1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a flagship funding initiative under the European Innovation Council (EIC) designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. It aims to fast-track the development of high-risk, high-potential deep-tech innovations that can contribute to economic growth and job creation. The program provides a unique blend of funding options, combining grants and equity investments, facilitating a comprehensive financial support mechanism for companies at various stages of development.
Funding Structure
The EIC Accelerator funding consists of two main components: grant funding and equity investment. The grant component can provide up to €2.5 million, aimed at covering the costs of developing and validating innovative projects. This grant is particularly beneficial for early-stage companies seeking to finance research and development activities, prototype creation, and market entry strategies without diluting equity.
In addition to the grant, the EIC Accelerator offers an equity investment component that allows successful applicants to raise up to €15 million until 2024 and up to €10 million starting in 2025. This equity investment is critical for companies looking to scale their operations, expand into new markets, or accelerate the commercialization of their technologies. The blended finance structure of the EIC Accelerator thus provides a robust framework for startups to leverage both grants and equity, significantly enhancing their financial viability and attractiveness to private investors.
Purpose in the European DeepTech and Startup Ecosystem
The EIC Accelerator plays a pivotal role in fostering innovation within the European DeepTech ecosystem. By targeting high-risk, high-reward projects, the program aims to bridge the funding gap that often exists in the early stages of development. DeepTech startups, which often involve complex scientific or engineering challenges, frequently struggle to secure investment due to perceived risks. The EIC Accelerator mitigates these risks through its comprehensive funding model, enabling startups to demonstrate viability and attract additional private sector investment.
Moreover, the program emphasizes collaboration and partnership within the innovation ecosystem, facilitating access to networks, mentorship, and resources that can further enhance the potential for success. By supporting deep-tech innovations, the EIC Accelerator contributes to the overall competitiveness of the European economy, fostering technological advancements that address critical societal challenges.
Role in Scaling Companies and Attracting Private Funding
As part of its mission, the EIC Accelerator not only provides financial support but also offers strategic guidance and resources that help startups scale effectively. This includes access to a network of investors, potential partners, and industry experts who can provide valuable insights and connections. By validating the business models and technologies of the funded projects, the EIC Accelerator enhances the credibility of these companies, making them more attractive to private investors.
The program also encourages companies to develop robust business plans and strategies that align with market needs, thereby increasing their chances of securing subsequent rounds of funding from private sources. The strong emphasis on commercialization and market readiness positions EIC Accelerator winners as leaders in their respective fields, capable of navigating the complexities of scaling and growth.
EIC Accelerator Winner: Butterfly Medical Ltd.
Project Overview: MPRD
Butterfly Medical Ltd., an innovative company based in Israel, emerged as a winner of the EIC Accelerator program with its project titled MPRD (Minimally Invasive Medical Prostatic Retraction Device). The project focuses on developing an advanced medical device designed specifically for the treatment of Benign Prostatic Hyperplasia (BPH) in office settings. The MPRD aims to transform the current approaches to BPH treatment, which often involve invasive surgical procedures, by offering a minimally invasive alternative that can enhance patient comfort and reduce recovery times.
Technology Background and Innovation
Benign Prostatic Hyperplasia is a common condition affecting a significant portion of the male population, particularly men over the age of 50. Traditional treatment methods, including medications and invasive surgeries, can be limited in effectiveness and often come with considerable side effects and risks. Butterfly Medical's MPRD device is designed to address these challenges by providing a less invasive solution that can be administered in an outpatient setting.
The MPRD utilizes a novel mechanism to retract the prostate tissue, thereby alleviating urinary obstruction without the need for extensive surgical intervention. This innovative approach not only minimizes trauma to surrounding tissues but also allows for quicker patient recovery and a more comfortable treatment experience. The device's design emphasizes ease of use for healthcare providers, facilitating quicker procedures and reducing the burden on healthcare systems.
The project has undergone rigorous development and testing phases, demonstrating promising results in preclinical studies. With the support of the EIC Accelerator, Butterfly Medical aims to advance the MPRD further through clinical trials and eventual market launch.
Conclusion
The EIC Accelerator program serves as a crucial enabler for startups like Butterfly Medical Ltd., providing essential funding and strategic support to bring groundbreaking innovations to market. The MPRD project exemplifies the program's commitment to fostering health tech advancements that can significantly improve patient outcomes and reshape the treatment landscape for conditions like BPH. Through such initiatives, the EIC Accelerator not only bolsters individual companies but also contributes to the overall vitality of the European innovation ecosystem.
2 The Funding Rounds
Butterfly Medical Ltd. — Funding and Financial Events Since EIC Accelerator Award
Overview
Butterfly Medical Ltd., an Israeli medtech company specializing in minimally invasive solutions for benign prostatic hyperplasia (BPH), has continued to develop both its product and market position since being selected as a winner of the EIC Accelerator funding program during the March 22, 2023 cut-off.
Financing Raised & Funding Rounds
- Total Funding: As of August 31, 2024, Butterfly Medical's reported total funding is $9 million.
- Funding Rounds: The company has completed two main funding rounds:
- Series A: Details about timing and amount are not publicly specified in recent sources.
- Series B: Closed in October 2020, raising $7 million.
Timing and Amounts of Funding Rounds
| Round | Date | Amount | Lead Investors |
|---|---|---|---|
| Series B | October 2020 | $7 million | New Rhein Healthcare Investors |
Details on other specific rounds prior to Series B are limited; earlier institutional support was provided by Alon Medtech Ventures.
Investor Information
- Lead Investor (Series B):
- New Rhein Healthcare Investors (Philadelphia-based)
- Other Notable Investor:
- Alon Medtech Ventures (Israeli medical device VC firm)
- Additional investors are noted (total six), but names beyond these two are not specified in recent public disclosures.
New Rhein managing partners Greg Parekh and Ivan Gergel joined Butterfly Medical’s Board of Directors after the Series B round.
EIC Accelerator Award Impact
In March 2023, Butterfly Medical was selected as one of only 51 companies across Europe to receive EIC blended finance from the European Innovation Council. This call had a total budget allocation of €261 million for all winners; individual company allocations typically range up to €2.5M grant plus equity investment that can reach €10M per applicant under current rules. However, the specific amount awarded to Butterfly Medical has not been made public as of May 2025. The award provides non-dilutive grant money alongside potential equity investment from the dedicated EIC Fund.
The announcement confirming their selection was published by both EU sources and directly on Butterfly Medical’s website in May 2024. This supports their clinical development efforts including a pivotal US trial.
Company Valuations
No publicly available information discloses an official post-money valuation or market capitalization figure for Butterfly Medical Ltd.. It remains privately held with financial specifics undisclosed beyond aggregate fundraising totals.
Exit Events: IPOs or Acquisitions
There have been no reported exit events—such as IPOs, buyouts, or acquisitions—for Butterfly Medical Ltd. since receiving EIC Accelerator funding through May 2025. The company continues operations independently with ongoing clinical trials and commercialization plans focused on addressing enlarged prostate conditions using its proprietary implant technology.
Summary Table
| Category | Details |
|---|---|
| Total Financing Raised | $9 million |
| Number of Funding Rounds | Two primary rounds: Series A (amount/date undisclosed), Series B ($7M) |
| Last Disclosed Round | Series B — October 2020 ($7M led by New Rhein Healthcare Investors) |
| Key Investors | New Rhein Healthcare Investors; Alon Medtech Ventures |
| EIC Accelerator Support | Winner March ‘23 cut-off (€2.5M grant + possible equity up to €10M; actual amount TBC) |
| Company Valuation | Not disclosed |
| Exit Events | None reported |
Sources
- Butterfly Medical Financials - Startup Nation Finder
- Butterfly Medical raises $7 million Series B financing led by New Rhein
- EIC PR – Butterfly Medical Secures Funding from the European Union
- EIC Accelerator winners and statistics March 2023 – Strata.team
- European Innovation Council Accelerator: deep tech start-ups selected
3 The Press Releases
Butterfly Medical Ltd. Post-EIC Accelerator Funding Overview Butterfly Medical Ltd., an Israeli medtech company, secured EIC Accelerator funding in the March 2023 cut-off (submission date: March 22, 2023). The company focuses on developing MPRD, an innovative minimally invasive device for treating Benign Prostatic Hyperplasia (BPH) in office settings. The EIC awarded Butterfly Medical under the Blended Finance category, combining grants and equity investments to commercialize its technology.Key Details from Available Data:
- Technology: MPRD targets BPH patients with a non-surgical approach designed for clinical efficiency and patient comfort. No specific technical advancements post-funding were publicly disclosed in the available sources.
- Funding Use: While exact allocation details are unspecified, EIC Accelerator funds typically support clinical validation, regulatory approvals, and market entry.
- Partnerships/Updates: No new collaborations or team updates were identified in the provided materials. Butterfly Medical’s website (butterfly-medical.com) does not appear to have been crawled directly here; press releases or blog posts from their domain are not included in the search results.
The lack of recent public updates suggests operational focus on product development post-funding. For direct press releases or announcements, monitoring Butterfly Medical’s official channels would be necessary.
Sources
- EIC Accelerator winners and statistics March 2023 - Strata Team
- EIC Accelerator 22 March Cut-Off - European Innovation Council
4 The Technology Advancements
Butterfly Medical Ltd.: Post-EIC Accelerator Funding Advancements and CapabilitiesButterfly Medical Ltd., an Israeli medical device company specializing in minimally invasive Benign Prostatic Hyperplasia (BPH) treatment, has made significant strides since securing EIC Accelerator funding in March 2023. The €2.5M non-dilutive grant and equity participation accelerated its commercialization efforts, clinical pipeline, and technological validation. Below are key developments:
Current Capabilities
The company’s core product is a CE-marked implantable device designed to relieve BPH symptoms without tissue resection or cutting. It is anatomically shaped for precise placement in the prostatic urethra, enabling rapid symptom relief under local anesthesia. The procedure can be performed in outpatient settings (e.g., clinics or ASCs) within minutes, with sustained efficacy observed up to five years post-treatment. Butterfly Medical maintains low manufacturing costs and holds multiple patents globally.Post-Funding Advancements
- Leadership Expansion: Patrick MacCarthy, former Olympus Urology VP, joined as CEO to lead commercialization, leveraging 20+ years of urology device experience.
- Clinical Validation: Long-term data from Israeli trials showed persistent symptom improvement over five years, while a pivotal U.S. trial enrolled patients across 20 sites targeting FDA clearance by early 2026.
- Market Engagement: Presented new clinical data at AUA 2025 demonstrating significant lower urinary tract symptom improvements, reinforcing its position as a next-generation BPH therapy.
Technology Improvements & New Features
While no explicit hardware updates were disclosed post-EIC funding:- Procedural Efficiency: Emphasized reversibility and compatibility with future interventions if needed.
- Regulatory Progress: Advanced U.S. pivotal trials under an investigational device exemption (IDE), positioning it for broader market adoption upon FDA approval.
Market Demonstration & Clinical Trials
- Over 250 patients treated globally across pilot and long-term studies, with ongoing enrollment in the U.S. pivotal trial since August 2022.
- Recent AUA presentations highlighted durable efficacy metrics like IPSS improvement rates, enhancing clinician confidence ahead of commercialization phases linked to EIC funds utilization .
Patents & Publications
- Maintains three active patents in the U.S. and internationally with additional filings underway . No new patent disclosures post-March 2023 were detailed publicly .
- Published findings from multi-center Israeli trials via conference presentations (e.g., AUA); peer-reviewed publications remain pending based on available data .
Sources
- Butterfly Medical Secures EIC Funding - Leadership update & funding announcement (March–July 2023).
- AUA 2025 Clinical Data Presentation - Efficacy results spanning five years .
- U.S Pivotal Trial Progress - North American clinical milestones .
5 The Partnerships and Customers
Overview of Butterfly Medical Ltd.
Butterfly Medical Ltd., an Israeli medical device company, has been making significant strides in the healthcare sector, particularly in treating Benign Prostatic Hyperplasia (BPH) with its innovative, minimally invasive implantable device. Since receiving the EIC Accelerator funding in March 2023, the company has focused on advancing its technology and expanding its market presence.
Partnerships and Customers
Butterfly Medical has not disclosed new partnerships or customers directly related to the EIC funding. However, it has been working closely with investors like New Rhein Healthcare Investors, who led a $7 million Series B financing round in 2020. This investment supported the company's clinical trials and commercialization efforts in the U.S. market.
New Relationships
While specific new relationships have not been highlighted, the company's participation in major conferences, such as the AUA 2025, indicates its efforts to build connections within the medical community. Presentations at such events aim to showcase the effectiveness of their device, potentially attracting interest from new partners or customers.
Nature of Relationships
Butterfly Medical's relationships are primarily centered around developing and commercializing its BPH treatment device. By engaging with investors and medical communities, the company seeks to position itself as a leader in providing less invasive BPH solutions, addressing a significant gap in current treatment options.
Impact on Market Positioning
These relationships are crucial for positioning Butterfly Medical Ltd. as a forefront player in BPH treatment. By leveraging investments and clinical data, the company enhances its credibility and visibility in the medical device market, potentially leading to increased adoption of its technology.
Technology Advancements and Scaling
The partnerships and funding have enabled Butterfly Medical to accelerate its clinical trials and prepare for market entry. This support is essential for scaling the production and distribution of its device, ensuring that more patients have access to this innovative treatment. Additionally, ongoing research and presentations help refine the technology, making it more appealing to both healthcare providers and patients.
Sources
- New Data Highlighting Effectiveness of Butterfly Medical's Minimally Invasive Device for BPH Treatment to Be Presented at AUA 2025
- Butterfly Medical raises $7 million Series B financing led by New Rhein
- Butterfly Medical Ltd
6 The Hiring and Company Growth
Butterfly Medical Ltd. - Overview and Growth
Butterfly Medical Ltd., an Israeli medical device company specializing in innovative treatments for Benign Prostatic Hyperplasia (BPH), secured significant funding from the European Innovation Council (EIC) in March 2023. This funding includes a non-dilutive grant of up to €2.5 million, alongside participation in future equity financing rounds.
Current Headcount and Team Size
The current headcount and team size of Butterfly Medical Ltd. are not explicitly disclosed in available sources. However, the company has been actively involved in clinical trials and product development, indicating a growing team focused on these efforts.Hiring and Team Growth
There is no specific information available on whether Butterfly Medical Ltd. is currently hiring. However, the company recently appointed Patrick MacCarthy as its CEO, bringing over 20 years of experience in the medical device industry. This appointment underscores the company's commitment to commercialization and strategic growth.Key Positions and Recent Hires
Patrick MacCarthy's appointment as CEO is a notable recent hire, highlighting the company's move towards commercialization and expansion. His experience, particularly in launching minimally invasive BPH treatments, is expected to be pivotal in guiding Butterfly Medical's future growth.Impact on Future Growth
The addition of experienced leadership and the receipt of EIC funding position Butterfly Medical Ltd. for significant growth and development. These new team members bring expertise that will be crucial in scaling the company's operations, particularly as it moves towards commercialization in the BPH treatment market. The funding will support further clinical trials and product development, ensuring the company remains competitive and innovative in its field.Major Changes in Management or Founding Team
The appointment of Patrick MacCarthy as CEO marks a major change in the company's leadership, indicating a strategic shift towards commercialization and expansion. This change aligns with the company's goals to accelerate its US clinical trials and initiate commercialization efforts.Sources
- Butterfly Medical
- Butterfly Medical Raises $7 Million Series B Financing
- Butterfly Medical - Startup Nation Finder
7 The Media Features and Publications
Overview of Butterfly Medical Ltd.
Butterfly Medical Ltd., an Israeli medical device company, has gained significant attention for its innovative approach to treating Benign Prostatic Hyperplasia (BPH). Since receiving the EIC Accelerator funding on March 22, 2023, the company has continued to advance its minimally invasive, implantable device designed to alleviate BPH symptoms without the need for tissue removal or cutting. This device offers a long-term yet reversible procedure that can be performed under local anesthesia, allowing for future interventions as needed.
Media Features and Publications
Butterfly Medical has been featured in various publications, including MobiHealthNews and PR Newswire, highlighting its advancements in BPH treatment and its participation in clinical trials. The company's device has shown promising results in improving the quality of life for patients with BPH symptoms, with significant improvements observed in the International Prostate Symptoms Score (IPSS) shortly after treatment.
Content from Publications
Recent publications have focused on the effectiveness of Butterfly Medical's device in clinical trials. For instance, a Series B financing round led by New Rhein Healthcare Investors supported the company's pivotal US clinical trial and further development. The positive outcomes from these trials have positioned Butterfly Medical as a leader in providing less invasive alternatives to traditional BPH treatments.
Podcasts and Interviews
There is no readily available information on specific podcasts or interviews conducted by the team from Butterfly Medical. However, the company's leadership, such as the CEO, Idan Geva, has been quoted in press releases discussing the company's approach and success in developing simpler, safer BPH treatments.
Conference and Fair Visits
Butterfly Medical has been actively involved in presenting its research at significant medical conferences. Notably, new data on the effectiveness of its device will be presented at the American Urological Association's (AUA) Annual Conference in 2025. This participation highlights the company's commitment to advancing BPH treatment options and engaging with the broader medical community.
Involvement in Events
In addition to presenting at conferences like the AUA, Butterfly Medical's involvement in events is focused on advancing its clinical trials and commercialization efforts. The company's participation in these events underscores its role as a pioneering force in minimally invasive BPH treatments.
Conclusion
Butterfly Medical Ltd. has made significant strides since receiving the EIC Accelerator funding, solidifying its position as a leader in innovative BPH treatments. The company's commitment to developing safer, less invasive solutions continues to gain recognition through its clinical trials and presentations at major medical conferences.
- Butterfly Medical Ltd
- Butterfly Medical Announces Encouraging Feasibility Stage Data and $7M Series B Financing
- Butterfly Medical Appoints Chief Medical Officer To Advance Novel Treatment for Benign Prostatic Hyperplasia
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