The EU-based startup that helps people to recover from injuries and neurological diseases receive €660K EU funding from Fast Track to Innovation.
The money will be spent on further R&D, scientific research and certification of the renewed product. The startup is looking for partners.
Raccoon.World works with physical rehabilitation facilities and health insurance companies to provide full-scale digital rehab with a focus on musculoskeletal disorders and strokes. Their digital platform Raccoon.Recovery allows physiotherapy professionals to build the whole treatment course digitally – from the examination of patient condition to building a gamified exercise course and patient progress monitoring. To track patient movements during exercises, Raccoon.World provides sensors (or the patient can use his/her smartphone instead). The solution is used both inside the facilities and for telerehabilitation – thus, your therapist can be brought to your home by means of the Internet that is especially important during COVID times.
What is FTI?
The Fast Track to Innovation (FTI) is now a central part of the European Innovation Council (EIC) pilot, targeting radically new, breakthrough products, services, processes or business models that open up new markets.
For Raccoon.World, FTI was the next step after getting the Seal of Excellence from EIC Accelerator.
How will the money be spent?
The FTI grant supports applicants by covering 60% of the budget for a specific project within the company activity and can be spent mostly on R&D tasks. In case of Raccoon.Recovery platform, money will go on further product development, including scaling to full-body product from hand-and-arm solution, clinical trials of new solution functionality that will expand the automation of therapists’ everyday routine, IP protection and an MDR certification of the renewed product as a medical device. The grant program will last approximately 2 years.
Raccoon.World is already supported by powerful partners, including corporates, research institutes and associations. To master the grant money, the startup is now looking for additional EU partners (preferably in Poland and Germany) to join them in further creating of Raccoon.Recovery:
- academic partners for scientific researches (case studies, clinical trials);
- physical rehabilitation facilities to test the product functionality with their therapists and patients;
- partners for industrial design and manufacturing.
Being recognized by EIC and funded by the FTI is a great honour for Raccoon.World. For our team, it is not so much about money, it is the recognition that we are building a great product that fits the market, have a viable business model and our vision on how to put our ideas into life is totally realistic.says Svitlana Malovana, startup’s CEO and co-founder
This is very important for Raccoon.World because we have big plans and are going to grow very fast – to keep to the plan, we will open the new investment round in 2021, so we invite interested investors for negotiations”.