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 in developing and scaling breakthrough innovations. It aims to bridge the funding gap that often exists for innovative projects, particularly in the DeepTech sector, where the risks are high, and the development timelines can be long. The program provides a combination of grant funding and equity investment, facilitating access to necessary financial resources for companies that are poised for significant growth but may struggle to attract private investment.

Funding Structure

The EIC Accelerator funding mechanism includes two primary components: grants and equity investments.

Purpose and Impact of EIC Accelerator

The EIC Accelerator plays a crucial role in the European startup ecosystem, particularly for DeepTech companies. By providing substantial financial resources and a supportive framework, the program enables innovative firms to accelerate their development timelines and market entry. This not only fosters technological advancement but also contributes to economic growth and job creation within Europe. The EIC Accelerator also helps companies attract further investments from private sectors by validating their business models and technological innovations, thus increasing their credibility in the eyes of private investors.

Case Study: CORWAVE and Project CALYPSO II

Company Overview

CORWAVE, based in France, is a pioneering medical device company focused on revolutionizing cardiac care through innovative technologies. The company aims to develop next-generation heart pumps that can significantly improve the quality of life for patients with severe heart conditions.

Project CALYPSO II

The project, acronymed CALYPSO II, is an ambitious initiative aimed at developing a next-generation heart pump that aspires to change the standard of care for patients suffering from heart failure. This project was presented to the EIC Accelerator, and following a successful Step 2 proposal submission on October 5, 2022, CORWAVE advanced to the Step 3 interview stage, ultimately securing equity funding.

Technology Basics and Background

The CALYPSO II project focuses on the development of a unique heart pump technology that can provide mechanical circulatory support to patients. Traditional heart pumps often come with significant limitations, including complications related to their size, invasiveness, and effectiveness. CORWAVE's innovative approach centers around the creation of a pump that is smaller, less invasive, and more efficient than existing options.

The core technology behind the heart pump is based on a novel design that utilizes advanced materials and engineering principles to optimize fluid dynamics and minimize the risk of thrombus formation. This next-generation pump is designed to be implanted with minimal surgery, allowing for quicker recovery times and reduced hospital stays. The goal is to enhance patient outcomes significantly and offer a reliable alternative to heart transplantation, which is often limited by donor availability and associated risks.

In conclusion, the EIC Accelerator program, through its funding mechanisms and strategic support, plays a vital role in empowering innovative companies like CORWAVE to bring transformative technologies to market. The successful implementation of the CALYPSO II project not only represents a significant advancement in cardiac care but also highlights the impact of the EIC Accelerator on fostering innovation and economic growth within Europe.

2 The Funding Rounds

CorWave (France): Financing and Funding Overview Since EIC Accelerator Award

Financing Raised

CorWave, a French medtech company specializing in innovative cardiac assist devices, has raised significant capital since its successful EIC Accelerator application submitted on October 5, 2022. The company’s total disclosed funding as of mid-2023 exceeds $115 million (€116.62 million), gathered over multiple rounds and from a diverse group of high-profile investors.

Funding Rounds: Timing and Amounts

• Series C (First Closing): January 6, 2021
• Amount: €35 million
• Investors: Returning shareholders (Bpifrance, Novo Holdings, Seventure Partners, Sofinnova Partners, Ysios Capital), plus new investors including the European Innovation Council Fund (EIC Fund—the first direct equity stake by the European Commission), Financière Arbevel, and M&L Healthcare.
• Series C (Second Closing): June 20, 2023
• Additional Amount Raised: €26–28.41 million ($28.41M)
• Main Investors: Société de Projets Industriels (SPI) fund managed by Bpifrance as part of France’s “France 2030” initiative; Exor Ventures; Vlerick Group.
• Notably included new industrial-focused shareholders.
• Combined Series C Total:
• After both closings in January 2021 and June 2023: €61 million was secured to support CorWave’s industrial deployment phase and clinical trials entry.
• Total Disclosed Funding:
• As of June/July 2023 estimates are around $115–$116.62 million across all rounds since inception.

Investor Information

CorWave’s backers represent leading venture capital firms in life sciences as well as major public-private initiatives:

• Bpifrance
• SPI fund
• Exor Ventures
• Vlerick Group
• Sofinnova Partners
• Novo Holdings/Novo Seeds
• Seventure Partners
• Ysios Capital Partners
• EIC Fund/European Innovation Council Fund (first-ever direct EC investment)

Additional participants include Financière Arbevel and M&L Healthcare among others. In total, at least thirteen distinct investors have participated in CorWave's funding rounds since its founding.

Valuation Data

As per multiple sources referencing the most recent Series C round: - Valuation at or post-Series C closing is cited at approximately €175 million (~$192M). Earlier sources list previous valuations near €78m prior to this latest round.

Exit Events (IPO/Acquisition)

There is currently no public record or announcement of any exit event such as an IPO or acquisition involving CorWave up to May 2025. The available information indicates the company remains private with ongoing product development toward clinical milestones.

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Summary Table — Key Rounds Since EIC Accelerator Submission

Date	Round	Amount Raised	Lead/New Investors	Company Valuation
Jan 6, 2021	Series C-I	€35M	Bpifrance; Novo Holdings; Sofinnova; Ysios; EIC Fund et al.	~€78M pre-money
Jun 20, 2023	Series C-II	~€26–28M extra (total closed at €61M for full round)	SPI/Bpifrance; Exor Ventures; Vlerick Group	~€175M

Note: Some reports refer to this as second closing of same Series C round.

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Notable Points on Funding History

• The first closing of the pivotal Series C marked a historic moment with the participation of the EIC Fund—making it their inaugural direct equity investment into a private enterprise.
• Subsequent closings attracted large industrial family-backed funds and government-aligned financiers focusing on deep-tech manufacturing scale-up in France.

Exit Events & Current Status

To date there has been no IPO filing nor publicly disclosed acquisition or buyout activity related to CorWave.

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Sources

CorWave company information — Dealroom CorWave Raises Funds to Finance Its First Industrial Deployment — CIToday CorWave financials & fundraising timeline — CB Insights Ysios Capital press release Jan ‘21 Ysios Capital press release Jun ‘23 Official PDF Press Release from CorWave June ‘23 Phoenix Ecosystem funding profile for CorWave

3 The Press Releases

CorWave: A French EIC Accelerator Winner

CorWave, a French medical device company, has been making significant strides in the development of innovative heart failure treatments since receiving funding from the European Innovation Council (EIC) Accelerator. Based in Clichy, France, CorWave specializes in creating advanced Left Ventricular Assist Devices (LVADs) to support patients with advanced heart failure.

EIC Accelerator Funding

In October 2022, CorWave was not specifically mentioned as a winner in the EIC Accelerator cut-off that closed on October 5, 2022. However, the company had previously secured €2.5 million from the EIC Accelerator in 2020. This funding supported the development of its novel LVAD, which employs a wave membrane technology designed to mimic the natural pulsing action of the heart.

Technology Advancements

CorWave's LVAD is a breakthrough device that aims to overcome the limitations of traditional rotary blood pumps. By using a pulsatile wave membrane technology, it can synchronize with a patient's native heart rhythm and adapt blood flow based on activity levels. This innovation promises to reduce complications associated with current LVADs, such as blood clots and stroke.

Recent Developments

Recent preclinical studies have shown promising results for CorWave's device. The company has successfully completed in vivo tests where the device operated continuously for six months in some animals, and nine sheep underwent 60-day chronic implants without long-term anticoagulant therapy. These studies demonstrated no device failures or signs of thrombosis, highlighting the device's hemocompatibility and thromboresistance.

Press Releases and Updates

CorWave regularly updates its progress through press releases available on its website. These updates highlight the company's milestones, such as achieving significant preclinical results and preparing for First-In-Human trials. There are no recent mentions of new partnerships or team updates in the available press releases.

Conclusion

CorWave continues to advance its innovative LVAD technology, supported by the EIC Accelerator funding it received in 2020. The company's focus on improving heart failure treatments positions it as a leader in the field of medical devices, with its technology paving the way for more personalized and effective circulatory support solutions.

Sources

• EIC Accelerator winners and statistics October 2022
• Press Releases - CorWave EN
• Our Mission, Our Story - CorWave EN
• CorWave Awarded €2.5M From the European Commission Through the EIC Accelerator Program
• CorWave reports strong preclinical results for next-generation heart pump
• CorWave Announces Successful Completion of 6-Month Chronic In-Vivo Study Paving the Way for Clinical Trial Initiation

4 The Technology Advancements

CorWave's Post-EIC Accelerator Advancements in Cardiac Assist Technology

Since securing EIC Accelerator funding (noted in earlier rounds, with a €15 million EIC Fund investment in 2021 and participation in a €35 million Series C round involving the EIC Fund), CorWave has made significant strides. While specific details about an October 2022 EIC Accelerator win are not directly cited in the provided sources, the company’s recent milestones include:

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1. Preclinical Breakthroughs and Clinical Readiness

• Long-term LVAD performance: CorWave’s wave membrane LVAD demonstrated stable operation for six months in chronic animal studies, with nine sheep surviving 60-day implants without long-term anticoagulants.
• Hemocompatibility: No device-related clotting or failures were observed, highlighting improved safety over traditional rotary pumps.
• Control algorithms: The device now supports adaptive synchronization with native heart rhythms, operating reliably in co-pulsation and counter-pulsation modes.

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2. Manufacturing Scale-Up

• Clichy production facility: Opened October 2023, this site can produce 1,000 pumps annually (€100 million revenue potential), scalable to 10,000 units.
• Industrial partnerships: Dawn Sadlowski-Buisserez joined as VP of Operations to streamline production ahead of clinical trials.

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3. Funding and Strategic Growth

• Series C financing: Raised €61 million (June 2023) to support industrialization and clinical trials. Key investors include SPI/Bpifrance, Exor Ventures, and Vlerick Group.
• EIC collaboration: The EIC Fund’s investment helped mobilize additional capital for scaling operations.

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4. Technological Differentiation

CorWave’s undulating membrane pump mimics natural pulsatile flow—a departure from rotary LVADs—to reduce shear stress on blood cells and complications like thrombosis or bleeding. Preclinical results suggest superior hemocompatibility compared to devices developed since the late 1990s.

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Market Progress and Future Outlook

While no human trials have yet commenced publicly announced plans indicate imminent clinical introduction following successful preclinical validation). No new patents or whitepapers are explicitly mentioned post-2022; however ongoing R&D is evident through adaptive control systems described in recent announcements.

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Sources:

• Medical Economics: CorWave reports strong preclinical results
• BusinessWire: CorWave Announces Successful Completion of In Vivo Study Note: URL formatting corrected for clarity

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5 The Partnerships and Customers

Overview of CorWave

CorWave is a French company that specializes in developing innovative cardiac assist devices, including a wave membrane heart pump. Founded in 2012 by the startup studio MD Start, CorWave aims to provide healthcare professionals with solutions for managing heart failure patients, offering them an active life.

Partnerships and Investors

CorWave has secured significant funding and partnerships to support its industrial deployment and entry into clinical trials. Key investors include:

• Bpifrance: Through the Société de Projets Industriels (SPI) fund, which is part of the France 2030 program.
• Exor Ventures: Controlled by the Agnelli family, known for their involvement in companies like Ferrari and Stellantis.
• Vlerick Group: A family-controlled group with interests in textile and metal engineering.
• EIC Fund: Part of the European Commission, marking the first direct equity investment since its inception.
• Sofinnova Partners, Seventure Partners, Novo Holdings, Ysios Capital, and M&L Healthcare are other notable investors.

New Relationships and Partnerships

In recent developments, there is no specific mention of new customer or partner names. However, the company's strategic investments and existing partnerships are crucial for its growth and technological advancements. The involvement of key investors like Exor Ventures and Vlerick Group, known for their industrial expertise, suggests a strong focus on industrialization and scaling.

Nature of New Relationships

The partnerships with leading investors will significantly position CorWave in the market as a robust player in the medical device sector. These relationships are aimed at supporting CorWave's industrial deployment, clinical trials, and scaling up its manufacturing capabilities. The investment from the SPI fund and other industrial-focused investors aligns with CorWave's mission to improve heart failure management through innovative technologies.

Impact on Technology Advancements and Scaling

These partnerships will enhance CorWave's technology advancements by providing the necessary financial support for its innovative wave membrane heart pump technology. The funding will facilitate the transition from research to industrial-scale production, leveraging state-of-the-art manufacturing facilities in Clichy, France. This strategic scaling will help CorWave achieve its goal of becoming a world-class medtech company, improving the lives of heart failure patients globally.

Market Positioning

The strategic partnerships and investments will strengthen CorWave's market presence by aligning it with prominent industrial and financial partners. This positioning will enable CorWave to capitalize on the expertise and resources provided by these partners, further solidifying its position in the global medical device industry. The emphasis on industrialization and clinical trials underscores CorWave's commitment to delivering high-quality, innovative cardiac assist devices.

Sources

• Our Mission, Our Story - CorWave
• CorWave Announces Second Closing of Its Series C Funding
• CorWave Announces the Grand Opening of Its Manufacturing Facility
• CorWave Raises Funds to Finance Its First Industrial Deployment
• CorWave Announces the Appointment of Dawn Sadlowski Buisserez as Vice President of Operations
• CorWave Announces Second Closing of Its Series C Funding at €61M

6 The Hiring and Company Growth

CorWave: Growth and Development Since EIC Accelerator Funding

CorWave, a French medical device company based in Clichy, received the EIC Accelerator funding in October 2022. Since then, the company has made significant strides in developing innovative heart-assist pumps designed to mimic the natural pulsing action of the heart.

Current Headcount and Team Size

While specific current headcount figures are not publicly disclosed, CorWave continues to expand its team with strategic hires. The company has recently appointed key personnel to support its growth and product development, indicating a robust team structure focused on innovation and leadership.

Hiring and Team Growth

CorWave is actively enhancing its capabilities with new hires. Notably, they have appointed Fairuz Hasni as Vice President of Human Resources and Dawn Sadlowski-Buisserez as Vice President of Operations. These appointments highlight the company's focus on strengthening its organizational capabilities to support future growth and expansion.

Recent Key Positions

• Fairuz Hasni: Vice President of Human Resources, bringing over twenty years of experience in industrial companies to support CorWave's HR functions and growth.
• Dawn Sadlowski-Buisserez: Vice President of Operations, tasked with ramping up production capabilities.

Growth and Scaling

Since receiving the EIC Accelerator funding, CorWave has demonstrated substantial growth in its research and development efforts. The company has achieved promising preclinical results for its next-generation Left Ventricular Assist Device (LVAD), paving the way for First-In-Human trials. These advancements position CorWave for significant clinical and commercial expansion, potentially transforming the future of heart failure treatment.

Management and Founding Team Changes

CorWave's leadership team remains strong under the direction of Louis de Lillers, CEO, and Carl Botterbusch, Chief Technology Officer. The appointments of Fairuz Hasni and Dawn Sadlowski-Buisserez signify strategic enhancements in management, aligning with the company's growth ambitions.

Future Prospects

The addition of new team members and the company's progress in clinical trials mark a crucial phase in CorWave's journey. As they prepare for human trials, these developments are critical for scaling and growing the business, particularly in the competitive landscape of cardiac assist devices. The new hires will play a pivotal role in managing organizational growth, ensuring operational efficiency, and driving CorWave toward becoming a leading innovator in the field of heart failure treatment.

Funding and Investment

CorWave has secured significant funding, totaling over $116 million, with recent investments supporting its progression toward clinical trials and market entry. This financial backing, combined with the EIC Accelerator funding, underscores the confidence in CorWave's technology and its potential to disrupt traditional heart-assist solutions.

Sources:

• CorWave EN: Unique Blood Pumps Inspired By Nature
• CorWave reports strong preclinical results for next-generation heart pump
• Invest In Corwave Stock | Buy Pre-IPO Shares
• Leadership Team - CorWave EN
• CorWave announces the appointment of Fairuz Hasni as Vice President Human Resources
• CorWave - Products, Competitors, Financials

7 The Media Features and Publications

Overview of CorWave

CorWave is a French medical device company known for developing innovative heart-assist pumps, particularly its wave membrane technology, designed to provide a reliable and sustainable solution for heart failure patients. The company received EIC Accelerator funding in October 2022, which marked a significant milestone in its growth trajectory.

Media Features and Publications

CorWave has been featured in several publications for its advancements in heart pump technology. Notable mentions include the successful completion of a six-month chronic in-vivo study, which paves the way for initiating clinical trials for its implantable heart pump system. The company also raised €61 million in a Series C funding round to support its industrial deployment and entry into clinical trials.

Content from Publications

Publications have highlighted CorWave's innovative approach to cardiac assist devices. The company's wave membrane heart pump is seen as a new solution to a major public health issue—heart failure. The funding received is crucial for its industrialization project, positioning CorWave as a significant player in the medical device sector.

Podcasts or Interviews

There is no publicly available information about specific podcasts or interviews featuring CorWave's team members.

Conference and Fair Visits

CorWave participates in events related to medical devices and innovation. Although specific conference details are not mentioned, the company's involvement in such events would typically focus on showcasing its technology and engaging with industry stakeholders.

Involvement in Events

CorWave's participation in events is geared towards advancing its clinical trials and industrial deployment. The grand opening of its manufacturing facility next to Paris highlights its commitment to expanding production capabilities to support future clinical trials and commercial scale-up.

Sources

• CorWave Announces the Grand Opening of Its Manufacturing Facility
• CorWave Announces Successful Completion of 6-Month Chronic In-Vivo Study
• CorWave progresses toward first-in-human heart pump trials
• CorWave EN: Unique Blood Pumps Inspired By Nature
• CorWave Raises Funds to Finance Its First Industrial Deployment
• CorWave Announces the Grand Opening of Its Manufacturing Facility