I-Tech Impact Story

I-Tech: Pioneering sustainable marine transportation

I-Tech, a company specializing in marine coatings, experienced significant growth and development during its time at AstraZeneca's BioVentureHub from 2015 to 2024.

I-Tech leveraged the infrastructure, resources, and collaborative environment of the BioVentureHub to enhance its brand, expand its research capabilities and achieve substantial commercial success.

Through the BioVentureHub, I-Tech benefitted from AstraZeneca’s infrastructure and expertise in various ways:

Brand building and sales growth: I-Tech's association with AstraZeneca, a leader in a high-tech, research-intensive industry, helped bolster its brand in a conservative, commoditized market. Their first product sales and invoice were generated during this period, marking a significant milestone in the company's commercial journey.

Research and laboratory access: The access to laboratory space and equipment at the BioVentureHub was pivotal for I-Tech, which lacked such resources initially. This access enabled them to conduct analytical work crucial to understanding the interaction of their product with other paint ingredients.

Strategic collaborations and networking: Partnerships with other BioVentureHub companies, such as Scantox, were instrumental in analyzing materials and developing Selektope. The hub's collaborative ecosystem provided invaluable support across various functions, including strategy, legal, HR and marketing.

Overcoming R&D hurdles: AstraZeneca's backing and the collaborative environment of the BioVentureHub helped I-Tech address R&D challenges, accelerating product development and aiding in the transition to new facilities with enhanced laboratories.

Community and emotional support: The community aspect of the BioVentureHub was significant for I-Tech, offering a sense of camaraderie and shared experiences with other companies, balancing high and low periods in business.

Commercial success and financial growth: While at the BioVentureHub, I-Tech transitioned from a fledgling startup to a publicly listed company, with sales rising from virtually zero to SEK 120 million and profits turning positive at SEK 20 million in 2023.

I-Tech transitioned from a fledgling startup to a publicly listed company.

Key facts - from startup to listed company.

During its time at AstraZeneca’s BioVentureHub (2015-2023), I-Tech transitioned from a fledgling startup to a publicly listed company. This period marked a significant financial transformation, with sales escalating from nearly zero to SEK 120 million, and profits reaching SEK 20 million by 2023.

Central challenge: I-Tech initially faced substantial resource limitations, especially in terms of laboratory capacity and infrastructure. This was a critical issue for developing their innovative product, Selektope, which required extensive R&D support.

Main solution: Access to laboratory space and essential equipment at the BioVentureHub was pivotal for I-Tech, which lacked such resources initially. This support facilitated vital analytical work, enabling a deeper understanding of how Selektope interacts with other paint ingredients.

Impact & achievement: Leveraging AstraZeneca’s robust infrastructure and the BioVentureHub’s collaborative ecosystem, I-Tech not only overcame its initial hurdles but also significantly enhanced its brand presence, broadened its research capabilities, and realized remarkable commercial success.

Frida Broström and Philip Chabaane are discussing samples in the laboratory.

CEO insights and comments...

On brand building and collaborative environment…

"When potential customers started to understand that there was some sort of connection to the AstraZeneca, it helped us to build our brand and the 'want to have' feeling around our product."

“Our time at the BioVentureHub was greatly enhanced by three main factors: the prestige of associating with AstraZeneca, the access to essential lab facilities for our product development, and the incredible community support which was crucial in navigating business challenges."

On gaining access to advanced labs…

“Prior to joining AstraZeneca's BioVentureHub, our resources were quite limited. Gaining access to their state-of-the-art lab facilities at an affordable cost proved to be a game-changer for our small company's development."

“The fact that we could easily move into the labs at AstraZeneca, plug and play our machines without having to worry about peripheral issues, was immensely beneficial to our operations."

On overcoming business challenges…

"Being at the BioVentureHub wasn’t just about infrastructure and technical support; it was also a source of inspiration and a sounding board for all sorts of challenges; be they strategic, legal, HR-related or just helping to get through a rough day. It was a place where we could share our struggles and successes with peers, providing a sense of community and balance through the highs and lows of business."

Philip Chabaane standing at the balcony in I-tech's new office and lab at GoCo Healht Innovation City, with their former facilities at AstraZeneca in the background.