Barcelona-based biotechnology startup ALLOX has raised $10.5 million (€9.4 million) in a seed funding round led by Asabys Partners through its Sabadell Asabys II fund. The round also saw participation from CDTI through its SICC Innvierte investment vehicle and the Institut Català de Finances (ICF).
Founded in 2023 by Júlia Domingo, André Faure, Pablo Baeza and Ben Lehner, ALLOX is a spin-off from the Centre for Genomic Regulation (CRG) in Barcelona. The company is led by co-founder and CEO Júlia Domingo.
ALLOX develops an experimental and AI-enabled drug discovery platform designed to identify functional regions of proteins that could serve as targets for new medicines.
Its technology combines high-throughput genetics, experimental biology and artificial intelligence to study how mutations influence protein behaviour. This approach allows the company to identify allosteric sites and other regulatory regions that could be used to develop targeted small-molecule therapeutics.
The platform focuses particularly on proteins that have been difficult to target using conventional drug discovery methods, including intracellular protein-protein interactions and transcription factors.
ALLOX plans to use the funding to expand its experimental platform, develop proprietary AI models and strengthen its internal drug discovery team. The investment will also support the advancement of multiple therapeutic discovery programs and potential research collaborations with pharmaceutical and biotechnology companies.
Alongside the financing, ALLOX appointed Morten Graugaard as Independent Chair of its Board of Directors. Graugaard is the co-founder and Chief Business Officer of Orbis Medicines and previously held investment and corporate development positions at Novo Holdings and Lundbeck.
The seed round follows an earlier undisclosed pre-seed investment from Asabys Partners, announced when ALLOX launched in November 2023.
