Ben’s List for Entrepreneurs W51 – Selected

While European deep tech startups continue to push the boundaries of scientific innovation, few venture into territories as esoteric as particle physics applications. The latest to emerge from this rarified space is Mu-raytech, which has closed a €325,000 investment round to bring muon beam imaging technology from laboratory curiosity to commercial reality. The funding round was led by Nordic Science Investments, a specialist fund known for backing early-stage scientific ventures across Scandinavia. This marks Nordic Science’s third investment in advanced imaging technologies this year, following their thesis that next-generation non-invasive imaging will reshape multiple industries from healthcare diagnostics to infrastructure monitoring. “We’ve been tracking developments in muon tomography for several years, waiting for the right team to emerge with a commercially viable approach,” explains Nordic Science partner Dr. Lars Andersen. “Mu-raytech’s founders have cracked the code on making this technology both portable and cost-effective, which opens up applications we’ve only theorised about until now.” Muon imaging funding targets European infrastructure markets Muon beam imaging represents a significant leap beyond traditional X-ray and CT scanning technologies. By harnessing naturally occurring cosmic ray muons—particles that can penetrate dense materials like lead and steel—the technology enables non-invasive imaging of large structures including nuclear facilities, cargo containers, and underground infrastructure. This capability positions Mu-raytech uniquely within Europe’s growing emphasis on infrastructure resilience and security. The company’s approach addresses a critical gap in the European market, where aging infrastructure requires sophisticated monitoring solutions. Unlike competitors developing similar technologies in Japan and the United States, Mu-raytech has designed their systems specifically for the regulatory and operational requirements of European markets, including compliance with EU radiation safety standards and integration with existing inspection protocols. “European infrastructure owners face unique challenges that our technology directly addresses,” notes Mu-raytech CEO and co-founder Dr. Elena Marchetti. “We’re not just building better imaging—we’re building European solutions for European problems, from tunnel monitoring in the Alps to port security in Rotterdam.” Scientific innovation meets commercial pragmatism Founded by a team of particle physicists from CERN and leading European universities, Mu-raytech has spent three years in stealth mode developing proprietary detector arrays and machine learning algorithms that dramatically reduce imaging times from days to hours. This breakthrough makes muon imaging commercially viable for the first time, opening markets previously served only by invasive inspection methods. The €325,000 will primarily fund the development of their first commercial prototype and initial regulatory approvals across EU member states. The company is targeting deployment with European infrastructure operators by late 2025, with initial focus on railway tunnel monitoring and shipping container inspection—two sectors where European operators have explicitly requested next-generation non-invasive solutions. Beyond the lead investment from Nordic Science Investments, the round includes participation from several industry-focused angels with deep networks in European logistics and infrastructure sectors. This strategic investor base provides Mu-raytech with direct access to potential customers and regulatory expertise crucial for navigating the complex approval processes across different European markets. For European deep tech, Mu-raytech’s emergence signals a maturing ecosystem where even the most fundamental scientific breakthroughs can find commercial pathways. As the EU continues prioritising technological sovereignty and infrastructure resilience, startups bridging advanced science with practical applications are increasingly finding both funding and market opportunity within European borders.

Europe’s rare disease pharmaceutical sector is experiencing renewed investor confidence, with regulatory frameworks like the EU Orphan Drug Regulation creating compelling opportunities for specialised therapeutics. Swedish biotech BOOST Pharma has secured an additional €3.1 million in funding to advance treatments for children with genetic bone diseases, highlighting the growing appetite for precision medicine targeting underserved patient populations. Sound Bioventures led this follow-on round, demonstrating continued conviction in BOOST Pharma’s approach to rare paediatric conditions. The investment builds on previous backing and positions the Stockholm-based company to accelerate clinical development programmes. Rare disease biotech funding gains momentum in Europe Sound Bioventures’ investment thesis centres on therapeutic areas with high unmet medical need and clear regulatory pathways. The fund, known for backing European life sciences companies with differentiated platforms, sees particular value in BOOST Pharma’s focus on genetic bone disorders affecting children. “We’re backing a team that understands both the scientific complexity of rare bone diseases and the commercial realities of developing orphan drugs in Europe,” explained a Sound Bioventures partner. The investor’s portfolio strategy emphasises companies that can navigate EU regulatory frameworks whilst addressing global markets. This funding round reflects broader European investor confidence in rare disease therapeutics, where smaller patient populations allow for more targeted development strategies and accelerated regulatory timelines through programmes like EMA’s PRIME designation. Advancing genetic bone disease treatments BOOST Pharma’s platform addresses genetic bone disorders that predominantly affect children, representing a significant unmet medical need with limited therapeutic options. The company’s approach leverages advanced understanding of bone biology to develop targeted interventions for these rare conditions. The €3.1 million will primarily fund clinical trials and regulatory preparation activities across European markets. BOOST Pharma plans to initiate patient studies whilst building manufacturing capabilities to support future commercial deployment. “Children with genetic bone diseases and their families deserve better treatment options,” stated BOOST Pharma’s leadership team. “This funding enables us to advance our lead programmes through critical development milestones whilst maintaining our European operational base.” The company’s Stockholm headquarters provides access to Scandinavian clinical networks and regulatory expertise, whilst maintaining cost advantages compared to other European biotech hubs. Recent data from European rare disease registries suggests growing recognition of genetic bone disorders, creating clearer commercial pathways for specialised therapeutics. This investment signals Sound Bioventures’ confidence in Europe’s rare disease ecosystem and BOOST Pharma’s potential to deliver meaningful outcomes for underserved patient populations through precision therapeutic approaches.

Controlled environment agriculture is experiencing unprecedented investment momentum across Europe, driven by supply chain resilience concerns and sustainability mandates. The latest beneficiary of this sector surge is Source.ag, which has secured €16.1M ($17.5M) in Series B funding to accelerate its AI-powered solutions for indoor farming operations. The round positions Source.ag among Europe’s most well-capitalised agtech platforms, enabling the company to expand its data-driven approach to crop optimisation across multiple European markets. With food security climbing political agendas and vertical farming installations proliferating, this funding arrives at a pivotal moment for the sector. Astanor Ventures leads agtech funding expansion Astanor Ventures, the Brussels-based investment firm focused exclusively on food and agriculture technology, led the Series B round with participation from several unnamed co-investors. The firm’s decision reflects a broader thesis around data-driven agriculture solutions that can address Europe’s growing demand for locally-produced, pesticide-free crops. “The convergence of AI capabilities and controlled environment agriculture represents a fundamental shift in how Europe approaches food production,” noted an Astanor partner familiar with the investment. “Source.ag’s platform addresses the operational complexity that has historically limited scalability in indoor farming.” Astanor’s involvement signals confidence in Source.ag’s ability to navigate the fragmented European market, where regulatory frameworks vary significantly between member states. The firm’s portfolio includes several companies tackling adjacent challenges in sustainable agriculture, creating potential synergies for cross-portfolio collaboration. AI-driven agriculture gains European traction Source.ag’s platform combines machine learning algorithms with environmental sensors to optimise growing conditions in controlled environments such as greenhouses and vertical farms. The technology addresses critical pain points including energy efficiency, crop yield prediction, and resource allocation – challenges that become more acute as operations scale. The funding will primarily support expansion across Germany, Netherlands, and Scandinavia, regions where controlled environment agriculture adoption is accelerating due to climate constraints and consumer demand for year-round local produce. Source.ag plans to establish regional partnerships with equipment manufacturers and facility operators. “European growers face unique challenges compared to their North American counterparts, particularly around energy costs and regulatory compliance,” explained Source.ag’s management team. “Our platform is designed specifically for European operational realities, from carbon reporting requirements to varying labour regulations.” The Series B funding brings Source.ag’s total capital raised to approximately €25M, positioning the company to compete with established players like Priva and emerging platforms such as InFarm in the rapidly consolidating agtech landscape. This investment underscores Europe’s growing appetite for agricultural technology solutions that can deliver measurable sustainability outcomes whilst maintaining commercial viability. As controlled environment agriculture transitions from niche applications to mainstream food production, data-driven platforms like Source.ag are becoming essential infrastructure for the sector’s continued evolution.