# Industrifonden's Biotech Investments: 12 Startups in Its Portfolio (2026)

> The 12 Biotech startups Industrifonden has backed, by stage: $357M raised between them. From the rounds we track; updated nightly.

Source: https://millionrounds.com/portfolio-maps/industrifonden-biotech-portfolio (Millionrounds; every figure on the page links to its filing or article)

## Series A

6

- [Asgard Therapeutics](https://millionrounds.com/company/asgard-therapeutics)
- [Teitur Trophics](https://millionrounds.com/company/teitur-trophics)
- [Tribune Therapeutics](https://millionrounds.com/company/tribune-therapeutics)
- [Gesynta Pharma AB](https://millionrounds.com/company/gesynta-pharma-ab)
- [*C* Cardoz](https://millionrounds.com/company/cardoz)
- [Combinostics](https://millionrounds.com/company/combinostics)

## Stage not reported

4

- [*O* OxThera](https://millionrounds.com/company/oxthera)
- [*A* Amra](https://millionrounds.com/company/amra)
- [EnginZyme](https://millionrounds.com/company/enginzyme)
- [*MM* Mitra Medical Technology](https://millionrounds.com/company/mitra-medical-technology)

## Series B

2

- [AnaCardio](https://millionrounds.com/company/anacardio)
- [Pixelgen Technologies](https://millionrounds.com/company/pixelgen-technologies)

## Segment by segment

### Series A

6 startups · $130M raised

- [**Asgard Therapeutics**](https://millionrounds.com/company/asgard-therapeutics) Asgard Therapeutics is a privately held biotech company based in Lund, Sweden, founded in 2018 as a spin-off from Lund University. Sweden $33M
- [**Teitur Trophics**](https://millionrounds.com/company/teitur-trophics) Teitur Trophics is a biotechnology company based in Aarhus, Denmark, focused on developing innovative treatments for neurodegenera Denmark $30M
- [**Tribune Therapeutics**](https://millionrounds.com/company/tribune-therapeutics) Tribune Therapeutics is a preclinical biopharmaceutical company based in Stockholm, Sweden, founded in 2020. Sweden $25M
- [**Gesynta Pharma AB**](https://millionrounds.com/company/gesynta-pharma-ab) Gesynta Pharma AB is a clinical-stage pharmaceutical company based in Stockholm, Sweden, founded in 2017. Sweden $21M
- [*C* **Cardoz**](https://millionrounds.com/company/cardoz) Cardoz AB, based in Stockholm, Sweden, manufactures anti-inflammatory pharmaceuticals to combat heart and vascular disorders. Sweden $18M
- [**Combinostics**](https://millionrounds.com/company/combinostics) Combinostics is a software tools for diagnostics support. Finland $4.3M

### Stage not reported

4 startups · $108M raised

- [*O* **OxThera**](https://millionrounds.com/company/oxthera) Sweden $87M
- [*A* **Amra**](https://millionrounds.com/company/amra) Amra uses cloud-based, computer aided service to analytically transform MR images into body composition measurements. Sweden $9.0M
- [**EnginZyme**](https://millionrounds.com/company/enginzyme) EnginZyme is a biotechnology company based in Solna, Stockholm, founded in 2014. Sweden $7.6M
- [*MM* **Mitra Medical Technology**](https://millionrounds.com/company/mitra-medical-technology) Mitra Medical Technology is a biomedical company developing systems for systemic cancer therapy and diagnosis. Sweden $4.3M

### Series B

2 startups · $119M raised

- [**AnaCardio**](https://millionrounds.com/company/anacardio) AnaCardio is a clinical-stage biopharmaceutical company based in Solna, Sweden, focused on developing innovative treatments for he Switzerland $89M
- [**Pixelgen Technologies**](https://millionrounds.com/company/pixelgen-technologies) Pixelgen Technologies AB is a biotechnology company based in Stockholm, founded in 2020. Sweden $29M

**How this map is made.** Every startup here works in Biotech and has raised money in a round we track that names Industrifonden as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026.

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