Germany, Munich-based European Institute of Innovation & Technology (EIT), EIT Health has announced that its supported startups have reported a successful Q3 in terms of fundraising, with €72.7M secured.
The 19 startups that hail from 10 European countries will use the funds to further develop their solutions addressing health challenges such as cardiovascular disease and cancer.
About EIT Health
EIT Health is a network of health innovators with approximately 150 partners and, and is also supported by the European Institute of Innovation and Technology (EIT), a body of the European Union.
According to the company, Europeans tackle the challenge of increasing chronic diseases and multi-morbidity and they must seek the opportunities that technology offers in order to move beyond conventional approaches and provide treatment, prevention, and healthy lifestyles. “We need thought leaders, innovators, and efficient ways to bring innovative healthcare solutions to market.”
EIT Health addresses these needs and helps connect all relevant healthcare players across European borders – making sure to include all sides of the “knowledge triangle”. With this collaboration across borders, EIT seeks to deliver new solutions to help European citizens live longer and healthier lives.
€5.5M from EIT Health’s Startup Rescue Instrument
These strong results follow concern that the COVID-19 pandemic would severely impact investment in startups, leading to cash flow challenges. Recognising the risk to young startups, EIT Health injected €5.5M in 11 European startups earlier in May this year. The investment was done to alleviate the financial shock posed by COVID-19 in its Startup Rescue Instrument.
According to Valentin Piech, MD at VP Venture Partners, “After a challenging spring when health care investors were focused on the operative and thus the financial impact of COVID-19 on existing portfolio companies, the investment landscape has improved considerably since summer and new financing rounds are being closed again.”
Meet the 19 startups supported by EIT Health that have successfully raised over €1M in Q3 2020
Restorative Neurotechnologies (€1M): The company is focusing on the development of medical devices and innovative solutions for rehabilitation and cognitive enhancement.
ADmit Therapeutics (€3.3M): It is a biotechnology company that specialises in the development of early Alzheimer’s disease diagnosis tests.
Apta Targets (€5M): It is a clinical-stage biopharmaceutical company focused on developing therapeutic applications based on aptamer technology. Its candidates are neuroprotectants and immunomodulators being developed from preclinical stages up to clinical proof-of-concept.
Arthex Biotech (€4.3M): ARTHEx Biotech is a spin-off company of the University of Valencia that is developing antisense RNA treatments against genetic diseases.
Genomcore (€3M): This is a professional bioinformatics framework that focuses on privacy, compliance, and collaborative analysis designed for a broad implementation of precision medicine in a clinical context. Made of Genes is a personal genomics service spined-off from Genomcore.
Methinks Software (€1.2M): Methinks’s vision is to provide a universal and timely diagnosis to enable life-saving treatments worldwide. Its first focus is on stroke, the second cause of death and a major cause of disability in the world. It’s AI software can be used to diagnose stroke and assess life-saving treatments only from non-contrast CT, bypassing the need of a contrast CT and reducing time-to-treatment.
QUIBIM (€8M): It is a biotech company specialised in Artificial Intelligence (AI) and image processing technologies applied to the development of imaging biomarkers in the medical imaging field.
inHEART (€3.7M): Its technology, based on the research outcome of top-tier institutes in cardiac electrophysiology (IHU Liryc, Bordeaux, France) and computer science (Inria, Sophia Antipolis, France), generates a 3D map of the patient heart from medical images (CT, MRI).
SideROS (€1M): It is a biotech company that bridges innovative research on iron-targeting chemical compounds and drug candidate discoveries to target persistent cancer cells, refractory to conventional treatments, and associated with metastasis and relapse.
VitaDX (€3M): The company develops a non-invasive solution for early bladder cancer diagnosis.
Gleamer (€7.5M): It develops AI-powered software to enhance radiologists’ productivity.
UVera (€2.5M): UVera is a fusion of innovation and an interdisciplinary approach to skin protection against the whole spectrum of UV sun radiation as well as anti-pollution factors like Blue Light.
DEO (€1M): The company focuses on data-driven methodology on reducing the physical and mental impact on the surgical team while balancing quality, cost, and revenue.
Plasmacure (€2.5M): It is a med-tech startup that has come up with an innovative treatment for healing chronic wounds: the cold plasma pad. This is an electronic pad that helps wounds heal faster and better while costing less than current treatments.
Tubulis (€10.7M): The company generates uniquely matched protein-drug conjugates by combining proprietary novel technologies with disease-specific biology.
Hemotune AG (€4.75M): Hemotune AG is a spin-off company originating out of the Functional Materials Lab at ETH Zurich. The company is developing a revolutionary therapeutic blood purification platform.
OnDosis (€2.87M): Its proprietary technology delivers flexible and individualised dosing of oral medicines formulated as micro-units. The company is focused on providing reassurance in disease management, supporting adherence, and providing greater convenience for patients.
Developeration AB (€2,95M): The startup is developing a device for the treatment of hemorrhoids that will make surgery possible without the necessity of narcosis, give less postoperative pain, and decrease the treatment cost by 70%.
Venari (€4.5M): Venari Medical develops scientific medical devices for the treatment of debilitating venous disease. It claims to have developed the world’s first medical device to utilise the body’s biological response to treat varicose veins and venous ulcers
Image credit: EIT Health