1 The EIC Accelerator Project
The EIC Accelerator Program: A Comprehensive Overview
The European Innovation Council (EIC) Accelerator program is a pivotal funding initiative designed to support innovative startups and small and medium-sized enterprises (SMEs) in Europe. It aims to foster deep-tech solutions and high-potential innovations that can address significant societal challenges and drive economic growth. The program provides a unique blend of grant and equity funding, empowering companies to scale their operations and enhance their market competitiveness.
Funding Structure of the EIC Accelerator
The EIC Accelerator offers a unique funding structure known as blended finance, which combines grants and equity investments. The grant component can reach up to €2.5 million, aimed at covering the development costs of innovative projects. This non-repayable funding is crucial for companies in their early stages, helping to mitigate financial risks associated with research and development (R&D).
In addition to grants, the program provides equity funding, which has evolved over time. Until 2024, equity investments can amount to €15 million, while from 2025 onwards, this cap will be reduced to €10 million. This equity component is designed to attract private investments, enabling companies to leverage additional funding sources and scale their innovations more effectively.
Purpose of the EIC Accelerator
The EIC Accelerator plays a vital role in the European deep-tech and startup ecosystem by identifying and supporting high-impact innovations. Its purpose extends beyond financial support; it also aims to provide mentorship, networking opportunities, and access to market intelligence, thereby enhancing the overall growth potential of supported companies. The program encourages collaboration between businesses, investors, and research institutions, fostering an environment conducive to innovation and scaling.
Through its funding and support mechanisms, the EIC Accelerator helps companies gain credibility and attract additional private sector investment. By reducing the financial burden associated with R&D, the program enables startups to focus on bringing their innovations to market more effectively.
Case Study: CARMAT and the Aeson® Project
CARMAT, a French medical technology company, emerged as a winner of the EIC Accelerator in October 2022 with its groundbreaking project, Aeson®. This initiative aims to develop the world’s most advanced total artificial heart (TAH), a transformative solution for patients suffering from severe heart failure.
Technology Basics and Background
The Aeson® project represents a significant advancement in the field of artificial hearts, addressing the critical need for effective long-term solutions for patients with end-stage heart disease. Traditional heart transplants face numerous challenges, including donor shortages and the risk of rejection. CARMAT's Aeson® offers a promising alternative by providing patients with a fully implantable mechanical heart that can function autonomously.
The Aeson® heart is designed with biocompatible materials and sophisticated sensors, enabling it to mimic the natural heart's physiological functions. Its unique architecture allows for a responsive mechanism that adjusts to the patient's needs, thereby optimizing blood flow and reducing the risk of complications. The device is equipped with advanced monitoring systems that provide real-time data to healthcare providers, facilitating timely interventions and personalized care.
CARMAT has leveraged cutting-edge engineering and medical research to develop Aeson®, collaborating with leading experts in cardiology and biomedical engineering. The project exemplifies the potential of deep-tech innovations to revolutionize healthcare and improve patient outcomes.
Overall, the EIC Accelerator's support has been instrumental in propelling CARMAT's Aeson® project forward, enabling it to navigate the complexities of regulatory processes and scale production capabilities. As the Aeson® project progresses, it holds the promise of transforming the lives of countless patients, showcasing the profound impact of innovative solutions in addressing critical healthcare challenges.
2 The Funding Rounds
CARMAT: Financing and Funding Events Since EIC Accelerator Award (France)
EIC Accelerator Award and Funding Details
CARMAT, a French medtech company specializing in total artificial hearts, was announced as a winner of the European Innovation Council (EIC) Accelerator on December 19, 2022. The award comprised blended funding: a €2.5 million grant and potential equity investments of up to €15 million for a total of up to €17.5 million. This funding is designed to support CARMAT’s efforts in clinical trials, commercial development across Europe, and preparation for broader market expansion.
Financing Raised & Funding Rounds Since October 2022
EIC Accelerator Blended Finance
- Announced: December 19, 2022
- Amount: Up to €17.5 million (€2.5M grant + up to €15M equity)
- Type: Blended finance (grant plus equity)
Equity Financing Rounds Post-Award
- July 2024:
- Signed an equity financing line with Vester Finance.
- Amount secured: €2.5 million.
- January 31, 2025 (Post-Year-End):
- Raised gross proceeds of €9.7 million through an unspecified mechanism—likely share issuance or private placement.
- March 26, 2025:
- Signed a new equity financing line with IRIS Capital Investment.
- Potential amount: Up to approximately €7.9–€9 million over the next two years; this covers about nine million shares or ~15% of capital.
Grant Support
In addition to the EIC grant: - Final tranche (€0.3M) received from CAP23 (“Plan de Relance pour l'industrie – Secteurs Stratégiques” program), completing a total CAP23 grant package worth €1.4M.
Loan Agreements
CARMAT has ongoing loan arrangements: - In March 2024, it renegotiated repayment terms with its main financial creditors—the European Investment Bank (EIB), BNP Paribas (BNPP), and Bpifrance—improving its short-term liquidity position.
Timing & Amounts Overview Table
| Date | Round/Instrument | Amount | Investors/Partners |
|---|---|---|---|
| Dec–22 | EIC Accelerator | Up to €17.5M | European Innovation Council |
| Jul–24 | Equity Line | €2.5M | Vester Finance |
| Jan–25 | Share Issuance | Gross proceeds of €9.7M | Not specified |
| Mar–25 | Equity Line Agreement | Up to ~€7.9–€9M over two yrs. | IRIS Capital Investment |
| FY24 | Government Grant | Final tranche; total ~€1.4M Plan de Relance/CAP23 |
(CAP23 program completed over prior years.)
Company Valuations
No explicit post-money valuations are stated within publicly available results since late October/December 2022; however:
Investor Information
Key recent investors include: - European Innovation Council Fund (for blended finance/equity stake)
- Vester Finance (equity line)
- IRIS Capital Investment (~15% maximum share capital via new agreement)
Historical institutional lenders include the European Investment Bank (EIB), BNP Paribas, Bpifrance.
Exit Events: IPOs or Buyouts
CARMAT conducted its initial public offering much earlier in its history—it remains publicly traded under ticker “ALCAR” on Euronext Growth Paris. There have been no major acquisition or buyout events reported since October 2022. The company continues as an independent listed entity pursuing further commercialization across Europe and advancing toward US regulatory milestones.
Summary
Since winning the EIC Accelerator award in late 2022—with up-to‑€17·5 million blended support—CARMAT has reinforced its financial structure through additional grants, renegotiated debt agreements with institutional lenders such as the EIB/Bpifrance/BNP Paribas, raised new capital via successive equity lines (€12+ million from Vester Finance and IRIS Capital by early Q₂ 25), completed further government-backed grants, but has not undergone any exit event such as an acquisition or secondary IPO during this period.
Sources:
-CARMAT Delivers Q1 25 Results In Line With Objectives
3 The Press Releases
CARMAT's EIC Accelerator Funding and Strategic Developments Paris-based CARMAT, a pioneer in total artificial heart technology, secured blended funding of up to €17.5 million through the European Innovation Council (EIC) Accelerator in December 2022. The award included a €2.5 million non-dilutive grant for Aeson® artificial heart industrialization and optional equity financing of €15 million for European commercialization. CEO Stéphane Piat emphasized the validation of Aeson®'s potential to address end-stage biventricular heart failure, citing urgent clinical demand.Technology and Clinical Progress
Aeson®, designed as a pulsatile, self-regulating device mimicking human heart function, achieved several milestones post-funding:
- Commercial Expansion: By late 2023, CARMAT trained 40 hospitals across 12 countries (including Germany, Italy, Austria, Greece, and Saudi Arabia) for implants. Sales reached €2.8 million in 2023, with projections of €14–20 million for 2024.
- Clinical Adoption: The artificial heart surpassed 50 lifetime implants by January 2024 across eight countries since its first use in 2013.
Strategic Goals and Financial Outlook
The company prioritized training programs to secure hospital reimbursement pathways while planning a capital increase to cover estimated minimum cash needs of €50 million for the next year. Efforts included expanding commercial availability to eight additional countries by late 2023, alongside ongoing EFICAS (France) and Early Feasibility Study (U.S.) trials to strengthen clinical data submissions.
Sources
- CARMAT gets blended funding of up to €17.5m as a winner of the European Innovation Council
- CARMAT Reports Its 2023 Half-Year Results
- CARMAT Achieves Pivotal Year in 2023
4 The Technology Advancements
CARMAT's Post-EIC Accelerator Progress (2022–2025)Since securing €17.5 million in blended funding from the European Innovation Council (EIC) Accelerator in December 2022, CARMAT has advanced its Aeson® artificial heart technology through clinical, commercial, and scientific milestones.
Clinical and Commercial Advancements
- Implant Growth: Achieved 42 Aeson® implants in 2024 (up from prior years) and 16 implants in Q1 2025 across France, Germany, and Italy. Sales reached €7 million in 2024 (+150% YoY) and €2.4 million in Q1 2025 (+140% YoY).
- EFICAS Trial: Enrollment for the French EFICAS clinical study is 94% complete as of April 2025, aiming to confirm efficacy and support reimbursement applications by late 2026.
- U.S. Expansion: Finalizing FDA discussions to resume its Early Feasibility Study (EFS), with potential U.S. commercial launch projected for 2028.
Technology Improvements
While explicit new features are not detailed:- Production Scaling: Focused on industrializing Aeson® post-EIC grant, including supplier partnerships to boost capacity.
- Long-Term Support Goal: Developing solutions for extended patient use without requiring subsequent transplants.
Market Demonstrations
Aeson® is commercially available as a bridge-to-transplant therapy in the EU, with growing adoption:- Over five implants per month sustained since late 2024.
- Hosted the first "Aeson® European User Meeting" in November 2024 to drive clinician engagement.
Scientific Contributions
Two peer-reviewed publications highlighted clinical results: specifics remain undisclosed, but they emphasize safety/performance data critical for regulatory approvals. Patent filings are not explicitly mentioned post-2022 EIC award.Sources
CARMAT delivers Q1 2025 results • FY 2024 Update • EIC Funding Announcement • Victrex Partnership Document
5 The Partnerships and Customers
CARMAT's Strategic Partnerships and Market Expansion Post-EIC Accelerator Funding Since receiving EIC Accelerator support (exact funding details unspecified in available data), CARMAT has focused on scaling its Aeson® artificial heart through strategic partnerships, hospital collaborations, and international expansion. Below is a detailed analysis of its key relationships and positioning:Key Partnerships
- Vygon: Signed a partnership agreement for the production of connector conduits, enhancing supply chain reliability and reducing component costs.
- MPS: Strengthened collaboration with this Swiss firm to optimize motor pump production, critical for Aeson®’s scalability.
- IRIS Capital Investment: Secured a flexible equity financing line (March 2025) for up to €7.9 million over 24 months to support growth initiatives.
Customer Network and Hospital Collaborations
CARMAT has expanded its trained hospital network to 42 centers across 14 countries as of mid-2024, including active commercial hubs in Germany, Italy, France, Austria, Greece, Slovenia, Croatia, Serbia, Switzerland, Israel*, and Saudi Arabia. Notable recent additions include:- EFICAS Study Hospitals: Six French hospitals (Paris’ AP-HP Pitié Salpêtrière among others) participating in the 52-patient clinical trial.
- U.S. Early Feasibility Study (EFS) Centers: Conditional FDA approval secured in April 2025 for the second cohort of EFS implants using its latest European-approved device version.
Nature and Purpose of Relationships
| Partner/Customer | Purpose | Impact | |------------------|---------|--------| | Vygon/MPS | Supply chain optimization | Reduced production costs + increased annual capacity target to 1K devices by 2028 | | Trained Hospitals | Commercial/clinical adoption | Enabled >50 cumulative implants by end-2023; drove Q4/23 sales acceleration (11 implants) |Market Positioning Through New Relationships
New partnerships have positioned CARMAT as:Technology Advancements Supported by Collaborations
Recent alliances focus on:- Device Iteration: Updated Aeson® versions now compatible with U.S. EFS studies after FDA approvals.
- Operational Efficiency: IRIS financing line enables R&D continuity amid plans to reduce dependency on dilutive funding models long-term.
Sources
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```6 The Hiring and Company Growth
CARMAT: Recent Developments and Growth
CARMAT, a French MedTech company, is renowned for developing the world's most advanced total artificial heart, the Aeson. Since receiving the EIC Accelerator funding on October 5, 2022, CARMAT has experienced significant growth and strategic developments.
Current Headcount and Team Size
As of the latest reports, CARMAT employs around 200 highly specialized individuals, though some sources indicate a slightly lower figure of 171 employees. This discrepancy might reflect different reporting dates or specific departments within the company.
Hiring and Team Growth
While there is no explicit information on current hiring processes, CARMAT's expansion in sales andclinical trials suggests a need for skilled professionals in areas like engineering, clinical research, and marketing. The appointment of key personnel such as Francesco Arecchi, Director of Global Market Development, highlights the company's focus on strategic growth and market penetration.
Recent Key Positions
- Francesco Arecchi: Director of Global Market Development, bringing extensive experience from leading healthcare companies like Johnson & Johnson and Abbott.
- Raouia Bouyanzer: Human Resources Director, with a background in Morgan Stanley and significant experience in HR management.
Impact of New Team Members
The addition of experienced professionals like Francesco Arecchi is crucial for CARMAT's market development and strategic positioning. His expertise in cardiology and global marketing will help enhance the adoption of Aeson, contributing to CARMAT's goal of doubling sales in 2025. This growth is expected to scale the company's operations, potentially leading to increased hiring across various departments.
Major Changes in Management
There have been no recent major changes reported in the founding team or top management since the EIC Accelerator funding. However, Jean-Luc Lemercier continues to lead as Chairman, bringing over 20 years of experience in medical devices.
Growth and Future Outlook
CARMAT aims to significantly increase its sales in 2025, driven by the expansion of Aeson implantations. The company's focus on clinical trials, particularly the EFICAS trial and discussions with the FDA, underscores its commitment to entering the U.S. market. This strategic growth will likely require additional personnel and resources to support the scale-up of operations.
Sources
- Carmat SA Number Of Employees 2025
- About Carmat
- CARMAT Delivers Q1 2025 Results in Line With Its Objectives
- Carmat plans to double its sales in 2025
- FDA Green-Lights Next Phase of Carmat's Artificial Heart Study
7 The Media Features and Publications
Overview of CARMAT
CARMAT, a French MedTech company, received the EIC Accelerator funding on October 5, 2022, marking a significant milestone in its journey towards developing innovative solutions for advanced heart failure. The company is renowned for its groundbreaking Aeson® artificial heart, designed to provide a therapeutic alternative for patients suffering from end-stage biventricular heart failure.
Media Features and Publications
CARMAT has been featured in various publications for its pioneering work in artificial heart technology. The Aeson® artificial heart, developed by Dr. Alain Carpentier, has been recognized as a technological and medical breakthrough. The device received CE marking in late 2020, allowing its sale within the European Union. This approval highlights CARMAT's commitment to meeting high regulatory standards, ensuring the safety and efficacy of its medical devices.
Content from Publications
Publications often highlight CARMAT's innovative approach to addressing the shortage of human heart grafts for transplantation. The Aeson® artificial heart is designed to mimic the natural heart's function, offering patients improved quality of life and mobility. It is commercially available in Europe as a bridge to transplant for patients with advanced heart failure.
Podcasts and Interviews
While specific podcasts or interviews featuring the CARMAT team are not readily available, the company's participation in scientific conferences and investor meetings ensures that its advancements and strategies are shared with the medical and investment communities. These events provide a platform for CARMAT to discuss its innovative solutions and future plans.
Conferences and Fair Visits
CARMAT regularly participates in scientific conferences and investor meetings. For instance, in the second half of 2024, the company is scheduled to participate in several conferences, including the EUMS-Mayo-Hannover-Heart-Conference and the French Society of Anesthesia and Intensive Care. These events allow CARMAT to showcase its Aeson® artificial heart and engage with professionals in the field.
Involvement in Events
CARMAT's involvement in medical and scientific events is crucial for promoting its technology and engaging with potential partners and customers. The company's participation in these events underscores its commitment to advancing the treatment of heart failure and its role as a leader in the development of artificial heart technology.
Conclusion
Since receiving the EIC Accelerator funding in October 2022, CARMAT has continued to advance its innovative Aeson® artificial heart technology, expanding its production capabilities and engaging with the medical community through various conferences and publications. The company's focus on addressing the needs of patients with advanced heart failure positions it as a key player in the field of cardiovascular device development.
Sources:
- Home - Carmat
- About Carmat
- What is Heart Failure? - Carmat
- CARMAT announces the opening of its new production facility
- CARMAT opens artificial heart facility in France
- Press release Archives - Carmat
- CARMAT Announces Its Participation in Several Scientific and Investor Conferences
- Carmat markets its artificial heart
- CARMAT reports its 2023 half-year results
- CARMAT announces its participation in several scientific and investor conferences
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