Allox raises $10.5 million led by Asabys, with CDTI and ICF

Biotech company ALLOX has closed a funding round of $10.5 million, equivalent to €9.4 million, and has appointed Morten Graugaard as independent chairman of its board of directors, the company announced.

Who is backing the round

The investment was led by Asabys through its Sabadell Asabys II fund. The Spanish public innovation agency CDTI also took part in the operation through its SICC vehicle, alongside the ICF, the Catalan financial institution named in the announcement.

The mix of specialist venture capital and public-sector investors is a common pattern for European life-science companies, which often need long development timelines before reaching the market.

Governance change

Alongside the financing, ALLOX has strengthened its governance by bringing in Graugaard as independent chairman. Appointing an independent figure to lead the board is typically a sign that a company is preparing for its next stage of growth and more demanding investors.

The company has not detailed further information in the material available, so specifics such as how the proceeds will be allocated, the valuation or the full list of participants remain to be confirmed.

For the Spanish biotech ecosystem, the round adds to the flow of capital reaching startups in the sector, with a health-focused fund and public instruments sharing the risk of early development.