24 May 2018

Artveoli Smogathon 2017 Global Edition winner gets US and Polish funding

Artveoli is a biotech company based in Silicon Valley that makes hardware devices to improve indoor air quality by converting CO2 to oxygen. It was founded in 2015 by Alina Adams and Anastasia Neddersen. They worked at the Stanford Bioengineering Department making custom microfluidics devices, and they saw an opportunity to develop this technology for indoor air purification.

Their project, featured by TechCrunch Disrupt 2016 New York, was noticed by international experts and investors during Smogathon. They have proven the best out of 120 projects from 40 countries that applied and received all prizes – the $100 000 main prize and the $15 000 special prize. “Anastasia and Alina won against all the odds, they are amazing team that created technology, which will disrupt the whole industry – we are really happy to have them as part of our community” – said Maciej Rys, Leader and Founder of Smogathon.

Interestingly, during their visit in Poland, they were able to make a deal with a Polish VC Management Company - Bitspiration Booster. “It’s unbelievable – you barely hear about Silicon Valley based projects getting funds from Polish investors! We are proud to have a little part in it” – commented Rys. The round was a syndicate with one private US investor and a first Polish fund managed by Bitspiration Booster - ASI BB1.

“We have received multiple offers from US and international investors, and we've accepted those that are the best strategic fit for the company. Bitspiration Booster was an especially great fit with access to the European Market” – said Alina Adams, CEO of Artveoli.

The deal requires Artveoli to open a dedicated Polish R&D branch. “Getting Artveoli’s R&D to Poland will create unique IP here which makes them eligible for investments by other funds, supported by PFR Ventures or The National Center for Research and Development (NCRD). This fits our strategy.” –mentions Paulina Mazurek, CEO of Bitspiration Booster. This Krakow-based team is one of the first in Poland to operate as VC Management Company under the new bill on investment funds. It is worth mentioning that another fund managed by Bitspiration Booster has just signed a $14 million grant agreement with NCRD, dedicated to R&D projects.

Artveoli will implement their hardware devices in schools in Krakow and Zywiec this year, using both of the implementation prizes won at Smogathon. “It’s only a beginning, now we are ready for much more than ever!” – concluded Adams.