Javier Sardina López, Carlos Cobas Gómez and Santiago Domínguez, with whom we spoke in this interview, are the three founding partners of the company Mestrelab Research, one of the most prominent Galician biotech companies, specialized in software for the pharmaceutical and biotechnology industry. In 2021 they created Sémola Tech Ventures, an investment company aimed at financing seed-stage projects focused on the fields of life sciences and biotechnology.

Taking the Silicon Valley model as a reference, you founded Sémola Tech Ventures in 2021. What encouraged you to do so and with what objective?

The founding of Sémola arose from a combination of circumstances. On the one hand, and mainly, the success achieved by the Mestrelab project, which resulted in a sale of shares by the Mestrelab partners to the multinational company Bruker Inc. which provided sufficient funds to face the support of the rest of the ecosystem. This was complemented by the realization of the high quality and number of biotech projects that are emerging in Galicia, which need support from business angels at a seed stage before being able to approach venture capital funds and, finally, the concern about the lack of investors of this type in the Galician ecosystem. The project was born with a vocation to support and energize the Galician biotechnology sector to create wealth in the region and ensure the professional future of our youth.

What are the main challenges faced by biotech companies in the seed stage?

The challenges are multiple and complex. Among them are the consolidation of the team and the attraction of talent, the achievement of what is called product-market fit, that is, the adequacy of the solution provided by the company to the needs of potential customers, access to the market and, to a greater extent, to international markets often necessary to achieve success and ensure sustainability. Above all, the most difficult challenge today in the Galician ecosystem is still the attainment of the necessary financing for the development of the project and the resolution of the previous challenges, which, in most cases, depends on this financing.

As an investment company, what criteria do you take into account when selecting projects?

We are interested in technologies with potential impact, particularly in people's health, which is certainly a focus of our activity. High quality teams with a good balance between the academic and business management components and the proximity, by geography or networks, which allows us to know the projects in greater detail.

In which companies is Sémola Tech Ventures currently involved?

Sémola participates in six Galician startups in the biotechnology sector: BFlow, Celtarys Research, Chemosapiens, Diversa Technologies, Liberabio SL and QuBioTech. It also participates in two international projects: the Californian Labvoice Inc and the Bostonian Scaffold Therapeutics Inc. And finally, for the moment, in Nowture, a venture builder with a vocation for investment and development of the sector in Galicia.

What role do tractor and consolidated companies such as MestreLab play in the strengthening and cohesion of the Galician biotechnology sector?

In our view, the driving and consolidated companies have a duty to lead and activate the ecosystem of which they are a part. Opening international markets. Establishing the reputation of the sector at international level. Creating contacts that can be leveraged by other companies that come after them. Leading, supporting, financing or bringing to market collaborative projects. Giving visibility to the sector in society to help attract talent and funding.

What ingredients does Galicia have to become a leading biotechnology hub in Europe?

Galicia has cutting-edge research work in its universities and technology centers, very well positioned internationally. It also has talented researchers with the ambition to contribute to solve social problems and create a competitive sector. It has a high standard of living, which helps to attract international talent that can complement local talent in areas where there are still shortcomings, such as business management. And also, very importantly, with very significant institutional support, particularly from the Xunta de Galicia, but also from the CDTI, which makes it possible to finance more companies and provide them with more resources to enable them to grow and compete in difficult international markets.

What challenges lie ahead for Sémola?

On the one hand, to continue generating financing that allows us to continue investing in this early and very risky stage of the companies. On the other hand, to help invested companies to accelerate the growth of their business, supporting their management, internationalization and market access. And finally, to attract other investors to the ecosystem, combining our work with that of other agents such as public institutions or the Galician private venture capital fund Bio&Tech Smart Capital.