1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a flagship initiative of the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs) and startups in bringing their innovative ideas to market. The program specifically targets high-risk, high-potential projects, particularly in the DeepTech sector, that aim to solve significant societal challenges and push the boundaries of technology.
Funding Structure
The EIC Accelerator provides a dual funding mechanism:
Purpose of the EIC Accelerator
The EIC Accelerator aims to strengthen the European DeepTech and startup ecosystem by:
- Promoting Innovation: Supporting groundbreaking technologies that address pressing challenges such as healthcare, climate change, and energy efficiency.
- Creating Jobs: By fostering entrepreneurship and innovation, the EIC Accelerator contributes to job creation and economic growth within the EU.
- Enhancing Competitiveness: By investing in innovative SMEs, the program helps to position Europe as a leader in technological advancement, ensuring that European companies can compete globally.
Role in Scaling and Funding
The EIC Accelerator plays a pivotal role in helping companies scale:
- Access to Capital: The combination of grants and equity investments provides a robust financial foundation for companies to develop their products and services.
- Support Network: The EIC Accelerator connects companies with a network of investors, mentors, and industry experts who can provide guidance and facilitate partnerships.
- Market Entry: The program assists in navigating regulatory landscapes and market entry strategies, enabling startups to effectively commercialize their innovations.
EIC Accelerator Winner: AVeta Medical
Company Overview
- Name: AVeta Medical
- Website: avetamedical.com
- Country: Ireland
- Project Acronym: AVeta
- Project Description: Development of a hormone-free solution for vaginal atrophy.
Project Details
The AVeta project focuses on addressing a critical health issue—vaginal atrophy, which affects many women, particularly post-menopause. Traditional treatments often involve hormone replacement therapy, which may not be suitable for all women due to various health concerns and side effects. AVeta Medical's innovative solution aims to provide a hormone-free alternative that alleviates symptoms while minimizing potential risks associated with hormonal treatments.
Technology Basics and Background
The AVeta project is built on a thorough understanding of the physiological changes that occur in women undergoing menopause, which can lead to a decrease in vaginal elasticity, dryness, and discomfort. The key aspects of the technology include:
- Active Ingredients: The formulation developed by AVeta Medical leverages natural compounds that promote vaginal health without resorting to hormones. These ingredients are designed to enhance moisture retention and improve tissue health.
- Mechanism of Action: The technology works by stimulating local cellular activity, promoting the natural regeneration of vaginal tissues, and restoring a healthy environment in the vaginal area.
- Clinical Efficacy: AVeta Medical is committed to conducting thorough clinical testing to validate the effectiveness and safety of their product, ensuring it meets regulatory standards and provides real benefits to users.
Conclusion
The EIC Accelerator program is instrumental in nurturing innovative projects like AVeta, which not only have the potential to improve the quality of life for many women but also contribute to the broader goals of enhancing healthcare solutions within Europe. By offering financial support and a robust ecosystem for growth, the EIC Accelerator helps pave the way for groundbreaking technologies to reach the market effectively.
2 The Funding Rounds
Since receiving the EIC Accelerator funding on June 16, 2021, AVeta Medical, an Irish medtech company specializing in treatments for vaginal atrophy, has secured additional funding and made strategic developments:Funding Rounds:
- December 2021: AVeta Medical was awarded €2.5 million in funding from the European Commission. This grant aims to support the development of a regenerative treatment for vaginal atrophy, a condition affecting many postmenopausal women and breast cancer survivors. (avetamedical.com)
- 2023 Fundraising Efforts: In 2023, AVeta Medical initiated a pre-seed fundraising campaign targeting over $1 million. The goal was to advance their innovative device through FDA clearance and conduct a U.S. First-in-Woman clinical trial. (avetamedical.com)
Investor Information:
AVeta Medical has attracted investment from notable entities:
- European Innovation Council Fund: As a venture capital investor, the European Innovation Council Fund holds a minority stake in AVeta Medical. (pitchbook.com)
- InnovX (Bucharest): This accelerator/incubator has also invested in AVeta Medical, contributing to its growth and development. (pitchbook.com)
Company Valuations and Exit Events:
Specific valuations for AVeta Medical are not publicly disclosed. The company remains privately held and has not announced any exit events such as mergers, acquisitions, or public offerings. The latest available valuation data is from January 2024, indicating that AVeta Medical is generating revenue and has completed an accelerator/incubator deal. (pitchbook.com)
Additional Developments:
- Leadership Changes: In May 2024, AVeta Medical appointed Brian Ledwith, the company's R&D Director, as the new CEO. (avetamedical.com)
- Board Expansion: In July 2024, the company established a Board of Directors comprising experienced professionals to guide its strategic direction. (avetamedical.com)
These developments reflect AVeta Medical's ongoing efforts to advance its innovative treatments for vaginal atrophy and strengthen its organizational structure.
3 The Press Releases
Since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021, AVeta Medical has issued several press releases detailing significant developments:1. December 6, 2021: AVeta Medical Secures €2.5 Million Funding
AVeta Medical, a Galway-based medtech company, announced securing €2.5 million in funding from the European Commission. The company aims to pioneer a regenerative treatment for vaginal atrophy, a condition affecting women during menopause and post-breast cancer treatment. The funding is intended to support the development of a device that regenerates vaginal tissue and restores moisture, addressing the pain associated with the condition. (avetamedical.com)
2. May 1, 2024: Appointment of New CEO
Brian Ledwith, previously the R&D Director, was promoted to CEO of AVeta Medical. With over 20 years in the med-tech industry, Ledwith is expected to lead the company through its next growth phase, focusing on funding and investment to advance their innovative vaginal atrophy product toward FDA clearance and production. (avetamedical.com)
3. July 3, 2024: Establishment of Board of Directors
AVeta Medical established a Board of Directors comprising experienced professionals:
- Karen Noblett, M.D.: Appointed as Chairperson, Dr. Noblett is board-certified in OB/GYN and Female Pelvic Medicine and Reconstructive Surgery, bringing valuable expertise to the team.
- Jane Kiernan: With over 30 years in healthcare leadership, Kiernan co-founded K2 Biotechnology Ventures and has held executive roles at Salter Labs and American Medical Systems.
- Eileen Duffy: Bringing over 25 years of global commercial experience in the Lifesciences and Medtech industries, Duffy has held executive positions at Baxter International and Aerogen.
These appointments aim to guide AVeta Medical through its next phase of growth and commercialization. (avetamedical.com)
These developments highlight AVeta Medical's commitment to advancing women's health through innovative treatments and strategic leadership.
4 The Technology Advancements
AVeta Medical, founded in 2019 and based in Galway, Ireland, specializes in developing innovative, hormone-free treatments for vaginal atrophy, a condition affecting many postmenopausal women and breast cancer survivors. Their primary product, the VITA AV Clinical System, is designed to regenerate vaginal tissue and alleviate associated symptoms.Advancements Since EIC Accelerator Funding:
Since receiving €2.5 million in funding from the European Commission's EIC Accelerator on June 16, 2021, AVeta Medical has made significant progress:
- Clinical Trials: The company completed a First-in-Human (FIH) clinical trial for the VITA AV Clinical System in the fourth quarter of 2023. The trial demonstrated positive outcomes, with 8 out of 12 participants reporting a reduction or elimination of symptoms. Notably, there were no adverse events or pain recorded during the treatment. (hih.ie)
- Regulatory Approvals: AVeta Medical is actively pursuing regulatory approvals for its device. The approval process for the U.S. Food and Drug Administration (FDA) and the European Union Medical Device Regulation (EU MDR) is ongoing, aiming for commercial use in the near future. (hih.ie)
- Patent Protection: The technology behind the VITA AV Clinical System has been patented, ensuring intellectual property protection for their innovative approach to treating vaginal atrophy. (hih.ie)
- Leadership Changes: In May 2024, AVeta Medical appointed Brian Ledwith, the company's R&D Director, as the new CEO, reflecting the company's commitment to strong leadership as it advances its mission. (avetamedical.com)
Technology Improvements and New Features:
While specific details about technological enhancements or new features post-funding are limited, the successful completion of the FIH clinical trial and ongoing regulatory efforts indicate that AVeta Medical is refining its device to meet international standards and address the needs of its target market effectively.
Market Demonstrations:
The positive results from the FIH clinical trial serve as a demonstration of the device's efficacy and safety, providing a strong foundation for future market introduction. The company's ongoing efforts to secure regulatory approvals further underscore its commitment to bringing the VITA AV Clinical System to a broader audience.
Intellectual Property and Publications:
AVeta Medical has filed for patent protection for its technology, ensuring that its innovative approach to treating vaginal atrophy is safeguarded. However, there is no publicly available information regarding new scientific studies, clinical trials, or whitepapers published by the company since the funding.
In summary, since receiving the EIC Accelerator funding in June 2021, AVeta Medical has made notable advancements in clinical trials, regulatory processes, and leadership, positioning itself to revolutionize the treatment of vaginal atrophy with its innovative, hormone-free device.
5 The Partnerships and Customers
Since receiving the EIC Accelerator funding on June 16, 2021, AVeta Medical, an Irish medtech company specializing in treatments for vaginal atrophy, has made significant strides in its development and market positioning.New Partnerships and Customers:
As of April 2025, specific details about new partnerships or customers acquired by AVeta Medical post-funding are not publicly disclosed. The company's website and available press releases do not provide information on recent collaborations or customer acquisitions.
Nature and Purpose of Relationships:
While specific partnerships are not detailed, AVeta Medical's mission focuses on developing a hormone-free, safe, and affordable device to treat vaginal atrophy, aiming to provide an alternative to existing treatments for postmenopausal women and breast cancer survivors.
Market Positioning:
The development of a novel device for vaginal atrophy positions AVeta Medical as a pioneer in addressing this underserved medical condition. By offering a unique, non-hormonal treatment option, the company differentiates itself in the women's health market, catering to a significant patient population seeking alternatives to traditional therapies.
Technology Advancements and Scaling:
The EIC Accelerator funding has enabled AVeta Medical to advance its product development, including completing pre-clinical animal trials that validated the functionality of their moisture-inducing device. The company aims to achieve FDA authorization by 2024 and plans to roll out the product in Ireland and Europe in the following year. (avetamedical.com)
In summary, while specific details about new partnerships or customers are not publicly available, AVeta Medical's strategic focus on innovative, non-hormonal treatments for vaginal atrophy positions it to make a significant impact in the women's health sector, leveraging technology advancements to scale its operations and address unmet medical needs.
6 The Hiring and Company Growth
Since receiving €2.5 million in funding from the European Innovation Council (EIC) Accelerator on June 16, 2021, AVeta Medical, an Irish medtech company specializing in women's health, has demonstrated significant growth and strategic developments.Current Team Size and Hiring Status:
Specific details regarding AVeta Medical's current headcount are not publicly disclosed. However, the company has been actively expanding its leadership team. In May 2024, Brian Ledwith, previously the R&D Director, was promoted to CEO, bringing over 20 years of experience in the med-tech industry. This strategic move aims to guide the company through its next phase of growth and commercialization. (avetamedical.com)
Additionally, in July 2024, AVeta Medical established a Board of Directors comprising experienced professionals:
- Karen Noblett, M.D.: Appointed as Chairperson, Dr. Noblett is Board Certified in OB/GYN and Female Pelvic Medicine and Reconstructive Surgery, with a distinguished career in academic medicine.
- Jane Kiernan: With over 30 years of executive and management leadership in healthcare, Ms. Kiernan is the co-founder of K2 Biotechnology Ventures and has previously served as CEO of Salter Labs.
- Eileen Duffy: Bringing over 25 years of global commercial experience in the Lifesciences and Medtech industries, Ms. Duffy has held executive leadership roles at Baxter International and Aerogen.
These appointments are strategic steps to prepare for the commercialization of AVeta Medical's innovative therapy. (avetamedical.com)
Growth and Future Outlook:
The establishment of a seasoned Board of Directors and the promotion of Brian Ledwith to CEO underscore AVeta Medical's commitment to scaling its operations and advancing its product development. These strategic moves are expected to bolster the company's efforts in bringing its innovative device to market, aiming to provide a hormone-free, safe solution for women suffering from vaginal atrophy. (avetamedical.com)
While specific details about the company's current headcount and hiring status are not publicly available, the recent strategic appointments indicate a focus on strengthening leadership to support future growth and commercialization efforts.
7 The Media Features and Publications
Since receiving the EIC Accelerator funding on June 16, 2021, AVeta Medical has been featured in several media outlets, participated in industry events, and made significant organizational changes. Below is a summary of these activities:Media Features:
Content from Publications:
- EchoLive.ie: The article provides insights into AVeta Medical's mission and the impact of their VITA AV device on women's health. (hih.ie)
- Business Post: The piece details the funding received by AVeta Medical and their objectives in developing a new treatment for vaginal atrophy. (businesspost.ie)
- Irish Independent: The report highlights the success of AVeta Medical in securing significant funding from the EIC Accelerator. (independent.ie)
- Irish Times: The article discusses the broader context of Irish startups receiving EU funding, including AVeta Medical's selection. (irishtimes.com)
Podcasts or Interviews:
Specific details about podcasts or interviews featuring AVeta Medical's team since June 16, 2021, are not readily available in the provided sources.
Conference and Fair Participation:
Organizational Developments:
- Appointment of New CEO (May 1, 2024): AVeta Medical announced the promotion of Brian Ledwith, R&D Director, to the role of CEO. (avetamedical.com)
- Establishment of Board of Directors (July 3, 2024): The company formed a Board of Directors comprising experienced professionals to guide its strategic direction. (avetamedical.com)
These developments reflect AVeta Medical's ongoing efforts to advance women's health through innovative solutions and their active engagement in the medtech industry.