University of Helsinki spinout receives million-dollar international investment

VEIL.AI focusing on solutions enabling the secure use of health data is the first Finnish company to be selected for the BioInnovation Institute Foundation programme, supported by the Novo Nordisk Foundation. The €1.3 million funding will support further development of VEIL.AI’s cutting-edge anonymization technology.

The BioInnovation Institute (BII), an international commercial non-profit foundation incubating and accelerating world-class life science research, has selected three international start-up companies for its programme, one being the University of Helsinki spinout VEIL.AI, and the other two coming from the UK and Germany.  These three ventures are strategically aligned with the BII’s focus, developing ground-breaking scientific initiatives across the therapeutics and health tech space.

 “We are very excited of the new collaboration and opportunities provided by BII not only because of the high signal value of being a part of the BII community but because we see BII as a well networked player in the European health data space and as an attractive launchpad for our commercial activities”, CEO of VEIL.AI, Tuomo Pentikäinen, commented.

BII operates an incubator, providing the startups selected for its programme with an international life sciences business network, research tools and the opportunity to further develop their business and innovations.

In the future, Novo Nordisk Foundation is planning to provide significant funding for health-related projects. With continued positive development, The Novo Nordisk Foundation can provide up to 470 million euros to BII over 10 years.

VEIL.AI solves challenges related to the use of sensitive health data

The VEIL.AI innovation developed at the University of Helsinki enables the use of individual-level, sensitive data in e.g. machine learning applications, in commercial use cases and in various research purposes without compromising privacy.  

VEIL.AI processes data in a way that preserves the value of the collected datasets and allows the data to be safely shared and further processed, but in such a way that the individual can no longer be identified.