NATO's venture capital fund supports a biotech startup for the first time.
The NATO Innovation Fund (NIF) has made its inaugural investment in a biotechnology startup. The venture capital branch of the alliance announced today that it is co-leading a $35 million Series A funding round for UK-based Portal Biotech, aiming to enhance NATO’s defenses against biological warfare.
Portal is engaged in developing portable, AI-driven diagnostic devices that can detect pathogens at the single-molecule level. Unlike conventional laboratory systems, its platform is tailored for deployment in the field, seeking to deliver rapid, on-site identification of biological threats.
Ana Bernardo-Gancedo, a senior associate at the NATO Innovation Fund, stated to Reuters that this capability is essential for defense and security. "We consider it critically important to be able to detect, monitor, and develop countermeasures," she mentioned.
Established in 2022 as a reaction to Russia's full-scale invasion of Ukraine, the NATO Innovation Fund possesses over $1 billion to invest in dual-use technologies, including AI, space, and energy resilience. Its entry into biotechnology underscores rising concerns regarding the security ramifications of synthetic biology and possible biowarfare. These apprehensions have been heightened since the COVID-19 pandemic demonstrated how susceptible societies are to biological threats, whether intentional or not.
Portal’s CEO, Andy Heron, remarked that the company’s sensors could facilitate continuous environmental monitoring, covering areas from open fields to municipal water supplies. “It enables you not only to detect known threats but also to identify those you were previously unaware of,” Heron told Reuters.
This investment comes on the heels of an $8 million contract awarded to Portal last week by the U.S. Defense Advanced Research Projects Agency (DARPA). The agreement will support the development of a portable device to load therapeutic cargo into red blood cells, thereby enabling personalized cell therapies in remote locations.
Founded in 2023, Portal has introduced three product lines and established over 50 commercial partnerships, according to the company. In addition to defense applications, the dual-use technology could also facilitate drug discovery and medicine by allowing scientists to rapidly identify and characterize proteins.
NIF led the Series A investment alongside Berlin-based Earlybird Venture Capital. The funding round also included participation from SCVC, Pillar VC, 8VC, Amino Collective, Outsized, We Venture Capital, the British Business Bank, and Wilson Sonsini’s venture arm WS Investment Company.
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NATO's venture capital fund supports a biotech startup for the first time.
NATO’s Innovation Fund has supported UK-based Portal Biotech in its efforts to enhance the alliance's defenses against biological warfare.