Arno Gutleb on transforming deep tech into investor-ready innovation
Startup Luxembourg
Arno Gutleb, managing director of Invitrolize, never planned to start a company. After 17 years at the Luxembourg Institute of Science and Technology (LIST), he was deeply rooted in academia. “We produced PhDs, papers and applied for grants,” he recalls. But a conversation with a business developer at LIST flipped the script. “He turned me in two hours from a convinced academic to someone considering a complete career change.”
Invitrolize’s product ALIsens was born from a patented in vitro model that identifies respiratory sensitizers – chemicals that can trigger asthma in workers or consumers. It is one of the only models worldwide capable of this. The technology can be used in occupational safety assessments, consumer product testing and regulatory toxicology to evaluate the respiratory risks of chemicals before they reach the market.
From the outset, Invitrolize had paying clients, but long project cycles and staggered payments created cash flow challenges. “You work six to twelve months for a client, and only get 50% upfront,” Mr Gutleb says. “There were times I was pre-financing salaries from my own savings.”
The need for funding came as demand grew and international interest surged. However, shipping ALIsens across customs borders proved impossible. “The lifetime of our product is 48 to 72 hours. Customs delays kill the product,” he explains. Establishing legal entities in the UK and US became the only viable solution – one that required external investment.
Mr Gutleb credits the Fit 4 Start programme for sharpening his fundraising skills. “You pitch every month in front of the same panel. It’s not just training – it’s pressure,” he says. The programme also introduced him to investors, including Expon Capital, who later became Invitrolize’s investor.
His COO played a key role in identifying suitable investors. “We did a systematic search for those who had invested in similar deep tech companies,” Mr Gutleb notes. “There are many sharks out there, so you have to be careful.”
Mr Gutleb’s journey to secure funding took six months. While several investors showed interest, many required relocation. “They said: ‘you have to move to Germany or Flanders’. That was never an option,” he says.
Expon Capital stood out for their long-term commitment. “They saw our development during Fit 4 Start. With every pitch, I could say: we have a new client,” Mr Gutleb says. “They understood our vision and saw the traction.”
The negotiation process with Expon was smooth and collaborative. “We asked for a few adjustments, not even the figures – just conditions,” Mr Gutleb says. “It was a very friendly atmosphere. A learning experience.”
Before closing the deal, Invitrolize developed a detailed two-year business plan. “Part of the money is for establishing us in the UK and US, part is for hiring and part is a buffer for cash flow,” Mr Gutleb explains. The company also plans to invest in new IP to strengthen its competitive edge.
Mr Gutleb is clear about the value of Luxembourg’s support system. “LIST is basically my incubator. I rent a fully equipped lab, book instruments online and pay hourly rates. It’s so easy,” he says. He adds that receiving the FNR JUMP project grant was an important first step, as it helped increase the readiness of their product before entering the market. He also highlights the role of Luxinnovation, the Chamber of Commerce, the House of Startups and the Luxembourg National Research Fund (FNR) in providing ongoing support and networking opportunities.
Mr Gutleb’s advice for new founders is simple:
“Be sure your product works and if you promise something – deliver. Trust is everything.”
For him, the real value of fundraising goes beyond money. “Cash burns. But getting contacts and ideas – that’s the added value.”
