1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is part of the European Innovation Council (EIC), designed to support innovative small and medium-sized enterprises (SMEs) and startups within the European Union. This initiative primarily aims to foster breakthrough innovations, particularly in the DeepTech sector, by providing financial assistance and strategic guidance to help these entities scale and achieve market readiness.

Funding Structure

The EIC Accelerator offers a dual funding structure, comprising both grants and equity investments.

Purpose in the Ecosystem

The EIC Accelerator plays a critical role in the European startup and DeepTech ecosystem by bridging the financing gap that many innovative companies face. It not only offers direct funding but also enhances the credibility of recipient companies, making it easier for them to attract further investment from private investors. By supporting high-potential startups, the EIC Accelerator contributes to the overall innovation landscape in Europe, promoting economic growth and technological advancement.

Case Study: FOX BIOSYSTEMS NV and the EV FOx Project

Company Overview

FOX BIOSYSTEMS NV, based in Belgium, is an innovative company focused on the development of advanced biosensing technologies. Their project, titled EV FOx (Extracellular Vesicles Fiber Optic Surface Plasmon Resonance selection and analysis), seeks to pioneer methods for analyzing extracellular vesicles (EVs) using cutting-edge fiber optic technology.

Project Overview: EV FOx

The EV FOx project aims to leverage fiber optic surface plasmon resonance (SPR) technology for the selection and analysis of extracellular vesicles. Extracellular vesicles are nanoscale membrane-bound particles released by cells that carry proteins, lipids, and nucleic acids. They play crucial roles in intercellular communication and have significant implications in various fields, including diagnostics, therapeutics, and drug delivery.

Technology Basics and Background

The technology underpinning the EV FOx project integrates fiber optic SPR, a sensitive optical technique used to detect molecular interactions in real-time. This method involves the use of light to excite surface plasmons at the interface of a metal and dielectric layer, creating an evanescent field that can detect changes in the refractive index caused by the binding of biomolecules.

The choice of fiber optics in this context offers several advantages over traditional SPR techniques. Fiber optic systems are typically more flexible and easier to integrate into various environments, allowing for portable and user-friendly biosensing applications.

The project focuses on the efficient selection and analysis of EVs, which is vital for advancing personalized medicine. By accurately characterizing EVs, researchers can better understand their roles in diseases and develop targeted therapies.

Funding and Development

FOX BIOSYSTEMS NV submitted their Step 2 proposal for the EIC Accelerator program on October 5, 2022, and subsequently progressed to the Step 3 interview, where they secured grant funding. The financial support will be instrumental in advancing the technological development of the EV FOx project, enabling the company to refine its biosensing technology and move towards commercialization.

Conclusion

The EIC Accelerator program serves as a vital mechanism for supporting innovative companies like FOX BIOSYSTEMS NV. By providing substantial funding and strategic support, the program not only facilitates technological advancement but also nurtures the broader European innovation ecosystem. The EV FOx project exemplifies how targeted funding can empower companies to push the boundaries of science and technology, ultimately leading to better healthcare solutions and economic growth.

2 The Funding Rounds

FOx BIOSYSTEMS NV: Financing and Funding Overview Since EIC Accelerator Award

Company: FOx BIOSYSTEMS NV
Country: Belgium
EIC Accelerator Cut-off Date (Step 2 submission): October 5, 2022

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Financing Raised

Since being selected for the EIC Accelerator grant in late 2022, FOx BIOSYSTEMS NV has raised significant funding from both public and private sources:

• EIC Accelerator Grant: €2.5 million was awarded by the European Innovation Council to support the market introduction of their unique extracellular vesicle (EV) analysis and isolation application.
• Total Funding Raised: As of early 2024, total disclosed funding stands at approximately €8.3 million.

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Funding Rounds: Timing, Amounts & Investors

Key Funding Rounds Since EIC Win

Date	Round	Amount	Type	Lead/Named Investors
Dec 19, 2022	Grant	€2.5 million	Non-dilutive	European Innovation Council (EIC Accelerator)
Jan 13, 2023	Series B	€5.8 million	Equity	Limburgse Reconversie Maatschappij (LRM), Gemma Frisius Fonds (GFF), KU Leuven, HERAN Partners

</em>Non-dilutive indicates grant money that does not require equity exchange.

Additional Investor Information

• Other noted investors include BioVille and EMV Capital plc.
• Prior rounds may have included earlier equity investment but detailed breakdowns are limited in public records.
• The Series B round was announced publicly on January 13, 2023.

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Company Valuations

There is no publicly disclosed company valuation data accompanying these rounds in available sources as of May 2025.

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Exit Events: IPOs or Acquisitions

As of May 1st, 2025:

• There are no reported exit events such as an initial public offering (IPO), buyout, or acquisition involving FOx BIOSYSTEMS NV.
• The company remains privately held with continued operations focused on expanding its biosensor technology platform internationally.

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Summary Table: Recent Financing Activity for FOx BIOSYSTEMS NV

Year	Event/Type	Amount Raised
Late-2022	EIC Accelerator Grant	€2.5M
Early-2023	Series B Equity Round	€5.8M

Lead investors: LRM, Gemma Frisius Fund - GFF/KU Leuven; HERAN Partners; EMV Capital plc; BioVille.

No exit event or company valuation figures have been published since receiving the EIC grant.

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Sources

• FOx Biosystems receives €2.5 million EIC grant to accelerate the market introduction
• FOx Biosystems receives €2.5 million EIC grant press release

-Odense Seed & Venture / Business Intelligence - FOx Biosystems -MarketScreener - Fox Biosystems raises ?€ ?€? ?€?? ?€??? ???.8m -Startup Lithuania map profile -CB Insights Profile - Fox Biosystems

3 The Press Releases

FOX BIOSYSTEMS NV: Post-EIC Accelerator Funding Developments Since securing EIC Accelerator funding in October 2022, FOX BIOSYSTEMS NV has made significant strides in advancing its fiber-optic surface plasmon resonance (FO-SPR) technology and expanding its role in extracellular vesicle (EV) research. Below are key developments:

Technology Advancements

• WHITE FOx Biosensor: Launched as a next-generation platform for real-time biomolecular analysis, combining EV quantification and isolation capabilities[^7^].
• Automated EV Detection: Demonstrated a method for detecting and isolating EVs in complex samples (e.g., blood plasma) using antibody-functionalized FO-SPR probes and sandwich assays for signal amplification[^3^].

Strategic Partnerships & Collaborations

• EVEREST Project: Joined the €1.3 million EU-funded consortium (21 institutions across 11 countries) to standardize EV isolation techniques for diagnostics and personalized therapies[^1^]. Partners include academic institutions like Trinity College Dublin and non-academic entities such as Vesiculab Ltd.
• Industry Collaborations: Partnered with EU projects to refine biosensor applications, leveraging the WHITE FOx system’s ability to analyze crude samples without purification.

Intellectual Property & Innovation

Recent Patents: Secured patents for optical fiber connector designs, including innovations by CTO Filip Delport and team (granted February 2025).

Team & Leadership Contributions

Filip Delport, CTO of FOX BIOSYSTEMS, has been instrumental in driving EV biomarker research and advocating for the WHITE FOx platform’s integration into large-scale projects like EVEREST. The company emphasizes cross-sector collaboration to bridge academic research with commercial applications.

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Sources

• EVEREST Project Aims to Revolutionise Biomedical Research with Extracellular Vesicles
• Specific Extracellular Vesicle Detection Using FO-SPR
• Patents Assigned to FOX BIOSYSTEMS NV

4 The Technology Advancements

FOX BIOSYSTEMS NV: Post-EIC Accelerator Funding Advancements and Capabilities Belgium-based FOX BIOSYSTEMS NV has made significant strides in bioanalytical technology since receiving EIC Accelerator funding in late 2022. The company specializes in fiber-optic surface plasmon resonance (SPR) biosensors, with a focus on extracellular vesicle (EV) analysis and real-time biomolecular interaction kinetics.

Core Capabilities

The WHITE FOx platform serves as the cornerstone of their technology, enabling fluidics-free, real-time quantification of molecules—from proteins to whole cells—in complex samples like unprocessed blood[^fox1][^everest]. This system integrates EV isolation, quantitation, and characterization, reducing reliance on sample purification steps[^cordis].

Post-Funding Advancements

• EV Analysis Enhancements: The company developed specialized sensor probes for capturing total EV populations and subpopulations using streptavidin-coated probes[^cordis]. Protocols for high-integrity EV isolation were optimized for mass spectrometry and electron microscopy applications[^cordis].
• Software Upgrades: WHITE FOx’s software now includes EV-specific analysis algorithms, GLP/GMP compliance features (21 CFR Part 11), and real-time feedback tools for sample handling[^cordis][^bioville].
• EVEREST Project Collaboration: As part of this EU consortium launching in 2025, FOX contributes its SPR platform to standardize EV-based diagnostics for cancers and cardiovascular diseases[^everest][^bioville2].

Market Demonstration*

While direct customer pilots remain unspecified publicly:

• Their technology has been validated using clinical samples from key opinion leaders (KOLs)[^cordis].
• The EVEREST project positions FOX as a critical player in non-invasive diagnostic development through multi-sector partnerships across 12+ European institutions[^everest].

IP and Publications

No new patents or peer-reviewed studies are explicitly cited post-2022. However:

An EIC-funded project report confirms advancements in assay reagents, probe designs, and analytical workflows under the EV FOx* initiative[^cordis].

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Sources

• FOx BIOSYSTEMS Homepage
• EVEREST Project Announcement
• CORDIS EU Progress Report

+ BioVille Launch Announcement

5 The Partnerships and Customers

FOX BIOSYSTEMS NV has strategically expanded its partnerships and collaborations since 2022, leveraging its fiber-optic surface plasmon resonance (FO-SPR) biosensor technology to strengthen market positioning and technological innovation. Below are key developments:

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Partnerships and Collaborative Projects

• CONSENSE Consortium: FOX BIOSYSTEMS is part of the EU-funded CONSENSE project, collaborating with academic institutions such as TU Eindhoven, Aarhus University, EPFL, KU Leuven, and Max Planck Society. The initiative focuses on advancing continuous biomolecular sensing by integrating optical detection systems with molecular engineering.
• KU Leuven Biosensors Group: A long-standing collaboration involves developing label-free assays for COVID-19 antibody characterization directly in patient blood using FOX’s platform.

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Market Positioning Through New Relationships

The CONSENSE project aligns with UN Sustainable Development Goals (SDGs) 3 (health), 4 (education), and 9 (industry innovation), enhancing FOX’s credibility in sustainable biotech solutions. Participation in high-profile conferences like ELRIG Drug Discovery 2023 () demonstrates growing visibility in life science research markets.

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Technology Advancements

Collaborations aim to refine FO-SPR applications:

• Broadened Assay Capabilities: KU Leuven’s work showcases adaptability for clinical diagnostics.
• Sensor Integration: CONSENSE emphasizes miniaturization and automation of biomolecular sensing platforms.

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Scaling Efforts

Strategic conference participation under CEO Mark Truesdale—appointed September 2023—highlights commercial scaling efforts. Susanna Lovell’s experience at ELRIG Drug Discovery 2023 revealed strong industry interest, prompting plans for larger exhibition teams to capture leads.

While specific customer names remain undisclosed publicly, partnerships with academia and inclusion in consortia indicate a focus on research-driven markets.

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Sources

• CONSENSE - accelopment
• KU Leuven's COVID-19 Antibody Assay
• ELRIG Drug Discovery 2023 Participation

6 The Hiring and Company Growth

FOX BIOSYSTEMS NV: Post-EIC Accelerator Growth and Team Dynamics Since winning EIC Accelerator funding in October 2022, FOX BIOSYSTEMS has maintained momentum in leadership appointments and technical development, though specific hiring metrics remain undisclosed. The company specializes in fiber-optic surface plasmon resonance (SPR) biosensors for bioanalysis, with recent management changes signaling strategic scaling efforts.

Leadership and Key Hires

• Mark Truesdale joined as CEO in September 2023, bringing over two decades of experience from ThermoFisher Scientific, Danaher, and Solentim Ltd., where he led its acquisition by Advanced Instruments. His appointment aligns with commercialization goals for FOX’s SPR technology.
• Filip Delport, CTO and co-founder, retains focus on advancing the core FO-SPR biosensor platform developed during his PhD at KU Leuven. His early entrepreneurial success via Belgium’s Battle of Talents competition underscores the technology’s foundational role.
• Kris Ver Donck, VP of Marketing & Applications since 2020, oversees commercial strategy using prior experience from Johnson & Johnson and Trinean to bridge R&D with market needs.

Growth Indicators

While current headcount is unspecified:

• Leadership appointments emphasize commercialization expertise (Truesdale) paired with technical innovation (Delport), suggesting targeted scaling post-EIC funding.
• No direct hiring announcements are publicized, but roles like COO Steven Lauwers indicate operational investments to support growth phases.

Strategic Direction

The addition of Truesdale—a leader with a track record of guiding companies to acquisition—positions FOX BIOSYSTEMS for potential partnerships or exit strategies while advancing regulatory compliance and global market penetration for its SPR systems.

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Sources

• Management Team - FOx BIOSYSTEMS
• FOx BIOSYSTEMS Homepage

7 The Media Features and Publications

FOx BIOSYSTEMS NV: A Belgian Innovator in Bioanalysis

FOx BIOSYSTEMS NV, based in Belgium, has been recognized for its innovative approach to bioanalysis using fiber-optic surface plasmon resonance (FO-SPR) biosensors. The company received the EIC Accelerator funding on October 5, 2022, marking a significant milestone in its journey.

Media Features and Publications

FOx BIOSYSTEMS has been featured in various publications highlighting its cutting-edge technology. For instance, KU Leuven's Biosensors group developed a label-free assay using FOx BIOSYSTEMS' platform to characterize COVID-19 antibodies directly in patient blood. This work showcases the company's contribution to advancing biomolecular detection techniques.

Content from Publications

Publications have emphasized FOx BIOSYSTEMS' role in providing real-time, label-free analysis products. These products enable high-quality biomolecular data generation across diverse applications, making them a valuable asset for life science and pharmacological research.

Podcasts and Interviews

While specific podcasts or interviews featuring the company's team are not readily available, webinars like the one on "Revolutionizing Biomarker Development" and "Protein Quantitation and Binding Kinetics Analysis" have been presented by FOx BIOSYSTEMS scientists, showcasing their expertise in advanced bioanalysis techniques.

Conference and Fair Visits

FOx BIOSYSTEMS recently debuted at the Drug Discovery 2023 event, where they exhibited their innovative biosensor technology. The event highlighted the bustling exhibition hall and the importance of having adequate booth support for effective engagement with attendees.

Event Involvement

The company's involvement in events such as webinars and conferences underscores its commitment to sharing knowledge and showcasing its technological advancements. This includes participation in notable life sciences events where they engage with industry professionals and researchers.

Sources

• FOx BIOSYSTEMS: Homepage
• Fox Biosystems (SA)
• Management and Board of Directors
• Publications & Downloads
• FOx Biosystems' Debut at Drug Discovery 2023
• KU Leuven's Biosensors group develops first label-free assay