close-icon

Welcome

Connect with the future of healthcare

Lumiris’ goal is to help intended parents undergoing in vitro fertilization treatments acheive a pregnancy faster by selecting the most competent embryo. We introduce a novel hyperspectral technology to help professionals evaluate embryos reducing subjectivity. This non-invasive technology offers new and more accurate color-coded images to observe embryo metabolism compared to the current standard which provides only black and white images of embryo morphology. 

52
days remaining
168 investors
Investment achieved
798.950€
Target
700.000€
Invested
114.1%
125% COMMITTED ? Amount of committed pre-campaign investments in the form of reservations or signed letters of intent.
COMMITTED : 73.006,00
798.950
114.1% INVESTED
Maturity

Prototype/preclinical

Premoney valuation

15.000.000

Estimated exit

2029-2030

Sector

Medical devices

Equity offered

4.66%

Minimum investment

1.000

EN based flag
Equity L
Tax deduction L
close modal

Share this project on your website.

Copy and paste the following code into your content.

Overview: Lumiris

Valuation 15.000.000
Estimated return x23
% Offered 4.66%
Estimated exit 2029-2030
The company

In the expansive market of fertility treatment, Lumiris Spectral Solutions S.L. stands out as a technology-driven company, committed to revolutionizing the way IVF specialists evaluate embryos at the clinic. At the core of our mission lies a profound desire to alleviate the pain endured by patients dealing with unsuccessful IVF cycles. We understand the emotional toll of fertility struggles and are dedicated to empowering both clinicians and patients with the tools that will assist in the crucial moment of embryo selection to dramatically reduce the time to get pregnant.

In response to the pressing need for more accurate embryo evaluation methods, Lumiris Spectral Solutions S.L. has developed a groundbreaking medical device based on hyperspectral imaging and AI analysis to observe the metabolism of live embryos in real-time in a safe and non-invasive way. Our diagnostic system promises to redefine the standards of care in the fertility market by providing IVF specialists with a comprehensive and unbiased assessment of embryo quality, enabling them to make informed decisions before embryo transfer.

The journey of Lumiris started 5 years ago at the Institute of Bioengineering of Catalonia (IBEC) when the VC Scranton Enterprises funded our project with €1.5M. With this strong kick-off, we managed to expand our financial support with public non-dilutive grants up to a total €3M. The Lumiris project became an IBEC spin-off in January 2024 when our path to the clinic and market was mature enough.

We have designed a prototype of the medical device for which we got a patent PCT clear, and we are now entering national phases, providing robust protection for both our device and method. In addition to our patent protection, Lumiris Spectral Solutions S.L. has forged strategic partnerships with key industry players. Among these partnerships, our collaboration with M-Squared, a renowned laser and microscope manufacturing partner known for its excellence in precision engineering, ensures the production of high-quality devices. Furthermore, our partnership with Dexeus, a leading clinic in reproductive medicine, provides us with invaluable clinical insights and validation.

Lumiris team has made significant scientific breakthroughs that have earned us widespread recognition within the medical community. Our preclinical work published in PNAS has achieved unprecedented classification of mouse embryos with different metabolic profiles, which are indistinguishable with the gold standard technology in the market. Our work with oocytes has yielded invaluable insights into age-related fertility decline by discriminating between oocytes based on their age-related viability. We have also developed a predictive model capable of identifying which oocytes are most likely to develop into blastocysts—a critical step in the IVF process.

Our research endeavors with human embryos have unveiled the vast and diverse array of metabolic profiles present, surpassing traditional morphological assessments. This deeper understanding of metabolic dynamics will provide IVF specialists with invaluable insights into embryo health and viability, paving the way for more personalized and effective fertility treatments.

At Lumiris Spectral Solutions S.L., we are guided by a set of core values that serve as the foundation of our company. Scientific rigor forms the bedrock of our approach, as we adhere to the highest standards of excellence in research and development. Embryo safety is paramount, and ensure that our product will meet stringent regulatory requirements. Empathy with patients warrants that we understand the emotional toll of infertility struggles, as we strive to reduce waiting times for patients to achieve a pregnancy. We believe in the power of technology to drive positive change in society, and we are dedicated to advancing knowledge transfer and innovation within the IVF industry.

Our target market encompasses IVF clinics seeking to elevate their services by incorporating science-based decision-making into the embryo selection process. With a target market size of €1.8 billion and a projected CAGR of 10%, there is ample opportunity for growth and expansion within the fertility market. Lumiris Spectral Solutions S.L. is poised to lead the way in transforming the landscape of reproductive healthcare, offering hope to individuals and families around the world.

Why is Capital Cell investing in this company?

Investing in Lumiris offers a unique opportunity to invest in some of the best entrepreneurs in the fertility sector. A spin-off from the Institute for Bioengineering of Catalonia (IBEC), founded by Samuel Ojosnegros, Anna Seriola, and Jorge Fuentes, and backed by Scranton Enterprises, Lumiris has developed a medical device based on hyperspectral imaging and AI analysis with the potential to improve embryo assessment in in vitro fertilization (IVF) treatments.

Infertility is a widespread and costly problem. Globally, it affects 17.5% of adults, with 1 in 6 couples seeking medical help to conceive, and IVF treatments costing between €6,000 and €30,000, with a success rate of 40%.

Lumiris has already achieved significant milestones in research: i) with mice embryos, reaching over 90% accuracy in classifying blastocysts and oocytes based on viability, and over 80% in predicting oocytes that reach the blastocyst stage; ii) the Lumiris technology improves the classification of metabolically altered embryos by 30% compared to human evaluators.

This investment round is a unique opportunity for private investors, as Lumiris is preparing a Series A with international funds. Investing now ensures a 25% non-liquid revaluation on the valuation of the next Series A round.

Minimum investment: 1.000
Type of exit expected: M&A
Drag-along rights
Tag-along rights
Capital Cell syndicated
Tax deductions
Main risks

The regulatory strategy for both the European Union and the United States is well-designed, but unforeseen challenges may arise. This could delay market entry, as Lumiris, being a medical device company, will need to demonstrate market attraction to complete a M&A with a larger company.

This bridge round allows time and resources to close the next Series A round by end 2025. Despite progressing negotiations, closing the Series A round will be essential to fund further development.

More information

Non-invasive technology that provides highly quantitative colour-coded metabolic evalutaion of human embryos.

Better classification of metabolically altered embryos than human graders (AUC 72.2% vs 93.7%)

A market size of €1.8bn and a 10%CGR growth underscore the strong business potential in our industry.

By offering a solution to one of the primary challenges in the IVF field, our market entry is expedited, positioning us for rapid growth.

Supported by strong clinical and industrial partners, our go-to market strategy is fortified, providing a solid foundation for success.

Our technology benefits from robust patent protection, safeguarding it against competitors and ensuring market dominance.

Our experts say

The team is composed of experienced entrepreneurs and experts in the IVF market, supported by a diverse group of biologists, physicists, engineers and business developers with proven success in previous projects.

Anna Veiga Lluch

Director at Bellvitge Biomedical Research Institute - IDIBELL

This groundbreaking technology has the potential to revolutionize the field of embryology. It allows non-invasive selection of oocytes or embryos based on the metabolic profile of the cells, all at the click of a button.

Nuno Costa Borges

Scientific Director at Embryotools

I am very optimistic that, one way or another, the tool they wish to improve will be extremely useful for diagnostic and therapeutic use as it relates to oocytes and embryos. I very much appreciate this project for its non-invasive nature.

Daniela Noguiera

Global Laboratory Scientific Director at ART Fertility Clinics

The final rating

APPROVED: This company has successfully passed a rigorous legal and financial analysis.

Approved by
The BioExpert Network is an independent and exclusive network of experts in the life science industry and investment. Only proposals that receive positive evaluations in innovation, science, finance... make it successfully through to the funding campaign stage of Capital Cell.
Team
75%
Science
73%
Innovation
78%
Business
78%
Approved by
Alira Health is an international consultancy that provides a suite of integrated services designed to help companies in the healthcare and life sciences sectors.
Market access
78%

The project

The embryo as you never saw it before

Our team comprises biologists, physicists, engineers, and experienced entrepreneurs. With prior ventures such as Serabiotics and collaborations across pharmaceutical and engineering sectors, we bring a wealth of expertise. Additionally, we lead the management team of The Open Innovation Lab at IBEC, spearheading a pioneering approach to technology development.

Within our technical team, optical physicists adept in software development and prototyping optical systems work alongside embryologists with extensive clinical and research backgrounds. External advisors from industry and clinical fields further complement our expertise. With this diverse and capable team, Lumiris is poised to tackle the challenges of bringing a medical device to market.

We are committed to enhancing the efficiency of IVF cycles. Our focus is on reducing the time it takes for IVF patients to acheive a pregnancy and alleviating the emotional, physical, and financial burdens associated with infertility. Our strategy involves revolutionizing current embryo evaluation practices in clinics by transitioning from morphology-based assessments to metabolic imaging. Metabolism serves as a more objective and physiological indicator of embryo health. Through the utilization of hyperspectral imaging, we identify key metabolites within the embryo and accurately quantify their concentrations. This innovative approach generates color-coded 3D representations of embryos, supplying both embryologists and AI algorithms with precise quantitative data for informed decision-making.

For over four decades, IVF has relied on subjective evaluations of embryos based on black and white images from bright field microscopes. The introduction of time-lapse videos represented the latest advancement, offering insights into dynamic embryo growth. However, these videos still rely on the same black and white pictures, providing solely morphological data. Despite the potential for AI algorithms to analyze these images and videos, our survey of over 100 IVF clinics reveals that embryologists’ or physicians’ opinions often supersede AI assessments in cases of disagreement.

In contrast, our technology explores the embryo at a deeper level, offering real-time, color-coded metabolic images. Each color and its intensity translate into the presence and concentration of key metabolites crucial for embryo health. Our images allow embryologists to objectively assess the physiological status of embryos, bypassing subjective interpretation. Additionally, our preclinical data demonstrate that AI algorithms can significantly outperform human assessment in analyzing these images.

Main results: 

Through the imaging of hundreds of mouse and human embryos, we’ve made significant discoveries:

  •  Morphology does not consistently correlate with embryo physiology (health).
  •  Our method offers resolution beyond the capabilities of the human eye with current techniques.
  •  Embryologists, when provided with hyperspectral images, demonstrate improved embryo classification even without AI assistance.
  •  AI integration provides additional resolution enhancements, maximizing the information contained in our images.
  • Human embryos exhibit complex metabolic mosaics, a revelation made possible through hyperspectral imaging, contrasting with current methodologies. Consequently, they cannot be uniformly treated.

Milestones with Mouse Embryos:

  • Achieved over 90% accuracy in classifying metabolically diverse mouse blastocysts.
  • Achieved over 90% accuracy in classifying young or old oocytes.
  • Achieved over 80% accuracy in predicting mouse oocytes reaching the blastocyst stage.

and Human Embryos:

  • Discovered a wide metabolic diversity in human embryos previously unknown.
  • Demonstrated safety: embryo survival rate after imaging is equivalent to non-imaged embryos.
  • Achieved subcellular resolution, allowing separate study of trophectoderm metabolism from inner cell mass metabolism, enhancing grading resolution.
  • Developing a new grading system based on metabolism.

As an investor, you’ll have the opportunity to invest in a project led by a team of experienced entrepreneurs who have previously launched successful ventures in the IVF market. With their experience and deep understanding of the industry, coupled with the disruptive nature of our technology, there are high chances of a successful exit strategy at a lucrative valuation. Our team’s strong connections with key stakeholders in the IVF world further increase the likelihood of acquisition by major players in the field, potentially resulting in significant returns on investment. Additionally, investing now offers the opportunity to secure a stake in a company poised for rapid growth, with the added benefit of a discounted valuation, offering the potential for substantial future gains.

Our team

Lumiris leverages the unique strengths of its team, a strong collaborative effort of embryologists, optical physicists, computer scientists and entrepreneurs. It is also advised by KOL in the fields of embryology and optics and assisted by experienced business advisors in Biotech and regulatory affairs.

Management team

Samuel Ojosnegros, PhD , CEO, Co-founder
cross
minus

Samuel is the head of the Bioengineering in Reproductive Health, the first Open Innovation Lab at IBEC. He is the inventor of several patents licensed by the pharma industry and co-founder of Serabiotics S.L.

linkedin
Anna Seriola, PhD, MBA , Chief Scientific Officer, Co-founder
cross
minus

Anna is an expert embryo and stem cell biologist (Vrije Universiteit Brussel, Barcelona Stem Cell Bank). She is the inventor of several licensed international patents and co-founder of Serabiotics S.L.

linkedin
Jorge Fuentes , Chief Strategy Officer, Co-founder
cross
minus

Jorge has more than 20 years of experience in Entrepreneurship in the health and hitech ecosystems. He was the promoter and manager of the European Space Agency Business Incubator in Barcelona. 

linkedin

Key team members

Abdolvahab Amirsalari
Optical Engineer
Anna Ferrer Vaquer, PhD
Scientific Liaison
Albert Parra
Optical Physicist and Data Analyst
Ot Massafret, PhD
Embryologist
Xavier Burgos, PhD
AI Specialist
Irene Oliver Vila, PhD
Quality Assurance and Regulatory Affairs

Advisors

Robert Forster
Industrial Consultant
Nikica Zaninovic, PhD
Senior Advisor
Montse Boada, PhD
Clinical Advisor

The problem

Infertility, now recognized as a disease by the WHO, affects one out of six couples globally. Despite the growing availability of fertility treatments, such as In vitro Fertilization (IVF), only a third of IVF cycles lead to a successful pregnancy. A key hurdle in IVF clinics is the precise selection of embryos with the highest implantation potential. The lack of an accurate technology for identifying such embryos contributes to system inefficiency, often resulting in couples undergoing multiple embryo transfers in their quest for a successful pregnancy.

The solution

We have pioneered an innovative hyperspectral (HS) imaging method to precisely quantify the concentration of multiple autofluorescent metabolites in human embryos. This cutting-edge technique utilizes safe infrared light excitation followed by AI analysis, which accurately predicts embryo quality based on their metabolic profile. Our team has successfully translated this advancement into a clinical device, which will empower embryologists to select competent embryos in a safe and unbiased manner. This will enable them to make informed decisions that will ultimately benefit IVF patients.

Our differentiation

Our approach stands out in several key aspects. Firstly, we offer quantitative analysis, allowing real-time assessment of embryo metabolism and providing precise quantitative data rather than qualitative assessments of morphology alone. Unlike indirect measurements such as spent medium metabolomics, our method directly assesses the embryo’s interior using harmless Infrared light. Moreover, our technology works at remarkable speed, thanks to the implementation of light sheet imaging, enabling exceptionally fast analysis. Additionally, we provide comprehensive insights by simultaneously capturing the metabolic signatures of 5-6 crucial metabolites, including NAD, FAD, Retinol, Retinoic acid, and Protoporphirin, in a single shot—a capability unmatched by methods like FLIM, which require long exposure times to capture a single metabolite. Beyond mere measurement, we deliver 3D images that can be readily interpreted by embryologists, enhancing their ability to make informed decisions in the IVF process.

close modal