# Estonian Business and Innovation Agency

> Estonian Business and Innovation Agency is a VC fund backing Quality Assurance. See 1 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Total investments: 1
- Lead investor: 0%
- Last updated: Aug 2026

Estonian Business and Innovation Agency is an investment firm.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Quality Assurance | 1 | 100% |
| Health Diagnostics | 1 | 100% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| mu-ray.tech | Mu-ray.tech is focused on advancing the field of medical diagnostics and industrial quality control. mu-ray.tech is developing a groundbreaking technology for the rapid, safe and accurate 3D-imaging of the chemical composition of scanned objects, serving critical needs in industrial quality control and medical diagnostics. The technology is basedon Muon Beam Imaging (MBI), an innovative technology leveraging Laser Plasma Accelerator-based artificial muon sources, new generation particle detector systems and AI. In industry, we are working with the partners in the heavy, aerospace, and defence domains.mu-ray.tech operates at the three sites: DESY in Hamburg (hardware), Tehnopol in Tallinn (algorithms and software), and Bradfield Centre in Cambridge (algorithms, business development). Our main collaboration on the MBI technology partners are GScan in Estonia and UK, DESY in Hamburg, the University of Cambridge, and KBFI in Tallinn. | $373.3K | Seed |  |  |

1 of 1 investments shown.

## Co-investors
- [Nordic Science Investments](https://shizune.co/investors/profile/nordic-science-investments) — VC Fund, 2 deals together
- [Peaksjah](https://shizune.co/investors/profile/peaksjah) — VC Fund, 1 deal together

## Similar investors

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

## FAQ

### What does Estonian Business and Innovation Agency invest in?

Estonian Business and Innovation Agency invests primarily in Quality Assurance and Health Diagnostics startups, most often at Seed stage. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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