Investments for the future: encouraging technology transfer to companies with Bpifrance

Bpifrance Entreprise

It is time to take stock of the Innovative Biotherapies and Rare Diseases Fund created in 2013. With €50mn from the AFM-Téléthon (60%) and from Fonds national d'amorçage (40%), managed by Bpifrance as part of the Investments for the future programme (PIA), it has already funded 7 deeptech companies for a total amount invested of €30mn.

Positive results:

  • 5 companies financed at an early stage: Gensight, Step Pharma, Sparingvision, Dynacure and Ribogenics;
  • 9 clinical trials financed;
  • one drug having received marketing authorisation (Cuprior, for Wilson’s disease2);
  • 2 initial public offerings: GenSight and Adverum.


The €30mn invested in 6 years have raised €495mn in funds from investors, including €330mn on stock markets. The companies in the portfolio are active in the following therapeutic areas: myopathy, ophthalmology, Wilson’s disease, neurodegenerative diseases, inflammatory and auto-immune diseases.

Since its creation, the Fund encourages laboratories to transfer technology to companies and contributes towards developing biotech3 start-ups from an early stage.



(1) DeepTech: technological area offering products or services based on breakthrough innovation often resulting from fundamental research.

(2) Wilson’s disease is a secondary genetic disease due to a build-up of copper in the body resulting in damage to the liver and nervous system.

(3) Biotech or biotechnology: the application of science and technology to living organisms or their derivatives.