TechIsland Members EMBIO Diagnostics and ASBIS Group, entered an agreement to accelerate growth and enter new global markets
In December 2021, two Cypriot companies and TechIsland Members Asbis Group and EMBIO Diagnostics, proceeded with an agreement at which Asbis Enterprises Plc made a €1m strategic investment at EMBIO Diagnostics. This investment comes at a strategic point in time. Additionally, the investment will be used in hiring of engineering talent, as well as in developing its marketing strategy and activities internationally.
In more detail, ASBISc Enterprises Plc, is a leading Value-Added Distributor, developer, and supplier of IT and IoT products, solutions, and services in the growing markets of Europe, Middle East and Africa. EMBIO Diagnostics is a rapidly growing biotechnology company that designs and develops innovative biosensor-based devices for rapid diagnostics in the field of food safety, air quality testing and environmental research. The company has also developed portable devices that can be used in the medical industry for the fast detection and diagnosis of SARS-CoV-2. EMBIO Diagnostics devices are intended for both professional (B2B) and individual (B2C) use.
Siarhei Kostevitch, CEO and Chairman of the Board of Directors ASBISc Enterprises Plc, commented: “As announced, we are open to interesting investments that fit into our innovative DNA. EMBIO Diagnostics operates in the promising market of food safety, environmental research and the rapid detection of bacteria and viruses, including SARS-COV-2. The company's management has extensive experience in the field of biotechnology and is determined to further develop the company. We invest in the development of very innovative technologies that meet the current global needs - fast and effective SARS-COV-2 diagnostics as well as food and environmental safety. I am convinced that by introducing these innovative devices to our distribution channels, EMBIO Diagnostics will achieve global success, of which we, as the company's shareholders, will also be the beneficiaries.”
Constantinos Loizou, CEO and Founder of EMBIO Diagnostics, commented: “We develop unique biotechnology-based solutions that can significantly improve our quality of life. We are delighted that a strategic investor and an innovator such as ASBIS is supporting us with their multilevel resources. Innovation and the need to deliver innovative products technologies that improve our daily life is a mission that connects ASBIS and EMBIO Diagnostics. Our vision for providing customers with industry-leading monitoring solutions made us partners. Furthermore, the extensive geographical presence of ASBIS and sales structures in 56 countries around the world, will enable us to commercialize our devices and scale faster. We have ambitious development plans, and I am convinced that our cooperation will bring tangible benefits to both parties.”
This investment shows the potential of Cypriot innovative companies and their support by larger Cyprus based international corporations, and furthermore TechIsland as the leading Tech and Innovation Organization, shows that it can be a common ground for future similar funding activities and strategic collaborations.