Odensean biotech company Celvivo raises DKK 50 Million in funding round
After years of developing advanced technology for 3D cell cultivation, Odense-based lab company Celvivo is now turning its focus toward increasing sales and scaling its business operations. A new capital injection of DKK 50 million will help support this strategic shift. Today the company has 15 employees, and are expecting 40-45 employess within the next 2 years.
The journey to develop this technology has come at a cost. The company has posted significant losses in recent years, and its 2024 annual report includes a “going concern” note, reflecting the uncertainty of its future without new funding.
With the capital secured, Celvivo now plans to strengthen commercial efforts around its main products, Clinostar and Clinoreactor, which were launched in late 2023.
According to CEO Peter Willems-Alnøe, converting market interest into actual sales is the company’s top priority moving forward. He also notes that while the company may have been able to survive without the investment, it would have required difficult decisions from existing owners and a serious evaluation of the project’s long-term viability.
“We’ve built the product and explored the market, so now it’s time to prove that interest can be converted into sales. That’s the most important task.
Our technology provides researchers with a more in vivo-like environment for developing their cell cultures. Those who have invested the time to adapt their cell culture processes to our system have consistently achieved better research outcomes.”
A Competitive edge in life science
The funding round was led by Denmark’s Export and Investment Fund (EIFO), with participation from a group of business angels. Longtime supporters, the Tøpholm and Westermann families, also joined the round through their family office, T&W Holding. Tonni Bülow-Nielsen, who heads EIFO’s direct investments in life sciences, sees strong potential in Celvivo. Despite operating at a loss, he believes the company is ahead of many comparable startups in terms of both product maturity and market presence.
“Deficits are expected in venture-stage companies—they’re valued for their technology. Celvivo already has many instruments in use across the U.S. and Europe.
Researchers and professors using the technology describe it as the only system that meets their needs, which confirms the product’s value and our decision to invest.”
According to Bülow-Nielsen, the company could potentially have continued without EIFO’s involvement, but scaling operations would have become increasingly difficult without additional funding.
“Celvivo has achieved significant milestones and attracted strong investments. This success reflects the vibrant ecosystem we are building here—where innovation, world-class research, and collaboration between industry and academia come together to drive growth and make a real impact on global health.”
“We’re expanding our labs in Odense and bringing more talent on board — and I’m not at all worried about finding the right people. The collaboration with SDU and the support from Life Science Fyn have been outstanding — they truly deserve great credit.”
About CelVivo
Founded in 2014, Celvivo has developed a system that enables 3D cell culture, which, according to the company, helps pharmaceutical companies, contract research organizations, and academic researchers conduct more relevant and effective experiments.
Celvivo has sold approximately 175 systems to universities and research institutions. Looking ahead, the company plans to strengthen its presence in Europe and the U.S., where it expects continued publication of scientific studies using its technology will support further adoption.
The global market for 3D cell culture is growing rapidly. Forbes Business Insights projects annual growth of 20–25%, reaching a market size of USD 2.8 billion by 2025. The space is currently dominated by large players such as Thermo Fisher, Corning, and Bio-Rad, alongside smaller startups like Celvivo.
Further information
Lone Krogsbøll
Investment Manager - Life Science
I help foreign companies in the biotech and life science industry to establish in Odense and connect them to relevant business partners and opportunities here. My background is in health tech, but I’ve focused on broader life science sectors since 2018.
+45 5177 7344
loak@odense.dk
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