Cypriot startup secures €2.5 million to expand globally
Summary
EMBIO Diagnostics, a Cypriot startup based in Nicosia and specialising in rapid diagnostic technologies for food safety and air quality, has secured 2.5 million in funding to drive international growth and expand its product range.Founded in 2016, EMBIO Diagnostics has advanced sustainability and diagnostic innovation, focusing on industries such as food safety, environmental research, and air quality testing.CEO Constantinos Loizou explained that while the company initially prioritised pesticide detection in food, limited innovation in this area prompted a shift towards more impactful applications like Salmonella and Listeria detection.The latest 2.5 million funding round was led by Kinisis Ventures, with participation from existing and new investors, including a prominent athlete based in Greece.This follows a 1 million seed round raised in 2021 from Asbis Enterprises. According to Loizou The new funds will be used to promote the companys product range internationally.The equity round also paved the way for EMBIO to secure a 1.5 million RIF equity-free grant, which will support international expansion and specific product Research and Development (R&D).As a result, the company has achieved steady export growth, with its solutions now reaching over ten countries by 2023.EMBIOs flagship products, B.EL.D and airbeld, continue to stand out in the market. The patented B.EL.D platform offers rapid diagnostics for food safety, environmental testing, and healthcare, delivering accurate, portable, and digital results.Meanwhile, airbeld leverages AI and sensors to provide real-time indoor air quality data, helping users make informed decisions to maintain healthier environments.These devices are not only environmentally friendly but also incorporate advanced features such as self-calibration and secure data reporting.In addition to its export success, EMBIO has expanded its clientele to include major companies in Greece and Cyprus. The company recently participated in the GITEX Global 2024 exhibition, where it explored opportunities in the United Arab Emirates (UAE) market, fostered strategic partnerships, and gained insights into deep tech industry trends.Loizou, who was recently named Technology Business Leader of the Year in Cyprus, emphasised that such initiatives are critical for strengthening the companys global presence.This month, Loizou is set to highlight EMBIOs success at two high-profile events in the United States.Between November 14 and 19, he will meet with potential clients, partners, and investors in New York, where he will also deliver a keynote speech at the U.S. Cyprus Chamber of Commerce event on November 15.On November 20, he will present at the Business and Sustainability event in Boston, organised by the Hellenic Innovation Network, where the audience will include investors, business leaders, and corporate representatives.