1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups with innovative projects that have strong growth potential. The program offers blended finance, which consists of grants and equity investments, to help companies develop and scale their technologies or business models. The EIC Accelerator primarily targets deep-tech innovations, fostering advancements in sectors such as health, energy, and digital technologies.
Funding Structure
The EIC Accelerator provides financial support through a combination of grants and equity investments. The grant component can reach up to €2.5 million, aimed at covering costs related to the development and commercialization of innovative products or services. This funding is particularly beneficial for early-stage companies that require capital for research and development, prototyping, and market entry.
In addition to grants, the program also offers equity funding to facilitate scaling. As of 2024, companies can receive up to €15 million in equity, which will subsequently be reduced to a maximum of €10 million starting in 2025. This equity investment aims to attract private investors by reducing the financial risk associated with early-stage ventures, thereby enhancing the overall funding landscape for startups.
Purpose and Impact
The EIC Accelerator plays a crucial role in the European deep-tech and startup ecosystem by addressing the funding gap that many innovative companies face. It not only provides financial resources but also offers mentorship, networking opportunities, and access to a broader ecosystem of investors and partners. By supporting SMEs and startups, the EIC Accelerator aims to drive technological advancements, create jobs, and position Europe as a global leader in innovation.
Support for Scaling and Private Sector Engagement
The EIC Accelerator facilitates the scaling process for companies by offering tailored support that includes business coaching and access to potential investors. This support is vital for startups looking to transition from the development phase to market entry, as it helps them navigate challenges such as regulatory requirements, market validation, and operational scaling. The program's focus on connecting companies with private sector funding further enhances their ability to secure the necessary resources for growth.
Case Study: CORTEC GMBH and the BIC ONE Project
Company Overview
CORTEC GMBH, based in Germany, is a pioneering company focused on developing innovative neuromodulation technologies. The company has gained recognition for its commitment to improving patient outcomes through advanced medical devices.
Project Overview: Brain Interchange ONE (BIC ONE)
The BIC ONE project, which stands for Brain Interchange ONE SR, focuses on implantable neuromodulation technology specifically designed for stroke rehabilitation. This technology aims to enhance recovery by facilitating brain communication, thereby improving the patient's ability to regain motor functions after a stroke.
Technology Basics and Background
The BIC ONE project is founded on the principles of neuromodulation, a technique that involves the alteration of nerve activity through targeted delivery of electrical impulses. In the context of stroke rehabilitation, the technology seeks to stimulate specific areas of the brain that are involved in motor control and coordination. By doing so, it aims to promote neural plasticity—the brain's ability to reorganize itself by forming new neural connections—thereby aiding in the recovery of lost functions.
The implantation of the neuromodulation device is minimally invasive, which is a significant advantage for patients with limited mobility or other complications resulting from stroke. The technology is designed to be user-friendly, allowing caregivers to adjust stimulation parameters based on individual patient needs. The potential for personalized treatment plans is a key aspect of the project's design, as it takes into account the unique neurological profiles of each patient.
The project represents a significant advancement in the field of rehabilitation technologies, leveraging cutting-edge research in neuroscience and biomedical engineering. By integrating these disciplines, CORTEC GMBH aims to provide a solution that not only enhances recovery rates but also improves the overall quality of life for stroke survivors.
In summary, the EIC Accelerator program serves as a vital mechanism for fostering innovation and scaling deep-tech ventures in Europe. CORTEC GMBH, through its BIC ONE project, exemplifies the transformative potential of neuromodulation technology for stroke rehabilitation, showcasing the program's impact in advancing healthcare solutions.
2 The Funding Rounds
# CorTec GmbH: Funding Journey and Financial GrowthCorTec GmbH, a German neurotechnology company, has successfully secured multiple funding rounds to advance its innovative brain-computer interface technology. The company received the prestigious EIC Accelerator funding in October 2022, marking a significant milestone in its growth trajectory.
EIC Accelerator Funding (October 2022)
CorTec GmbH was awarded a €2.5 million non-dilutive grant from the European Innovation Council (EIC) Accelerator program in October 2022. The company was one of 78 companies selected from over 1,000 applications across Europe, with 240 reaching the interview stage. This funding was specifically allocated to develop CorTec's Brain Interchange System for stroke rehabilitation therapy.
Following the October 5, 2022 cut-off, the EIC distributed approximately €470 million in combined grants and investments to the selected companies. The majority of funding (57%) in this call was provided as blended finance, combining grants with equity investments.
Dr. Oliver Baertl, CEO of CorTec, expressed enthusiasm about the grant, stating: "With the support of the EIC Accelerator program we will be able to leverage our neuromodulation platform to advance our stroke rehabilitation device."
Previous Funding Rounds
CorTec's funding history demonstrates a pattern of strategic investment to support its growth:
Seed Financing (circa 2011) The company secured initial seed financing approximately two years before its second round.
Second Financing Round (July 2013) CorTec closed a €3 million investment round with M-Invest and KfW banking group joining as investors. This funding was intended to support the market launch of AirRay, CorTec's first product, and to initiate the clinical phase for its Brain Interchange technology implant.
Major Funding Round (November 2019) In November 2019, CorTec announced a substantial €13 million funding round led by Santo Venture Capital, the Strüngmann family holding company. LBBW Venture Capital and several existing shareholders also participated in this round. This investment was earmarked for expanding operations with a U.S. subsidiary and developing the next generation of the Brain Interchange Technology.
Total Known Funding
Based on the available information, CorTec GmbH has raised at least €18.5 million across its documented funding rounds:
- €3 million (2013 round)
- €13 million (2019 round)
- €2.5 million (EIC Accelerator grant, 2022)
According to some sources, the company's total funding amounts to approximately €12.7 million, though this figure may not include the most recent EIC grant.
Investor Information
CorTec has attracted investment from several notable entities:
Company Valuation and Exit Events
The publicly available search results do not provide specific information regarding CorTec GmbH's company valuation or any exit events such as IPOs, buyouts, or acquisitions. As of May 2025, the company appears to be continuing its growth trajectory as a private entity focused on advancing its neurotechnology solutions.
The EIC Accelerator funding represents a significant vote of confidence in CorTec's technology and market potential, as the program is highly competitive and selective in its funding decisions.
- CorTec company information, funding & investors
- EIC Accelerator winners and statistics October 2022
- Strüngmann Group invests in further expansion of CorTec
- CorTec On The Way To The Future Of Neurotechnology: Company Closes Second Financing Round
3 The Press Releases
Overview of CorTec GmbH
CorTec GmbH, a German company specializing in innovative implantable technologies and Brain-Computer Interface (BCI) systems, has been making significant strides in the medical technology sector. Following its receipt of the EIC Accelerator funding in October 2022, CorTec has continued to advance its research and development, particularly focusing on its Brain Interchange System for stroke rehabilitation.
Technology Advancements
CorTec's Brain Interchange System is a pioneering therapeutic Brain-Computer Interface designed to support stroke rehabilitation. The company received a €2.5 million grant from the European Innovation Council (EIC) to further develop this system, aiming to leverage its neuromodulation platform for improved stroke recovery outcomes. Additionally, CorTec has been involved in the development of closed-loop neuromodulation systems, which can both record and stimulate neural activity, offering promising therapeutic applications.
Partnerships and Collaborations
In February 2025, CorTec announced a strategic partnership with US-based Heraeus Medevio. This collaboration combines Medevio's large-scale production capabilities with CorTec's expertise in developing early-stage prototypes for nerve cuff and paddle electrodes. The partnership aims to meet the growing demand for innovative implantable components in the neuromodulation sector by providing a comprehensive suite of solutions from prototype development to large-scale production.
Team Updates
CorTec strengthened its leadership team with the appointment of Dr. Frank Desiere as its new Chief Executive Officer. This move is intended to accelerate growth and innovation within the company, reflecting CorTec's commitment to advancing in the BCI and implantable technologies field.
Press Releases and Updates
CorTec regularly publishes press releases and updates on its website, detailing its advancements and milestones. These include announcements about partnerships, technology developments, and awards such as the Science-Business Cooperation Award 2022, which recognized the company's collaboration with the University of Ulm. Additionally, CorTec's progress with the Brain Interchange System and its readiness for clinical investigations in the U.S. have been highlighted in recent press releases.
Sources:
- CorTec Press Release Archive
- Carolina Remke at CorTec
- Marking a New Era in Medical Device Development
- CorTec Announces Strategic Partnership with US-based Heraeus Medevio
- CorTec receives Science-Business Cooperation Award 2022
- CorTec GmbH Awarded €2.5 Million Grant by European Innovation Council
4 The Technology Advancements
Current Capabilities of CorTec GmbH
CorTec GmbH is a leading German medical technology company specializing in the development and manufacturing of high-quality components for neurotechnological implants. Based in Freiburg, Germany, the company has established itself as a key player in the field of neuromodulation, offering innovative technologies such as the Brain Interchange System. This system is designed as a closed-loop brain-machine interface that can monitor brain activity and deliver personalized electrical stimulation therapy in real-time, catering to conditions like epilepsy, Parkinson’s disease, and stroke rehabilitation.
CorTec’s products are characterized by high precision, flexibility in design, and a high number of channels, which enable personalized therapies for neurological diseases. The company’s proprietary AirRay electrode technology uses a laser-aided process for high-data acquisition and stimulation in both the central and peripheral nervous systems.
Advancements Since EIC Accelerator Funding
After receiving the EIC Accelerator funding in October 2022, CorTec GmbH has made significant advancements in its technology and market presence. One of the notable developments is the strategic partnership with Heraeus Medevio, announced in February 2025. This partnership aims to drive global innovation in the neuromodulation sector by leveraging CorTec’s expertise in developing implantable technologies and Heraeus Medevio’s capabilities in large-scale manufacturing.
CorTec has also been awarded a €2.5 million grant by the European Innovation Council to further develop its Brain Interchange System for stroke rehabilitation. This funding supports the company’s mission to advance its neuromodulation platform and help patients recover from stroke more effectively.
Technology Improvements and Market Demonstrations
The company has been preparing for the next phase of its Brain Interchange System, which includes imminent human trials. This system represents a major leap forward in implanted neurotechnology by continuously monitoring the brain’s state and delivering optimal stimulation therapy tailored to each patient’s needs.
While specific details on new patents or scientific studies published since the funding are not readily available, CorTec’s partnership with Heraeus Medevio and its ongoing work on the Brain Interchange System indicate significant technological advancements and market engagement. The collaboration with Heraeus Medevio will enable the high-volume manufacturing of nerve cuff and paddle electrodes, enhancing CorTec’s ability to meet customer demands globally.
Clinical Trials and Demonstrations
CorTec is poised to begin human trials for its Brain Interchange System, marking a crucial step in demonstrating the technology’s efficacy in treating neurological conditions. This step is part of the company’s broader strategy to showcase the system's transformative impact on neuromodulation.
New Patents or Scientific Studies
There is no specific information available regarding new patents filed or scientific studies published by CorTec since receiving the EIC Accelerator funding. However, the company’s focus on advancing its Brain Interchange System and strategic partnerships indicates ongoing research and development efforts.
Sources:
- CorTec Lays Foundation of Own Facility with Increased Manufacturing Capacity
- Services & Capabilities | CorTec
- Heraeus Medevio Announces Strategic Partnership with CorTec
- Marking a New Era in Medical Device Development
- CorTec ready for next phase with Brain Interchange System
- CorTec GmbH Awarded €2.5 Million Grant by European Innovation Council
- CorTec GmbH
5 The Partnerships and Customers
CorTec GmbH's Strategic Partnerships and Market Positioning Since securing EIC Accelerator funding in October 2022, CorTec GmbH has expanded its strategic collaborations to strengthen its position in neurotechnology. Below are key partnerships, their objectives, and market implications:Key Partnerships
- Purpose: Combine CorTec’s expertise in prototyping nerve cuff/paddle electrodes with Heraeus Medevio’s large-scale manufacturing capabilities to address growing demand for neuromodulation devices.
- Technology Contribution: Heraeus will use CorTec’s proprietary laser-micromachining technology for high-volume electrode production by late 2025.
- Market Impact: Enables end-to-end solutions from prototypes to mass production, reducing customer development risks.
- Purpose: Develop bio-convergent implants using kinetic energy to restore sensation without external power sources.
- Technology Synergy: Combines Tengable’s energy-harvesting designs with CorTec’s implantable electrode expertise.
Customers & Commercialization Strategy
While specific customer names remain undisclosed, partnerships emphasize serving clients across the neuromodulation sector:- Targeting medical device firms requiring rapid prototyping or scaled production through the Heraeus alliance.
- Supporting academic researchers via beta-testing agreements for next-gen electrodes and BCIs.
Market Positioning & Technological Advancements
Sources
6 The Hiring and Company Growth
CorTec GmbH: Team Growth and Developments
CorTec GmbH, a pioneering company in active implantable technologies and Brain-Computer Interface (BCI) systems, has been experiencing significant growth and developments since receiving the EIC Accelerator funding in October 2022. Based in Freiburg, Germany, the company has been expanding its team and leadership structure to enhance its position in the neurotechnology sector.
Current Headcount and Team Size
While the exact current headcount of CorTec GmbH is not publicly disclosed, the company is known for having a skilled team of experts in various research areas, contributing to the development of next-generation active implants.
Hiring and Team Growth
CorTec GmbH has been actively strengthening its leadership team. A notable recent appointment is that of Dr. Frank Desiere as the new Chief Executive Officer (CEO), announced in March 2025. Dr. Desiere brings extensive experience in the medical device and life science industries, having held senior leadership roles at global organizations like Roche. His expertise in driving innovation, managing digital transformation, and fostering strategic partnerships aligns with CorTec’s goals for growth in the neurotechnology sector.
Key Positions and Recent Hires
- Dr. Frank Desiere (CEO): His appointment marks a pivotal moment for CorTec, leveraging his experience to expand the company's impact in the neurotech industry.
- Dr. Oliver Bärtl (COO): Focuses on leading the component business for active implantable technologies and ensuring operational excellence.
- Dr. Martin Schuettler (CTO): Continues to lead technological advancements and sustained innovation.
Impact on Future Growth
The addition of Dr. Desiere and the strategic partnership with Heraeus Medevio are crucial for CorTec’s future growth. This partnership enables the company to deliver next-generation neuromodulation devices, combining CorTec's expertise in nerve cuff and paddle electrodes with Heraeus Medevio's large-scale production capabilities. This collaboration positions CorTec to become a leading development and manufacturing partner for implantable technologies, enhancing its ability to scale and grow in the rapidly evolving neurotech sector.
Major Changes in Management
The appointment of Dr. Frank Desiere as CEO represents a significant change in CorTec's management structure, focusing on accelerating innovation and growth. Dr. Oliver Bärtl, previously mentioned as the CEO in some contexts, now serves as COO, focusing on operational excellence.
Conclusion
CorTec GmbH is poised for substantial growth with its enhanced leadership and strategic partnerships. The company's commitment to innovation, especially in active implantable technologies and BCI systems, positions it for significant advancements in the neurotechnology sector.
Sources:
- Team | CorTec
- Investor Relations - CorTec neuro
- Heraeus Medevio Announces Strategic Partnership with CorTec
- CorTec Welcomes Dr. Frank Desiere as Chief Executive Officer
- Press Release Archive | CorTec
7 The Media Features and Publications
CorTec GmbH: Progress and Activities Since EIC Accelerator Funding
CorTec GmbH, a pioneering German medical technology company, has been actively involved in various media features, publications, and events since receiving the EIC Accelerator funding in October 2022. The company specializes in innovative neurotechnologies, including brain-computer interfaces (BCIs) and the Brain Interchange System, which is designed to enhance brain plasticity and treat neural disorders.
Media Features and Publications
- CorTec has been featured in the latest edition of Open Access Government, highlighting its Brain Interchange System and its approach to stroke rehabilitation.
- An interview with Oliver Bärtl in the magazine "Wirtschaftsforum" discusses CorTec's team, goals, and advancements in neurotechnology, including the use of implanted devices for brain plasticity enhancement.
- The company has also released press releases discussing its progress and milestones, such as the upcoming human testing phase for the Brain Interchange System.
Podcasts and Interviews
While specific podcasts featuring CorTec GmbH are not mentioned in the available sources, the company has been open to providing interviews. For instance, CorTec offers exclusive interview opportunities with its Chief Technology Officer, Dr. Martin Schüttler, to discuss the technology and vision behind the Brain Interchange System.
Conference and Fair Visits
CorTec has participated in several conferences, including:
- Bioelectronic Medicine Forum 2024: CorTec announced its bronze sponsorship of this event, where they showcased their products, including cuff electrode technology.
- Neuroscience 2024: Scheduled participation in Chicago.
- COMPAMED 2024: Scheduled participation in Düsseldorf, Germany.
Events and Involvement
CorTec's involvement in events is significant, with a focus on showcasing its innovative technologies and networking within the medical technology sector. The company's participation in conferences like the Bioelectronic Medicine Forum highlights its commitment to advancing neuromodulation technologies.
Sources
- CorTec: Press Release Archive
- CorTec Story Archive
- CorTec in Interview with 'Wirtschaftsforum'
- CorTec Press Archive
- Happy Easter from the CorTec Team
- CorTec Ready for Next Phase with Brain Interchange
- Press Release 01.2024
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