1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a key funding initiative under the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs), particularly those engaged in deep tech and innovative solutions. This program aims to help startups and scale-ups bridge the funding gap between early-stage development and market entry. The EIC Accelerator offers a blended finance model that combines grants and equity investments, tailored to assist companies in their growth journey.

Funding Structure

The EIC Accelerator provides funding in two major components:

1. Grant Funding: Companies can receive a grant of up to €2.5 million. This grant is intended for covering the costs associated with the development and demonstration of innovative products, services, or processes. The grant can be utilized for various purposes, including research and development, prototyping, and testing to validate the technology in real-world scenarios.

2. Equity Investment: In addition to the grant, the EIC Accelerator offers equity financing, providing up to €15 million until 2024. From 2025 onwards, this equity investment cap has been adjusted to €10 million. This equity funding is intended to help startups scale their operations, expand their market reach, and leverage additional private-sector investments.

Purpose within the European Ecosystem

The EIC Accelerator plays a crucial role in the European deep tech and startup ecosystem. By providing financial support and resources, it aims to accelerate the commercialization of innovative technologies, thereby enhancing competitiveness and fostering economic growth within the European Union. The program not only helps startups secure the necessary funds but also connects them with a network of investors and industry experts, facilitating knowledge transfer and collaboration. This ecosystem approach is vital for stimulating innovation and ensuring that European companies can compete on a global scale.

Role in Scaling and Private Sector Funding

The EIC Accelerator is instrumental in assisting companies to scale effectively. The combination of grant and equity funding allows businesses to progress through different stages of development while minimizing financial risks. By securing EIC funding, companies can demonstrate their viability to private investors, thereby attracting further investment. The program also provides mentoring and coaching, helping entrepreneurs refine their business models and strategies, which enhances their attractiveness to potential investors.

Case Study: SPIKA TECH, S.L. and the VR-CARDIO Project

Company Overview

SPIKA TECH, S.L. is a Spanish company that has been recognized as a winner of the EIC Accelerator for its innovative project, VR-CARDIO. This initiative focuses on the visualization of bio-potentials for cardiological equipment, aiming to enhance diagnostic and monitoring capabilities in the field of cardiology.

Project Details: VR-CARDIO

The VR-CARDIO project embodies a significant advancement in the healthcare technology sector, particularly in cardiology. The project's objective is to develop a cutting-edge platform that utilizes virtual reality (VR) to visualize bio-potentials, which are crucial for understanding the electrical activity of the heart.

Technology Basics and Background

The technology behind VR-CARDIO is rooted in the principles of bioelectrical signal processing and virtual reality visualization. Bio-potentials are electrical signals generated by the heart's activity, which can be measured through various techniques, including electrocardiography (ECG). Traditional methods of analyzing these signals can be complex and require significant expertise.

VR-CARDIO aims to simplify this process by providing an immersive environment for healthcare professionals. By visualizing bio-potentials in a three-dimensional space, the platform allows for enhanced interpretation of cardiac signals. This innovation not only aids in diagnostics but also improves the training of medical professionals by providing a realistic and interactive learning experience.

The project leverages advanced algorithms for signal processing and integrates them with VR technology to create a user-friendly interface. This approach addresses the challenges faced by clinicians in interpreting complex cardiac data, ultimately leading to improved patient outcomes.

Conclusion

The EIC Accelerator program represents a vital element of the European innovation landscape, providing essential support to deep tech startups like SPIKA TECH, S.L. and their project VR-CARDIO. By combining grant funding and equity investments, the EIC Accelerator fosters innovation, facilitates growth, and strengthens the overall ecosystem for technological advancement in Europe. Through such initiatives, the EIC Accelerator empowers companies to scale, innovate, and contribute to a healthier future.

2 The Funding Rounds

Spika Tech, S.L. (Spain): Funding and Financial Events Since EIC Accelerator Award

Overview

Spika Tech, S.L., based in Madrid, Spain, is a deep-tech company specializing in advanced AI-driven solutions for healthcare (notably VR-CARDIO), robotics (PRAS platform), and defense technologies. The company received notable recognition and funding after winning the EIC Accelerator award following its Step 2 proposal submission on October 6, 2021.

Financing Raised & Funding Rounds

EIC Accelerator Grant (October 2021)

Spika Tech received an EIC Accelerator grant from the European Innovation Council in October 2021. The reported amounts for this round vary slightly across sources:

€2.5 million as a direct grant
Some sources cite “close to €6 million” referencing additional blended finance or follow-on investment linked to the award
Early VC/Early Stage Investment

In addition to the EIC grant, Spika Tech appears to have secured further early-stage venture capital funding:

€3.5 million is listed as an “Early VC” round post-EIC win
Total Funding Raised
Combined estimates place total funding at approximately €6 million as of late 2023–early 2024
There are currently no public records of subsequent large institutional rounds after these initial tranches

Timing and Amounts of Notable Funding Rounds

Date	Round Type	Amount	Investor(s)
Oct 2021	Grant	€2.5 million	European Innovation Council [EIC]
Post-Oct 2021	Early VC	€3.5 million	Not explicitly disclosed; may involve private/institutional investors linked with acceleration program or ecosystem support

The exact timing of this early VC round is not specified but is reported after the receipt of the EIC grant.

Investor Information

The primary disclosed investor is the European Innovation Council through its Accelerator program.
Details about other private investors participating in subsequent rounds are not publicly available or named specifically in accessible databases or press releases.

Company Valuations

As of December 2021, Dealroom.co estimated Spika Tech’s enterprise valuation between €14–21 million.
No updated valuation figures have been published since then; however, significant growth expectations were noted with projected regulatory approvals and hospital deployments by early 2025.

Exit Events: IPOs, Buyouts & Acquisitions

As of April 23, 2025:
There are no reports or evidence that Spika Tech has undergone any exit event such as an Initial Public Offering (IPO), acquisition/buyout by another company.
The company remains privately held with ongoing expansion activities announced for both healthcare device commercialization and new investment partnerships anticipated for future growth initiatives.

Summary Table

Event/Metric	Details
First Major Public Funding	Oct. 2021 — EIC Accelerator (€2.5m)
Additional Early VC Round	~€3.5m
Total Estimated Funds	~€6m
Key Investor(s)	European Innovation Council
Last Known Valuation	€14—21m (Dec 2021 estimate)
Exit Event	None reported

</em> Timing post-EIC award; precise date undisclosed.

Sources

3 The Press Releases

Overview of SPIKA TECH, S.L.

SPIKA TECH, S.L., based in Spain, is a leader in technological innovation, focusing on AI, healthcare, biotech, IT/hardware manufacturing, robotics, and software development. The company's mission is to achieve leadership in market, product, and quality by collaborating in research and promoting the use of Artificial Intelligence, Virtual Reality, Augmented Reality, and Robotics.

EIC Accelerator Funding

In October 2021, SPIKA TECH, S.L. successfully secured funding from the EIC Accelerator program after winning in the Step 3 interview. This funding has likely supported the company's ongoing research and development initiatives.

Technology and Innovation

VR-CARDIO: One of SPIKA TECH's notable projects involves the development of VR-CARDIO, a technology designed to visualize and diagnose arrhythmia by estimating electrocardiogram cardiac and transmembrane actions.
PRAS Project: The company has also been actively involved in the PRAS project, which was showcased at ROSCon Madrid and the European Researchers’ Night.

Team and Participation in Events

Team Members: Key figures include Fernando Pozo, the Chief Operating Officer, who holds a PhD in Bioinformatics and Machine Learning from CNIO.
Event Participation: SPIKA TECH has participated in several high-profile events, including the Mobile World Congress in Shanghai and Las Vegas, where they showcased innovative projects like VR-CARDIO and PRAS.

Press Releases and Updates

While specific press releases from the company's website are not detailed, SPIKA TECH regularly updates its news section with achievements and event participations. The company's social media and website are likely sources for announcements regarding partnerships, technology advancements, and team updates.

Partnerships and Collaborations

Information on specific partnerships or collaborations are not explicitly mentioned in the available data. However, the company's focus on collaborative research suggests ongoing partnerships in the fields of AI, robotics, and healthcare.

Sources

4 The Technology Advancements

Spika Tech S.L.: Post-EIC Accelerator Advancements and Market Traction

Since receiving EIC Accelerator funding in October 2021, Spika Tech S.L. has significantly advanced its technological portfolio, regulatory compliance, and market penetration. Below is a synthesis of their progress across key domains:

Technological Developments

VR-CARDIO: A non-invasive cardiac arrhythmia detection software that uses real-time data analysis. The system is nearing CE marking and FDA approval, with initial hospital deployments anticipated in early 2025.
PRAS Robotics Platform: An AI-driven autonomous robotics system designed for industrial efficiency and operational reliability.
ISO Certifications: Achieved ISO 13485:2018 certification for medical software development (2024) and initiated ISO 27001 implementation for IT security (certification expected in 2025).

Market Demonstrations & Pilots

Regulatory Milestones: Secured a medical device manufacturer license from Spain’s AEMPS (Agencia Española de Medicamentos y Productos Sanitarios) in 2024. Engaged with the EMA and FDA for VR-CARDIO’s certification.
Defense Sector Collaborations: Active participation in European defense programs focusing on AI-driven airspace surveillance and cybersecurity enhancements.

Intellectual Property & Research Outputs

While specific patent filings are not disclosed publicly, Spika Tech emphasizes R&D investments in:

AR/VR Integration: Custom solutions for aeronautics, healthcare, education, and architecture sectors.
AI-Driven Chatbots: Decision-making tools leveraging machine learning algorithms to automate complex workflows.

Strategic Expansion Initiatives

€150 Million Investment Fund: Launched jointly with German and Irish partners to accelerate innovation in healthcare robotics and defense technology.
MWC Barcelona 2025 Participation: Showcased advancements in AI-powered medical diagnostics (VR-CARDIO) and next-gen robotics platforms like PRAS.

Sources Used

5 The Partnerships and Customers

SPIKA TECH, S.L.: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding

Since securing EIC Accelerator funding in October 2021, SPIKA TECH, S.L. has expanded its partnerships and technological capabilities across defense, healthcare, and robotics sectors. Below is a synthesis of its key collaborations and market positioning based on recent developments:

Key Partnerships & Customers

EISNET Consortium: SPIKA TECH joined the Thales-led European Interactive Sensor-Based Dynamic Defence Network (EISNET) consortium in December 2024. This collaboration includes industry leaders such as Indra Sistemas SA (Spain), Diehl Defence (Germany), Leonardo (Italy), and research institutions like the Polish Academy of Sciences. The project aims to enhance EU air defense against advanced threats like hypersonic missiles through interoperable sensor networks.
Healthcare Certification: The company achieved UNE-EN ISO 13485:2018 certification for medical device development, particularly for its VR-CARDIO software used in cardiology. This positions SPIKA TECH as a compliant partner for healthcare institutions requiring certified diagnostic tools.

Nature of New Relationships & Market Impact

Defense Sector: Through EISNET, SPIKA TECH contributes expertise in IoT, AI, and real-time data integration to develop the EISNET Architecture Framework Tool (EAFT). This partnership enables access to cross-border defense projects under the European Defence Fund, enhancing credibility in high-stakes security markets.
Healthcare Innovation: Certification aligns with medical industry standards, facilitating collaborations with hospitals and medtech firms seeking AI-driven diagnostic solutions like VR-CARDIO.

Technology Advancements & Scaling Opportunities

Interoperability protocols developed within EISNET will integrate SPIKA TECH’s AI/ML algorithms into multinational defense systems, accelerating R&D scalability.
Medical certification streamlines compliance processes for future healthcare products while attracting investment from regulated industries.

Sources

6 The Hiring and Company Growth

Spika Tech Overview

Spika Tech, S.L., is a Spanish company based in Madrid, specializing in innovative technologies such as Virtual Reality (VR), Augmented Reality (AR), Robotics, Artificial Intelligence (AI), software development, and more. The company is noted for its multidisciplinary approach and commitment to quality and customer service.

Current Headcount and Team Size

As of the latest information available, Spika Tech has between 11 and 50 employees. However, more specific details on the current headcount are not readily available.

Hiring and Team Growth

There is no detailed information available on whether Spika Tech is currently hiring or the specific positions they are seeking to fill. However, companies like Spika Tech often expand their teams with specialized talent in line with their technology focus, possibly including roles in AI, VR, and software development.

Growth Since EIC Accelerator Funding

Spika Tech received EIC Accelerator funding in October 2021, which likely facilitated significant growth and innovation within the company. The funding typically supports scaling and expanding innovative projects, which could mean hiring new talent to support these efforts.

Key Positions and Future Impact

While specific recent hires are not detailed, new team members would typically contribute to enhancing Spika Tech's technological offerings and scaling its operations. New talent, particularly in areas like AI and VR, would help the company expand its market presence and develop more sophisticated solutions, especially in the medical sector, given their VR-CARDIO innovation.

Management and Founding Team Changes

Spika Tech was founded in 2015 by Cristina Zúñiga, and it is a female-led enterprise. There is no recent information available about major changes in the management or founding team.

In conclusion, Spika Tech's growth since receiving EIC Accelerator funding in 2021 likely involves strategic hiring to support its innovative projects, although specific hiring details are not available.

Sources

7 The Media Features and Publications

Overview of Spika Tech, S.L.

Spika Tech, S.L., based in Spain, is a technological company focused on research and innovation across various sectors including Aeronautics, Telecommunications, Health, Architecture, Education, and Industry. Established on October 6, 2015, the company is known for developing augmented reality (AR) and virtual reality (VR) software.

Media Features

Spika Tech has been featured in several media outlets for its innovative projects, such as the VR-CARDIO project, which was showcased at events like the International Defence and Security Fair of Spain (FEINDEF). The company has also been recognized for its achievements, including winning the QIA 2022 National Phase Awards. Additionally, Spika Tech was highlighted by Womenalia as the winner of the first Entrepreneur Award 2021.

Publications

Publications have noted Spika Tech's contributions to technological innovation. For instance, the company's involvement in international projects and its role as a technological partner in major strategic programs have been highlighted. Moreover, Spika Tech's focus on using advanced technologies like machine learning and deep learning has been covered in various reports.

Podcasts and Interviews

Spika Tech has participated in interviews and discussions on platforms like YouTube, where they have shared insights into their projects and entrepreneurial journey. An example includes an interview from "Acelera PYME" discussing their experiences and innovations.

Conference and Fair Visits

Spika Tech actively participates in conferences and fairs to showcase its technology. One notable event was the FEINDEF fair, where they presented their VR-CARDIO project. Additionally, their involvement with European Union projects and participation in events like the Mobile World Congress have been documented.

Events Involvement

The company is involved in various events and programs, acting as a research laboratory in collaboration with academic institutions like the Rey Juan Carlos Public University. Spika Tech also engages with platforms like EUcalls to promote its work and collaborate on European projects.

Spika Tech received the EIC Accelerator funding on October 6, 2021, which further highlights its innovative contributions to the technological sector.

Sources: - News – Page 2 - Spika Tech

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Table of Contents

1 The EIC Accelerator Project

EIC Accelerator Program Overview

Funding Structure

Purpose within the European Ecosystem

Role in Scaling and Private Sector Funding

Case Study: SPIKA TECH, S.L. and the VR-CARDIO Project

Company Overview

Project Details: VR-CARDIO

Technology Basics and Background

Conclusion

2 The Funding Rounds

Spika Tech, S.L. (Spain): Funding and Financial Events Since EIC Accelerator Award

Summary Table

Sources

3 The Press Releases

Overview of SPIKA TECH, S.L.

EIC Accelerator Funding

Technology and Innovation

Team and Participation in Events

Press Releases and Updates

Partnerships and Collaborations

Sources

4 The Technology Advancements

Technological Developments

Market Demonstrations & Pilots

Intellectual Property & Research Outputs

Strategic Expansion Initiatives

5 The Partnerships and Customers

Key Partnerships & Customers

Nature of New Relationships & Market Impact

Technology Advancements & Scaling Opportunities

Sources

6 The Hiring and Company Growth

Spika Tech Overview

Current Headcount and Team Size

Hiring and Team Growth

Growth Since EIC Accelerator Funding

Key Positions and Future Impact

Management and Founding Team Changes

Sources

7 The Media Features and Publications

Overview of Spika Tech, S.L.

Media Features

Publications

Podcasts and Interviews

Conference and Fair Visits

Events Involvement

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