1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, a flagship initiative under the European Innovation Council (EIC), is designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe, particularly those involved in deep tech and high-risk sectors. This initiative aims to catalyze the growth of breakthrough technologies and business models that have the potential to reshape industries and improve lives.

The program provides two types of funding: grants and equity investments. The grant component allows for funding up to €2.5 million, which can be utilized for various purposes such as research and development, market validation, and commercialization activities. The equity component, available in the form of direct investments, has evolved over time; it offered up to €15 million until 2024, and this amount has been reduced to €10 million starting in 2025. This dual funding mechanism helps ensure that startups can not only develop their technologies but also scale them effectively in the marketplace.

Purpose and Impact of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European deep tech and startup ecosystem by addressing the funding gap that often exists for innovative companies. Many startups face challenges in securing sufficient financing from traditional private sector sources, especially in the early stages when their ideas are still unproven. By providing substantial grants and equity investments, the EIC Accelerator enables these companies to validate their concepts, develop prototypes, and ultimately bring their products to market.

Moreover, the program emphasizes the importance of creating a collaborative network among startups, investors, and research institutions. It fosters partnerships that can lead to synergies in innovation, allowing companies to leverage each other’s strengths. This holistic approach not only boosts individual companies but also enhances the overall competitiveness of the European economy.

Case Study: Better Medicine OÜ and Project BMAI

Company Overview

Better Medicine OÜ, based in Estonia, emerged as a winner of the EIC Accelerator program, successfully navigating the rigorous application process and securing funding for its innovative project, BMAI.

Project Description

BMAI stands for "Empowering Radiologists in Cancer Diagnostics with Artificial Intelligence." The project aims to develop an advanced artificial intelligence platform that enhances the diagnostic capabilities of radiologists in the field of oncology. By integrating machine learning algorithms and deep learning techniques, the BMAI project is designed to assist radiologists in interpreting medical images more accurately and efficiently.

Technology Background

The foundation of the BMAI project lies in the intersection of artificial intelligence and medical imaging. Medical imaging technologies, such as MRI, CT scans, and X-rays, generate vast amounts of data that can be challenging for human professionals to analyze comprehensively. The AI algorithms developed under the BMAI project are trained on large datasets of annotated medical images, enabling them to identify patterns and anomalies that may be indicative of various types of cancers.

The technology leverages convolutional neural networks (CNNs), a class of deep learning algorithms particularly well-suited for image analysis. These networks can learn to recognize subtle features within images that may not be immediately apparent to the human eye. By streamlining the diagnostic process, BMAI aims to reduce the time taken to diagnose cancer, thereby facilitating earlier intervention and improving patient outcomes.

In addition to the technical aspects, the BMAI project places a strong emphasis on user experience. The interface is designed to be intuitive, allowing radiologists to easily integrate the AI's insights into their diagnostic workflow. This ensures that the technology enhances, rather than hinders, the radiologists' expertise, thereby fostering trust and collaboration.

Conclusion

The EIC Accelerator program serves as a vital mechanism for nurturing innovation within Europe, particularly in high-stakes sectors like healthcare. Through substantial funding and support, it empowers startups like Better Medicine OÜ to develop groundbreaking technologies that can transform industries. The BMAI project exemplifies this mission, showcasing how artificial intelligence can be harnessed to improve cancer diagnostics, ultimately benefiting patients and healthcare systems alike.

2 The Funding Rounds

# Better Medicine OÜ: From Research to Revolutionary Cancer Diagnostics

Better Medicine OÜ, an Estonian HealthTech startup founded in 2020, has been making significant strides in transforming cancer diagnostics through AI-powered solutions. The company specializes in automating the analysis of cancer CT scans using artificial intelligence and software tools, with the goal of supporting radiologists in the fight against cancer.

Funding History

Better Medicine has secured notable funding to fuel its innovative approach to cancer diagnostics:

European Innovation Council (EIC) Accelerator Grant

• Amount: €2.5 million
• Date: March 2023
• Type: Grant funding
• Purpose: To accelerate the development of AI-powered cancer diagnostics tools

This significant EIC Accelerator grant represents the company's major funding milestone to date, providing crucial resources to advance their technology and expand their clinical validation efforts.

Additional Funding Activities

• Enterprise Estonia Programme: The company received support from Enterprise Estonia's programme for applied research as part of the European Union's response to the COVID-19 pandemic.
• UniTartu Ventures: In May 2024, Better Medicine received an undisclosed amount of funding from UniTartu Ventures.

The total documented funding for Better Medicine stands at €2.5 million, primarily from the EIC Accelerator grant.

Company Background and Development

Founded by a team of Estonian and Ukrainian researchers, Better Medicine emerged from extensive research in artificial intelligence applications. The founding team includes:

• Priit Salumaa (CEO)
• Dmytro Fishman (Co-founder and AI lecturer at the University of Tartu)
• Bohdan Petryshak
• Helena Ije
• Vitalii Lakusta

The idea for Better Medicine originated during the COVID-19 pandemic when CEO Priit Salumaa recognized the potential for digitalization in the medical sector. Since its establishment in late 2020, the company has:

Current Operations and Future Plans

Better Medicine currently operates from offices in Tallinn, Tartu, and Leeds, UK. Their AI solutions have shown impressive results in clinical testing:

• Radiologists using Better Medicine's software measured tumours up to 52% faster than without AI assistance
• The AI-radiologist collaboration achieved a 99.2% tumour detection rate

The company has ambitious plans for the future:

Impact and Significance

Better Medicine's work addresses critical healthcare challenges:

• In Estonia, 41.5% of kidney cancer cases are diagnosed in stages III or IV (up from 32.1% in 2019)
• Their AI solution aims to support earlier detection, which is crucial for effective treatment
• The technology could potentially save up to 13 million hours of radiologists' time worldwide annually

As Better Medicine continues to develop its AI-powered diagnostic tools, it represents an important example of how Estonian innovation is addressing global healthcare challenges through the combination of academic research, technological advancement, and strategic funding.

Sources: - Estonian HealthTech Better Medicine secures €2,5M grant

• Better Medicine company information, funding & investors
• Estonian startup creates AI-powered tool to spot kidney cancer earlier

3 The Press Releases

Better Medicine OÜ: Pioneering AI-Driven Cancer Diagnostics with EIC Accelerator Funding Estonian healthtech startup Better Medicine OÜ secured a €2.5 million grant from the European Innovation Council (EIC) Accelerator in 2023 following the March 22 cutoff. The Tartu-based company, co-founded in 2022 by Estonian and Ukrainian researchers Priit Salumaa, Dmytro Fishman, Bohdan Petryshak, Helena Ije, and Vitalii Lakusta, specializes in AI-powered analysis of cancer CT scans to detect metastatic spread and assess treatment efficacy.

Technology Advancements
Better Medicine’s proprietary AI automates cancer diagnostics by analyzing imaging data across multiple organs to identify disease progression. This innovation reduces radiologists’ workload and accelerates diagnosis timelines, potentially improving patient survival rates. The solution emerged from high-level research in applied artificial intelligence at the University of Tartu, where co-founder Dmytro Fishman lectures on AI.

Funding Milestones
Prior to the EIC grant, Better Medicine won €5,000 and legal mentorship at Estonia’s sTARTUp Day 2022 for its early-stage development. The EIC Accelerator funding enables further refinement of its diagnostic models and expansion into clinical implementation.

No public updates regarding new partnerships, patents, or team expansions were identified through available sources. The company’s website (bettermedicine.ai) does not appear to host recent press releases or blog posts detailing post-funding developments.

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Sources

• Estonian Better Medicine receives €2.5M grant from the EIC
• EIC Accelerator March 22 Cutoff Winners (PDF)

4 The Technology Advancements

Overview of Better Medicine OÜ

Better Medicine OÜ is an Estonian medical technology company founded in 2020, specializing in AI-powered solutions for cancer diagnostics. The company aims to enhance radiologists' efficiency by automating tasks such as analyzing cancer CT scans and detecting metastatic spread across various organs.

Current Capabilities

Better Medicine has developed advanced AI models capable of distinguishing between benign and malignant tumors. Their software is designed to free radiologists from manual and time-consuming tasks, allowing them to focus on critical clinical decisions. The company has achieved a significant milestone by developing the world's first clinically validated AI solution for cancer detection, which includes a CE-marked kidney cancer detection model.

Advancements Since EIC Accelerator Funding

After receiving a €2.5 million grant from the European Innovation Council’s Accelerator in March 2023, Better Medicine accelerated its research and development efforts. The funding enabled the company to further enhance its AI models, aiming to transform cancer diagnostics by automating manual tasks like tumor measurements, potentially saving millions of hours of radiologists' time annually.

Technological Improvements and Market Demonstrations

There is no specific information available about new features or technological improvements introduced by Better Medicine since the funding. However, the company continues to collaborate with medical institutions like Tartu University Hospital and Leeds Teaching Hospitals NHS Trust to test and refine its technology. These partnerships are crucial for demonstrating their AI solutions in clinical settings and gathering feedback to improve performance.

Intellectual Property and Research Publications

While there are no reported new patents filed or scientific studies published by Better Medicine since the EIC funding, the company's ongoing collaboration with the University of Tartu is expected to enhance its technological advancements and research output. The University of Tartu's investment in Better Medicine highlights their commitment to fostering innovative health technologies.

Conclusion

Better Medicine OÜ continues to advance its AI-based cancer diagnostics, leveraging the EIC Accelerator funding to enhance its capabilities and expand its reach. The company's focus on automating radiology tasks and its collaborative approach with major medical institutions position it well for future growth and innovation in the healthcare sector.

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Sources:

• Better Medicine
• AI cancer detection company - BetterMedicine
• Better Medicine developed the world's first clinically validated AI solution for cancer detection
• Estonian HealthTech Better Medicine secures €2,5M grant
• Estonia's HealthTech startup Better Medicine streamlines cancer diagnosis with AI
• University of Tartu to acquire a stake in Better Medicine OÜ
• Estonian Better Medicine receives €2.5M grant from the EIC

5 The Partnerships and Customers

Better Medicine OÜ's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Following its €2.5M grant from the European Innovation Council (EIC) Accelerator in 2023, Estonia’s Better Medicine OÜ has solidified key collaborations to advance AI-driven cancer diagnostics. The company’s partnerships focus on clinical validation, workflow optimization, and scaling its SaaS-based AI models for global markets.

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Key Partners & Customers

• Tartu University Hospital: Validating AI models for cancer metastasis detection in kidneys, lungs, liver, and pancreas. Pilvi Ilves, Head of Radiology, emphasized improved efficiency in diagnostics.
• Pärnu Hospital: Collaborating on clinical trials to refine organ-specific AI models.
• UK Healthcare Networks: Through its Leeds digital office, Better Medicine is expanding into broader European markets.

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Nature of Relationships & Market Positioning

• Clinical Researchers: Partnerships aim to integrate AI tools into oncology trials for faster data analysis and standardized reporting.
• Commercial Collaborators: Focus on diversifying diagnostic offerings with SaaS-based organ-specific models (e.g., kidney-first approach due to market gaps).

These relationships position Better Medicine as a leader in structured oncology reporting tools while addressing radiologist shortages globally. By automating tumor measurements and metastasis tracking across multiple organs, the company targets time savings exceeding 13 million man-hours annually worldwide.

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Technological Advancements & Scaling Strategies

The EIC funding accelerates development of multi-organ metastasis detection systems using deep learning trained on diverse datasets. Current work includes:

• Proof-of-concept expansion from four organ models (kidneys, lungs, liver, pancreas) to bones/lymph nodes.
• SaaS commercialization of standalone organ-specific diagnostic tools for hospitals lacking comprehensive AI infrastructure.

Collaborations with academic institutions like the University of Tartu ensure ongoing R&D innovation while maintaining compliance with EU medical device regulations.

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Sources
[Listed as unnumbered bullets per instructions]

6 The Hiring and Company Growth

Better Medicine OÜ: Growth and Team Developments

Since receiving the EIC Accelerator funding in March 2023, Better Medicine OÜ has experienced significant growth and advancements. This Estonian HealthTech startup is dedicated to transforming cancer diagnostics through AI innovations.

Current Headcount and Team Size

The company has increased its employee count by two staff members compared to the previous quarter, but the exact current headcount is not publicly disclosed.

Hiring Status

While there is no explicit information on current job openings, Better Medicine invites potential candidates to reach out via their contact form for opportunities that may not be publicly listed.

Growth and Funding

Better Medicine secured a €2.5 million grant from the European Innovation Council’s Accelerator. This funding boost has enabled the company to accelerate its development of AI-powered cancer diagnostics tools, focusing on automating manual tasks for radiologists.

Key Positions and Recent Hires

There is no specific information available on recent key hires. However, the company's leadership team includes notable figures such as Priit Salumaa (CEO), Dmytro Fishman (Chief Science Officer), and Helena Ije (COO), among others. Their diverse backgrounds in tech, healthcare, and software development contribute to the company's innovative approach.

Future Implications of New Team Members

The addition of new team members likely supports Better Medicine's ambitious plans to become a leading provider of intelligent cancer diagnostics tools. Their focus on developing solutions for complex abdominal tumors and expanding into the US market and drug research indicates a strategic growth strategy. New talent will help scale these efforts, enhancing the company's capacity to innovate and deliver impactful healthcare solutions.

Management and Founding Team Changes

There are no reported changes in the management or founding team since receiving the EIC Accelerator funding. The core leadership remains consistent with their roles in driving the company's mission forward.

Growth Impact

The growth and funding have positioned Better Medicine to make significant strides in the healthcare sector. By leveraging AI to improve cancer diagnostics, the company aims to streamline radiologists' workflows and enhance patient outcomes. Their goal to expand into new markets and research areas underscores their commitment to innovation and scalability.

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Sources: - BETTER MEDICINE OÜ Overview

• Better Medicine Company
• Better Medicine
• Estonian HealthTech Better Medicine Secures €2.5M Grant
• Better Medicine Develops Clinically Validated AI Solution
• Estonian Startup Creates AI-Powered Tool

7 The Media Features and Publications

Better Medicine OÜ, an Estonian HealthTech startup specializing in AI-driven cancer diagnostics, has received considerable media attention and industry recognition since winning the EIC Accelerator funding in March 2023.

Media Features and Publications

Several prominent publications have covered Better Medicine's innovative work:

• Invest in Estonia featured Better Medicine highlighting how the company harnesses AI to revolutionize cancer diagnostics by improving radiologists' efficiency through automated analysis of CT scans. The article emphasizes the company's mission to reduce manual tasks for doctors and improve patient outcomes, quoting co-founder Dmytro Fishman on the significance of their research being put into practice.
• TradewithEstonia published a detailed profile noting that Better Medicine developed the world's first clinically validated AI solution for kidney cancer detection with CE marking under EU medical device regulations. The piece includes remarks from CEO Priit Salumaa outlining future plans including expanding into US markets and drug research applications as well as collaborations with academic hospitals such as Tartu University Hospital.
• Superangel, an investment portfolio platform, reported on Better Medicine receiving a €2.5 million grant from the European Innovation Council’s Accelerator program. It highlighted co-founder Dmytro Fishman's comments about world-class AI research at University of Tartu supporting breakthrough diagnostic tools that detect metastatic spread of cancer across organs—significantly accelerating diagnosis times.

Podcasts and Interviews

While there is no direct evidence that Better Medicine's team members have hosted or participated in podcasts themselves, they have been featured or mentioned:

• The "Better Medicine" podcast hosted by Dr. Omar Akhter focuses on chronic disease management but does not specifically feature interviews with Better Medicine OÜ team members.
• However, Invest in Estonia’s article references a recent interview with CEO Priit Salumaa conducted by Life in Estonia where he shared insights about the company’s origins during COVID-19 and its vision to digitalize healthcare diagnostics using AI.

Conferences, Fairs, Presentations, and Event Involvement

There are no direct search results indicating specific conference presentations or fair participations by Better Medicine OÜ explicitly named.

However:

• Their collaborations with institutions like Tartu University Hospital and Leeds Teaching Hospitals NHS Trust indicate active involvement within clinical validation environments which often involve scientific meetings.
• Given their academic ties (co-founder Fishman is also an AI lecturer at University of Tartu), participation in scientific conferences related to artificial intelligence or medical imaging is plausible though not documented here.

Summary

Since securing EIC Accelerator funding in March 2023, Better Medicine OÜ has gained notable visibility through media coverage focused on its pioneering use of AI for cancer detection. Key publications emphasize its clinical validation achievements including CE marking for kidney cancer detection software along with strategic partnerships enhancing R&D efforts.

Interviews chiefly come via written media such as Life in Estonia featuring key executives rather than podcasts directly hosted by them; however podcasts themed around medicine share their name without direct affiliation.

Event participation details remain limited publicly but close collaboration with academic hospitals suggests ongoing engagement within professional healthcare networks.

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Sources

• Estonia's HealthTech startup streamlines cancer diagnosis
• University of Tartu acquires stake
• Better Medicine secures €2.5M EU grant
• BetterMedicine.ai official website
• Trade With Estonia profile on BetterMedicine
• Superangel news: €2.5 million grant awarded

Additional podcast info:
-Better Medicine Podcast Apple Podcasts page