ALGENEX was founded in 2005 as a INIA spin-off of the Biotechnology Department of INIA (Instituto Nacional de Investigación y Tecnología Agraria, Madrid. Spain) by Dr. Jose M. Escribano and Dr. Covadonga Alonso. In 2007 the company expanded and established a pilot plant and development team and corporate headquarters in the Campus of Montegancedo from Universidad Politécnica de Madrid. Most of the ALGENEX employees have doctoral degrees.

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ALGENEX has raised more than €3.5 million to date and is backed by the venture capital firms Uninvest and Fundación Genoma España and by funds from Comunidad de Madrid, CDTI (Neotec), ENISA and the Spanish Science and Technology Ministry.