Health Innovation
Nordic Healthtech and Biotech: 10 Startups to Watch
DealBio tracks early-stage healthtech and biotech startups across Europe and North America. These ten Nordic startups work across medicines, surgical tools, fertility technology and software designed for clinical use.
- Nordics
- Biotech
- Medtech
- Digital Health
- Therapeutics
DealBio tracks early-stage healthtech and biotech startups across Europe and North America. These ten Nordic startups work across medicines, surgical tools, fertility technology and software designed for clinical use.
Across Denmark, Sweden, Finland and Norway, the ten startups illustrate several paths from technical research to health products. Some are advancing biological therapies, while others build medical devices or software for established clinical settings. Their early progress includes licensed intellectual property, laboratory studies, prototypes, pilot work and institutional support.
At a Glance
- Akasi PharmaDenmark2025Non-opioid diabetic nerve-pain medicines
- Analona TherapeuticsDenmark2024Antibodies targeting tumour metabolism
- Akylox TherapeuticsDenmark2024Oral PI3K-targeting oncology drugs
- Axial Cell SystemsSweden2024Motor-neuron resilience in ALS
- VelocinFinland2025Engineered enterovirus vaccines
- ChainPeptidesFinland2022Antimicrobial wound dressings
- AnkeriasFinland2023Neuropathic-pain clinical decision support
- SurgerixFinland2025Multi-camera microsurgical visualisation
- SpermotileNorway2025AI-assisted sperm selection
- Baba VisionNorway2024Patient-friendly brain MRI reporting
Developing non-opioid medicines for diabetic nerve pain
- Country
Denmark- Founded
- 2025
- Sector
- Biotech
- Funding stage
- Seed or earlier
Why Akasi Pharma stands out
Akasi Pharma builds on University of Copenhagen research into cone-snail-inspired peptides and has licensed the underlying invention for development. Its founders bring expertise in neuropharmacology, and its programme has received BioInnovation Institute financing. The Eurostars-funded NO-PNP research collaboration with NovoArc and IVRS is advancing work around lead candidate AP-1001.
What Akasi Pharma is building
Akasi Pharma is developing AP-1001, a peptide-based medicine designed to activate SSTR4, a receptor involved in pain signalling. Its preclinical programme focuses on a non-opioid approach to peripheral neuropathic pain associated with diabetes.
Developing antibodies to disrupt cancer-cell metabolism in solid tumours
- Country
- Denmark
- Founded
- 2024
- Sector
- Biotech
- Funding stage
- Seed or earlier
Why Analona Therapeutics stands out
Analona Therapeutics reports dose-dependent tumour-cell killing by its leading Target 1 antibodies in patient-derived pancreatic cancer organoids, three-dimensional laboratory models grown from patient tissue. Co-founder Axel Behrens brings cancer-biology research, while Mikkel Wandahl Pedersen has previously led antibody-drug development as Symphogen’s CSO. The startup joined BioInnovation Institute’s Venture Lab in 2024.
What Analona Therapeutics is building
Analona Therapeutics develops therapeutic antibodies aimed at metabolic vulnerabilities in solid tumours. It combines immunisation with screening in patient-derived tumour organoids, initially focusing on pancreatic cancer.
Developing oral cancer drugs that block PI3K growth signals
- Country
- Denmark
- Founded
- 2024
- Sector
- Biotech
- Funding stage
- Seed or earlier
- Founders
- Alexander Flohr
- Matthias Paul Wymann
- Sebastian Kim Lugert
- Dennis G. Gillingham
Why Akylox Therapeutics stands out
Akylox Therapeutics holds exclusive rights to technology licensed from the University of Basel. Its founders bring pharmaceutical discovery and repeat-founder experience, including Matthias Wymann’s work establishing PIQUR Therapeutics and Alexander Flohr’s earlier venture-building roles. It has recorded more than DKK 32.6 million in gross equity cash receipts through December 2025.
What Akylox Therapeutics is building
Akylox Therapeutics is developing oral inhibitors of PI3K, a signalling enzyme involved in cell growth and insulin regulation. Its approach combines multiple drug actions in one molecule, with the aim of targeting tumour growth while improving selectivity across tissues.
Developing gene therapies to make nerve cells more resilient to ALS
- Country
Sweden- Founded
- 2024
- Sector
- Biotech
- Funding stage
- Seed or earlier
- Founders
- Eva Hedlund
- Sofia Svanteson
Why Axial Cell Systems stands out
Axial Cell Systems builds on research into motor neurons that resist degeneration. Co-founder Eva Hedlund co-led a 2020 study in which SYT13 gene therapy protected motor neurons and extended survival in mouse models of ALS and spinal muscular atrophy. The findings provide a scientific foundation for the startup’s work on neuronal resilience.
What Axial Cell Systems is building
The startup is developing early-stage gene therapies intended to improve the resilience of vulnerable motor neurons in amyotrophic lateral sclerosis (ALS), a disease that progressively damages the nerve cells controlling muscles. Its stated commercial approach is to license drug candidates to pharmaceutical partners for subsequent clinical development.
05
Velocin
Developing protein-based vaccines to prevent enterovirus infections
- Country
- Finland
- Founded
- 2025
- Sector
- Biotech
- Funding stage
- Seed or earlier
- Founders
Why Velocin stands out
Velocin draws on a peer-reviewed study of an engineered coxsackievirus B1 vaccine that reported neutralising antibodies and protection against viral challenge in mice. The underlying enterovirus-particle invention was transferred to Innofend Oy, with a Finnish patent application cited in the research. Co-founder Minna Hankaniemi’s scientific work underpins the platform.
What Velocin is building
Velocin is developing protein-based vaccines using engineered particles that resemble enteroviruses without carrying viral genetic material. The approach enables vaccine design without growing infectious virus during manufacture, with its first programme in preclinical development.
Developing antimicrobial smart plasters for diabetic foot ulcers
- Country
- Finland
- Founded
- 2022
- Sector
- Biotech
- Funding stage
- Seed or earlier
- Founders
Why ChainPeptides stands out
ChainPeptides reports granted patents for three antimicrobial peptides in the United States, several European countries, Japan, China and India. Laboratory studies have demonstrated activity against Gram-positive and Gram-negative bacteria. Founder Tejesvi Mysore previously established Chain Antimicrobials, and ChainPeptides has received support from OYSTER Incubator.
What ChainPeptides is building
ChainPeptides is developing antimicrobial peptides for wound-care devices and a smart plaster for diabetic foot ulcers. The planned dressing combines antimicrobial protection with infection sensing, drawing on the startup’s laboratory work with its peptide technology.
07
Ankerias
Developing software to guide spinal cord stimulation patient selection and care
- Country
- Finland
- Founded
- 2023
- Sector
- Digital health
- Funding stage
- Seed or earlier
Why Ankerias stands out
Ankerias has developed and tested initial software modules for neuropathic-pain monitoring and clinical decision support. It also conducted early pilots with OuluHealth Labs in 2025. Founder Hanna Viisanen-Kuopila brings more than 15 years of pain-research experience, and the startup has received development support through a publicly backed project.
What Ankerias is building
Ankerias is developing an AI-assisted platform that combines patient reports, physiological measurements and monitoring data. It aims to help clinicians assess neuropathic pain, identify candidates for spinal cord stimulation and optimise treatment decisions.
08
Surgerix
Combining surgical-camera feeds into one real-time view for microsurgical training
- Country
- Finland
- Founded
- 2025
- Sector
- Medtech
- Funding stage
- Seed or earlier
- Founders
- Mikko Pitkänen
- Paavo Vartiainen
- Ahmed Hussein
- Zeynel Karadis
Why Surgerix stands out
Surgerix spun out of research at the University of Eastern Finland and Kuopio University Hospital. It acquired the patent and trademark rights to the underlying surgical visualisation technology. Early university user testing reported faster microscope-based procedures with the expanded view, while an announced €900,000 financing package combines private investment and public funding.
What Surgerix is building
Its software brings video from multiple surgical cameras into one live view, designed to work with existing microscopes, endoscopes and camera systems. The aim is to improve visibility of an operating area during microsurgical training and related workflows without requiring an entirely new camera platform.
Developing AI-assisted sperm analysis and selection for fertility treatment
- Country
- Norway
- Founded
- 2025
- Sector
- Medtech
- Funding stage
- Seed or earlier
- Founders
Why Spermotile stands out
Spermotile grew from research at UiT The Arctic University of Norway and the University Hospital of North Norway. Its founders studied human sperm motion using anonymised samples. UiT received an approximately €2.5 million EIC Transition award for the Spermotile research project, supporting further technology development from April 2025 to September 2027.
What Spermotile is building
The platform combines stain-free microscopy with AI-assisted semen analysis and microfluidic filtration, which uses very small fluid channels to help separate cells. It is being developed to support more consistent assessment and selection of sperm for assisted reproduction.
Turning brain MRI findings into patient-friendly brain-health reports
- Country
- Norway
- Founded
- 2024
- Sector
- Digital health
- Funding stage
- Seed or earlier
- Founders
- Per Wessel Nore
Why Baba Vision stands out
Baba Vision received a NOK 1 million Innovation Norway grant in September 2025 and later received investor-pitch support from the health startup incubator Aleap. Research underlying its brain-age approach reported strong generalisation to previously unseen MRI data from unfamiliar scanners, providing a technical starting point for its reporting proposition.
What Baba Vision is building
Baba Vision’s Brain Health Report translates MRI-based measurements—including brain age, brain volume, vascular health and hippocampal volume—into accessible information. The report helps clinicians discuss brain health, prevention and follow-up with patients.
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Investment perspective
The ten startups show different ways Nordic research is becoming investable health technology. Therapeutics and vaccine programmes build value through defined biological mechanisms, intellectual property and experimental evidence. Development support and research partnerships help teams advance those programmes toward successive milestones.
In medtech and digital health, integration into familiar clinical workflows is central. Surgerix works with existing surgical camera systems, Spermotile builds on laboratory microscopy and Ankerias develops decision support around neuropathic pain care. Their practical fit alongside early testing and clinical expertise helps define opportunities for adoption.
University research and hospital experience appear throughout the group, alongside accelerators, licensing arrangements and public innovation support. Taken together, these startups show the breadth of Nordic health innovation, from highly specialised medicines to technology designed for everyday healthcare settings.
Methodology
DealBio selected these ten early-stage startups from Denmark, Sweden, Finland and Norway to reflect the breadth of Nordic health innovation across therapeutics, vaccines, medical technology and clinical software. The selection prioritised distinct product approaches and substantive early evidence or development progress. DealBio builds its Startup Briefs using publicly available startup materials, ecosystem sources, market references and professional profiles.