Biocam raises PLN 5.1 million in funding and accelerates production launch, commercialization, and clinical research

BioCam is closing a year rich in the achievement of successive milestones. Alongside the progressive development of capsule endoscopy technology, the company has also achieved success in raising financing. In the newly announced round, the Wrocław medtech received PLN 5.1 million exclusively from business angels. Since the beginning of its operations in 2020, BioCam has raised a total of PLN 14.76 million in private capital from three VC funds and twelve business angels, as well as PLN 8.54 million in grant funding from three European projects. Investors include Level2 Ventures, Smartlink Partners from the JRH group, LT Capital from the Movens Capital group, and Dawid Urban along with a group of private investors.

Wide possibilities with a narrow spectrum

The new funding will be allocated primarily to launching mid-scale production, implementing the first commercial deployments in veterinary medicine, and continuing work on the new generation of endoscopic capsules. The company is currently developing devices capable of imaging not only with white light but also with narrow-band NBI spectrum, which will significantly improve diagnostic quality. The new capsule version achieves up to 30 hours of battery life (previously 10–12 hours) and records 150,000–300,000 images during a single examination, several times more than prototypes showcased in previous years. For now, the company is focusing its efforts on the veterinary application of the capsule, but such significant technological progress also opens the path to medical device certification and entering the human medicine market.

In recent months, the company has also secured two key grants. The first, from EU Funds for Lower Silesia, supports the development of NBI modules, increasing image capture frequency, and preparing and conducting clinical trials on 128 patients, which form a fundamental part of the certification process in Europe. The second grant “Way to North America” from PARP, worth PLN 340,000 enables work toward entering the U.S. market, including establishing a local special-purpose entity.

“Recent years have not been favorable for deep-tech and medtech companies in terms of financing availability. These companies had to face the so-called VC winter. BioCam not only survived this difficult period but emerged stronger and even more motivated to carry out a revolution in the market of remote gastrointestinal endoscopy. We are returning to our original mission with doubled strength. Today, we have the resources, partnerships, a ready commercialization roadmap, and a real opportunity to conduct clinical trials in the very near future that will unlock access to the human medicine market. After five years of intensive development work, we are one step away from scaling production and achieving the first significant sales”
emphasized the CEO of BioCam.

Two parallel growth paths

Entry into the human medicine market is planned for 2027. Currently, due to a faster and less demanding regulatory process, the company is preparing for commercialization in the veterinary market. Two distribution agreements have already been signed: one with Vetefarma for the Italian market and another for the Lithuanian market with GS Grupe, the veterinary branch of the major player Mediq Lietuva. Talks on exclusivity for the Polish market are also being finalized. The company also has seven representation agreements covering Germany, Portugal, Iceland, India, North Africa, Saudi Arabia, and the GULF region. Work is also underway to select partners in North America, where BioCam’s technology is likely to find the fastest commercial application.

According to current forecasts, in a highly conservative scenario, BioCam expects to achieve revenues of at least PLN 2–3 million in 2026, entirely from the veterinary segment. The company assumes that the first invoiced sales will appear later this year. Full commercialization is planned for late January or early February 2026. The company expects to reach profitability by the end of 2027, assuming continued technological development and sustained R&D expenditure, which historically consumed 90% of its operating costs.

BioCam is also not abandoning plans for a pre-IPO issuance and entering NewConnect next year, but the final decision will depend on market conditions.

“From the beginning, plans to enter the stock exchange were associated with gaining access to an efficient source of larger capital during a very difficult period for deep-tech companies. We did not view the stock exchange as an exit option. In the current market environment, we need several parallel paths that allow financing further technological development. Therefore, we do not rule out staying on the VC path with a stronger emphasis on foreign investors” summarized the CEO of BioCam.

How BioCam technology works in practice

At first glance, the capsule swallowed by the patient resembles a vitamin C tablet. Over an average of about 12 hours, it passes through the entire gastrointestinal tract, monitoring it with high-resolution cameras and creating a catalog of more than 150,000 images, which are then verified by an advanced image-analysis system. AI algorithms using machine learning select images that are then sent to a mobile application and a telemedicine platform available to the physician. The software automatically detects pathological changes, and reviewing them in the doctor’s office may take as little as 20–30 minutes. Such a design dramatically shortens medical staff workload, which is crucial in light of healthcare personnel shortages. According to Deloitte, by 2030, European healthcare may be lacking as many as 4 million workers.