1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a vital component of the European Innovation Council (EIC), aimed at supporting innovative startups and small to medium-sized enterprises (SMEs) in scaling their breakthrough technologies. This initiative is particularly focused on DeepTech and high-impact innovations with the potential to disrupt markets and address significant societal challenges. Through a combination of grants and equity investments, the EIC Accelerator provides comprehensive financial assistance to projects that demonstrate high potential for growth and market impact.

Funding Structure of the EIC Accelerator

The EIC Accelerator offers funding through two main avenues: grants and equity investments.

Purpose of the EIC Accelerator

The EIC Accelerator serves several key purposes within the European DeepTech and startup ecosystem:

• Innovation Support: It fosters innovation by providing financial backing to startups that are developing cutting-edge technologies, thereby accelerating their journey from idea to market.
• Market Penetration: By facilitating access to funding, the program helps companies penetrate markets more effectively and rapidly, enhancing their competitive edge.
• Private Sector Engagement: The EIC Accelerator encourages collaboration with private investors, ensuring that companies can leverage additional funding sources to scale their operations sustainably.
• Societal Impact: It aims to address pressing societal challenges, such as healthcare improvements, sustainability, and digital transformation, aligning with broader EU objectives.

Role in Scaling Companies

The EIC Accelerator plays a crucial role in helping companies scale by providing them with the financial resources necessary to advance their innovations. By combining grants and equity investments, the program reduces the financial burden on startups, allowing them to focus on product development and market entry. Furthermore, the involvement of the EIC enhances a company's credibility, attracting additional investors and facilitating partnerships that are essential for scaling and growth.

Case Study: MULTI4 MEDICAL AB and the Multi4 Project

Company Overview: MULTI4 MEDICAL AB is a Swedish innovative company that has developed a groundbreaking surgical instrument designed specifically for the treatment of bladder cancer. The company aims to revolutionize the way bladder cancer is treated, focusing on outpatient procedures that minimize patient recovery time and enhance overall treatment effectiveness.

Project Acronym: Multi4

Project Description: The Multi4 project involves the development of the first surgical instrument capable of performing bladder cancer treatment through a 20-minute outpatient procedure. This innovative approach significantly streamlines the treatment process, making it less invasive and more accessible for patients. The project leverages advanced surgical techniques and technologies to ensure high precision and efficacy in cancer treatment.

Technology Basics and Background: The Multi4 surgical instrument incorporates state-of-the-art technology that allows for minimally invasive procedures. The instrument is designed to enhance the surgeon's capabilities during the operation, providing real-time feedback and precision that traditional methods cannot match. This technology is underpinned by extensive research and development in the field of surgical instrumentation and cancer treatment protocols.

The Multi4 project not only aims to improve patient outcomes but also seeks to reduce the overall healthcare costs associated with bladder cancer treatment. By enabling outpatient procedures, the project addresses the growing demand for efficient healthcare solutions that can alleviate the burden on healthcare systems while ensuring high-quality care for patients.

In conclusion, the EIC Accelerator program is instrumental in fostering innovation within the European startup ecosystem, particularly through its support for companies like MULTI4 MEDICAL AB. The funding provided not only enhances the development of revolutionary technologies but also aims to deliver significant societal benefits through improved healthcare outcomes.

2 The Funding Rounds

Multi4 Medical AB, a Swedish medical technology company specializing in innovative solutions for bladder cancer diagnosis and treatment, has actively engaged in financing and funding activities since 2024. The key details regarding their financing rounds, investors, valuation-related information, and exit events are summarized below:

Financing Raised and Funding Rounds

• In February 2024, Multi4 Medical AB successfully raised SEK 25 million (approximately €2.3 million) through angel investors based in Sweden. This round of funding was aimed at supporting the commercialization and development of their groundbreaking surgical instrument for bladder cancer treatment.
• Apart from this significant angel investment round, Multi4 also received additional grant funding from European programs:
• They were awarded a grant from the Women TechEU program under Horizon Europe to accelerate commercialization efforts specifically targeting female-led deep-tech startups.
• They secured SEK 200,000 via the Medtech4Health program geared towards competence enhancement within small Swedish medical technology companies in early-to-mid 2024.

Timing and Amounts

• The largest disclosed equity-related raise was SEK 25 million with angel investors announced on February 28, 2024.
• Grants such as those from Women TechEU and Medtech4Health took place throughout early to mid-2024 but involved smaller amounts (Women TechEU details not quantified publicly; Medtech4Health specifically SEK 200k).

Investor Information

• Angel investors primarily backed Multi4’s major equity round; however specific names of these individual or institutional angels have not been publicly detailed.
• Leadership involvement by prominent Swedish investor Erik Selin as chairman since early/mid-2024 indicates strategic investor confidence. Selin is a billionaire with vast experience investing across medical technology sectors among others.

Company Valuations

• No explicit public data on Multi4 Medical AB’s valuation post-funding rounds is available.
• Given the size of recent raises (SEK ~25M) combined with grants for commercialization acceleration suggests an emerging growth phase typical for specialized medtech startups pre-Series A scale.

Exit Events (IPO/Buyouts/Acquisitions)

• As of May 6th, 2025:
• Multi4 Medical AB remains privately held.
• There are no reported IPOs or acquisitions involving Multi4.
• Their focus continues on product development/commercialization under private ownership supported by angel capital inflows alongside EU grants.

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In summary: Since submitting its Step 2 proposal in March 2024 to secure EIC Accelerator funding—which it subsequently won—Multi4 Medical AB has raised at least SEK 25 million through angel investments complemented by focused EU grants supporting innovation and international market entry. Strategic leadership by investor Erik Selin further bolsters its position while there are no current public records indicating valuation milestones or exit transactions like IPOs or buyouts.

Sources

• Multi4 raised SEK 25 million with angel investors in Sweden | Nordic9
• Medtech Competence Enhancement Funding | Vinnova
• Multi۴AB receives grant from WomenTechEU | GAEU Consulting

-Swedish Investor Erik Selin's role & investments including chairmanship at Multi٤|193countriesconsortium.com(https://193countriesconsortium.com/۲۰۲۵/۰۱/erik-selin-strategic-investments-and-leadership-rolles-in-%۲۰۲۴/)

3 The Press Releases

MULTI4 MEDICAL AB: Advancements and Updates Since EIC Accelerator Funding

MULTI4 MEDICAL AB, a Swedish company, received funding from the European Innovation Council (EIC) Accelerator in March 2024. This funding supports their innovative surgical instrument designed for bladder cancer treatment through a novel 20-minute outpatient procedure.

Technology Advancements

• Automated Bladder Cancer Treatment: MULTI4 has developed patented technology that automates endoscopic cancer diagnosis and treatment, marking a significant advancement in bladder cancer care. This technology has the potential to be a game-changer for millions of patients worldwide.
• Clinical Studies: The company is conducting a clinical study involving 25 bladder cancer patients at Sahlgrenska University Hospital in Gothenburg. The goal is to achieve both CE certification and FDA approval, aiming to integrate the instrument into clinical practice.

Partnerships and Collaborations

• Sahlgrenska University Hospital and RISE Research Institutes of Sweden: MULTI4 maintains a strong partnership with the Urology clinic at Sahlgrenska University Hospital, which performs the surgeries, and collaborates with RISE Research Institutes of Sweden.
• Relocation to Gothenburg: The company has relocated to Gothenburg, taking advantage of the region's thriving life science ecosystem. This move positions MULTI4 within GoCo Health Innovation City, a hub with state-of-the-art facilities and networking opportunities.

Team Updates

Female Leadership: Dr. Miden Melle-Hannah, CEO of MULTI4, is a female entrepreneur who has become a role model for women in science and technology. Her dedication to improving cancer treatment has been inspiring, and her presence strengthens Gothenburg's life science ecosystem.

Patents and Funding

• Patented Technology: MULTI4 holds a patent for its groundbreaking surgical instrument, which automates endoscopic cancer diagnosis and treatment. This technology is the first of its kind worldwide.
• Women TechEU Grant: In addition to EIC funding, MULTI4 received grant funding from Women TechEU, a Horizon Europe initiative that supports female-led deep-tech startups. This grant aims to accelerate the commercialization of their surgical instrument.

Press Releases and Updates

While specific press releases on MULTI4's website or social media accounts are not detailed in the available information, the company's achievements and funding have been highlighted in various external publications. For instance, their participation in the EIC Accelerator and Women TechEU has been covered in news articles, reflecting their innovative approach to cancer treatment and their impact on the life science ecosystem in Sweden.

Sources:

• EIC Accelerator March 2024 Results: A Detailed Analysis of Funding Distribution and Success Rates
• Multi4 is aiming to revolutionise cancer care
• Multi4 AB receives grant from WomenTechEU, Horizon Europe

4 The Technology Advancements

Overview of MULTI4 MEDICAL AB

MULTI4 MEDICAL AB, a Swedish company, has made significant strides in the field of cancer diagnostics and treatment. They are renowned for developing the world's first automated technology for endoscopic cancer diagnosis and treatment, particularly suited for urinary bladder cancer. This technology is designed to reduce human suffering and improve quality of life by enabling cost-effective and minimally invasive procedures without the need for fasting, anesthesia, or hospital stays.

Advances Since EIC Accelerator Funding

Since receiving the EIC Accelerator funding in March 2024, MULTI4 MEDICAL AB has continued to advance its technology and market presence. However, specific details about new features, improvements, or demonstrations since the funding are not readily available. The company has been working to meet both MDR and FDA requirements, indicating ongoing efforts to expand its regulatory compliance.

Technology Demonstrations and Clinical Trials

MULTI4 MEDICAL AB's technology is designed for outpatient care, allowing patients to undergo treatment without hospitalization. While there is no public information on recent clinical trials specifically conducted since the EIC funding, the company's collaboration with RISE Research Institute of Sweden and Sahlgrenska University Hospital underscores its commitment to rigorous testing and validation. Demonstrations or pilots in the market might be ongoing as part of their broader strategy to reduce waiting times and enhance patient care.

Patents and Scientific Publications

The company boasts robust patent families protecting its innovative technology, which is adaptable for various cancers beyond bladder cancer. However, recent patent filings or scientific studies since March 2024 are not documented in available sources. MULTI4's focus on reducing suffering and improving quality of life aligns with their mission to make a significant impact in cancer treatment globally.

Grants and Funding

MULTI4 MEDICAL AB also received a grant from WomenTechEU, part of Horizon Europe, recognizing its potential as a groundbreaking innovation led by a female founder. This funding supports the commercialization of their technology, further accelerating its development and market introduction.

Conclusion

MULTI4 MEDICAL AB continues to push boundaries in cancer treatment with its pioneering endoscopic technology. While specific advancements since the EIC funding are not widely reported, the company's ongoing regulatory efforts and grant recognitions underscore its commitment to innovation and global impact.

Sources

• Multi4 – Hey cancer. You picked the wrong fight.
• Multi4 AB receives grant from WomenTechEU, Horizon Europe
• EIC Accelerator March 2024 Results: A Detailed Analysis of Funding Distribution and Success Rates

5 The Partnerships and Customers

Multi4 Medical AB: Partnerships, Customers, and Relationships

Multi4 Medical AB, a Swedish company specializing in innovative cancer diagnostics and treatment technologies, has established several key partnerships since receiving the EIC Accelerator funding. These relationships have been crucial for the company's growth and technological advancements.

Partnerships and Collaborations

• Welas Oy Ltd, Finland: Multi4 has collaborated with Welas to develop an award-winning medical tool for diagnosing and treating cancer. This partnership highlights the company's ability to work across borders to advance medical technology.
• RISE – Research Institutes of Sweden: Multi4 works closely with RISE to ensure regulatory compliance and facilitate innovation research. This partnership supports Multi4 in navigating complex regulatory environments while developing new technologies.
• Sahlgrenska University Hospital: Multi4 has a strong partnership with the Urology Clinic at Sahlgrenska University Hospital, where clinical studies and surgeries using Multi4’s instrument are conducted. This collaboration is essential for clinical validation and adoption of Multi4’s technology.

New Partners and Customers

While specific new partners or customers are not detailed, Multi4 Medical AB's relocation to Gothenburg positions it within a thriving life science ecosystem. This strategic move is expected to attract new collaborations and partnerships, given the city's reputation for clinical research and innovation.

Nature of Relationships and Purpose

The partnerships with organizations like RISE and Sahlgrenska University Hospital are focused on advancing Multi4’s technology, ensuring regulatory compliance, and integrating its innovative instruments into clinical practice. These collaborations aim to reduce suffering for cancer patients by providing faster, less invasive treatments.

Positioning in the Market

Multi4 Medical AB's involvement with prestigious research institutions and its participation in programs like Innovate Nordics 2025 enhance its market position. Being part of such initiatives connects Multi4 with key investors, advisors, and industry leaders, potentially opening new avenues for growth and investment.

Technology Advancements and Scaling

The company's partnerships facilitate technology advancements by leveraging the expertise of research institutions and hospitals. For instance, the collaboration with RISE helps in navigating regulatory processes, which is crucial for scaling up the production and market introduction of Multi4’s instruments. Additionally, Multi4’s participation in programs like Women TechEU provides access to funding and coaching, further supporting its commercialization efforts.

Sources

• Multi4 Medical AB Archives
• Collaborating to create an award-winning medical tool
• Multi4
• Multi4 AB receives grant from WomenTechEU, Horizon Europe
• Multi4 is aiming to revolutionise cancer care
• SACCNY Announces Innovate Nordics 2025 Cohort

6 The Hiring and Company Growth

MULTI4 MEDICAL AB Team Growth and Structure Post-EIC Accelerator Funding MULTI4 MEDICAL AB, a Swedish medtech innovator, secured EIC Accelerator funding in March 2024 to advance its automated endoscopic system for bladder cancer diagnosis and treatment. While specific headcount figures are not publicly disclosed, the company emphasizes collaboration with engineers, healthcare professionals (including urologists and endoscopists), and research institutions such as RISE, the University of Gothenburg, and Sahlgrenska University Hospital.

The company’s website highlights a “broad and committed team” working across regulatory compliance (MDR/FDA), IP development, and clinical trials. MULTI4’s focus on outpatient care innovation suggests ongoing hiring in engineering, regulatory affairs, and clinical operations to support its mission of replacing traditional inpatient procedures with 30-minute outpatient treatments.

Key positions likely include roles in R&D, quality assurance, regulatory strategy, clinical operations, and IP management, given their partnerships with specialized patent offices. The EIC Accelerator funding is expected to accelerate scaling efforts by expanding manufacturing capabilities, clinical validation (e.g., NCT06136312 trial), and market entry preparations across Europe. No major management changes have been reported post-funding.

Sources

• Clinical Investigation of the Multi4 System | Clinical Research Trial
• Multi4 – Hey cancer. You picked the wrong fight
• EIC Accelerator March 2024 Results: A Detailed Analysis of Funding Distribution

7 The Media Features and Publications

Multi4 Medical AB: A Swedish Innovator in Cancer Diagnostics and Treatment

Multi4 Medical AB, based in Sweden, has made significant strides in cancer diagnostics and treatment, particularly for urinary bladder cancer. The company developed a world-unique, patented technology that automates endoscopic cancer diagnosis and treatment, marking a pivotal shift in medical practices.

Media Features and Publications

Multi4 Medical AB has been featured in various publications for its groundbreaking innovation. It was highlighted by Invest In Gothenburg for its revolutionary approach to bladder cancer treatment, noting the clinical trials underway at Sahlgrenska University Hospital. Additionally, the company received a grant from Women TechEU, a European Union initiative supporting female-led deep-tech startups, to accelerate the commercialization of its surgical instrument.

Content from Publications

Publications emphasize Multi4's technology as a game-changer for millions of patients worldwide. The technology allows for automated diagnosis and treatment, reducing the need for extensive hospital procedures and improving patient recovery times. It has also been recognized for its potential to treat other types of cancer in the future, such as those affecting the esophagus, stomach, lungs, and intestines.

Podcasts and Interviews

While specific podcast appearances by the Multi4 Medical AB team are not documented in the available sources, the company's CEO, Dr. Miden Melle Hannah, has been highlighted as a role model for women in science and technology due to her dedication to improving cancer treatment.

Conference and Fair Visits

Multi4 Medical AB has been part of Gothenburg's thriving life science ecosystem, relocating to GoCo Health Innovation City. This strategic move positions the company within a vibrant network of industry experts and state-of-the-art facilities, facilitating collaboration and innovation. However, specific details about conference visits or presentations are not available in the provided sources.

Involvement in Events

The company's relocation to Gothenburg indicates its involvement in regional life science events and networks. This integration supports the company's mission to advance healthcare through innovation.

Multi4 Medical AB received the EIC Accelerator funding in March 2024, marking a significant milestone in its journey to revolutionize cancer care.

Sources

• Multi4 – Hey cancer. You picked the wrong fight.
• Meet doctor turned entrepreneur aiming to revolutionise cancer care
• MULTI4 - the future in endoscopic diagnostics and treatment of cancer
• Multi4 AB receives grant from WomenTechEU, Horizon Europe