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Inspiralia clients, Ophiomics and PKvitality, are among the selected group of European SMEs to accept an equity offer from the European Innovation Council as a complement to their EIC Accelerator Grants previously awarded.
Ophiomics is a Portuguese Biotech company developing new products and services integrating machine learning and genomics in support of diagnostic, prognostic, pharmacogenomics, and clinical follow up in liver cancer. Its mission is to reduce the number of lives lost to liver cancer by contributing to its early detection and developing tools that select the right treatment for right patient, focusing on curative treatments. Ophiomics received €0.8M grant from the EIC Accelerator to support the development of HepatoPredict, a gene expression signature and decision algorithm to select liver cancer patients for curative surgical procedures. The additional €1M just raised from the EIC fund will support the regulatory compliance and clinical validation of HepatoPredict ant its market readiness by 2022.
PKvitality is a French bio-wearable start-up currently working on K’Watch, a painless and discreet Continuous Glucose Monitoring (CGM) device in the form of a smartwatch enabling a precise and continuous monitoring of systemic glucose level anytime and anywhere. PKvitality mission is to enable everyone to be actively involved in their well-being and health through products that are simple and pleasant to use. PKvitality received €2.3M grant from the EIC Accelerator to support the development of K’Watch, the first wearable smartwatch medical device that measures and displays glucose levels continuously, effortlessly and painlessly, allowing diabetes patients to check their glucose level instantly, see the trend and how it evolves over a period of time. The additional €2.5M just secured from the EIC fund will aim to accelerate the clinical trials and market readiness.
About the EIC Fund
Established in June 2020, the European Innovation Council Fund (EIC Fund) is a breakthrough initiative of the European Commission to make direct equity and quasi-equity investments (between €500.000 and €15 million) in European high impact and deep tech start-ups and scale ups. The EIC Fund provides patient capital and invests in companies from any sector, across all EU countries and countries associated to Horizon 2020.
The EIC Fund aims to fill a critical financing gap and its main purpose is not to maximize financial investment returns, but to have a high impact by accompanying companies with and disruptive technologies in their growth. Its objective is to crowd in market players, further sharing risks by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to empower and support female founders as well as contributing to reduce the innovation divide among EU countries.