Danish company Inniti, which offers an IoT and cloud-based software platform for digitalizing lab equipment, started 2022 very strong on the sales front.
A capital injection of almost DKK 20 million ($3 million) from several external investors in 2021, substantial growth in the number of employees, and more global customers helped lay a solid foundation for Inniti’s continued growth. Inniti’s platform helps companies more easily log data from laboratory equipment and significantly reduce the time researchers and development engineers spend on routine work. This platform is available for the U.S. market.
In the first quarter of 2022, the Copenhagen-based tech company sold more than five times as much as in all of 2021. Inniti is also in dialogue with several global leads, which are expected to result in further agreements
“We are experiencing momentum, which is the result of several product investments, solid sales work on our part, and growing market demand. It only strengthens our belief that there is huge growth potential in the market if we can seize the opportunity,” says co-founder and CEO Malthe Muff.
Streamlining Global Laboratories
Inniti was founded in 2017 by Malthe Muff and CTO Anders Lund. The core solution is an IoT device and cloud-based platform developed by Muff and Lund while engineering students at DTU. The platform enables efficient laboratory data analysis and faster time-to-market in the biotech, pharma, and food production industries.
“Every day, highly specialised researchers and engineers waste enormous amounts of time manually performing and documenting their laboratory work. Laboratory data is scattered between notebooks and Excel sheets, and there is no standard communication protocol between equipment manufacturers. Our goal is to close the gap between laboratory equipment and software and thus support the next generation of digital laboratories,” says Muff.
The strong start to 2022 comes after Inniti reached a strategically important milestone in 2021: a successful external capital injection of approximately DKK 19.6 million. The financing round was led by Frontline Ventures, a leading B2B tech investor in start-up companies, and with the continued participation of the current investors, Vækstfonden and Axilium Holding. Among the new investors were People Ventures, a leading Nordic technology investor in start-ups and several “business angels.”
Inniti spent 2021 building a strong organization. Inniti’s recently published accounts for 2021 show a consolidation of equity of DKK 20.29 million and an anticipated negative result of DKK -3.27 million.
“We are satisfied with the accounts in the sense that our strategic focus in 2021 was to lay the foundation for the next stages by investing in our organisation and our technology development,” says Muff.
The rest of 2022 will be used, among other things, to commercialize Innitis’ solution further and improve the platform’s analytical capacity.