May 31, 2024
AI and traditional Swiss strengths
Dear reader
How much value do Swiss start-ups create? I have to admit, I don’t know. However, this week’s top news shows that it is probably higher than is often assumed. Numab Therapeutics has sold a subsidiary that owns the rights to a drug candidate developed by Numab to Johnson & Johnson for USD 1.25 billion. The drug will one day be used to treat atopic dermatitis, a common skin disease. Following the sale, Numab still has great potential with a well-filled pipeline of potential treatments for cancer and inflammatory diseases.
Well-known investors have also been attracted by EthonAI’s potential and are providing the Industry 4.0 start-up with CHF 15 million. Index Ventures, one of Europe’s top VCs, is the lead investor in the round. At first glance, there do not appear to be many parallels between EthonAI and Numab, but both build on Switzerland’s traditional strengths: Numab in pharmaceuticals and EthonAI in manufacturing.
Similar to EthonAI, Inveel, Lightium and Manukai also have close ties to Switzerland’s industrial tradition. The three start-ups came out on top yesterday in the Youngsters competition at Startup Days, which attracted 1,300 visitors. AI played a role for many of the participants in the competition and was a recurring theme at the event, from the keynote speech by Stuart Russell to the ETH AI Centre’s AI Stage and a roundtable with federal councillor Guy Parmelin. Read more about the event in our article.
It was also noticeable in the week’s financing rounds that in addition to the importance of AI, start-ups also often develop innovative technology for Swiss flagship sectors, such as healthcare or the financial industry; for example, Lighthouse Tech and DataHow – both from the healthcare sector – and fintech start-ups Scrypt and Light Frame. AI is also instrumental in some B2B SaaS start-ups such as aumico and the most recent winner at Venture Kick – DemoSquare.
Don’t miss the deadlines for the Boldbrain Startup Challenge on 14 June and for Innosuisse Scale-up Coaching on 17 June. Applications are open for the next Kickstart edition until 4 June.
Next week you can meet me at the Swisspreneur Growth Syndicate Demo Day, the SEF.Founder Conference and the Swiss Economic Forum. I would also like to highlight the opening event of the Trust Village incubator in Geneva and Tag des Gründens Graubünden 2024.
Have a good weekend.
Stefan Kyora
Editor in Chief, Startupticker.ch