EIT Health startups see strong Q3 with €72.7 million funding raised

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EIT Health-supported startups have reported a successful quarter three in terms of fundraising, with €72.7 million secured.

The 19 startups hail from 10 European countries and will use the funds to further develop their solutions addressing health challenges such as cardiovascular disease and cancer. 

EIT Health is a vast, vibrant community of world leading health innovators backed by the European Union (as part of the European Institute of Innovation and Technology).

With an ambition to enable people in Europe to live longer, healthier lives, EIT Health build and grow businesses to create products and services that progress healthcare in Europe, while strengthening the economy.

The strong results come following concern that the COVID-19 pandemic would severely impact investment in startups, leading to cash flow challenges.

Recognising the risk to young companies, EIT Health injected 5.5 million euros in May 2020 into 11 European startups to alleviate the financial shock posed by COVID-19 in its Start-up Rescue Instrument.

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.

I’ve been privileged to participate in the EIT Health community and in investment rounds of startups from its network, including Tubulis GmbH, and have seen the positive impact of EIT Health first-hand.

said Valentin Piëch, Managing Director at VP Venture Partners.

The startups reporting funding of over one million euros in quarter three include:*

  • Italy
    Restorative Neurotechnologies (€1M) – Non-invasive Neuromodulationfor cognitive rehabilitation

  • Spain
    ADmit Therapeutics (€3.3M) – a spin-off from the Bellvitge Biomedical Research Institute (IDIBELL), and focused on the development and commercialization of a novel Alzheimer’s disease (AD) early detection technology
    Apta Targets (€5M) – A clinical-stage company focused on developing therapeutic applications based in aptamer technology
    Arthex Biotech (€4.3M) – is a spin-off company of the University of Valencia that is developing advanced RNA treatments against genetic diseases
    Genomcore (€3M) provides an interoperable framework between diagnosis providers, healthcare professionals and end-customers to enable affordable, high quality and responsible genomic medicine
    Methinks Software (€1.2M) provides a universal and timely diagnosis to enable life-saving treatments worldwide. The first focus is on stroke, the second cause of death and a major cause of disability in the world
    QUIBIM (€8M) applies artificial intelligence and advanced computational models to radiological images to objectively measure changes produced by a lesion or by a pharmacological treatment, offering additional quantitative information to the qualitative approach of radiology

  • France
    inHEART (€3.7M) – a personalized 3D map of the patient heart from pre-operative scans
    SideROS (€1M) aims to improve the conditions of patients affected by life-threatening diseases lacking effective treatment
    VitaDX (€3M) is currently developing a medical software solution for early diagnosis of bladder cancer using fluorescence imaging and machine learning
    GLEAMER (€7.5M) – AI for radiology. BoneView is a Class IIa medical device manufactured by GLEAMER and whose conformity assessment has been carried out by the notified body KIWA CERMET 0476. It is intended to provide preliminary data for diagnosis on standard radiography.

  • Poland
    UVera (€2.5M) – single dominating and potent UV protector. Its ecologically friendly novel compound is produced by specific species of cyanobacteria. It has great stability and uniquely wide photoprotection activity

  • Belgium
    DEO (€1M) reduces pressure on the surgical team, the total cost of treatment while increasing patient volume

  • The Netherlands
    Plasmacure (€2.5M) has developed a safe way to apply cold plasma directly in a wound. PLASOMA, the ground-breaking cold plasma device. Its patented cold plasma solution brings bactericidal cold plasma directly in the wound.

  • Germany
    Tubulis (€10.7M) generates uniquely matched protein-drug conjugates by combining proprietary novel technologies with disease-specific biology.

  • Switzerland
    Hemotune AG (€4.75M) has a mission is to develop breakthrough blood purification technology, enabling revolutionary intervention strategies for the most urgent medical needs and making them accessible for the benefit of patients

  • Sweden
    OnDosis (€2.87M) offers a new way to deliver prescription treatment: integrating medicine with intelligent dosing.
    Developeration AB (€2,95M) – a new operation method for treatment of haemorrhoids. The startup is developing a new innovative device which will make surgery possible without the necessity of narcosis, give less postoperative pain and decrease the treatment cost by 70%

  • Ireland
    Venari (€4.5M) – The world’s first medical device to utilise the body’s biological response to treat varicose veins and venous ulcers

The selection of EIT Health supported startups who have successfully raised funds of over 1 million euros in Q3 2020, and is not intended as a full list.

It is always fantastic to see startups go on to attract external fundraising rounds following our support – this is the ultimate goal for us at EIT Health as we focus on developing and maturing promising startups and making them attractive to commercial investors so that they can continue to grow and flourish.

It is particularly encouraging to see the quarter three results in light of the COVID-19 pandemic, and the threat this has posed to young companies in Europe

said Kurt Höller, Director of Business Creation at EIT Health

For more information about how European startups are supported by EIT Health, please visit eithealth.eu/what-we-do/accelerator