formed while participating in EIT Health’s Wild Card programme and accelerated at the Oxford Foundry, the iLoF team consists of 20 international scientists, entrepreneurs, and inventors.
Before 2023 iLoF will be hiring 20 people internationally across physics, data science, biology, and product management profiles. Most recently, the company hired Alex Turpin as Head of BioSignal and Analytics, an experienced physicist who spent the last decade leading projects at the interface of AI, Data Science, and Photonics in world-class institutions around Europe.
Hard work pays off. Congratulations to the entire team at iLoF on your funding. I wish you all the very best in your future endeavours.Shishir Gupta, Founder and CEO, StartupLanes
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