Eight “breakthrough technology” solutions were showcased at the latest European Innovation Council (EIC) ePitching on MedTech, held on 18 June, organised under EIC Ecosystem Partnerships and Co-Investment Support programme, part of the EIC’s Business Acceleration Services (BAS).
The solutions pitched included AVVIE, from Austria, which is developing an implant that can correct mitral valve insufficiency and expects to launch its first clinical trial next year. The lineup continued with CurifyLabs, a Finnish healthtech company developing solutions for manufacturing personalised medicines in pharmacies and hospitals. GO-Pen, from Denmark, wants to make an affordable insulin pen, with a fillable reservoir, available for everyone. Then, the Spanish Nimble Diagnostics, proposes the first medical device to monitor patients with implanted stents non-invasively, independent of stent type or location, in less than five seconds.
Newronika is fighting Parkinsons’s disease with an active implantable medical device, pioneering the development of the world‘s most advanced Deep Brain Stimulation (DBS) system. Their technology, made in Italy, AlphaDBS, continually monitors brain signals, dynamically adjusting stimulation parameters to meet each patient‘s therapeutic requirements.
Plas-Free treats massive bleeding. Their technology provides a safe and effective solution for patients experiencing blood loss. Porous, from Germany, focuses on bone health and an early and accurate diagnostic for osteoporosis. Last, STENTiT, a Dutch company, aims to transform vascular reconstruction with a tubular implant that gradually transforms into fully functional new grown arteries.
Nimble Diagnostics was named the best pitch of the day, followed by CurifyLabs. Both CEOs highlighted the significance of this opportunity for their future endeavors.
A multidisciplinary breakthrough from Spain - Nimble Diagnostics
The idea began with +50 million patients worldwide who have a stent implanted, one of the most implanted devices in the world. Oriol Iborra Egea, CEO & Co-founder of Nimble Diagnostics, explains that the company focuses on these stents, small metallic mesh tubes used to reopen blocked arteries, the main cause of heart attacks.
However, once implanted, stents can become blocked or damaged again. More than 30% of the patients will experience a life-threatening problem, increasing the incidence of serious complications like heart attack, stroke or even death and 90% of these cases are asymptomatic, making early detection crucial. Oriol highlights that Nimble Diagnostics is the only solution on the market that “detects stent issues within seconds, enabling early problem identification and preventing issues”.
This medical device resulted from a partnership between the University of Barcelona’s Physics Department, which developed the theoretical foundation, and the Polytechnic University of Catalonia engineering team, which created and tested the first prototypes. This multidisciplinary collaboration combined expertise in clinical, physical and engineering fields to bring the solution to life.
Reflecting on the session, Oriol praised the experience for its “visibility and valuable feedback from the venture capitals, Dealflow and EurA”. The insights provided suggestions to improve the pitch, the project, and commercialization strategies, among others.
“Being in front of venture capital firms that are renowned, really large and active, especially in Europe, it's really important for us. We are in the middle of raising 12 million. We have a lot of commitment already, but we still need this lead investor role”, stresses Nimble Diagnostics’ CEO Oriol Egea.
Right after the pitching session, the company held eight one-on-one meetings with investors and is hoping to secure a funding ticket of €3 to 4 million to close the round. Their first pilot study involving 120 patients is underway and they plan to start a new clinical trial next year which will include US hospitals.
Personalised medicines manufactured in pharmacies and hospitals – from Finland to the world
As standardised market-authorised drugs do not work for all patients, CurifyLabs bets on solutions for manufacturing personalized medicines in pharmacies and hospitals.
“CurifyLabs‘ automated on-demand manufacturing concept, ‘the Pharma Kit’, along with printable pharmaceutical inks, enables personalised mass customisation of medicines, allowing patient safety and efficacy at a significantly lower cost. For instance, children, cancer patients, and elderly animals, require these types of medicines and they are currently being manually manufactured”, contextualises the company’s CEO Charlotta Topelius.
Instead of a manual process, the Finnish healthtech company has developed a patented combination of four technologies that solve the complex issues of manufacturing personalised medicines.
The idea originated with Charlotta’s co-founder Niklas. Having a mother who worked in a hospital pharmacy and a father who was a physician, Niklas witnessed the challenges of manual manufacturing in hospitals from a young age. This exposure led him to become a pharmacist and a professor in pharmaceutical technology, eventually developing this technology.
Regarding the overall impression of the ePitching, Charlotta describes it as a positive experience in several ways.
“We are really thankful for all the support we have received from the EIC so far. It is a great way to meet new investors, and we are happy with the meetings we have set up. The event was well organised. It was interesting to hear the other pitches and we also got feedback on our pitch deck. It’s a good way to keep it fresh, practice and gain insights from people who see pitch decks every day”, summarises Charlotta.
The EIC innovators pitched to a high-level jury of investors from Eleven Ventures, Hadean Ventures, High-Tech Gründerfonds, Inveready, Panakès Partners, Pathena Investments, Peppermint Venture Partners, Redalpine, MIG Capital AG, Sofinnova Partners, Turenne Capital, and Zubi Capital. The session gathered around 40 participants, who engaged in more than 30 one-on-one meetings.
EIC portfolio gets the attention of high-level jury of Investors
Following the session, jury members from Turenne Capital and Hadean Ventures highlighted the innovative solutions and the quality of the presentations, as a hallmark of the EIC beneficiaries selected for ePitching and Investors Days.
“What stands out the most is that they are all working on breakthrough technologies. This is always interesting and something we look for when searching for new investment opportunities”, notes Claire Poulard, Investment Director at Turenne Capital.
With over €350 million under management, Turenne Group Healthcare team invests across the healthcare value chain, from venture to growth and buy-out capital. Claire shares the key indicators that attract their attention to EIC-backed companies.
“They already have data showing that the technology works. They have a well-structured and experienced team, and they know the next steps for growth. For us, this is a quality stamp, indicating they are maybe not yet mature enough for us, but they are almost there. We maintain a list of companies from the EIC events that interest us and a plan to follow up in six to nine months to reassess their fit with our investment criteria at that moment,” reveals Turenne’s Capital Investment Director.
Yun Yang, Investor Analyst at Hadean Ventures, also commented on the quality stamp of the participants.
“There are always good quality new technologies coming out of these events. It is also nice that between each EIC initiative, there aren't that many overlapping companies, meaning that every time we attend, we'll get exposure to new companies”, Yun Yang, Investor Analyst at Hadean Ventures.
When evaluating a startup’s main assets for investment, Yun points out the importance of the expertise on the field, the team, the clinical data supported by substantial evidence (to convince medical staff) and networking with key stakeholders.
Hadean Ventures is a European life science VC fund manager with around €230 million under management. They invest across all healthcare verticals and stages, in products with the potential to address unmet medical needs.
About the EIC Ecosystem Partnerships and Co-Investment Support Programme
The Ecosystem Partnerships and Co-Investment Support Programme is expanding the EIC’s Business Acceleration Services (BAS) by creating a network of specialized, sector-focused partners that can help innovators access the services they need. It is also dedicated to promoting co-investment along with the EIC Fund, by preparing beneficiaries to interact with investors and connecting them through matchmaking and dedicated events.
Should you have any questions regarding the session, please contact us by email: investments@eicfund.eu.
