S.R.I.W.

The S.R.I.W. Group is an institution at the heart of the financial market that assists entrepreneurs in creating and developing businesses in the Walloon region. It reflects the effort of Wallonian industry in facing the challenges of the creation of economic value in the 21st century. Since its creation in 1979, the Société Régionale d’Investissement de Wallonie has continuously been expanding its abilities to adapt and anticipate as well as its flexibility in order to meet the requirements of its partners who are confronted with the evolution of the world economy. The principles of good governance, a strong business culture and shared values at the heart of the Group constitute important assets to capture the changing realities of the market and progress in a sustainable development perspective.

Philippe Degive

Investment Manager

Past deals in Benelux

I-care

Funding Round in 2022
I-care Group is an industrial company based in Belgium that specializes in predictive and prescriptive maintenance services. Established in 2004, the company utilizes advanced technology to optimize industrial risk management and enhance operational performance across various dimensions. By offering artificial intelligence-powered solutions, I-care Group enables clients to effectively collect, connect, manage, and analyze industrial data. This approach helps predict failures in machinery and equipment, ultimately decreasing maintenance costs, increasing equipment uptime, and improving the overall reliability and safety of operations. With a commitment to high-quality service and integrated technology expertise, I-care Group supports clients in maintaining effective performance in their businesses while considering human and environmental impacts.

Aerospacelab

Series B in 2022
Aerospacelab SA, founded in 2017 and headquartered in Mont-Saint-Guibert, Belgium, specializes in the development and manufacturing of small satellites equipped with advanced sensors. The company focuses on addressing complex challenges through innovative solutions, including the use of artificial intelligence and machine learning to automate various tasks. Aerospacelab's technology enables the collection of high-resolution optical data and provides a platform that facilitates the analysis of large datasets. This capability allows customers to effectively survey and monitor diverse applications, optimizing the transformation of the information gathered.

EyeD Pharma

Venture Round in 2021
EyeD Pharma SA is a pharmaceutical company based in Liège, Belgium, specializing in the development and commercialization of innovative drug products for ophthalmology. The company focuses primarily on the treatment of glaucoma, a condition traditionally managed through daily eye drop administration. EyeD Pharma aims to enhance the quality of life for patients by creating therapies that reduce side effects associated with existing treatments. In collaboration with ophthalmologists, the company offers new treatment options and surgical products, helping to improve clinical practices and provide therapeutic assistance that is currently lacking in the market.

PDC*line Pharma

Series B in 2021
PDC*line Pharma is a French-Belgium clinical-stage biotech company that develops a new class of active immunotherapies for cancer based on an allogeneic cell line of Plasmacytoid Dendritic cells (PDC*line) loaded with cancer antigens. PDC*line Pharma originated from a flagship R&D program of the French Blood Bank (EFS, Etablissement Français du Sang) where PDC*line, a proprietary Plasmacytoid Dendritic Cell line (PDC) was developed from a patient with a PDC leukemia. Laurent LEVY President France & COO, and Joel PLUMAS, CSO founded the company in April 2014 in Grenoble and took the project to the clinical development stage with non-dilutive funding. Eric Halioua joined the team in February 2016, and became President and CEO in July 2016.

ImCyse

Series B in 2021
ImCyse SA is a clinical-stage biopharmaceutical company based in Liège, Belgium, that specializes in developing active immunotherapies aimed at treating and preventing severe chronic autoimmune diseases linked to immune system disruptions. Founded in 2010, ImCyse utilizes a unique technology platform that focuses on the administration of Imotopes™, specifically modified peptides that generate cytolytic CD4 T-cells. These T-cells selectively eliminate antigen-presenting cells and autoantigen-specific lymphocytes, targeting the underlying causes of diseases like type 1 diabetes and multiple sclerosis. ImCyse's innovative approach not only aims to provide therapeutic alternatives where none exist but also seeks to cure patients without compromising their immune defenses. The company has demonstrated proof of concept across several indications and has successfully completed its first clinical trial for type 1 diabetes, yielding promising results while developing additional Imotopes™ for various autoimmune conditions.

Miracor Medical

Series E in 2020
Miracor Medical is a medical device company focused on developing and commercializing innovative technologies for treating severe cardiac diseases. Established in 2008 and headquartered in Awans, Belgium, the company specializes in the PiCSO Impulse System, which utilizes pressure-controlled intermittent coronary sinus occlusion. This system is designed to aid cardiac surgeons in treating patients who have experienced myocardial infarction, particularly those undergoing coronary artery bypass grafting surgery. The PiCSO treatment aims to enhance microvascular perfusion and improve cardiac function by increasing blood flow to damaged heart tissue, potentially reducing the risk of heart failure following acute myocardial infarction.

ExeVir Bio

Series A in 2020
ExeVir Bio BV, founded in 2020 and based in Zwijnaarde, Belgium, specializes in developing single-domain antibody-based therapies aimed at combating viral infections. The company leverages a llama-derived antibody technology platform to create robust antiviral treatments that offer broad protection against coronaviruses. Notably, it is developing VHH72-FC, an antibody that targets a highly conserved region on the spikes of SARS-CoV-2, crucial for the virus's entry into human cells. ExeVir Bio's rapid response platform for antivirals allows for an agile approach to emerging health threats, enabling the swift generation of drug candidates. The therapeutics produced through this innovative technology are designed to be stable, cost-effective, and accessible on a global scale.

PDC*line Pharma

Series B in 2020
PDC*line Pharma is a French-Belgium clinical-stage biotech company that develops a new class of active immunotherapies for cancer based on an allogeneic cell line of Plasmacytoid Dendritic cells (PDC*line) loaded with cancer antigens. PDC*line Pharma originated from a flagship R&D program of the French Blood Bank (EFS, Etablissement Français du Sang) where PDC*line, a proprietary Plasmacytoid Dendritic Cell line (PDC) was developed from a patient with a PDC leukemia. Laurent LEVY President France & COO, and Joel PLUMAS, CSO founded the company in April 2014 in Grenoble and took the project to the clinical development stage with non-dilutive funding. Eric Halioua joined the team in February 2016, and became President and CEO in July 2016.

iSTAR Medical

Series C in 2019
iSTAR Medical SA was created in 2010 as a spinout of Healionics Corporation with support from Belgium's Region Wallonne government. In 2011, iSTAR expanded to its new eco-friendly R&D and Manufacturing facility in CREALYS Scientific Park near Namur, Belgium. By 2012, iSTAR received ISO 13485 and ISO 9001 Quality Systems Certifications and achieved CE Mark approval of its first device - STARflo™ Glaucoma Implant.

ImCyse

Series B in 2019
ImCyse SA is a clinical-stage biopharmaceutical company based in Liège, Belgium, that specializes in developing active immunotherapies aimed at treating and preventing severe chronic autoimmune diseases linked to immune system disruptions. Founded in 2010, ImCyse utilizes a unique technology platform that focuses on the administration of Imotopes™, specifically modified peptides that generate cytolytic CD4 T-cells. These T-cells selectively eliminate antigen-presenting cells and autoantigen-specific lymphocytes, targeting the underlying causes of diseases like type 1 diabetes and multiple sclerosis. ImCyse's innovative approach not only aims to provide therapeutic alternatives where none exist but also seeks to cure patients without compromising their immune defenses. The company has demonstrated proof of concept across several indications and has successfully completed its first clinical trial for type 1 diabetes, yielding promising results while developing additional Imotopes™ for various autoimmune conditions.

Aerospacelab

Seed Round in 2019
Aerospacelab SA, founded in 2017 and headquartered in Mont-Saint-Guibert, Belgium, specializes in the development and manufacturing of small satellites equipped with advanced sensors. The company focuses on addressing complex challenges through innovative solutions, including the use of artificial intelligence and machine learning to automate various tasks. Aerospacelab's technology enables the collection of high-resolution optical data and provides a platform that facilitates the analysis of large datasets. This capability allows customers to effectively survey and monitor diverse applications, optimizing the transformation of the information gathered.

EcoPhos

Venture Round in 2018
EcoPhos is a Belgian technology provider and leading producer of animal feed phosphates in Europe, headquartered in Louvain-La-Neuve. The company operates with a workforce of 250 employees and includes an engineering office and a demonstration unit. EcoPhos specializes in the manufacturing of inorganic feed phosphates through a process that purifies phosphoric acid and produces various phosphate salts. Its operations focus on delivering agricultural phosphate products that are free from toxic substances, thereby minimizing environmental impact. The company has two production sites with a combined capacity of 300,000 tons per annum, reinforcing its position in the market.

Air Belgium

Venture Round in 2018
Air Belgium S.A., founded in 1979 and based in Mont-Saint-Guibert, Belgium, provides passenger air transportation services primarily between Brussels and Hong Kong. The airline specializes in offering quality, attractively priced intercontinental flights to selected markets in Asia. Its fleet is equipped with economy, premium, and business class seating options, catering to diverse passenger needs, including provisions for traveling with pets and children. Additionally, Air Belgium enhances the travel experience through onboard catering services, ensuring that passengers enjoy comfortable and pleasant journeys.

Qualifio

Series A in 2018
Qualifio SA is a Belgium-based company founded in 2011 that operates a cloud-based SaaS platform designed to engage digital audiences and collect data. The platform allows users to create and publish interactive campaigns such as quizzes, polls, and contests across various channels, including websites, mobile apps, and social media. With over 40 different formats available, Qualifio enables businesses to effectively engage their audiences and gather valuable data for segmentation and analysis. The platform supports custom integrations, allowing clients to connect their existing customer relationship management (CRM) systems, data management platforms (DMP), and single sign-on (SSO) solutions. By providing a centralized approach to audience interaction and data collection, Qualifio helps brands enhance user engagement, increase registrations, and monetize their audience.

Miracor Medical

Series D in 2018
Miracor Medical is a medical device company focused on developing and commercializing innovative technologies for treating severe cardiac diseases. Established in 2008 and headquartered in Awans, Belgium, the company specializes in the PiCSO Impulse System, which utilizes pressure-controlled intermittent coronary sinus occlusion. This system is designed to aid cardiac surgeons in treating patients who have experienced myocardial infarction, particularly those undergoing coronary artery bypass grafting surgery. The PiCSO treatment aims to enhance microvascular perfusion and improve cardiac function by increasing blood flow to damaged heart tissue, potentially reducing the risk of heart failure following acute myocardial infarction.

e-peas

Venture Round in 2017
e-peas SA is a Belgian company that specializes in designing and manufacturing electronic systems that enable energy autonomy for Internet of Things (IoT) applications. Founded in 2014 and based in Mont-Saint-Guibert, the company develops energy harvesting solutions that allow IoT devices to draw power from their environment, including sources such as solar, thermal, vibration, and radiofrequency. e-peas produces energy harvesting power management integrated circuits (PMICs) and low-power microcontrollers that enhance the performance and longevity of batteries in connected devices. By facilitating the efficient use of ambient energy, e-peas aims to reduce the need for frequent battery replacements across various sectors, including home automation, healthcare, and agriculture. The company's innovations contribute to making IoT devices smarter and more energy-efficient, ultimately striving for a future where devices can operate indefinitely without traditional power sources.

Performance for Assets

Venture Round in 2016
Performance for Assets SA is a Belgium-based company that specializes in developing software for machinery and operations management. The firm offers a data mining and analysis tool designed to assist companies in operations and maintenance by detecting warnings, identifying root causes of machinery failures, and analyzing machine behavior. Its solutions are tailored for industrial manufacturers and wind energy companies, providing a unique approach to optimize and manage process data related to rotating machines. By leveraging a collaborative analytical platform, Performance for Assets converts large data sets into actionable intelligence, enabling clients to effectively manage and enhance critical assets and production processes.

Nyxoah

Series B in 2016
Nyxoah S.A. is a health-technology company based in Mont-Saint-Guibert, Belgium, established in 2009. The company specializes in developing and commercializing innovative solutions for treating sleep disordered breathing conditions, particularly moderate to severe obstructive sleep apnea (OSA). Its primary product, the Genio system, is a user-centered, bilateral neurostimulation therapy that has received CE-Mark validation. OSA is a prevalent condition linked to significant health risks, including increased mortality and various comorbidities such as cardiovascular diseases, depression, and stroke. Nyxoah aims to address these critical health challenges through its advanced therapeutic offerings.

Diagenode

Venture Round in 2016
Diagenode is an international life sciences company that develops and commercializes innovative instruments and reagents systems for life science research and molecular diagnostics. Founded in 2003 in Liege (Belgium), Diagenode is a global company, with headquarters in Liege, Belgium and Sparta, NJ, USA. Diagenode also has a local sales office in the United Kingdom to better serve this specific country. Diagenode's customers include leading epigenetics researchers, academic institutions, high-profile genome centers and core labs, life sciences tools companies, molecular diagnostics players, and pharmaceutical and biotechnology companies. Epigenetics Division

iSTAR Medical

Series B in 2016
iSTAR Medical SA was created in 2010 as a spinout of Healionics Corporation with support from Belgium's Region Wallonne government. In 2011, iSTAR expanded to its new eco-friendly R&D and Manufacturing facility in CREALYS Scientific Park near Namur, Belgium. By 2012, iSTAR received ISO 13485 and ISO 9001 Quality Systems Certifications and achieved CE Mark approval of its first device - STARflo™ Glaucoma Implant.

Decube

Venture Round in 2015
Decube Group is a company based in Strépy-Bracquegnies, Belgium, specializing in technical and industrial services, including engineering, assembly, and industrial painting. The company focuses on providing solutions that help clients prevent corrosion and modify the surface of manufactured parts to achieve specific aesthetic and functional requirements. By offering a range of services under one roof, Decube enables its clients to streamline their operations and maintain the quality and appearance of their products.

Ogeda

Series B in 2015
Ogeda SA is a clinical-stage drug discovery company based in Gosselies, Belgium, that focuses on inventing and developing small molecule drugs that target G-Protein Coupled Receptors (GPCRs). The company's lead product, fezolinetant, is currently in Phase II clinical development for treating women's health disorders. In addition to fezolinetant, Ogeda is developing other small molecules aimed at addressing various therapeutic areas, including inflammatory and autoimmune diseases. Founded in 1994 and formerly known as Euroscreen, Ogeda operates additional facilities in Brussels, Belgium, and Paris, France. The company is a subsidiary of Astellas Pharma Inc. and is supported by prominent investors in the biotechnology sector.

ChanvrEco

Series A in 2015
ChanvrEco S.A., founded in 2007 and based in Tinlot, Belgium, specializes in the manufacture of standard granulate derived from hemp straw, primarily for use in thermal and acoustic insulation. The company's flagship product, Prohemp, is an aggregate made from hemp that is specifically designed for building insulation applications. ChanvrEco serves the construction industry, contributing to sustainable building practices through its eco-friendly materials.

Fruytier Group

Venture Round in 2014
Fruytier Group is a prominent player in the European softwood processing industry, involved in every stage of the timber supply chain, from sourcing round wood to delivering finished products. The company specializes in providing sawn wood for various applications, including structures, packaging, siding, and outdoor decking, primarily using Spruce and Douglas Fir sourced from local, sustainable timber resources. In addition to sawn wood, Fruytier Group supplies sawmill by-products such as pellets, sawdust, chips, and bark. Its services encompass sawing and grading, high-precision re-cutting, drying, planing, moulding, and treatment processes like dipping and high-pressure impregnation. Positioned in the heart of Europe, Fruytier Group efficiently processes over 1 million cubic meters of timber annually across its facilities in Belgium, Germany, and France, ensuring high-quality products with quick turnaround times for its partners in sectors such as prefabricated housing and retail.

Trendy Foods Belgium

Venture Round in 2013
Trendy Foods Belgium is a distribution of confectionery products.

iSTAR Medical

Series A in 2013
iSTAR Medical SA was created in 2010 as a spinout of Healionics Corporation with support from Belgium's Region Wallonne government. In 2011, iSTAR expanded to its new eco-friendly R&D and Manufacturing facility in CREALYS Scientific Park near Namur, Belgium. By 2012, iSTAR received ISO 13485 and ISO 9001 Quality Systems Certifications and achieved CE Mark approval of its first device - STARflo™ Glaucoma Implant.

Lampiris

Venture Round in 2013
Lampiris, an independent supplier of gas, green power and energy services such as insulation, furnace maintenance, wood and pellets for heating, and smart thermostats, has been active in the Belgian energy market since 2005. Lampiris, which currently supplies more than a million accounts, is the third-largest supplier in the residential energy market in Belgium.

kitozyme

Venture Round in 2013
KitoZyme S.A. is a biotechnology company based in Herstal, Belgium, specializing in the development and production of biopolymers derived from non-animal sources, particularly chitosan and chitin-glucan. The company serves various markets, including nutraceuticals, cosmetics, beverages, and pharmaceuticals. In the nutraceutical sector, KitoZyme offers products such as KiOnutrime-Cs for weight management and KiOnutrime-CG for oxidative stress management. Its cosmetic line features KiOsmetine-CG, a multifunctional ingredient for skin care, and KiOsmetine-S, a plant-based alternative to silicone. For the beverage industry, KitoZyme provides KiOfine-CG, a fining agent for wines, and KiOfine-B, a processing aid for contaminant removal. In pharmaceuticals, it develops KiOmedine for applications in wound management and drug delivery systems. KitoZyme's commitment to innovation is supported by scientifically proven technologies, and it distributes its products through partners across multiple countries, including the United States and various European nations.

Ogeda

Private Equity Round in 2012
Ogeda SA is a clinical-stage drug discovery company based in Gosselies, Belgium, that focuses on inventing and developing small molecule drugs that target G-Protein Coupled Receptors (GPCRs). The company's lead product, fezolinetant, is currently in Phase II clinical development for treating women's health disorders. In addition to fezolinetant, Ogeda is developing other small molecules aimed at addressing various therapeutic areas, including inflammatory and autoimmune diseases. Founded in 1994 and formerly known as Euroscreen, Ogeda operates additional facilities in Brussels, Belgium, and Paris, France. The company is a subsidiary of Astellas Pharma Inc. and is supported by prominent investors in the biotechnology sector.

iTeos Therapeutics

Series A in 2012
Iteos Therapeutics S.A. is a biotechnology company focused on developing immuno-oncology therapeutics to treat cancer patients. Headquartered in Gosselies, Belgium, the company was established in 2011 and operates as a subsidiary of Iteos Therapeutics, Inc. Its product pipeline features EOS-850, a small molecule antagonist targeting the adenosine A2a receptor, currently undergoing open-label Phase 1/2a clinical trials in adult patients. Another key candidate is EOS-448, an anti-TIGIT antibody, also in Phase 1/2a clinical trials. Iteos Therapeutics aims to address immune suppression in the tumor microenvironment by creating small molecule immunomodulators, thereby enhancing the effectiveness of existing cancer treatments and newer immunomodulatory therapies. The company leverages expertise from the Ludwig Cancer Research Institute in its efforts to advance cancer therapies.

CISSOID

Series B in 2008
CISSOID S.A. specializes in manufacturing high-temperature semiconductor solutions tailored for power management, power conversion, and signal conditioning in extreme environments. The company offers a range of products, including voltage regulators, voltage references, power switches, diodes, transistors, and high-voltage silicon carbide power modules. Their integrated circuits are designed to operate reliably in temperatures ranging from -55°C to +225°C, with testing extending from -200°C to +300°C. CISSOID's offerings also include mixed signal ICs, such as analog-to-digital converters and amplifiers, as well as high-temperature packaging and electronic systems design services. The company serves various markets, including oil and gas, aerospace, industrial, and automotive sectors, through a network of distributors and representatives across multiple regions, including Asia-Pacific, Europe, and the Americas. Established in 2000 and based in Mont Saint Guibert, Belgium, CISSOID has developed a reputation for reliability through its extensive experience in silicon technologies and high-temperature applications.

VIRIDAXIS

Series B in 2007
VIRIDAXIS, a spin‑off of Louvain Catholic University, uses an innovative technology to mass-produce parasitoids. These are then supplied to Belgian and multinational companies operating in this sector. Expansion of its R&D activity now enables the company to develop new products and increase its production capacity.

Advanced Biological Laboratories (ABL)

Venture Round in 2005
Advanced Biological Laboratories (ABL), S.A., is a Medical Data Technology company founded in 2000 as a spin-off from CRP-Santé Luxembourg. ABL took control of TherapyEdge, Inc. in 2004 and in 2013 acquired the rights to all viral hepatitis B & C related assets from EVIVAR MEDICAL, respectively. ABL has a comprehensive suite of healthcare management products, including Nadis®, TherapyEdge®, ViroScore®, SeqHepB, DeepChek®, VisibleChek®, HepatiC® and the DPM which are used for data and patient management, monitoring and personalized reporting applications. In 2012, some of ABL's products also received CE-marking for IVD use. ABL's products, ViroScore® Suite and DeepChek®, are for research use only in the United States, and the upcoming data processing module is a FDA registered class I medical device. ABL's products offer infectious disease clinicians and virology laboratories optimal and efficient IT solutions for sequencing, clinical genotyping and drug resistance analysis, including powerful fully integrated databases and analysis systems that combe standard and high-throughput Next Generation Sequencing data.
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