Panakés and Invitalia lead €4m series-A for Echolight

The deal marks the first investment for Italian biotech-focused venture capital firm Panakés. Following the transaction, the company intends to use the fresh funds to expand its client-base for its patented device, EchoS.

Previous funding
The company has previously raised a seed round of funding from Life Sciences Capital.

Company
Established in 2010 and headquartered in Lecce, Echolight develops early diagnosis devices targeting osteoporosis. Its flagship product is EchoS and is based on a radiation-free technology.

The company also develops software that allows doctors to conduct diagnosis based on the device's responses.

People
Panakés – Fabrizio Landi (co-founder, general partner).
Invitalia Ventures – Salvo Mizzi (CEO).
Echolight – Sergio Casciaro (co-founder, chair); Matteo Pernisa, Stefano Pernisa, Ernesto Casciaro, Francesco Conversano (co-founders).

Advisers
Equity – Gianni Origoni Grippop Cappelli & Partners (legal).
Company – Orsingher Ortu Avvocati Associati (legal).

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• Topics
• Early-stage
• Healthcare
• Southern Europe
• Italy