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Founded in late 2012 and bills itself as a biotech startup focused on the development of microbiological diagnostics tests geared towards companies in the food and drink industry. The technology that they have developed, the EloKIT method of testing substances, is designed to dramatically reduce the amount of time necessary for testing products from 48 hours or a few days to just 30 minutes or a few hours. In essence, the technology allows food-producers to react to problems on the go. It works not only with substrates like milk, water, beef, etc. or particular microorganisms, but with a large amount of substances. The technology, which was developed after more than 10 years of work by researchers at Riga Technical University, and is believed not to have direct competitors.
For Conelum, this investment follows the 20K-Euro pre-seed round which they raised from a private angel investor in 2012. We have written about Commercialization Reactor on several occasions in the past, most recently a few weeks ago, when OLED-producer evOLED announced that it raised 50K Euro in a pre-seed round, also through Imprimatur. As a reminder, Commercialization Reactor is a series of events designed to connect researchers with businesspeople. The events are held approximately every 5-6 months and are designed to commercialize the products that these scientists develop. According to the press-release put out by Imprimatur, there have now been 14 investments by the Imprimatur Seed Fund in graduates of the Reactor since the program began in 2010.
Conelum is only beginning to deal with customers, but they are planning to scale up through 2015. They are currently working with European dairy companies and Russian partners, but they will eventually move to break into the American market and go elsewhere around the globe.
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