Call INNOV-ID: 7 New investments and hosting of the “Call INNOV-ID: Investing in the Future” event

Lisbon 18 September 2023 Portugal Ventures, a venture capital firm that is part of Portuguese promotional bank Grupo Banco Português de Fomento, has just added another 7 startups to its portfolio, Azulfy, Generosa, INEYE Pharma, Stonify, TimeUp, Twevo and Unlockit, through the Call INNOV-ID initiative, launched in 2020 in partnership with  Agência Nacional de Inovação [ANI – National innovation Agency].

Portugal Ventures and the National Innovation Agency will be hosting the event “Call INNOV-ID: Investing in the Future”, which will take place on 13 October at the Lispolis Technology Forum, to share the outcome of the three editions of Call INNOV-ID. The event will be attended by the Minister for the Economy and the Sea, António Costa Silva , and the Minister for Science, Technology and Higher Education, Elvira Fortunato. Programme and registration here.

According to António Grilo, President of the National Innovation Agency, “the excellent results obtained in the three editions of Call INNOV-ID, to be shared at this joint event and which will bring together the 55 startups invested in, strengthens our belief that Portugal produces world-class scientific and technological knowledge and innovation, capable of reaching the market.

“It is ANI’s mission to continue to invest in initiatives and instruments that support the transfer of world-class scientific and technological knowledge and innovation, through successful collaborative partnerships that accelerate and spread innovation across Portugal, such as this initiative between ANI and Portugal Ventures,” points out António Grilo. 

Rui Ferreira, CEO of Portugal Ventures, says “Portugal Ventures is proud of the results thus far under Call INNOV-ID, most notably the significant impact it will have on the future of the 55 startups invested in. The event “Call INNOV-ID: Investing in the Future” will mark an important milestone in the chronicle of this initiative, which will showcase the joint efforts of our team, ANI and the ignition partners who played a vital role in generating qualified investment deal flow, resulting in over 300 applications submitted in the three editions.”

New Investments:

  • Azulfy – provides local councils with a pollution event management platform that monitors water, land and air pollution in their respective territories on a daily basis. This SaaS uses images from earth-orbiting satellites, drones and local video cameras.
  • Generosa – set to revolutionise the way we look after plants in our homes with its innovative “Generosa” product line, based on circular economy principles, using co-products from bio-industries and reusable materials. Its products make it easier to look after plants and help people to keep them alive for longer, thus contributing to their well-being while living a more sustainable lifestyle.
  • INEYE Pharma – focuses on the treatment of eye diseases. The startup was founded in 2017 by two researchers from the University of Coimbra, with the aim of transferring to the market the technology developed during the PhD studies of one of the co-founders. The technology, already patented in the US and other countries, enables controlled drug delivery into the eye over several months, avoiding the use of drops, thus improving patient adherence to treatment and the effectiveness of the medication.
  • Stonify – a digital platform for professionals in the natural stone industry which collates all the information on production and marketing processes by capturing finished products in digital format, allowing users to optimise processes and exploit new markets efficiently, guaranteeing traceability and measuring the sustainability of their products.
  • TIMEUP – a spin-off developed within the University of Coimbra (UC) and created in 2023 by five researchers in the fields of microbiology and biomaterials, from the UC research centres – CNC-UC, CEF and CIEPQPF –, with the collaboration of a researcher from the Polytechnic Institute of Coimbra, who, since 2018, have been developing an innovative diagnostic device capable of monitoring patients’ urine over the course of several weeks. The company already has a working laboratory-tested prototype that detects the bacteria responsible for more than 80% of urinary infections, which in 2024 will be optimised to monitor more pathogens.
  • TWEVO – a technology company that provides AI-driven video solutions, where ‘smart eyes’ complement and expand human supervision and control of industrial processes on the factory floor. These solutions will help industry to increase productivity and sustainability, preventing the waste of raw materials and energy losses caused by unnecessary breakdowns and improving the 5 D’s (Dull, Dirty, Dangerous, Difficult and Dear) of industrial working conditions.
  • Unlockit – a Web3 PropTech & GovTech company that is revolutionising the real estate market by making real estate transactions more open, secure and transparent, ensuring compliance with the latest EU laws – the eSignature Regulation, the Anti-Money Laundering Act 2018, and the General Data Protection Regulation.

Call INNOV-ID is the product of an initiative launched in 2020 by Portugal Ventures, in partnership with the National Innovation Agency, in response to a challenge set by the Ministry of Economy aimed at mitigating the effects that the pandemic has had on the market, thereby stimulating activity and enabling our ignition partners to bring projects to market at a very early stage. The goal of the initiative is to address a market failure in access to investment in the pre-seed stage of startups with already developed technology, but which were in the prototype, proof-of-concept or product-market-fit validation phase. The three editions have seen Portugal Ventures invest a total of5.5 million in 55 startups to date. Another 10 investments are in the pipeline under this initiative.