1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), serves as a pivotal funding mechanism designed to support innovative small and medium-sized enterprises (SMEs) and startups across Europe. The program specifically targets deep-tech ventures, which typically involve sophisticated technologies with significant potential for market disruption. The EIC Accelerator provides financial support through grants and equity investments, allowing companies to develop and scale their innovations effectively.

Funding Structure of the EIC Accelerator

The funding awarded through the EIC Accelerator comprises two main components: grants and equity investments.

Purpose of the EIC Accelerator

The primary aim of the EIC Accelerator is to foster innovation and entrepreneurship within the European ecosystem, particularly in the deep-tech sector. By providing substantial funding, the program addresses the common challenges faced by innovative companies, such as securing sufficient capital from private investors and navigating the complexities of bringing new technologies to market. The EIC Accelerator not only supplies financial resources but also offers mentorship, networking opportunities, and access to expertise, all of which are vital for companies aspiring to scale their innovations.

Role in Scaling Companies

The EIC Accelerator plays a critical role in enabling companies to scale operations by bridging the funding gap that often exists in the early stages of development. By facilitating both grant funding and equity investment, the program provides the necessary resources for companies to conduct extensive market research, refine their products, and expand their teams. Additionally, the EIC Accelerator connects winners with a network of investors, partners, and advisors, further enhancing their ability to secure private funding and attract attention from larger market players.

Case Study: Afon Technology Limited and Glucowear

Afon Technology Limited, a UK-based company, emerged as a notable winner of the EIC Accelerator with its innovative project, Glucowear. This initiative focuses on the development of a non-invasive, wearable, real-time continuous blood glucose monitoring sensor. This technology aims to revolutionize the management of diabetes by providing users with an efficient and user-friendly method of monitoring blood glucose levels without the need for invasive procedures.

Technology Basics and Background

The Glucowear project leverages advanced sensor technology to deliver continuous glucose monitoring (CGM) in a non-invasive manner. Traditional methods often involve finger pricks and blood samples, which can be painful and inconvenient for users. In contrast, Glucowear is designed to employ optical sensing techniques, potentially using methods such as near-infrared spectroscopy or radiofrequency technology to measure glucose levels through the skin.

This method promises to provide real-time data, allowing users to track their blood glucose levels continuously, thereby enabling better management of their condition. The innovative design of Glucowear focuses on comfort and ease of use, aiming to fit seamlessly into the daily lives of individuals living with diabetes. This not only enhances user experience but also encourages more consistent monitoring, which can lead to improved health outcomes.

By receiving funding from the EIC Accelerator, Afon Technology Limited is poised to advance its research and development efforts, refine its product, and ultimately bring Glucowear to market. The support from the EIC Accelerator will be instrumental in scaling their operations and ensuring that the technology meets the high standards required for medical devices.

In conclusion, the EIC Accelerator serves as a vital resource for innovative companies like Afon Technology Limited, providing the necessary funding and support to transform groundbreaking ideas into market-ready solutions. The Glucowear project exemplifies the potential of deep-tech innovations to improve healthcare and enhance the quality of life for individuals living with chronic conditions.

2 The Funding Rounds

Afon Technology Limited: Funding and Investment Overview (Since EIC Accelerator October 2022)

Financing Raised

• Following the EIC Accelerator cut-off on October 5, 2022, Afon Technology Limited, headquartered in Wales, United Kingdom, secured significant funding to accelerate its development of Glucowear™, a non-invasive real-time continuous blood glucose sensor.
• The company received a €2.4 million grant from the European Innovation Council (EIC) Accelerator program.
• In November 2022, Afon raised an additional £600k (~$711.89k) in a separate seed funding round; however, the identities of these investors were not disclosed.

Funding Rounds: Timing and Amounts

Date	Round/Type	Amount	Investors Disclosed?
Nov 22, 2022	Seed Round	£600k (~$712k)	Not disclosed
Dec 2022	Grant (EIC)	€2.4 million	European Innovation Council
</em>The public announcement of EIC funding was made December 22, though selection occurred following the October cut-off.

Investor Information

• The only publicly identified investor since late 2022 is the European Innovation Council via its grant program.
• Other backers for the £600k seed round have not been named in available disclosures as of May 2025.

Valuations

• As of December 2023 estimates:
• Company turnover: approx. £1 million
• Net assets: approx. £484.4 thousand
• Valuation estimate based on industry multiples: approximately £1 million.
• These figures suggest modest growth and reflect early-stage commercialisation typical for deep-tech medtech startups post-grant stage.

Exit Events (IPO/Buyouts/Acquisitions)

No record exists indicating any IPOs or acquisition events involving Afon Technology Limited up through early May 2025.

Additional Details Related to Funding Rounds

Use of Funds: Both rounds aim to accelerate product development and commercialisation activities for Glucowear™, expanding operations and workforce capabilities while equipping new production facilities.

"We are thrilled to receive the €2.4 million from the European Innovation Council which will help us fast track our innovative work through to commercialisation..." — Dr Sabih Chaudhry, CEO

Afon’s receipt of EIC funding followed a competitive process with over one thousand applicants at that specific call; only seventy-eight companies were selected across Europe during this round. No evidence indicates other substantial equity or venture capital investments beyond those listed here.

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Sources

• Funding Awarded For New Diabetes Technology - AFON
• Afon Technology company information – Dealroom
• Afon Technology Raises £600K in Funding – FinSMEs
• Afon Technology Ltd – Pomanda Company Profile
• Diabetes Times – Multi-million cash injection news
• Afon Technology Ltd – Parsers VC profile

3 The Press Releases

Afon Technology Limited: A Pioneering Diabetes Technology Firm

Afon Technology Limited, based in the United Kingdom, has emerged as a prominent player in the field of diabetes management technology. This company's innovative focus on non-invasive blood glucose monitoring has been instrumental in securing significant funding from the European Innovation Council (EIC) Accelerator.

EIC Accelerator Funding

On October 5, 2022, Afon Technology was one of 78 companies selected for funding out of over 1,000 applicants. The company received €2.4 million from the EIC to further develop its groundbreaking technology, Glucowear—a non-invasive, wearable, real-time continuous blood glucose monitoring sensor. This funding is crucial for accelerating the commercialization of Glucowear, which promises to revolutionize diabetes management by providing users with real-time glucose readings without the need for invasive skin penetration.

Technology Advancements

Glucowear is designed to be worn with a watch strap and connected via Bluetooth to a smart device. This compact device empowers individuals with diabetes to manage their condition more effectively by providing continuous glucose data, reducing the reliance on traditional finger-stick methods. The technology is built on proven and patented principles, ensuring reliability and accuracy in initial trials.

Team and Partnerships

Afon Technology's success in securing the EIC grant is also attributed to the support from innovation and commercialization grant agents, Inventya. Their collaboration played a significant role in the application process, highlighting the importance of strategic partnerships in securing competitive funding.

Company Updates

Since receiving the funding, Afon Technology has continued to expand its operations. The company relocated from Chepstow to Caldicot, enabling the expansion of its workforce and the development of state-of-the-art facilities, including a pilot production line.

Patents and Intellectual Property

While specific details on new patents are not provided in the available information, Afon Technology's focus on patented technology underscores its commitment to innovation and intellectual property protection in the field of diabetes management.

Press Releases and Blog Posts

Afon Technology has not publicly released a wide range of press releases or blog posts on its website. However, the announcement of its EIC grant has been highlighted on the company's website, emphasizing the significance of this funding for its future projects.

Sources

• Funding Awarded For New Diabetes Technology
• Afon Technology Limited (“Afon Technology”) raises £770,000 and wins €2.4 m European Innovation Council grant

4 The Technology Advancements

Afon Technology's Post-EIC Funding Advancements in Non-Invasive Glucose Monitoring

Since receiving €2.4 million from the European Innovation Council (EIC) Accelerator in late 2022, Afon Technology has accelerated development of its flagship product, Glucowear™, a wearable non-invasive blood glucose monitor designed to eliminate finger-prick testing. Key advancements include:

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Technology Development & Features

• Clinical Trials: Afon entered clinical trials ahead of its anticipated 2025 launch, including an ongoing NHS trial to validate accuracy and usability.
• Real-Time Monitoring: The device uses RF/microwave technology to measure glucose levels continuously via a wrist-worn sensor, syncing data via Bluetooth to a smartphone app with customizable alerts and trend analysis.
• AI Integration: The company is refining artificial intelligence algorithms to predict glucose fluctuations and reduce diabetes-related complications.

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Market Readiness & Pilots

• Design Recognition: Glucowear’s design won a European-wide award for innovation, underscoring its potential market appeal.
• User-Centric Design: The app now supports data sharing with healthcare providers and offers time-in-range profiling for better clinical insights.

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Intellectual Property & Research Outputs

While specific patents are not detailed in public reports, Afon’s technology is described as "proven and patented" across materials. No new peer-reviewed studies or whitepapers are explicitly mentioned post-EIC funding, though the company emphasizes upcoming clinical data releases tied to its trials.

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Strategic Growth Post-Funding

Afon relocated facilities to Caldicot (Wales) in 2022, expanding lab infrastructure and pilot production lines. The EIC grant has enabled faster scaling toward commercialization while maintaining safety standards recognized by awards like the Peninsula Health and Safety Gold Award (2024).

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Sources

• About Afon Technology
• News and Articles - Afon Technology
• Six Years of Innovation - Open Access Government
• Glucowear™ – Non-Invasive Monitoring Breakthrough
• EIC Accelerator Funding Announcement
• Private Investment Update - Business News Wales

5 The Partnerships and Customers

Afon Technology Limited, a UK-based medical device company awarded €2.4 million in EIC Accelerator funding in late 2022, has advanced its non-invasive Glucowear™ continuous glucose monitor (CGM) through clinical trials and strategic collaborations. While specific customer names remain undisclosed publicly, the company's partnerships and operational developments since receiving the grant are noteworthy:

Key Partnerships and Collaborations

• Medical Design Group Ltd: Cardiff-based designers collaborated on Glucowear™’s award-winning ergonomic design, contributing to its European Product Design Award wins in 2023 and 2025.
• NHS: Conducted ongoing clinical trials to validate Glucowear™’s accuracy against existing CGMs.
• Profil Institute (Germany): Early-stage clinical proof-of-concept studies were conducted here, demonstrating comparable accuracy to first-generation CGMs.

Post-Funding Developments

• Clinical Trials: Advanced NHS trials have shown accuracy matching latest-generation CGMs, with results pending publication.
• Awards Recognition: Repeated accolades (e.g., Health and Safety Gold Award, European Product Design Awards) reinforce market credibility.
• Manufacturing Scalability: Expanded facilities in Caldicot included pilot production lines to prepare for commercial rollout.

Market Positioning

Glucowear™’s needle-free technology aims to disrupt the CGM market dominated by invasive devices like Dexcom and Abbott FreeStyle Libre. Partnerships with healthcare institutions position Afon as a credible innovator ahead of potential competitors like Apple or Samsung rumored to be developing similar tech.

Technological Advancements via Relationships

Collaborations with clinical experts enable iterative device refinement using real-world data from diabetic patients. Manufacturing partnerships will facilitate mass production targeting a launch originally slated for early 2024 but now likely aligned with updated timelines (“anticipated launch in 2025” per their website).

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Sources

• Funding Awarded For New Diabetes Technology
• Afon Technology Website
• Non-invasive Continuous Glucose Monitor Article
• 'Game-changing' Glucose Monitor Wins International Award
• News and Articles - Afon Technology

6 The Hiring and Company Growth

Afon Technology’s Team Growth and Hiring Strategy Post-EIC Accelerator Funding Afon Technology, a UK-based medical device company developing the non-invasive Glucowear™ glucose monitor, has strategically expanded its team to support clinical trials and commercialization efforts following its €2.5 million EIC Accelerator grant in December 2022. While the exact current headcount remains undisclosed, publicly available information highlights key growth trends and roles critical to scaling operations:

• Team Composition: The team comprises multidisciplinary experts in RF/microwave engineering, AI/data analysis, regulatory affairs, clinical trials management, and human factors design. Notable hires include Dr. Daniel Fowles (AI Data Analyst), Dr. Muhammad Rafaqat (RF/Microwave Engineer), and Julia Ryan (Quality Administrator).
• Scaling for Commercialization: Recent additions focus on advancing clinical validation (e.g., ongoing NHS trials) and refining manufacturing processes ahead of Glucowear™’s anticipated 2025 launch. Roles in software development (Consuelo Handy) and usability testing (Huw Hopkins) underscore preparations for user-centric product design.
• Leadership Stability: Founder/CEO Dr. Sabih Chaudhry remains central to operations alongside board members like Dr. John Shillingford (Clinical Affairs) and Dr. John Hirst (Chairman). No major management changes have been reported post-funding.
• Growth Drivers: The EIC grant enabled infrastructure upgrades, including a pilot production line at its Caldicot headquarters, while recent hires aim to streamline regulatory compliance and data analytics—critical steps for CE marking ambitions.

The company’s focus on blending technical expertise with clinical advisory input positions it to overcome commercialization hurdles in the competitive diabetes tech market.

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Sources

• Afon Technology - AFON
• Meet The Afon Technology Team
• PRESS RELEASE - Dignitaries 'blown away' by diabetes technology
• KIT THAT'S COMING SOON Afon Technology non-invasive CGM sensor
• Afon Technology – Six years of innovation in continuous non-invasive blood glucose monitoring

7 The Media Features and Publications

Afon Technology Limited: A Leader in Non-Invasive Glucose Monitoring

Afon Technology Limited, based in the United Kingdom, is a pioneering medical device company that has been making significant strides in the field of diabetes care since receiving funding from the European Innovation Council (EIC) in October 2022. They are primarily known for developing Glucowear, the world's first non-invasive, continuous blood glucose monitoring device.

Media Features and Publications

Afon Technology has been featured in several publications for its innovative approach to diabetes management. The company's Glucowear device has been covered by the South Wales Argus, highlighting its plans for device development and its potential impact on diabetes care. Additionally, GHP News recognized Afon as the "Most Innovative Diabetes & Medical Sensors MedTech Company – UK" in its Healthcare & Pharmaceuticals Awards.

Content from Publications

Publications have praised Afon Technology for its commitment to advancing healthcare through cutting-edge solutions. The company's CEO, Sabih Chaudhry, has emphasized the transformative potential of Glucowear, noting its ability to empower individuals with diabetes by providing real-time glucose readings without the need for invasive methods.

Podcasts and Interviews

There is no specific information available about podcasts or interviews featuring the team of Afon Technology. However, the company's leadership has been quoted in various news articles discussing their innovative technology and its potential impact on diabetes management.

Conference and Fair Visits

While specific details about conference visits are not readily available, Afon Technology's participation in clinical trials is a significant aspect of its product development process. These trials have been conducted with organizations such as Profil and Swansea Bay University Health Board, marking crucial steps towards the commercialization of Glucowear.

Involvement in Events

Afon Technology has been involved in various events and has received prestigious awards for its contributions to medical technology. Notably, the company won the European Product Design Award in December 2024 for the design of Glucowear. Additionally, it was awarded the Junkosha Technology Innovator of the Year Award in April 2024. These recognitions highlight Afon's dedication to innovation in diabetes care.

Sources

• Afon Technology - News and Articles
• Afon Technology
• Pioneering glucose monitor scoops major accolade
• Diabetes Support Archives - Afon Technology
• Afon Technology Ltd
• Afon Technology's glucose monitoring device secures Junkosha award
• Afon Technology Ltd: Non-invasive continuous glucose monitor
• Afon Technology – Six years of innovation in continuous non-invasive blood glucose monitoring