Koniku closes a Series A round led by Nigerian venture capital firm Platform Capital
Koniku closes a Series A round led by Nigerian venture capital firm Platform Capital
Nigerian-founded biotechnology company Koniku Inc., based in California, announced on Friday the completion of a Series A financing round led by Nigerian private equity firm Platform Capital Investment Partners, according to the company's press release.
Platform Capital Chairman and Chief Executive Officer Akintoye Akindele will join the company's board of directors as a result of the new investment, which will bring the total number of board members to eight.
Among those who have been appointed to the board are Kevin McAleenan, former Acting Secretary of Homeland Security and Commissioner of United States Customs and Border Protection (CBP); Markus Pertl, Chairman and CEO of the Stern Stewart Institute; and Ivan Genadiev, a partner at Andon Okapi Holdings and former Chief Operating Officer of Jumia.
A Nigerian-born scientist who is now in charge of the company's Silicon Valley engineering team, Oshiorenoya Agabi founded Koniku in 2017. Agabi is now the company's chief technology officer. The technology developed by the company combines conventional computer cells with living biological neurons, giving computers the ability to detect odours for the first time.
The age of biotechnology is upon us, and we are entering this new era. "It will fundamentally alter our understanding of what it means to be human," Agabi stated during his visit to Nigeria in February 2020. In Yoruba, which is one of Nigeria's three major languages, the word koniku translates as 'immortal.'
In addition to detecting bombs, Konikore, the company's product, is also capable of sniffing out diseases. The Konikore will look for a specific set of biomarkers associated with each disease that has been identified. Aside from security and healthcare, the device has a wide range of applications in a variety of industries, including industrial monitoring, energy, food and agriculture, and others.
The practical, sector-agnostic and cutting-edge nature of the company's technology, as well as the potential impact on Africa, were recognized by us as early investors in the company.
According to Dr. Akintoye in an interview with TechCabal, the founder of Koniku is also African, intelligent, passionate, and committed to the Koniku vision. This is one of the reasons why he decided to invest in the company for the second time.
We are interested in partnering with entrepreneurs who are bringing Africa to the world and solving Africa's problems through technology, according to Platform Capital's mission statement.
In May of last year, Koniku announced a partnership with global aircraft manufacturer Airbus to develop aircraft safety solutions for detecting biological hazards, as well as chemical and explosive threats. The partnership will last for three years.
The latest round of funding provides Koniku with "the necessary resources and momentum to accomplish our goals," according to a statement provided to TechCabal by the company.
According to him, the specific objectives we've set for ourselves for the next two years will ensure that we proceed with surgical precision."
