BIVF, UCB Ventures lead £1.4m round for Rinri
Boehringer Ingelheim Venture Fund (BIVF) and UCB Ventures have co-led a £1.4m seed funding round for biotechnology company Rinri Therapeutics.
BIVF makes initial investments of up to €3m with follow-on investments of up to €15m per company. Its fund closed on €100m in 2010. UCB closed a €150m vehicle in 2017.
BioCity, a science incubator that provides seed funding, also participated in the round.
Representatives from BIVF, UCB and BioCity have joined the company's board of directors. Simon Chandler has also been named CEO.
Company
Rinri is a spinout from Sheffield University and was founded in 2018. The company's technology is aimed at reversing neuropathic sensorineural hearing loss (SNHL) through the repair of the damaged cytoarchitecture in the inner ear. The company is headquartered in Sheffield.
People
Boehringer Ingelheim Venture Fund – Detlev Mennerich (investment director).
UCB Ventures – Erica Whittaker (head of corporate venture fund).
BioCity – Claire Brown (investment director).
Rinri Therapeutics – Simon Chandler (CEO).
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