1 The EIC Accelerator Project

The EIC Accelerator program, an initiative under the European Innovation Council (EIC), is designed to support innovative small and medium enterprises (SMEs) and startups within Europe, particularly those engaged in deep tech and breakthrough innovations. The program aims to enhance the competitiveness of these entities, facilitating their growth and potential scalability to drive economic development and job creation across the continent.

Funding Structure

The EIC Accelerator provides two main types of funding: grants and equity investments. The grant component can reach up to €2.5 million and is primarily intended to support the development and scaling of innovative projects. This funding can cover various expenses related to product development, market entry, and operational costs.

In addition to the grant, the EIC Accelerator offers equity investments, which have undergone some changes over the years. Until 2024, companies can access up to €15 million in equity funding, providing a significant boost to those looking to expand their operations and market reach. Post-2025, the equity investment cap will be reduced to €10 million. This dual funding approach enables companies to obtain sufficient financial resources to transition from concept to commercialization, while also attracting private sector investments.

Purpose in the Ecosystem

The EIC Accelerator plays a pivotal role in the European deep tech and startup ecosystem by bridging the gap between innovative ideas and market realization. It provides essential financial support to high-risk projects that traditional investors might overlook. By backing these ventures, the program not only fosters innovation but also strengthens the overall European economy. Furthermore, the EIC Accelerator encourages collaboration among startups, established businesses, and research institutions, thereby enhancing knowledge sharing and technological advancement.

Support for Scaling and Private Sector Funding

The EIC Accelerator serves as a catalyst for companies to scale by offering not only financial assistance but also mentorship, networking opportunities, and access to a broad pool of expertise. By helping companies refine their business models and strategies, the program equips them to attract further funding from private investors. This comprehensive support system enables startups to demonstrate their viability and potential for growth, making them more appealing to venture capitalists and other funding sources.

Case Study: BOYDSENSE and the Lassie Project

Company Overview

BOYDSENSE, a French startup, is at the forefront of innovation in healthcare technology, particularly in the realm of diabetes management. The company focuses on developing non-invasive monitoring solutions, aimed at improving the quality of life for individuals living with chronic conditions.

Project Overview: Lassie

The project, dubbed Lassie, is a groundbreaking development that introduces the first-ever painless breath analyzer for monitoring blood glucose levels in individuals with diabetes. This innovative approach eliminates the discomfort associated with traditional blood sampling methods, making glucose monitoring more accessible and user-friendly.

Technology Basics and Background

The Lassie technology is rooted in advanced sensor technology that detects glucose levels through breath analysis. This method leverages the principles of gas chromatography and mass spectrometry to identify specific biomarkers associated with glucose metabolism. By capturing and analyzing exhaled breath, the device can provide real-time glucose readings without the need for invasive procedures.

The implications of Lassie are significant, as it addresses one of the key challenges faced by diabetes patients: the pain and inconvenience of frequent blood tests. By providing a non-invasive alternative, Lassie not only enhances user compliance but also encourages more consistent monitoring, which is crucial for effective diabetes management.

The project was submitted as a Step 2 proposal on October 6, 2021, and subsequently progressed to a Step 3 interview, where BOYDSENSE secured funding through the EIC Accelerator program. This funding will enable the further development and commercialization of the Lassie device, positioning BOYDSENSE as a leader in the field of diabetes care.

In conclusion, the EIC Accelerator is instrumental in empowering innovative companies like BOYDSENSE to bring transformative technologies to market. By combining grant funding and equity investment, the program supports the scaling of groundbreaking projects such as Lassie, ultimately contributing to improved healthcare outcomes and advancements in the European startup ecosystem.

2 The Funding Rounds

# BOYDSense: Funding History and Financial Development

BOYDSense, a French medical device company developing breath-based health monitoring technology, has secured significant funding since receiving the EIC Accelerator funding in October 2021. The company focuses on non-invasive glucose monitoring solutions for people with diabetes and pre-diabetes.

Funding Timeline

BOYDSense has raised a total of $7.58 million across three funding rounds since its inception:

Seed VC Round (October 2, 2020) This initial funding round helped establish the company's operations, though specific funding amounts are not disclosed in the available data.

EIC Accelerator Funding (October 2021) BOYDSense received €2.5 million from the European Innovation Council (EIC) Fund as part of the EIC Accelerator program. This funding was crucial for the company's early development phase and helped finance its innovative breath-based glucose monitoring technology.

Incubator/Accelerator Round (December 12, 2022) The company participated in an incubator or accelerator program, though specific funding amounts for this stage are not publicly disclosed.

Latest Funding Round (April 5, 2024) BOYDSense completed a €7 million (approximately $7.58 million) capital increase. This financing round was led by the Swiss Diabetes Venture Fund and Bioserenity, with participation from the European Innovation Council Fund. Additionally, Jolt Capital and Ambrosia Investments participated through the conversion of convertible bonds that were subscribed in 2023.

Investor Information

BOYDSense has attracted a diverse group of investors across its funding rounds: Lead Investors in Latest Round:

• Swiss Diabetes Venture Fund
• Bioserenity

Other Key Investors:

• European Innovation Council Fund (EIC Fund)
• Jolt Capital
• Ambrosia Investments
• Alpha Mos (parent company)
• Industrial Organic

According to Craig Cooper, Investment Director of the Swiss Diabetes Venture Fund: "We see huge potential for breath glucose monitoring and BOYDSense is one of the leading companies in this space. They have a great technology, and the initial science looks very promising."

Funding Allocation

The most recent €7 million funding will be used to:

• Launch new clinical studies
• Implement quality procedures to obtain necessary certifications (specifically ISO 13485)
• Achieve further miniaturization of their device
• Recruit for key positions within the company

This funding follows the successful completion of a clinical study in 2023 in partnership with Toulouse University Hospital, which confirmed the potential of their breath glucose measurement platform.

Company Valuation and Exit Events

The available data does not disclose specific valuation figures for BOYDSense. There is no information regarding any exit events such as IPOs, buyouts, or acquisitions involving the company.

Future Funding Plans

According to some sources, BOYDSense may be targeting a Series B funding round with a target size of €10 million, with a potential closing date of July 31, 2025. This suggests the company has a structured financing strategy to support its ongoing development and commercialization efforts.

Company Background

BOYDSense is developing a platform that makes health monitoring simple and pain-free through breath analysis. Their first product in development, named Lassie™, enables people with diabetes to accurately measure glucose values through breath rather than blood. This technology offers a pain-free, affordable alternative to traditional fingerstick blood glucose monitors or continuous glucose monitors, while also producing significantly less waste.

The company is a subsidiary of Alpha MOS, a leader in sensory analysis, and has R&D operations in both France and the United States.

Sources: - BOYDSense raises €7m in a capital increase to further develop its non-invasive glucose monitoring device

• BOYDSense raises an additional €7M - Jolt Capital
• BOYDSense company information, funding & investors | Dealroom.co
• BOYDSense Stock Price, Funding, Valuation, Revenue & Financial
• BOYDSense company information, funding & investors | Hamburg

3 The Press Releases

BOYDSense Overview

BOYDSense, based in France, is a medical device company that specializes in developing non-invasive health monitoring technologies, particularly focusing on breath analysis for glucose monitoring. As a subsidiary of Alpha MOS, a leader in sensory analysis, BOYDSense is advancing its platform to make health monitoring simple and pain-free.

Funding and Development

In April 2024, BOYDSense successfully completed a €7 million capital increase to further develop its non-invasive glucose monitoring device. This funding was led by the Swiss Diabetes Venture Fund and Bioserenity, with participation from the European Innovation Council Fund, Jolt Capital, and Ambrosia Investments. The funds will be used to accelerate the development of the device, conduct new clinical studies, establish quality procedures for certifications like ISO 13485, achieve miniaturization, and recruit key talent.

Technology Advancements

BOYDSense's primary product in development is the Lassie™ device, which allows individuals with diabetes to measure glucose levels through breath analysis. This technology utilizes volatile organic compounds (VOCs) in breath to predict blood glucose values, potentially revolutionizing the way diabetes is managed by eliminating the need for finger pricks.

Partnerships and Team Updates

BOYDSense is part of Alpha MOS, which remains the majority shareholder with over 60% ownership post-capital increase. The company has attracted new investors who bring both financial resources and expertise, enhancing the team's capabilities. Ben Delhey serves as the CEO of BOYDSense, overseeing the company's strategic development and partnerships.

Clinical Studies

BOYDSense concluded its second clinical study in partnership with Toulouse University Hospital in 2023, which confirmed the potential of its breath glucose measurement technology. Future clinical studies are planned with the new funding.

Recognition and Innovation

BOYDSense has been recognized for its innovative approach to glucose monitoring. In 2019, its non-invasive breath analysis technology was acknowledged as a top innovation at the RESI Innovation Challenge, highlighting its potential to disrupt the glucose monitoring industry.

Sources

• News | BOYDSense
• BOYDSense raises €7m in a capital increase to further develop its non-invasive glucose monitoring device
• ALPHA MOS - BOYDSense completes a EUR 7m capital increase to further develop its non-invasive glucose monitoring device
• BOYDSense raises an additional €7M
• BOYDSense diabetes device places among top innovations at 2019 RESI Innovation Challenge

4 The Technology Advancements

BOYDSense: A Pioneer in Non-Invasive Breath Analysis

BOYDSense, a medical technology company based in France, has been making significant strides in the development of non-invasive health monitoring solutions, particularly through breath analysis. Since receiving the European Innovation Council (EIC) Accelerator funding in October 2021, BOYDSense has progressed notably in advancing its technology and demonstrating its capabilities in various clinical trials and studies.

Current Capabilities

BOYDSense is primarily focused on developing a platform that allows for simple and pain-free health monitoring by analyzing exhaled breath. Its first product, named Lassie™, is designed to enable people with diabetes to measure glucose levels accurately without the need for invasive blood tests. The company's technology is not limited to diabetes; it also aims to monitor other diseases such as sepsis and NASH (Non-Alcoholic Steatohepatitis).

Advancements Since EIC Funding

Since receiving the EIC funding in October 2021, BOYDSense has made several key advancements:

• Clinical Studies: In June 2023, BOYDSense completed its second clinical study in partnership with Toulouse University Hospital. This study involved 130 patients with type 2 diabetes and confirmed the potential of its breath glucose measurement technology. The results from these studies have helped improve the device's performance and moved it closer to market launch.
• Funding and Partnerships: In April 2024, BOYDSense raised an additional €7 million in funding led by the Swiss Diabetes Venture Fund and Bioserenity, with participation from the European Innovation Council Fund. This financing has enabled the company to accelerate its development, including launching new clinical studies and obtaining necessary certifications for marketing authorization.

Technology Improvements and New Features

BOYDSense's technology has evolved to be more accurate and user-friendly. The company's breath glucose monitoring offers a pain-free and cost-effective solution compared to traditional blood glucose monitoring methods. It requires minimal consumables, making it more accessible to patients and insurance providers. The company is also working towards further miniaturization of its device to enhance portability and usability.

Market Demonstration

BOYDSense has demonstrated its technology through clinical trials and studies. The second clinical study conducted with Toulouse University Hospital involved real-world testing of the device by patients with diabetes, which helped validate its effectiveness. While there are no reports of large-scale market deployments or customer demonstrations, the company is moving towards obtaining regulatory approvals necessary for future market launches.

Patents and Publications

There is no specific information available on new patents filed by BOYDSense since receiving the EIC funding. However, the company has been involved in publishing scientific data from its clinical trials. The results of these studies are expected to be published in scientific journals, further validating the company's innovative approach to non-invasive glucose monitoring.

Conclusion

BOYDSense has made significant progress in developing its non-invasive breath analysis technology, particularly in the area of glucose monitoring. With successful clinical studies and new funding, the company is poised to bring its innovative solutions to the market, offering a pain-free alternative to traditional diabetes management methods.

Sources: - News | BOYDSense

• BOYDSense raises an additional €7M
• The French media “La Tribune” puts BOYDSense in the spotlight
• Our Story | BOYDSense
• BOYDSense (an Alpha MOS subsidiary), selected among the 12 most innovative French Medtech
• Conclusion of the 2nd BOYDSense clinical study
• ALPHA MOS - BOYDSense completes a EUR 7m capital increase to further develop its non-invasive glucose monitoring device
• ALPHA MOS - Conclusion of the 2nd BOYDSense clinical study
• MSEC 2023 Speaker Abstract & Bio - Bruno Thuillier, BOYDSense
• Our Application | BOYDSense

5 The Partnerships and Customers

BOYDSense: Partnerships, Customers, and Market Position

BOYDSense, a French medical device company, has been actively developing non-invasive health monitoring solutions using breath analysis. Since receiving the EIC Accelerator funding in October 2021, the company has forged significant partnerships and collaborations that position it strongly in the market.

Partnerships and Collaborations

BOYDSense: Partnerships, Customers, and Market Position

BOYDSense, a French medical device company, has been actively developing non-invasive health monitoring solutions using breath analysis. Since receiving the EIC Accelerator funding in October 2021, the company has forged significant partnerships and collaborations that position it strongly in the market.

Partnerships and Collaborations

Customers

BOYDSense primarily targets individuals living with diabetes and pre-diabetes, aiming to provide them with a non-invasive and pain-free method of monitoring glucose levels.

New Partnerships and Customers

Currently, there is no specific mention of new customers. However, the collaboration with new investors, including the Swiss Diabetes Venture Fund and Bioserenity, indicates an expansion of its network and potential for broader market reach.

Nature of New Relationships and Purpose

The partnerships are primarily focused on accelerating the development of BOYDSense's non-invasive glucose monitoring device. These collaborations facilitate access to advanced technologies, clinical expertise, and financial resources necessary for product development and market launch.

Market Positioning

The relationships with prestigious investors and research institutions will enhance BOYDSense's credibility and market presence. By leveraging these partnerships, BOYDSense is well-positioned to become a leader in non-invasive health monitoring technologies, initially focusing on diabetes management and potentially expanding into other chronic conditions.

Technology Advancements and Scaling

These partnerships will contribute significantly to technology advancements by enabling further clinical studies, quality assurance processes, and device miniaturization. The funding will also facilitate the recruitment of key personnel, which is crucial for scaling up operations effectively.

Conclusion

BOYDSense's collaborations and funding have positioned the company to revolutionize health monitoring through non-invasive breath analysis. With its focus on diabetes and potential expansion into other chronic diseases, BOYDSense is poised to make significant impacts in healthcare technology and patient care.

Sources:

• BOYDSense: Non-Invasive Health Monitoring
• Future | BOYDSense
• BOYDSense raises €7m in a capital increase
• Swiss Diabetes Venture Fund participates in €7 million financing of BOYDSense
• BOYDSense completes a €7m capital increase
• News | BOYDSense
• BOYDSense Company Profile
• Our Story | BOYDSense

6 The Hiring and Company Growth

BOYDSense Team Growth and Hiring Trends Post-EIC Accelerator Funding BOYDSense, the Toulouse-based health tech company specializing in non-invasive diabetes monitoring via breath analysis, has demonstrated strategic growth since its 2015 founding. While specific headcount figures remain undisclosed publicly, the company’s recent $7.58M funding round (closed two months prior to data collection) and EIC Accelerator support suggest active scaling.

Key Developments:

• Funding & Growth: The $7.58M capital infusion from investors including Swiss Diabetes Venture Fund and JOLT Capital positions BOYDSense for expanded R&D and commercialization efforts for its flagship product, Lassie™—a painless glucose monitoring device.
• Team Structure: Leadership includes CEO Ben Delhey (diabetes devices specialist), CFO Arnaud Debains (high-growth finance expert), and CTO Bruno Thuillier (sensor technology veteran). No recent management changes are reported.
• Hiring Trajectory: While current openings are not listed on BOYDSense’s website, typical roles for a medical-device startup at this stage likely include clinical validation specialists, regulatory affairs experts, and manufacturing engineers to support product launches. The company’s dual presence in France (R&D) and California (commercial operations) implies geographically distributed hiring.

Strategic Implications:
New hires would accelerate clinical trials for Lassie™ and expand BOYDSense’s pipeline into adjacent areas like cancer or obesity detection through volatile organic compound analysis. Recent funding enables talent acquisition to navigate FDA/CE certification processes while preparing scalable production workflows.

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Sources

• BOYDSense Official Website
• Dealroom Company Profile
• CB Insights Funding Data

7 The Media Features and Publications

Overview of BOYDSense

BOYDSense, a Medtech subsidiary of Alpha MOS based in France, is pioneering non-invasive health monitoring through breath analysis. Since receiving the EIC Accelerator funding in October 2021, the company has made significant strides in developing its innovative glucose monitoring device.

Media Features

BOYDSense has been featured in various media outlets, notably in "La Tribune," which highlighted its development of an electronic breath glucose meter aimed at freeing diabetics from finger pricks.

Publications

The company's progress and achievements have been recognized in several publications. BOYDSense's clinical studies, conducted in collaboration with Toulouse University Hospital, have garnered attention for their potential to revolutionize glucose monitoring for people with diabetes. The results of these studies are expected to be published in scientific journals, further establishing the company's innovative approach.

Podcasts and Interviews

There is no specific information available about podcasts or interviews featuring the BOYDSense team.

Conferences and Events

BOYDSense has been selected among the most innovative French Medtech companies by the National Union of the Medical Technology Industry (SNITEM), participating in events like the start-ups day organized by SNITEM. However, specific details about their participation in conferences or fairs are not readily available.

Involvement in Events

The company emphasizes collaboration across the healthcare spectrum, involving patients, healthcare professionals, and various stakeholders. This collaborative approach is central to their development and market strategy.

Recent Developments

In April 2024, BOYDSense raised €7 million to further develop its non-invasive glucose monitoring device. This capital increase is crucial for advancing the technology and moving closer to a market launch. The company's focus remains on developing a simple, cost-effective, and pain-free monitoring solution for diabetes and other chronic conditions.

Sources

• Conclusion of the 2nd BOYDSense clinical study
• News | BOYDSense
• ALPHA MOS - BOYDSense completes a EUR 7m capital increase
• Publications - Boyd Consultants
• Future | BOYDSense
• Podcast | Conversations in Drug Development - Boyd Consultants
• Our Story | BOYDSense
• BOYDSense: Non-Invasive Health Monitoring