1 The EIC Accelerator Project

The EIC Accelerator Program: An Overview

The EIC Accelerator program is a flagship initiative of the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs) and startups, particularly those operating in the DeepTech sector. The program aims to assist innovative companies in scaling their operations and achieving market success by providing substantial financial support and strategic guidance.

Funding Structure

The EIC Accelerator offers a unique funding structure known as blended finance, which combines grants and equity investments.

Grants: Companies can receive non-repayable grants of up to €2.5 million. This funding is primarily intended to cover costs associated with innovation development, such as prototyping, testing, and market entry activities.

Equity: In addition to grants, the EIC Accelerator provides equity investments, which can go up to €15 million until 2024. Starting in 2025, this equity investment cap will be reduced to €10 million. This equity funding is crucial for startups as it allows them to maintain financial flexibility while securing the necessary capital to scale their operations.

Purpose and Impact

The EIC Accelerator plays a vital role in fostering innovation within the European DeepTech and startup ecosystem. By providing financial resources and expert advice, the program helps companies overcome barriers to growth, such as high development costs and challenges in attracting private investment. The EIC Accelerator not only supports individual companies but also stimulates broader economic growth by fostering a culture of innovation across Europe.

Scaling and Private Sector Funding

The EIC Accelerator serves as a bridge between innovative companies and private investors. By validating the potential of selected projects, the program enhances the credibility of recipient companies, making them more attractive to private sector investors. The blended finance model enables companies to leverage EIC funding to secure additional private capital, allowing them to scale more rapidly and effectively.

Case Study: BLUEDROP MEDICAL LIMITED and the NextSTEP Project

Company Overview: BLUEDROP MEDICAL LIMITED, based in Ireland, is a pioneering company focused on developing innovative healthcare solutions. The company aims to enhance patient care and management through advanced technologies.

Project Acronym: NextSTEP

Project Description: The NextSTEP project focuses on the next-generation remote management of patients suffering from diabetic foot syndrome, a condition that can lead to serious complications, including amputations, if not managed effectively. The project aims to leverage telehealth technologies to improve patient outcomes by enabling continuous monitoring and management of diabetic foot conditions.

Technology Basics and Background: The underlying technology of the NextSTEP project involves a sophisticated remote monitoring system that integrates wearable devices, mobile applications, and cloud-based analytics. Patients will wear sensors that collect data on foot health indicators such as temperature, pressure, and moisture. This data is transmitted in real-time to healthcare providers, allowing for timely interventions and personalized care plans.

The innovation addresses a critical gap in diabetes management, particularly for those with limited access to healthcare facilities. By enabling remote monitoring, BLUEDROP MEDICAL seeks to empower patients and healthcare providers, ultimately reducing the risk of severe complications associated with diabetic foot syndrome.

Conclusion

The EIC Accelerator program exemplifies a strategic approach to fostering innovation within the European startup ecosystem. By providing a combination of grants and equity funding, the program enables companies like BLUEDROP MEDICAL LIMITED to pioneer technologies that address pressing healthcare challenges. The NextSTEP project stands as a testament to the potential impact of innovative solutions, showcasing how technology can enhance patient care and improve health outcomes.

2 The Funding Rounds

Bluedrop Medical Limited: Financing and Funding Overview Since EIC Accelerator Award (October 2021)

Financing Raised

Since submitting its successful Step 2 proposal to the EIC Accelerator on October 6, 2021, Bluedrop Medical Limited has significantly advanced its fundraising efforts. The company announced in March 2023 that it raised €10.5 million in an oversubscribed funding round. This round brought Bluedrop Medical’s total investment received to date to approximately €16 million.

Funding Rounds: Timing and Amounts

Pre-EIC Accelerator Funding: Prior to the major post-Accelerator round, Bluedrop Medical had reportedly raised at least $4.7 million across three earlier funding rounds.
March 2023 Round: The most substantial recent raise was announced in March 2023—a €10.5 million early-stage VC round.

Investors Involved

The March 2023 funding round was co-led by Atlantic Bridge and Elkstone. Other notable investors included:

European Innovation Council Fund
Furthr VC
Western Development Commission (WDC)
Ascentifi
HBAN’s MedTech Syndicate
Irrus Investments Syndicate

These investors represent a combination of venture capitalists, public innovation funds, regional development agencies, and angel syndicates with deep experience in health tech and medical devices.

Use of Funds

Bluedrop Medical stated that this latest capital injection would be used for: - Scaling product development teams

Expanding commercial operations (with new roles planned both in Ireland for engineering/development and the US for commercial activities)
Increasing production capacity
Completing clinical trials

This expansion is expected to more than double staff numbers from around 17 employees at announcement time up to about 42 within the year.

Valuation Data

Dealroom.co estimates placed Bluedrop Medical’s enterprise valuation between $46 million–$69 million as of March 2023—reflecting strong investor confidence following their latest funding success.

Exit Events: IPOs or Buyouts

As of April 23, 2025, there have been no reported exit events such as IPOs or acquisitions for Bluedrop Medical Limited. The company's focus remains on scaling operations toward commercialization rather than pursuing liquidity events at this stage.

Sources

Bluedrop Medical company information, funding & investors - Dealroom
Bluedrop Medical raised €10.5m in a funding round co-led by Atlantic Bridge and Elkstone – Nordic9
Galway-based med-tech raises €10.5M; aims for expansion – Tech.eu
Bluedrop Medical to create jobs following investment – Western Development Commission
- Company News & Announcements – bluedropmedical.com
- Seedtable — Company profile & investments
  3 The Press Releases
  Bluedrop Medical Limited, an Irish medtech company based in Galway, has made significant progress and announcements since winning the EIC Accelerator funding following its Step 2 proposal submission on October 6, 2021. Below is a detailed overview of their press releases, partnerships, technology advancements, team updates, and related information primarily sourced from their official communications and credible news coverage.
  Technology Advancements and Product Developments
  Bluedrop Medical has developed a patented remote patient monitoring system designed to detect early signs of diabetic foot ulcers (DFUs) through a home-use device that performs thermal and visual assessments via daily foot scans. This smart device uses advanced algorithms and AI-powered software to analyze HD images and temperature data securely in the cloud (HIPAA compliant), notifying patients and healthcare providers if abnormalities are detected. The system aims to reduce preventable amputations caused by diabetic foot ulcers by enabling early intervention.
  Funding Rounds and Investment
  In March 2023, Bluedrop Medical raised €10.5 million in an oversubscribed funding round co-led by Atlantic Bridge and Elkstone with participation from the European Innovation Council Fund among other investors such as Furthr VC and Western Development Commission. This brought their total investment raised to approximately €16 million since inception. The funds are earmarked for scaling product development, expanding commercial teams mainly in the US market, increasing production capacity in Ireland, completing clinical trials including one active trial with Duke University started in January 2024, as well as initiating commercialization efforts.
  Partnerships
  - In September 2021 Bluedrop Medical won the Roche Diabetes Care innovation challenge out of over 50 global applicants. This award included $20,000 funding plus a year-long membership at MATTER healthcare incubator along with the opportunity to pilot their solution with Roche Diabetes Care—a global leader focused on personalized diabetes management (iPDM). Roche’s collaboration offers mentorship during incubation phases aimed at refining solutions for diabetes-related comorbidities.
  - They have engaged health systems within the US for commercial pilots including one located in Los Angeles noted for having high amputation rates due to diabetic complications.
  Legal Challenges
  Bluedrop Medical faced patent infringement litigation filed by US competitor Podimetrics concerning similarities between devices used for diabetic foot ulcer detection. However, this legal challenge was dismissed after Podimetrics withdrew all claims at the end of October 2024 allowing Bluedrop to continue focusing on its product development without encumbrance.
  Team Updates
  The company was founded by Chris Murphy (CEO) and Simon Kiersey who bring expertise from medical device backgrounds focused on wound care technologies. As of early 2023 they employed around 17 people but plan to more than double staff numbers up to approximately 42 across engineering/product development roles based out of Ireland while expanding commercial roles primarily within the United States market. Their leadership includes professionals experienced in wound care management such as their Chief Commercial Officer based in Houston Texas, alongside medical experts like Dr. Scott who brings extensive clinical expertise.
  Market Expansion Plans & Future Outlook
  Post legal victory over patent disputes Bluedrop is intensifying efforts towards US market expansion preparing additional clinical trials alongside ongoing pilots. Their goal is ambitious growth targeting around 9,000 users generating $20 million annual recurring revenue (ARR) by end of 2026 through continued scale-up of production capacities alongside building strong commercial operations both stateside and internationally.
  
  Summary:
  Since winning EIC Accelerator funding post-October 2021:
  - Developed an FDA-compliant remote monitoring device combining thermal imaging & visual assessment detecting early signs of DFUs.
  - Raised €10.5M additional capital increasing total investments near €16M.
  - Won prestigious Roche Diabetes Care innovation challenge leading to pilot collaborations.
  - Expanded team size significantly with specialized hires across tech & business functions.
  - Overcame major patent lawsuit blocking advancement into critical US markets.
  - Ongoing clinical trials including partnership with Duke University; multiple pilot programs underway.
  - Preparing larger scale commercialization primarily targeting reduction in preventable amputations globally.
  This continuous stream of technological innovation backed by substantial funding rounds positions Bluedrop Medical strongly within digital health solutions aimed at managing diabetes-related complications effectively.
  
  Sources:
  -The Currency Legal Challenge Update -Chris Murphy Interview LSI USA '24
  4 The Technology Advancements
  
  Overview of Bluedrop Medical Limited
  
  Bluedrop Medical Limited, based in Galway, Ireland, is a medtech company focused on preventing unnecessary diabetic amputations. Founded in 2015 by Chris Murphy and Simon Kiersey, the company has developed a remote patient monitoring system designed to detect early signs of diabetic foot ulcers, facilitating early intervention and reducing preventable amputations.
  
  Capabilities and Recent Advancements
  
  Bluedrop Medical's primary capability is its innovative device that captures HD images and temperature data of the feet, which are analyzed remotely using AI-powered software. This technology allows for early detection of diabetic foot ulcers, a complication often leading to amputation in diabetic patients. Since receiving funding through the European Innovation Council (EIC) Accelerator in October 2021, Bluedrop Medical has made significant advancements:
  - Funding and Expansion: In March 2023, Bluedrop Medical raised €10.5 million in an oversubscribed funding round, bringing its total investment to €16 million. This funding is being used to scale product development, increase production capacity, and initiate commercialization efforts, particularly in the US.
  - Job Creation and Team Expansion: Following the funding, the company announced the creation of 25 new jobs, more than doubling its staff base. Roles range from engineering and product development to manufacturing and commercial positions.
  - Technology Improvements: While specific new features have not been detailed, the funding has enhanced Bluedrop's ability to refine its technology and expand its reach. The company's device remains at the forefront of remote diabetic foot ulcer detection, leveraging AI for data analysis.
  - Market Demonstration and Clinical Trials: The company is preparing for deeper market penetration and commercialization. Clinical trials are being completed as part of its expansion strategy, though specific details on demonstrations or pilots are not widely published.
  - Patent Filings: Recent patent filings indicate ongoing innovation, with a UK priority patent application granted in August 2024. Further applications were filed in multiple regions, including Europe, Australia, Canada, the US, China, and Japan, reflecting a strategic expansion of its intellectual property portfolio.
  - Scientific Studies or Whitepapers: There is no public information on new scientific studies or whitepapers specifically related to Bluedrop Medical since the EIC funding. However, the company's technology has been recognized through awards such as the Digital Health Innovation of the Year at the Irish Medtech Awards.
  Conclusion
  
  Bluedrop Medical Limited has made significant strides since receiving the EIC Accelerator funding in October 2021. With increased investment and an expanding team, the company is poised to further develop its technology and market presence. Its focus on early detection of diabetic foot ulcers continues to be a leading solution in the medtech field.
  
  Sources: - Bluedrop Medical to create 25 new jobs following €10.5M investment
  5 The Partnerships and Customers
  
  Bluedrop Medical: Strategic Partnerships and Advancements
  
  Bluedrop Medical Limited, based in Galway, Ireland, has been actively engaged in developing innovative solutions for diabetic foot care since receiving the EIC Accelerator funding. The company focuses on reducing preventable amputations by providing early detection systems for diabetic foot ulcers.
  
  Partnerships and Collaborations
  
  Bluedrop Medical has established significant partnerships that support its mission and technology development. Notably, the company collaborated with Roche Diabetes Care in 2021, winning the Roche Diabetes Care Innovation Challenge. This partnership combines Bluedrop's technology with Roche's market expertise to address unmet needs in diabetes care.
  
  In 2023, Bluedrop Medical secured funding from prominent investors including Atlantic Bridge, Elkstone, the European Innovation Council Fund, Furthr VC, Western Development Commission, Ascentifi, and HBAN’s MedTech and Irrus Investments syndicates. This investment underscores the company's potential and the value of its solutions in remote patient monitoring.
  
  New Partners and Customers
  
  While specific new customer names are not disclosed, Bluedrop Medical's technology is designed to serve individuals at risk of developing diabetic foot ulcers, working closely with healthcare providers. The company's partnerships, especially with investors and healthcare technology leaders, position it to expand its customer base and enhance its market presence.
  
  Nature and Purpose of New Relationships
  
  These partnerships and investments are primarily aimed at scaling Bluedrop Medical's product development and commercialization efforts. The company's goal is to become the gold standard in remote patient monitoring for diabetic foot care, minimizing the burden on healthcare systems while improving patient outcomes.
  
  Impact on Market Position and Technology Advancements
  
  Bluedrop Medical's strategic relationships will enhance its market position by leveraging expertise from major healthcare and technology investors. The funding will support clinical trials, product development, and manufacturing capacity expansion, allowing the company to scale its operations more effectively. This growth will also accelerate technology advancements, particularly in AI-powered remote monitoring solutions.
  
  Scaling and Technology Advancements
  
  The investments and partnerships will significantly aid Bluedrop Medical in scaling its technology and operations. The company plans to increase its workforce, specifically in engineering, product development, and manufacturing, which will drive further innovation in its remote monitoring devices. The use of AI in analyzing data from these devices will continue to evolve, offering more precise early interventions for diabetic foot ulcers.
  
  Sources: - Bluedrop Medical • Reducing the Burden of Diabetic Foot Disease
  6 The Hiring and Company Growth
  Bluedrop Medical Limited, an Irish MedTech company focused on preventing avoidable diabetic amputations, has experienced significant team growth and organizational development since receiving EIC Accelerator funding in October 2021.
  Team Growth and Headcount
  - As of early 2023, Bluedrop Medical employed 17 people. Following a €10.5 million funding round announced in March 2023, the company planned to create 25 new jobs within that year, more than doubling its staff to approximately 42 employees.
  - By the end of 2023, some sources indicate the company had around 18 employees according to financial statements; however this likely reflects prior data before full hiring ramp-up post-funding.
  Hiring Status and Key Positions
  - The new hires primarily focus on engineering, product development, manufacturing (based in Ireland), and commercial roles (primarily based in the US).
  - A notable recent hire is Chris Sandroussi as Chief Commercial Officer. Sandroussi brings extensive experience from his previous senior roles at multinational companies like 3M in digital wound care and medical solutions strategy. His appointment signals an intensified commercial push especially targeting US markets.
  Impact of New Team Members
  - The expansion enables Bluedrop Medical to scale up product development capabilities for their remote patient monitoring device that detects early signs of diabetic foot ulcers.
  - Increasing production capacity will support upcoming clinical trials completion and commercialization efforts.
  - Commercial team growth aims at accelerating market entry and adoption particularly across Europe and North America where diabetic foot ulcer-related amputations impose major health burdens.
  Management Stability
- Founders Chris Murphy (CEO) and Simon Kiersey continue leading key areas: Murphy drives product design/biomedical engineering/commercialization while Kiersey oversees manufacturing/sourcing/regulatory functions. There are no reported major changes in founding or broader management teams beyond strategic hires like CCO Sandroussi.

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Table of Contents

1 The EIC Accelerator Project

The EIC Accelerator Program: An Overview

Funding Structure

Purpose and Impact

Scaling and Private Sector Funding

Case Study: BLUEDROP MEDICAL LIMITED and the NextSTEP Project

Conclusion

2 The Funding Rounds

Bluedrop Medical Limited: Financing and Funding Overview Since EIC Accelerator Award (October 2021)

Sources

3 The Press Releases

Technology Advancements and Product Developments

Funding Rounds and Investment

Partnerships

Legal Challenges

Team Updates

Market Expansion Plans & Future Outlook

Summary:

Sources:

4 The Technology Advancements

Overview of Bluedrop Medical Limited

Capabilities and Recent Advancements

Conclusion

5 The Partnerships and Customers

Bluedrop Medical: Strategic Partnerships and Advancements

Partnerships and Collaborations

New Partners and Customers

Nature and Purpose of New Relationships

Impact on Market Position and Technology Advancements

Scaling and Technology Advancements

6 The Hiring and Company Growth

Team Growth and Headcount

Hiring Status and Key Positions

Impact of New Team Members

Management Stability

Sources

7 The Media Features and Publications

Overview of Bluedrop Medical Limited

Media Features and Publications

Content from Publications

Podcasts and Interviews

Conferences and Fairs

Event Involvement

Sources

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