Participated · Series B · Sep 2025

MRM Health develops microbiome-based biotherapeutic products using its proprietary CORAL® platform to assemble and produce disease-specific microbial consortia. The company is advancing its lead program MH002 into clinical development for ulcerative colitis and the rare condition pouchitis, while running preclinical programs in other inflammatory indications and immuno-oncology. MRM Health recently completed a €55 million Series B in September 2025 led by Biocodex with participation from ATHOS, BNP Paribas Fortis Private Equity and existing investors SFPIM, AvH, OMX Venture, QBic and VIB. The €2.6 million VLAIO grant will fund a three-year collaborative research program with Belgian academic partners to generate mechanistic and clinical microbiome data and accelerate LBP candidate development toward clinical proof-of-concept. The company is headquartered in Ghent, Belgium and reports products in clinical stages.

Participated · Equity · Jun 2022

Aloxy develops plug-and-play Industrial IoT technology and a valve monitoring system combining wireless sensors (LPWAN/LoRaWAN) with its Aloxy IIoT Hub platform to manage device fleets and feed sensor data to clients. Launched as a 2018 spin-off from imec and the University of Antwerp, the company focuses on chemical and energy customers, with early demand from Europe followed by the US and interest in South America and Asia. Product offerings include an annual valve monitoring system and continued prototyping of Aloxy.Connect to integrate PT100 temperature and 4-20 mA probes. Planned product work includes launching Ex-certified (explosion-proof) wireless sensors and expanding the Aloxy IIoT Hub to support third-party sensors and multiple network protocols. The company is pursuing certifications including ISO27001 and country-specific Ex certifications to accelerate industrial adoption. Aloxy says it will grow its European and US sales teams as part of its scale-up strategy.

Participated · Equity · Mar 2022

Sentea develops silicon photonics-based fiber Bragg grating (FBG) read-out systems (interrogators) designed to offer high performance with unprecedented cost-effectiveness. Its photonic integrated technology aims to enable large-scale deployment of fiber optic sensing across civil engineering, oil & gas, renewable energy, industrial and medical markets. The interrogators provide high-speed, robust measurements, edge computing capabilities and seamless integration with existing fiber networks, supporting structural health monitoring and smart-city/grid use cases. The company was incorporated in 2018 as a spin-off of the Photonics Research Group of Ghent University and imec. Sentea is privately held by a consortium including Fidimec, Finindus, PMV and Qbic II. It plans to scale up production capacity for its FBG interrogators and continue investing in next-generation fiber optic sensing products and IoT developments.

Participated · Equity · Dec 2021

EyeD Pharma develops micro‑implants that provide prolonged, controlled release of ophthalmic drugs, with a current focus on treating glaucoma. The company was founded in 2012 and is based in Liège. Its technology platform supports four product candidates, the most advanced being TimoD. EyeD Pharma plans to launch UniD Manufacturing, a CDMO production unit in the Sart‑Tilman science park, in spring 2022 to accelerate product development and manufacturing. The recent financing is intended to fund clinical trials for TimoD and further development of three other candidates. The company has created 93 jobs in the Liège region since 2012 and expects to add about twenty more roles as it scales. EyeD Pharma develops a microscale controlled-release intraocular implant designed to deliver a few nanograms of medication per day for up to three years to treat glaucoma and other eye conditions. The implant is uniquely small (thickness under 1/3 mm) and is placed inside the eye via a brief surgical intervention, aiming to reduce local side effects and improve adherence compared with daily eye drops. The company was founded in 2012 by Professor Jean-Marie Rakic and other ophthalmologists. Since 2018 EyeD Pharma has also been commercializing ophthalmic surgery equipment to bolster financing. Management plans to accelerate development and production of its implants and expand the team. CEO Melanie Mestdagt stated the most advanced project was scheduled to enter the clinical phase in 2020.

Participated · Series B · Dec 2021

Aphea.bio specialises in developing microbial strains and biostimulant products that boost plant nutrient uptake. The company is certified as a B Corp and employs a team of over 50 scientists and specialists. New funding will be used to expand research facilities and to open a new pilot plant later this year. A partnership with the Bill & Melinda Gates Foundation will direct development of products for smallholder farmers in Sub-Saharan Africa and South Asia. Financially, Aphea.bio has raised just over €100 million since mid-2017, with the latest round contributing to that total. The company is based in Gent, Belgium. Aphea.Bio develops a new generation of agro-biologicals—biostimulants and biofungicides—by harnessing the plant microbiome and natural microbial biodiversity. The company uses an innovative discovery platform that combines proprietary technologies to analyze microbial collections and identify beneficial strains. Its products target reduced fertilizer application and control of fungal diseases in row crops such as maize and wheat. With the completion of its Series B to €18M, Aphea.Bio plans to advance its portfolio toward regulatory approval and first commercial launch. ECBF's equity investment will support development and commercialization efforts to substitute agricultural chemicals with biological alternatives. Aphea.Bio was founded in December 2016 as a spin-off of VIB, Ghent University and K.U. Leuven and is based in Gent, Belgium. Aphea.Bio develops next-generation biopesticides and biostimulants based on naturally-occurring microorganisms to increase crop yields and improve protection against fungal diseases. The company aims to provide farmers an alternative to chemical pesticides and to stimulate crop growth by promoting nutrient uptake. Development is focused on staple crops such as wheat, barley and maize to target European and global market opportunities. Aphea.Bio spun out of the Vlaams Instituut voor Biotechnologie (VIB) and draws on research contributions from Ghent University and KU Leuven. Headquartered in Ghent, Belgium, the startup raised €9.0M comprising a €7.7M Series A and a €1.3M R&D grant from VLAIO. Management says the financing positions the company to develop new agricultural products and to exploit the currently untapped microbial space.