In a new investment round, Visiopharm added BankInvest to the group of institutional investors that already includes ATP, NorthCap, Vækstfonden, and C.L. Davids Fond. BankInvest now holds almost 6% of the equity of the company. All existing investors co-invested in this round.
“We have seen Visiopharm triple its revenues organically over the last four financial years, which is very impressive,” stated Stefan Ingildsen, Senior Portfolio Manager at BankInvest, and adds “It is not very common for BankInvest’s mutual funds to invest in unlisted companies, but the perspectives for the AI-driven Precision Pathology market and for Visiopharm are so interesting that we decided to make an exception. The sustained growth rates show that there is a market, it is taking off now, and Visiopharm’s technology is addressing unmet needs effectively.”
“We are extremely pleased, and also proud, to see BankInvest join the group of investors backing Visiopharm. We are on a journey to become world leaders in next-generation AI-driven Precision Pathology tools for cancer diagnostics”
Michael Grunkin, PhD – CEO at Visiopharm
The purchase of shares in Visiopharm is benefitting several of BankInvest’s mutual funds, in particular, the fund “BankInvest Small Cap Danish Equities.”
“We are extremely pleased, and also proud, to see BankInvest join the group of investors backing Visiopharm. We are on a journey to become world leaders in next-generation AI-driven Precision Pathology tools for cancer diagnostics”, says CEO Michael Grunkin and adds “This investment is bringing our cash-position to about MUSD 15, which will allow us to further expand our sales channels, and continue our path back to cash-positivity while further accelerating both our diagnostic product roadmap, as well as our regulatory programs in geographies beyond Europe, including in the US”.
With an install base of 75+ diagnostic pathology labs in Northern Europe, Visiopharm is already one of the largest diagnostic players in the European diagnostic digital pathology market. These installations are still in a relatively narrow geography, as Visiopharm only started accelerating its geographic expansion beyond Scandinavia as recent as in 2018, following a significant investment with ATP as the lead investor.
“We are now also able to accelerate our diagnostic product roadmap, with new products and geographies to standardize tissue diagnostics, increase productivity in pathology labs, and help find the right treatment for the right patient at the right time. These are all reasons that I was excited to join Visiopharm as Chief Diagnostics Officer” said Dirk Vossen, who is a veteran of the Digital Pathology market, having 15 years of experience with Philips Digital and Computational Pathology.