The first successful Jeremie-funded company exit is expected by the end of September. Portfolion is selling Cryo Innovation Kft. for a minimum of €5 million (approx. HUF 1.4 billion). The buyer of the Hungarian-developed embryo monitoring technology is the biotech giant Vitrolife – as confirmed by Portfolion.
The story began at the Faculty of Veterinary Science of Szent István University, where Dr. Csaba Pribenszky sought to make the monitoring of embryos developing in incubators more efficient during his scientific experiments. He developed a compact inverse microscope equipped with a digital camera, capable of perfectly tracking the development of oocytes fertilized during IVF (In Vitro Fertilization) programs.
The resulting technology, PrimoVision, helps clinicians determine which embryo is the most viable for implantation. This world-first device, developed two years ago, has significantly increased the success rate of artificial insemination, thereby reducing the physical and emotional burden on mothers and lowering clinic costs.
While the core idea was revolutionary, the development team realized that high-tech innovation alone isn’t enough for market success; achieving a breakthrough requires significant capital and professional management expertise. Although the global crisis tightened lending conditions, the timing of the Jeremie funds proved ideal, revitalizing the Hungarian venture capital market. PortfoLion Zrt. invested in the Cryo Group, providing the necessary resources to expand the professional team from 5 to 13 employees.
Now, the first successful exit of the Jeremie I program is within reach. According to Vitrolife’s official announcement, the company will acquire Cryo Management Kft. (a subsidiary of Cryo Innovation Kft.) for a minimum of €5 million by September. Furthermore, the purchase price could rise to €9 million if the Hungarian research firm achieves specific performance targets by 2015.
PortfoLion has confirmed the reports, noting that the deal is expected to close by the end of September, at which point further details will be disclosed.
