Growth company Genevia Technologies Oy from Tampere receives Business Finland Funding for redesigning its business model.
Genevia Technologies Oy, a growth company from Tampere, has received funding from Business Finland for redesigning its bioinformatics market business model. The project is valued at €400,000, 50% of which is covered by the funding. The duration of the project is from March 2020 to February 2022. The purpose of the project is to explore the possibilities of providing a biological data analysis service at a fixed monthly rate using scalable analysis software developed previously by the company. After a successful design project, the company aims to begin providing its services globally with a new service and pricing model.
“In traditional biological research, the number of samples is the most important factor affecting the working time and costs. In the world of bioinformatics however, the costs are determined based on the amount of written code. The computational steps frequently repeated in the analysis process can be automated, which allows our analysts to concentrate on tasks with a higher client value, such as interpreting the results of the analysis. In the field of biology, this enables the creation of a completely new business model”, says the founder and CEO of the company, Antti Ylipää.
As part of the project, the company will explore business solutions that it could use to continue its international growth. Currently, the high cost is the most significant factor limiting the utilization of sequencing data particularly in the academic world, where the lack of research funding can limit the use of these methods. The objective of the project is to create a service model that would ensure that an increasing number of operators, whether academic research groups or major bio-industry enterprises, have access to modern measurement technologies and bioinformatics in their research.
“The business model of our company has been refined over the years and our understanding of the needs of our clients has increased significantly. By exploring new ways of providing a service to our clients we want to join the major export companies operating in Finland. While most of our clients already come from outside of Finland, we believe that only by working smarter and by providing a more attractive service we can successfully compete globally in the longer term”, says CSO Klaus Breitholtz.
Established in 2011, Genevia Technologies Oy is a bioinformatics service enterprise operating in Tampere. Bioinformatics is utilized in medical research, diagnosis of hereditary diseases and cancer, industrial biotechnology, and plant and animal breeding, for example. Today, more than 70% of the company’s revenue consists of exports to more than 15 different countries, and the company currently employs 12 people.
For additional information, contact:
Business Development Director, Partner
+358 40 747 7672