MiLaboratories in a $2.3 million seed funding round led by Speedinvest and Acrobator Ventures.

MiLaboratories, a Riga, Latvia-based biotech developer, announced completing a seed funding round closed at $2.3 million.

The money was raised from investors including Speedinvest and Acrobator Ventures.

Proceeds will be used to develop a next-generation version of MiXCR as the startup continues to expand its Latvia-based office.

MiLaboratories, founded in 2021 by Alexey Nechaev, Dmitriy Bolotin, Dmitriy Chudakov and CEO Stanislav Poslavsky, developed a software product called MiXCR, a suite that analyses genomics data to build a complete picture of immune response at the DNA level. The MiXCR is used in the preclinical and phase 1 R&D processes by pharmaceutical companies in the discovery of COVID-19 vaccines and the company says that their solution can process roughly 1TB of genomics data on a standard MacBook Pro in one hour, comparing to days for other solutions.