In previous analysis conducted by Library House Denmark has demonstrated it is a strong force in European venture capital, with per capita investment in Denmark second only to Israel.

The trend was initiated in 2000 with a changing of Danish IP laws which now dictate that IP ownership would remain with universities, rather than researchers, encouraging the establishment of technology transfer offices and increasing spin-out activity. This favoured research intensive sectors such as biotech and life sciences, where Denmark has had historical strengths. Interestingly many trace back the strength of the sector in this region to the groundbreaking research that took place in Carlsberg Breweries in Copenhagen in the late 1800's.

Added to this, there has been a political and economic push of the so-called “Medicon Valley” area of Denmark, which was connected to the south of Sweden by the Oresund Bridge completed in 2000. This combination has meant fledgling businesses and spin-outs are now blooming into successful venture funded businesses, and given continued support for the sector in this region, predictions are that it will continue to experience growth in the coming years.

Funding and exit plans in Medicon Valley

Novo Nordisk is one notable Danish Healthcare company which is actively involved in helping stimulate the continued growth in this sector. In March this year the company joined in a second round of venture funding of MycoTeQ, a company building a microfungal library, classifying according to the metabolites they produce. The company’s origins were the Center for Microbial Biotechnology at the Technical University of Denmark from which it spun out in 2006. The company recruited a new chief executive on the 18th of March.

Nordic Vaccine Technology is a Copenhagen based company looking to raise in the order of €7m. The company specialises in needle free delivery systems and vaccines, such as transdermal patches.

Santaris Pharma, an oncology focused biopharmaceutical company, is certainly one to watch in terms of a possible exit on the horizon. The company has raised in the order of €67m over a total of four funding rounds and several grants. There was speculation of an expected IPO reported in the Financial Times in June 2007, although since then the company raised additional funding and added to its senior team. Library House predicts that this company will exit in 2009.

Oxford Nanolabs, the UK-based developer of nanopore-based DNA sequencing technology, has raised £10m (€12.7m) in funding from private and institutional investors including IP Group and funds managed by its subsidiary, Top Technology Ventures. Oxford Nanolabs’ technology enables the measurement of single molecules, without the use of chemical labels, removing the need for slow amplification processes or costly reagents.

Metaboli, the France-based videogames distributor, has raised €5m from Intel Capital, Innovacom, Alven Capital, Nicominvest and I-Source. Metaboli has developed Digital Tycoon, a games download platform which allows users to download from a range of hundreds of videogames, either by paying a monthly fee or on a product by product basis. The funding will be used to deploy the Digital Tycoon system worldwide.

Futuretec, the UK-based developer of technology for the use in the construction of oil and gas wells, has raised £4m (€5.1m) from Scottish Equity Partners and Energy Ventures. Futuretec’s technology is used in casing and liner activities and cementing, and its first product, Turboblade, is being used in the Middle East, Continental Europe and the North Sea. The funding will be used to expand the company’s sales network and continue development on new casing technologies.

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Vistorm, the UK-based information security services company, has been acquired by EDS, a US-based technology services company. Vistorm operates professional and managed services teams which are able to offer a wide range of services associated with the management of security information. After the acquisition the company will continue to operate as a separate entity under its existing management team with EDS combining its existing UK-based IT security capabilities into the company. At the time of the acquisition Vistorm had 220 employees and around $100m (€64m) annual revenues.

Truck24, the Germany-based telematics vendor, has been acquired by Cybit. Truck24 targeted the logistics and HGV sectors in Germany, Switzerland and Austria, providing a touchscreen system which, through integration in an end-to-end logistics chain, helps increase transparency and reduce costs. Cybit sees the acquisition as a way of expanding its presence into Switzerland, Austria and Germany, as well as providing a platform for further European expansion.

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ZBD Displays, the UK-based developer of ‘e-paper’, has appointed Carl Plucknett as chief financial officer. Mr Plucknett has 20 years’ experience in financial management and prior to joining the company was chief operating officer at RedSky IT, including being part of the operational board which sold the company in 2007. Before this he was an accountant in Unipart International’s M&A team and a specialist in forensic accounting and investigations at Robson Rhodes.

Agendia, the Netherlands-based developer of diagnostic tests based on gene expression profiling, has appointed Dr Richard Bender to the position of chief medical officer and vice president, where he will be responsible for directing all medical activities within Agendia. Prior to joining the company, Dr Bender was vice president and chief medical officer at Spectrum Pharmaceuticals and before this held positions at Quest Diagnostics and Kaiser Permanente.

EFKON, the Austria-based developer of electronic payment systems for Intelligent Transportation Systems, has appointed Franz Lückler as chief operating officer, with responsibilities for the tolling and telematics business units, as well as responsibility for strategic actions. Prior to joining the company he had been chairman of the board of Asfinag, a position he had held since 2001, and before this was chairman of OSAG.

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Simplifydigital, the UK-based provider of services to help consumers switch to digital TV, has informed Library House that it intends to raise further funding in Q4 2008. Charles Ponsonby, co-founder and chief executive, stated that the company would use money raised in a funding round it closed in January 2008 to soft-launch the company’s products and establish the company in the market, with the capital funding the company’s plans for one year. The planned round of funding will be then used to further grow the company. Mr Ponsoby stated that the company would be launching its online self consultation service in April 2008.

DigiFlex, the Israel-based developer of ink jet-based, printing products for labels and packaging, has informed Library House that it will be looking to raise between $2m and 3m (€1.3m and 1.9m) in two years’ time to be used in serial production and marketing. Uri Adler, chief executive, stated that he expects the company to start shipping product in early 2009, and for the company to reach profitability by the end of that year.

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