1 The EIC Accelerator Project

The EIC Accelerator program is a key component of the European Innovation Council (EIC), designed to support innovative startups and small and medium-sized enterprises (SMEs) in scaling up their businesses and bringing groundbreaking technologies to market. The program primarily focuses on deep tech ventures, which are characterized by their reliance on advanced scientific and engineering innovations. The EIC Accelerator provides both financial and non-financial support, fostering a robust ecosystem for entrepreneurship and innovation within the European Union.

Funding Structure

The EIC Accelerator offers a dual funding mechanism comprising a grant and equity investment, enabling companies to access up to €2.5 million in grant funding and additional equity financing. The grant component is primarily aimed at covering the costs associated with the development and scaling of innovative projects, thus alleviating financial risks for early-stage companies.

In terms of equity financing, the EIC Accelerator has evolved its funding parameters over the years. Until 2024, companies can receive equity investments of up to €15 million, which is intended to facilitate further expansion and market penetration. Starting in 2025, the maximum equity investment will be reduced to €10 million. This flexible funding structure allows companies to choose a combination of grant and equity funding that best aligns with their growth strategies and financial needs.

Purpose within the DeepTech Ecosystem

The EIC Accelerator plays a crucial role in the European deep tech and startup ecosystem by bridging the funding gap often faced by innovative companies. Many promising startups struggle to secure investment from private sector sources, particularly in the early stages of development. By providing significant financial backing, the EIC Accelerator enables these companies to focus on their research and development efforts without the immediate pressure of generating revenue. This, in turn, fosters a culture of innovation and encourages more entrepreneurs to pursue high-risk, high-reward projects.

Furthermore, the EIC Accelerator provides strategic guidance, mentoring, and access to a network of industry experts, which enhances the chances of success for participating companies. Through this comprehensive approach, the program ensures that startups not only receive funding but also benefit from valuable insights and connections within their respective fields.

Case Study: GreenBone Ortho srl

Company Overview: GreenBone Ortho srl, an Italian startup, is a notable winner of the EIC Accelerator program. Their project, referred to by the acronym "GreenBone," aims to address a significant challenge in the field of bone regeneration. The company submitted its proposal on October 6, 2021, during the Step 2 application phase, ultimately securing funding through a successful Step 3 interview.

Project Description: The "GreenBone" project is described as the "Holy Grail in Bone regeneration." The technology developed by GreenBone focuses on creating a novel synthetic bone substitute that mimics the natural bone's structure and function. This innovative approach aims to improve patient outcomes in orthopedic surgeries by providing a more effective solution for bone defects and fractures.

Technology Basics and Background

GreenBone's technology is based on advanced biomaterials science and engineering. The synthetic bone substitute is composed of a bioactive material that promotes bone tissue integration and regeneration. The material is designed to be biocompatible, meaning it does not provoke an adverse reaction in the body, and it supports the natural healing processes associated with bone injuries.

One of the key features of this technology is its ability to closely resemble the mechanical and biological properties of natural bone. This characteristic is crucial for ensuring that the substitute can withstand the physiological loads experienced by bones during normal activities. Additionally, the bioactive components of the material encourage cellular activities that facilitate bone growth and healing.

The development of this synthetic bone substitute is particularly timely and relevant, as the demand for effective bone regeneration solutions continues to rise due to an aging population and increasing rates of orthopedic injuries. GreenBone's innovative approach not only addresses a critical medical need but also represents a significant advancement in the field of regenerative medicine.

In summary, the EIC Accelerator program serves as a vital catalyst for innovation in the European startup ecosystem, particularly for deep tech companies like GreenBone Ortho srl. By providing essential funding and support, the program enables companies to bring cutting-edge technologies to market, ultimately improving healthcare outcomes and enhancing the quality of life for patients.

2 The Funding Rounds

GreenBone Ortho srl, an innovative Italian medtech company specializing in bone regeneration solutions, has raised a total of approximately €22 million (around $26 million) in equity funding since its inception in 2015. The company develops a patented, bio-inspired 3D scaffold implant made from natural wood-derived materials to treat severe bone damage and large segmental bone defects.

Financing Raised and Funding Rounds

• Seed Round (2015): GreenBone initially raised about €3 million from investors including Zernike Meta Ventures and Italian Angels for Growth.
• Series A Round (June 2017): The company secured approximately €8.4 million led by Helsinn Investment Fund SA, Invitalia Ventures SGR, Innogest SGR, with participation from founders and private investors such as Italian Angels for Growth.
• Series B Round I (March 2018): Additional undisclosed funding occurred as part of continuing growth efforts.
• Series B Round II (April 2021): GreenBone closed a €10 million round fully subscribed by existing shareholders including 3B Future Health Fund (formerly Helsinn Investment Fund), Innogest SGR, Meta Group, CDP Venture Capital Sgr, Italian Angels for Growth, and other private investors.

Across these rounds between seed stage through Series B-II in April 2021, the company cumulatively raised around €22M (~$26M).

Timing and Amount of Funding Rounds

Date	Funding Round	Amount Raised (€M)	Lead/Key Investors
Sept. 2015	Seed	~3	Zernike Meta Ventures; Italian Angels for Growth
June 2017	Series A	~8.4	Helsinn Investment Fund SA; Invitalia Ventures; Innogest SGR; IAG
March 2018	Series B I	Undisclosed	Not specified
April 2021	Series B II	~10	Existing shareholders: 3B Future Health Fund; Innogest SGR; META Group; CDP Venture Capital; IAG

Investor Information

Key recurring investors include:

• 3B Future Health Fund (formerly Helsinn Investment Fund)
• Innogest SGR
• Italian Angels for Growth
• Meta Group
• CDP Venture Capital
• Other private institutional investors

The board following the latest round includes experienced partners from these funds alongside GreenBone’s CEO Lorenzo Pradella.

Company Valuation

The company's valuation was estimated at around $36.44 million as of June 2017 during the Series A round. Dealroom.co estimates enterprise valuation range between $44–66 million as of April 2021 coinciding with the significant capital raise at that time.

Use of Funds & Milestones

Funding was aimed to support:

• Expansion of clinical use through new orthopedic indications such as spinal and maxillofacial surgery
• Construction of new production lines
• Market launch acceleration following CE Mark approval obtained in late 2019

This strategy reflects their goal to bring advanced regenerative scaffolds into broader medical practice globally.

No public information on exit events or IPOs is available yet.

---

Sources used: GreenBone closes a €10 million Series B round META Group - GreenBone raises €3M Innogest - GreenBone raises €8.4M Orthoworld - GreenBone closes €10 Million funding CB Insights - GreenBone Ortho financials Dealroom.co profile on GreenBone Ortho

3 The Press Releases

Overview of GreenBone Ortho srl

GreenBone Ortho srl, based in Faenza, Italy, is an innovative company specializing in orthopedic biomaterials. Since winning the EIC Accelerator funding in October 2021, GreenBone has continued to advance its bone regeneration technology.

Technology Advancements

GreenBone develops a patented, wood-derived bone regenerative implant, utilizing rattan wood to create a biomimetic and resorbable scaffold for bone grafting. This technology is designed to treat severe bone diseases, such as non-union fractures, spinal damage, trauma, and cancer-induced bone loss by promoting the regeneration of functional bone tissue.

Recent Developments and Partnerships

In February 2024, GreenBone announced an exclusive partnership with Mikai S.p.A., further solidifying its position in the orthopedic biomaterials sector. Additionally, in 2021, GreenBone partnered with Clinica Mobile, the medical group of the MotoGP and Superbike World Championship, to apply its innovative bone regeneration solutions to injuries in these sports.

Funding

GreenBone closed a €10 million Series B funding round in April 2021, following previous investments, including a €3 million seed round in 2015 and an €8.4 million investment round in 2017 led by Helsinn Investment Fund.

CE Mark and Regulatory Approvals

In February 2020, GreenBone received the CE Mark for its bone substitute product, marking a significant milestone in its ability to market its innovative bone graft solutions in Europe.

Team and Leadership

The company is led by Lorenzo Pradella, Co-Founder and CEO/COO, and its technology was developed by a research group at ISTEC-CNR in Faenza, led by Dr. Anna Tampieri.

Press Releases and Public Communication

GreenBone regularly updates its press release archive on its official website, including announcements about partnerships, funding rounds, and regulatory approvals.

Sources:

• GreenBone Ortho Press Release Archive
• Press Release: GreenBone and Mikai Partnership
• Helsinn Investment Fund Leads Financial Round in GreenBone
• GreenBone Medtech Startup Raises €3M
• GreenBone Raises €8.4M Investment Round
• GreenBone Wooden Bones to Heal Moto GP Riders
• GreenBone - Italian Innovation Day
• GreenBone Ortho s.p.a.
• GreenBone Ortho Wins CE Mark for Bone Graft

4 The Technology Advancements

GreenBone Ortho srl: Current Capabilities and Advancements

GreenBone Ortho srl, an Italian medtech startup, specializes in developing innovative bone regeneration solutions. The company received EIC Accelerator funding in October 2021, marking a significant milestone in its growth trajectory. Since then, GreenBone has demonstrated substantial advancements in technology and market presence.

Current Capabilities

GreenBone Ortho's primary product, b.Bone, is a biomimetic 3D bone substitute derived from rattan wood. This technology transforms native vegetable structures into inorganic biomaterials, mimicking human bone's intrinsic structure and chemistry. The company's mission is to provide safe and effective solutions for bone regeneration, targeting unmet clinical needs in orthopedic and trauma surgery.

Advancements Since EIC Funding

Since receiving the EIC Accelerator funding, GreenBone has continued to expand its capabilities:

• Partnerships and Market Presence: GreenBone signed a distribution agreement with Abiogen Pharma SpA for the Italian market, enhancing its commercial reach. Additionally, it partnered with Clinica Mobile to support MotoGP riders, demonstrating its technology's potential in high-performance sports medicine.
• Technological Improvements: GreenBone's technology involves transforming natural structures like bamboo into bone implants with regenerative properties. This approach allows the body to recognize the implant as its own, facilitating bone healing. The company has explored using bamboo due to its structural similarity to bone, enabling the creation of customized implants that mimic natural bone chemistry and morphology.
• Clinical Trials and Market Demonstrations: GreenBone has conducted clinical trials with over 60 patients treated as of April 2022. It has also pursued indications for spine surgery and other orthopedic applications.
• Intellectual Property and Research: The company has filed patents related to biomaterials and orthopedic surgical procedures, reflecting its commitment to innovation. While specific new patents or studies published post-funding are not detailed in available sources, GreenBone's ongoing development suggests continued research into its biomimetic bone substitutes.

Future Prospects

GreenBone's future plans involve expanding its production capacity and exploring new applications for its technology. The company aims to become a global leader in biomimetic bone regeneration solutions, addressing significant unmet needs in orthopedic medicine.

Conclusion

GreenBone Ortho srl has made significant progress since receiving EIC Accelerator funding in October 2021. By advancing its technology, expanding partnerships, and demonstrating its products in both clinical and high-performance sports settings, GreenBone is positioned to further influence the field of bone regeneration.

---

Sources: - GreenBone Ortho: Home | Bone regeneration solutions

• Press Release GREENBONE SPA
• GREENBONE (EGF VD) - European Investment Bank
• GreenBone Medtech startup raises €3M - META Group
• GreenBone Ortho s.p.a. - British Orthopaedic Association
• GreenBone Ortho - Products, Competitors, Financials, Employees
• Greenbone wooden bones to heal Moto GP riders - META Group
• Greenbone: Regenerating bones with bamboo - META Group

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding in October 2021, GreenBone Ortho srl, an Italian company specializing in innovative bone regeneration solutions, has developed several key partnerships and customer relationships that have strategically positioned it to advance its technology and scale its market presence.

Partnerships and Customers

• Mikai: GreenBone Ortho has announced a long-term partnership with Mikai for the distribution of its innovative bone substitute product "b.Bone" within the Italian market. This collaboration enables GreenBone to leverage Mikai’s distribution network to increase domestic market penetration.
• Worldwide Reseller and Distributor Partners: The company maintains a diverse network of international reseller and distributor partners including Cyberkov Information Technology (Kuwait City), cyspro GmbH (Grenchen), Distline Srl among others. These partnerships facilitate GreenBone's global reach by providing access to various geographical markets.
• Investors as Strategic Partners: Key investors such as 3B Future Health Fund (linked to Helsinn Group), Innogest SGR, Meta Group, CDP Venture Capital Sgr, Italian Angels for Growth, META Ventures, and private investors play an active role beyond financing by supporting strategic growth initiatives. Their continued financial backing through multiple funding rounds totaling over €22 million underscores their commitment to scaling GreenBone’s technology development and commercialization efforts.

Nature of New Relationships

The new partnerships primarily serve distribution expansion purposes—enabling broader commercialization of their biomimetic bone scaffolds both domestically in Italy via Mikai and internationally through reseller networks. Investor involvement facilitates accelerated product development toward additional clinical indications as well as production scale-up aiming at improved patient outcomes worldwide.

Market Positioning Impact

These partnerships position GreenBone Ortho strongly within the orthopedic regenerative medicine field by:

• Expanding geographic sales channels.
• Enhancing visibility among clinicians treating severe skeletal conditions like non-union fractures.
• Enabling rapid adoption of their nature-inspired bone implants that mimic human bone structure but are derived from wood-based biomaterials.

This positions them uniquely with a differentiated technology addressing significant unmet clinical needs while building commercial momentum.

Contribution Toward Technology Advancement & Scaling

The support from investor-partners combined with distributor collaborations helps:

• Accelerate R&D activities targeted at new applications for their 3D regenerative scaffold.
• Improve manufacturing processes ensuring scalability while maintaining biomaterial quality standards.
• Facilitate regulatory approvals needed for market entry across multiple territories.

Overall these relationships provide essential resources—financially and commercially—that allow GreenBone Ortho srl not only to innovate further but also effectively bring products from concept through clinical use worldwide.

---

Sources

• Greenbone.it - Home
• Greenbone Press Releases
• Greenbone Partners
• CB Insights - GreenBone Ortho
• Lyfebulb-Helsinn Innovation Summit & Award
• GreenBone Series B Funding PDF Info

6 The Hiring and Company Growth

GreenBone Ortho srl: Team Growth and Development

GreenBone Ortho srl, an innovative Italian company specializing in bone regeneration solutions, has been a recipient of the EIC Accelerator funding in October 2021. Since then, the company has continued to grow and develop its team to support its mission of providing groundbreaking bone implants inspired by nature.

Current Headcount and Team Size

While specific details about the current headcount are not readily available, GreenBone Ortho has been actively expanding its operations and team. The company benefits from its strategic location, allowing it to attract experienced professionals, including those from Orthofix Italy.

Hiring and Team Growth

GreenBone Ortho is not explicitly stated to be hiring at this moment, but with ongoing expansion plans, particularly into new European markets and potentially the US, there may be opportunities for growth within the company. The company's focus on launching its products in the UK and Italy indicates a need for skilled personnel to manage these efforts.

Key Positions and Recent Hires

Stefano Di Lullo, a veteran in the medical device industry, has joined GreenBone Ortho as CEO. His extensive experience includes roles at LivaNova, Corin Group LLC, Boston Scientific, and Edwards Lifesciences. This appointment highlights the company's efforts to strengthen its leadership and drive forward its innovative bone regeneration technologies.

Impact of New Team Members

The addition of experienced professionals like Stefano Di Lullo is crucial for GreenBone Ortho's future growth. His leadership expertise will help the company navigate complex markets and expand its product offerings, contributing significantly to its scaling and growth plans. The company's focus on biomimetic solutions to address unmet clinical needs in bone regeneration positions it uniquely in the market.

Changes in Management or Founding Team

There are no reported major changes in the founding team since the company's inception. However, the addition of new leadership members, such as Stefano Di Lullo, indicates a strategic approach to enhance the company's management structure and capabilities.

Growth and Development

Since its inception in 2015, GreenBone Ortho has raised significant equity investments, including a €10 million Series B round in 2021, bringing its total equity investments to €22 million. This financial support has enabled the company to pursue its innovative technologies and expand its market presence. The company's growth strategy involves leveraging its patented wood-derived bone implants to address severe bone conditions, offering a truly innovative solution in the bone replacement market.

---

Sources: - GreenBone closes a €10 million Series B round

• GreenBone Ortho: Home
• GreenBone Ortho | Alastair Clemow, President
• Stefano Di Lullo Presents GreenBone Ortho at LSI Europe '23
• GreenBone medtech startup raises €3M

7 The Media Features and Publications

Overview of GreenBone Ortho srl

GreenBone Ortho srl, an Italian company, has been making significant strides in the field of bone regeneration since receiving the EIC Accelerator funding in October 2021. The company specializes in developing innovative, safe, and effective solutions for bone regeneration, leveraging the biomorphic transformation of rattan wood to create biomimetic and bioactive bone substitutes.

Media Features and Publications

GreenBone Ortho has been featured in various publications and media outlets, primarily for its pioneering work in using rattan wood-derived implants for bone reconstruction. The company's products, such as the b.Bone series, are designed to address unmet clinical needs in bone healing by offering a synthetic alternative to traditional autologous and allograft bone grafts. The CE Mark approval for its bone substitute products in 2020 marked a significant milestone, positioning it as a leader in the European market.

Podcasts and Interviews

Stefano Di Lullo, a representative of GreenBone Ortho, presented the company at the LSI Europe ’23 Emerging Medtech Summit. This presentation highlighted the company's innovative approach to bone regeneration and its plans for expansion within Europe. Additionally, Alastair Clemow, President of GreenBone Ortho, discussed the company's focus on clinical studies and market expansion in Europe and the US in a video interview.

Conferences and Fair Visits

GreenBone Ortho has actively participated in several conferences and events. It was featured at the British Orthopaedic Association Annual Congress in 2023, where it showcased its products and mission. The company also participated in the LSI USA '24 Medtech Summit, further expanding its presence in the global medtech community.

Involvement in Events

GreenBone Ortho continues to engage with the medical and scientific community through various events and partnerships. The company's involvement in clinical studies across Europe, particularly in the UK, Germany, Switzerland, and Italy, underscores its commitment to advancing bone regeneration technology. Its partnership with distributors, such as Mikai for the Italian market, demonstrates its strategic approach to market expansion.

EIC Accelerator Funding

The EIC Accelerator funding received in October 2021 has been pivotal for GreenBone Ortho, enabling it to further develop its technology and expand its clinical evidence. This funding has supported the company's plans to conduct comprehensive clinical trials and seek additional regulatory approvals, such as the FDA clearance necessary for the US market.

---

Used Sources:

• GreenBone Ortho: Home
• Stefano Di Lullo Presents GreenBone Ortho at LSI Europe '23
• Press Release Archive - GreenBone Ortho
• GreenBone Ortho | Alastair Clemow, President
• GreenBone Ortho wins CE Mark for bone graft made of transformed wood
• GreenBone Ortho s.p.a. - British Orthopaedic Association
• Stefano Di Lullo Presents GreenBone Ortho at LSI Europe '23 is not relevant; instead, use Stefano Di Lullo Presents GreenBone Ortho at LSI Europe '23
• Stefano Di Lullo Presents GreenBone Ortho at LSI Europe '23