1 The EIC Accelerator Project

The EIC Accelerator program is a pivotal initiative within the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative technologies, particularly in the DeepTech sector. It provides a unique blend of funding options, combining grants and equity investments to foster groundbreaking innovations that can address significant societal challenges and drive economic growth.

Funding Structure

The EIC Accelerator offers a blended finance model, which consists of two primary components: grants and equity investments.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European startup ecosystem, particularly within the DeepTech arena, which encompasses advanced technologies in fields such as biotechnology, nanotechnology, and artificial intelligence. Its primary objectives include:

• Fostering Innovation: By providing financial support to high-risk, high-reward projects, the EIC Accelerator empowers innovators to transform their ideas into market-ready products.
• Enhancing Competitiveness: The program aims to strengthen the competitive position of European startups on a global scale, ensuring that they can compete effectively with established players and emerging technologies from other regions.
• Encouraging Private Investment: By validating innovative projects through its funding, the EIC Accelerator helps companies attract additional private sector investments, thereby enhancing their financial sustainability and scalability.

Role in Scaling Companies

The EIC Accelerator serves as a catalyst for startups, helping them navigate the complex landscape of funding and commercialization. By offering substantial financial resources and access to a network of investors and partners, the program enables companies to:

• Accelerate Development: Companies can expedite the development of their technologies, thereby reducing time-to-market.
• Build Credibility: Winning EIC Accelerator funding is a mark of quality and innovation, which can enhance a company's credibility with potential investors and customers.
• Facilitate Partnerships: The program encourages collaborations between startups and established corporations, research institutions, and other stakeholders, fostering an ecosystem of innovation.

Case Study: Cellevate

Cellevate, a Swedish company, is a notable winner of the EIC Accelerator, securing funding for its project titled SBMP (Smart Biologic Manufacturing Platform) - a groundbreaking nanotechnology-based microcarrier designed to revolutionize the manufacturing of biological drugs.

Project Overview: SBMP-microcarrier

Cellevate's SBMP project focuses on developing a novel microcarrier technology that enhances the efficiency of biological drug production. Traditional methods of manufacturing biological drugs often face challenges such as slow production rates, high costs, and scalability issues. The SBMP microcarrier seeks to address these challenges through innovative nanotechnology.

Technology Basics and Background

The SBMP microcarrier leverages advanced nanotechnology to create a platform that supports the growth and cultivation of cells used in the production of biological drugs. Microcarriers are particles that provide a surface for cells to attach and grow, facilitating large-scale cell culture processes.

Cellevate's successful application for EIC Accelerator funding highlights the program's commitment to supporting innovative solutions that can transform the healthcare landscape and drive sustainable growth within the European economy. Through its cutting-edge technology and the backing of the EIC Accelerator, Cellevate is well-positioned to make a significant impact in the biopharmaceutical sector.

2 The Funding Rounds

Cellevate (Sweden): Financing and Funding Overview Since EIC Accelerator Award

EIC Accelerator Funding Date: March 23, 2022

Financing Raised and Funding Rounds

Since receiving the EIC Accelerator funding in March 2022, Cellevate has completed multiple rounds of financing, significantly scaling its capital base:

• Total Equity Funding Raised: As of September 2024, Cellevate has raised a total of €6.6 million in equity funding.
• Total Grants Secured: In addition to equity rounds, the company received approximately €2.6 million in grants since 2022, including €2.48 million from the EIC Accelerator program itself.
• Aggregate Capital (Equity + Grants): The combined capital input (equity plus grants) exceeds $10.69 million across six rounds as per CB Insights data.

Detailed Timeline and Amounts

Date	Round	Amount	Notable Investors
Dec 2018	Angel	Undisclosed	-
Jun 7, 2022	Grant	~€2.48M	European Innovation Council
Jun 7, 2022	Seed	Undisclosed	-
Oct 10, 2023	Seed VC I	€3.4M	Industrifonden, EIC Fund
Sep 16/17, '24                       Seed VC II       €3.2M  Industrifonden (lead), EIC Fund

</em>Some early round amounts are not disclosed publicly.

Investor Information

The principal investors supporting Cellevate’s recent growth include:

• Industrifonden: Led both seed rounds; Swedish deep tech investor.
• European Innovation Council Fund (EIC Fund): Co-investor in both major recent seed funding rounds.
• Onsight Ventures: Participated alongside others from October 2023 onward.

Use of Funds and Strategic Impact

Funds from these rounds have been allocated to:

• Commercialization efforts for their flagship product Cellevat3d™ nanofiber microcarriers, planned for global launch in November 2024.
• Building a commercial team for North America.
• Expanding field application support teams to accelerate customer onboarding.
• Enhancing production capacity and launching robust marketing campaigns.

Company Valuation Data

Specific post-money valuations have not been publicly disclosed as of April/May 2025; however:

"Valuations are submitted by companies... or based on a comparables valuation model".

No clear figures regarding private market value or implied valuations are available via public sources.

Exit Events: IPOs & Acquisitions

There is no evidence that Cellevate has undergone an IPO or been acquired as of April/May 2025. The company remains privately held with ongoing venture backing focused on aggressive commercial scale-up rather than exit events at this stage.

---

Summary Table: Key Financings Since March 22 Cut-Off

| Round                                                                                                          Date   Amount (€) Lead Investors Notes

---

Seed VC I Oct ’23 ~3.4M Industrifonden/EIC Fund Initial commercialization push Seed VC II Sep ’24 ~3.2M Industrifonden/EIC Fund Global commercialization scaling Grants Jun ’22 ~2.48M European Innovation Council Major non-dilutive grant support

---

Exit Status

As of current reporting there are no exit events—no IPO filings nor acquisitions involving Cellevate through Q1/Q2 ​'25.

---

Sources: - Cellevate Raises €3.2M to Power Biomanufacturing Revolution

• Cellevate AB Secures $3.2M in Seed Round Funding
• Cellevate closes second seed round raising €3.2MEUR
• Dealroom: Cellevate company information
• Onsight Ventures news release on second seed round

3 The Press Releases

Overview of Cellevate

Cellevate, a Swedish biotech company based in Lund, has been at the forefront of innovation in biomanufacturing since receiving the EIC Accelerator funding in March 2022. The company specializes in developing cutting-edge nanofiber-based cell culture systems, designed to enhance the yield and productivity of cell cultures, particularly for gene therapies, iPSCs, organoids, recombinant proteins, and vaccines.

Technology Advancements

Cellevate's flagship product, Cellevat3D, is a nanofiber-based microcarrier system that offers significant advantages over traditional cell culture methods. It provides a much larger surface area for cell growth—60 times more than conventional systems—allowing for higher yields and faster processes in upstream bioprocessing. This technology has the potential to reduce gene therapy production costs by up to 70%, marking a substantial shift in the biomanufacturing landscape.

Partnerships and Funding

In September 2024, Cellevate closed a seed funding round of €3.2 million, which supported the global launch of Cellevat3D. This investment enabled the company to scale operations, establish a commercial team in North America, and enhance production capabilities. The funding also facilitated a robust marketing campaign for the product's global launch.

Team Updates

Dr. Christel Fenge was appointed as the Chief Technology Officer at Cellevate. With over 30 years of experience in the biopharmaceutical sector, she leads the technical direction of the company, driving the commercialization of its nanofiber technology.

Press Releases and Updates

Cellevate hosted a global webinar in collaboration with Cell & Gene Therapy Insights, presenting the latest data on Cellevat3D and its benefits in viral vector production. The webinar highlighted significant cost savings and productivity increases, positioning Cellevate as a leader in biomanufacturing innovation.

The company launched Cellevat3D in the US in February 2025, following a successful European pre-launch in November 2024. This expansion into the US market underscores the growing demand for innovative biomanufacturing solutions.

Sources

• Cellevate Hosts Global Webinar Presenting Latest Data and Process Economy Savings in Viral Vector Production
• News - Cellevate
• Cellevate Launches Cellevat3D Nanofiber-Based Cell Culture Systems Designed for Faster Bioprocessing
• Cellevate Raises €3.2M to Power Biomanufacturing Revolution
• Revolutionizing Biomanufacturing: Cellevate's Nanofiber Breakthroughs
• Cellevate Launches Cellevat3D Nanofibre Microcarrier in the US

4 The Technology Advancements

Cellevate's Post-EIC Accelerator Progress: Advancements in Nanofiber Biotech Since receiving €2.48 million from the European Innovation Council (EIC) Accelerator in 2022, Cellevate has accelerated its commercialization of the Cellevat3d™ nanofiber microcarriers, a scalable platform for cell culture and biomanufacturing. The company has focused on refining production processes, expanding partnerships, and validating its technology for advanced therapies.

---

Technological Advancements

• Product Development: Cellevat3d™ microcarriers now offer 60x more surface area than conventional systems, enhancing viral vector (e.g., AAV2) production efficiency by 2X. The synthetic polycaprolactone (PCL)-based fibers mimic the extracellular matrix, improving cell morphology and proliferation.
• Scale-Up: Production facilities were expanded to meet industrial demand, with equipment upgrades ensuring batch consistency.

---

Market Validation & Collaborations

• U.S. Launch: In February 2025, Cellevate launched its nanofiber systems in the U.S., targeting gene therapy and vaccine manufacturing.
• Consortium Partnerships: Joined AdBIOPRO (2023), a KTH-led consortium with 24 members, to validate Cellevat3d™ for AAV and lentivirus production. Collaborations include Max Planck Institute and Testa Center for bioprocessing optimization.
• Eurostar Grant: Awarded €1 million in April 2025 with Fraunhofer IBMT and OLS to validate iPSC mass-production capabilities using Cellevat3d™ in bioreactors.

---

Intellectual Property & Research Outputs

While no new patents are explicitly mentioned post-EIC funding, existing patents underpin their proprietary electrospinning process. Published studies focus on:

• Cancer Research: Collaboration with Lund University on 3D breast cancer models for drug screening.
• Bioprocessing Data: Benchmarking studies via AdBIOPRO demonstrate scalability for gene therapies.

---

Funding & Commercialization Milestones

Seed Financing: Raised €6.6 million total (€3.4M in October 2023; €3.2M September 2024), enabling a November 2024 product launch in Europe followed by U.S. expansion[^][^] (Sources conflict slightly on timelines; commercial activity began Q1–Q2 2025).

---

Sources Used:
Cellevate Raises €3.2M to Power Biomanufacturing Revolution AdBIOPRO Consortium Membership iPSC Production Grant U.S. Product Launch EIC Accelerator Progress Report Breast Cancer Model Collaboration

5 The Partnerships and Customers

Cellevate: Advancements and Partnerships Since EIC Accelerator Funding

Cellevate, a Swedish biotechnology company, received EIC Accelerator funding in March 2022. Since then, the company has made significant strides in advancing its proprietary nanofiber technology and forming strategic partnerships.

Technology and Purpose

Cellevate's core innovation, Cellevat3d, is a nanofiber-based cell culture system designed to revolutionize biomanufacturing by offering up to 60 times the surface area for cell growth compared to traditional systems. This technology is crucial for improving yield and scalability in the production of gene and cell therapies and vaccines.

Partnerships and Customers

While specific names of new customers or partners are not detailed in recent reports, Cellevate has strengthened its position in the market through strategic appointments and partnerships. The company has collaborated with entities like Testa Center, where it scaled up its nanofiber microcarriers using a 10-liter stirred tank bioreactor. Additionally, Cellevate has established itself within the broader biotech ecosystem through its association with organizations like Redoxis, although specific partnership details are not fully disclosed.

New Relationships and Market Positioning

The appointment of Dr. Christel Fenge as Chief Technology Officer (CTO) in 2025 marked a significant step in enhancing Cellevate's management team. Fenge brings extensive experience from roles at Cytiva and Sartorius, which will be instrumental in accelerating the commercialization of Cellevat3d and forming strategic partnerships. This move is expected to bolster Cellevate's market presence by positioning it as a leader in nanofiber technology for bioprocessing.

Technology Advancements and Scaling

Cellevate's recent funding rounds, including a second seed round of €3.2 million in September 2024, have supported the global commercialization of its nanofiber-based microcarriers. The company aims to leverage this funding to establish a commercial team in North America and enhance production capabilities, which will be critical for scaling its operations and improving yield in viral vector production. The successful scale-up of Cellevat3d at Testa Center demonstrates the technology's readiness for industrial-scale bioprocessing applications.

Conclusion

Since receiving EIC Accelerator funding, Cellevate has focused on commercializing its groundbreaking nanofiber technology and building strategic partnerships to position itself as a key player in the bioprocessing industry. The company's advancements in technology and management team will play a crucial role in scaling its operations and driving innovation in biomanufacturing.

---

Sources: - Cellevate appoints Christel Fenge chief technology officer

• Cellevate closes second seed round, raising 3.2 MEUR to enter into global commercialization
• Partners and Subsidiaries - Redoxis
• Cellevate garners seed funding for bioreactor tech
• Cellevate strengthens management team with the appointment of Dr. Christel Fenge as Chief Technology Officer
• Cellevate Raises €3.2M to Power Biomanufacturing Revolution
• Cellevate demonstrates scale-up of its Cellevat3d nanofiber microcarriers
• Scale Up and Boost Your Viral Vector Production

6 The Hiring and Company Growth

Cellevate: A Biotech Pioneer in Sweden

Since receiving the EIC Accelerator funding in March 2022, Cellevate, a Swedish biotech company, has made significant strides in advancing its cutting-edge cell culture systems. The company is known for developing innovative nanofiber-based platforms, such as Cellevat3d™, which enhance cell growth yields and are designed for advanced therapies like gene and cell therapies and vaccines.

Hiring and Team Growth

As of now, Cellevate has a small team size of 1-10 employees, indicating a tight-knit and focused workforce. Despite the limited headcount, the company is actively expanding its reach and capabilities, particularly with strategic appointments. In December 2024, Cellevate appointed Jennifer Valdes as Vice President of Sales & Marketing for North America, marking a significant step in their U.S. market expansion and commercialization efforts.

Current Hiring Status

There is no explicit information available on whether Cellevate is currently hiring. However, the recent appointment of key personnel suggests that the company is in a phase of growth and strategic development.

Key Positions and Future Implications

The appointment of Jennifer Valdes highlights Cellevate's focus on scaling its operations in the biomanufacturing industry. With her experience in executing effective sales strategies in the biopharmaceutical sector, Cellevate is poised to leverage her expertise to drive revenue growth and expand its customer base in North America. This strategic move indicates that Cellevate is committed to aggressively commercializing its technology, including the upcoming launch of Cellevat3d™ nanofiber microcarriers in November 2024.

Growth and Scaling

Cellevate has experienced significant financial growth since receiving the EIC funding. Following an initial seed round of €3.4 million in October 2023, the company secured an additional €3.2 million in a second seed round in September 2024. This brings their total equity funding to €6.6 million, bolstered by prior grants of €2.6 million, including €2.48 million from the EIC Accelerator in 2022.

Major Changes in Management

There are no reported changes in the founding team, but the strategic appointment of Jennifer Valdes as VP of Sales & Marketing for North America signifies a proactive approach to expanding the company's leadership and market presence.

Future Prospects

Cellevate's advancements in biomanufacturing, particularly with the Cellevat3d™ platform, position the company for substantial growth in the biotech sector. By addressing key challenges such as low productivity and high costs in viral vector production, Cellevate aims to revolutionize how advanced therapies are manufactured. The upcoming launch of Cellevat3d™ and the strategic expansion into the U.S. market underscore the company's ambition to become a leading player in the global biopharmaceutical industry.

Sources

• Cellevate company information, funding & investors | Israel tech
• Cellevate company information, funding & investors | IAmsterdam
• Cellevate Raises €3.2M to Power Biomanufacturing Revolution
• Cellevate AB
• Cellevate appoints new VP Sales & Marketing North America

7 The Media Features and Publications

Cellevate: Post-EIC Accelerator Funding Developments in Media and Industry Engagement

Since securing EIC Accelerator funding in March 2022, Cellevate has emerged as a key innovator in biomanufacturing, particularly through its Cellevat3d® nanofiber microcarriers. Below is a synthesis of the company’s media coverage, event participation, and industry presence.

Media Features and Publications

• Contract Pharma highlighted Cellevate’s scaling of nanofiber microcarriers for bioprocessing, emphasizing their potential to enhance cell densities and viral vector yields.
• GEN Edge detailed the launch of Cellevat3d systems, noting their three-dimensional cell culture environment for improved productivity in gene therapy and vaccine production.
• Textile World covered the U.S. launch (February 2025), emphasizing the microcarriers’ 60x surface area advantage over conventional systems.

Conference Participation

• Viral Vector Process Development & Manufacturing Summit (February 2025): Cellevate launched its U.S. operations here, presenting data on Cellevat3d’s performance in stirred-tank bioreactors. The team hosted a dedicated lunch session on February 20th to showcase validation results.
• BIO-Europe (November 2024): The European pre-launch occurred here ahead of U.S. market entry.

Event Involvement

Cellevate has prioritized direct engagement at biotech summits:

• Poster Presentations: Shared validation data at the Viral Vector Summit (Boston).
• CEO Laura Chirica’s Remarks: Emphasized addressing market needs for scalable technologies during launches.

---

Sources Used: