1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator, part of the European Innovation Council (EIC), serves as a pivotal funding mechanism within the European Union's strategy to promote innovation, particularly in the DeepTech and startup sectors. The program aims to support small and medium-sized enterprises (SMEs) and startups that are developing breakthrough innovations with the potential to disrupt markets and enhance competitiveness.

Funding Structure

The EIC Accelerator provides a blended finance model, which includes both grants and equity investments.

Purpose within the Ecosystem

The EIC Accelerator plays a vital role in the European DeepTech landscape by bridging the funding gap often faced by innovative startups. It not only provides financial support but also enhances visibility and credibility, which can attract further investments from venture capitalists and other private investors. By fostering innovation, the EIC Accelerator contributes to job creation, economic growth, and the advancement of cutting-edge technologies within the EU.

Role in Scaling Companies

The program is designed to help companies scale by offering tailored support that goes beyond mere financial assistance. This includes access to mentorship, networking opportunities, and connections with potential partners in academia and industry, thereby facilitating knowledge transfer. The EIC Accelerator encourages companies to refine their business models, optimize their market strategies, and ultimately enhance their prospects for success in competitive environments.

Case Study: iLoF - Intelligent Lab on Fiber, Lda

Project Acronym: iLoF
Website: ilof.tech
Country: Portugal
Date of EIC Accelerator Submission: January 11, 2023

Project Overview

iLoF has been awarded funding under the EIC Accelerator program for its project, iLoF, which leverages AI-augmented photonics technology to identify and quantify disease biomarkers. This innovative approach is aimed at revolutionizing the diagnostic landscape, particularly in the field of personalized medicine.

Technology Basics and Background

The core technology behind iLoF involves the integration of photonics with artificial intelligence to enhance the sensitivity and specificity of biomarker detection. Photonics, the science of generating and harnessing light, allows for the detection of extremely minute changes in biological samples. By employing advanced optical techniques, iLoF can analyze complex biological matrices rapidly and accurately.

The AI component is critical; machine learning algorithms are employed to analyze data obtained from photonic sensors. These algorithms can identify patterns and correlations that may not be apparent through traditional analytical methods. This dual approach not only improves diagnostic accuracy but also streamlines the process of identifying potential therapeutic targets.

The implication of such technology is significant. By enabling more precise and rapid diagnosis, iLoF's solutions can lead to earlier interventions, potentially improving patient outcomes and reducing healthcare costs. This aligns with the growing demand for personalized medicine, where treatments are tailored to individual patient profiles rather than a one-size-fits-all approach.

In summary, the EIC Accelerator program stands as a cornerstone of support for innovative companies like iLoF, providing the necessary resources and framework to transform groundbreaking ideas into viable market solutions.

2 The Funding Rounds

Financing Raised by iLoF - Intelligent Lab on Fiber, Lda (Portugal) Since EIC Accelerator Success

iLoF – Intelligent Lab on Fiber, Lda, based in Portugal and a winner of the EIC Accelerator (submitted Step 2 on January 11, 2023), has demonstrated robust fundraising activity and strong investor backing since its inception. The following details outline their financing history, funding rounds, amounts raised, key investors, company valuations where available, and any exit events up until May 2025.

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Financing Raised

• iLoF has raised a cumulative total of approximately €14 million (roughly $15 million), including equity investments and grants.
• Funding is sourced from both venture capital investors and non-dilutive grants such as the European Regional Development Fund (ERDF) and the EIC Accelerator grant itself.

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Funding Rounds: Timing & Amounts

Date	Round	Amount Raised	Notable Details
Pre-2019	Feasibility study/Pre-seed	N/A	Stakeholder validation phase
2019	Pre-seed	Part of >$6M	Early investment for platform development
July 2022	Seed	$4.1M (€4.89M)	Led by Faber; with M12 (Microsoft VC), Lunar Ventures et al.
July 2022	Grant	$0.9M	ERDF grant alongside seed round
By mid/late-2023	Multiple grants	~$1.5M+	Additional non-dilutive industry awards
October 22, 2024	Seed VC - III	Undisclosed	Strategic investment from Hamamatsu Ventures
As of Dec. 2024 & Cumulative		~€14M ($15M) total across all rounds/grants

</em> Total includes pre-seed and seed rounds as referenced in interviews. * The €4.89 million reported likely aggregates both equity ($4.1m) plus ERDF grant ($0.9m); figures are sometimes rounded or reported differently due to currency conversion.

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Investor Information

Key investors participating in iLoF’s funding rounds include:

• Venture Capital Funds:
• Faber
• Lunar Ventures
• Alter Venture Partners
• re.Mind Capital
• Fluxunit (corporate VC arm of ams OSRAM)
• Corporate/Strategic Investors:
• M12 (Microsoft's venture fund)
• Hamamatsu Ventures
• Angel Investors:
• Charlie Songhurst (former Microsoft GM)
• Family Offices:
• Berggruen Holdings

Other backers include OXFO Fund via the Oxford Foundry acceleration program.

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Company Valuations

No specific public disclosures regarding post-money or pre-money company valuations have been found for iLoF’s individual funding rounds as of May 2025.

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Exit Events: IPOs or Acquisitions

As of the current date:

There are no reports or announcements indicating that iLoF has pursued an Initial Public Offering (IPO), buyout, or acquisition event.

The company remains privately held with ongoing global expansion—now operating offices in Porto, New York City, and London—and continues to scale its AI-driven personalized medicine solutions for pharma partners worldwide.

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Key Facts Summary

• Total capital raised exceeds €14 million across multiple seed-stage equity rounds plus significant non-dilutive grant support.
• Most recent strategic investment came from Hamamatsu Ventures in October 2024.
• Leading VCs involved include Faber and Microsoft’s M12; additional contributions from European deep tech funds and high-profile angels.

No exits have occurred; valuation data is not publicly disclosed; operations remain private but globally expanding.

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Sources

iLOF company information – Dealroom Intelligent Lab On Fiber Stock Price & Funding — CB Insights iLoF secures £3.38m Seed Investment led by Faber — UKTechNews HealthTech Alpha – iLof Funding Overview Digital health startup iLof secures €4.89 million — EU Startups Startup Savant Profile – iLof EIT-RIS Case Study: From bold idea to €14M funding at ilOF

3 The Press Releases

iLoF's Strategic Advancements Following EIC Accelerator Funding iLoF (Intelligent Lab on Fiber), a Portugal-based biotechnology firm, secured up to €6 million in blended financing (€2.5M grant + €3.5M equity) from the European Innovation Council (EIC) Accelerator in January 2023. This funding aims to commercialize its AI-driven photonics platform, which uses optical fingerprinting and machine learning to non-invasively stratify patients for personalized drug development, particularly targeting Alzheimer’s disease and other complex conditions.

Key Developments Post-Funding:

• Technology Expansion: iLoF’s platform analyzes blood samples using optical lasers to create digital molecular profiles, building a cloud-based library of biomarkers for faster patient stratification in clinical trials. The system also shows potential applications in oncology and rare diseases through nanoparticle detection.
• Funding Utilization: The EIC funds are directed toward market entry, team scaling, and partnerships. Earlier seed rounds included $5 million from investors like Microsoft’s M12 and Faber, supporting R&D and international hiring across physics, data science, and biology roles.
• Patents: INESC TEC (a partner institution) highlights iLoF’s focus on international patent protection for its nanoparticle classification technology under the PCT framework, targeting major markets like the U.S..

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Sources

• EIC Accelerator 11 January Cut-Off
• Get ready for the next grant - EIT Jumpstarter
• EIC Accelerator winners and statistics January 2023 - Strata.team
• iLoF company information - Dealroom.co
• WildCard winner iLoF secures further $5M investment - EIT Health

4 The Technology Advancements

Current Capabilities and Recent Advancements of iLoF - Intelligent Lab on Fiber, Lda

iLoF, a British-Portuguese biotechnology company based in Portugal, has made significant strides in developing an AI-powered diagnostic platform. This platform utilizes photonics and AI to accelerate personalized drug discovery and development, particularly focusing on early detection and stratification for diseases like Alzheimer's, COVID-19, and ovarian cancer.

Current Capabilities

• AI-Powered Diagnostics: iLoF's technology involves a cloud-based library of optical fingerprints that provides non-invasive, rapid, and low-cost tracking and screening for drug development. This platform requires only microliters of blood, operates in under 10 seconds, and offers label-free flexibility on targets.
• Patient Stratification: The platform is designed to stratify patients for clinical trials, reducing heterogeneity and improving trial outcomes by providing a pool of more qualified candidates.
• Personalized Medicine: iLoF aims to pave the way for personalized medicine by focusing on diseases such as Alzheimer's and expanding its capabilities to other conditions.

Recent Advancements Post EIC Accelerator Funding

Since receiving the EIC Accelerator funding in January 2023, iLoF has not publicly disclosed specific new advancements or features directly linked to the funding. However, the company secured additional funding, including up to €6 million from the EIC (€2.5 million grant and €3.5 million equity), which is intended to push the platform towards market readiness.

Technology Demonstration and Market Engagement

There is no recent information available on specific demonstrations, pilots, or clinical trials conducted by iLoF since the funding. However, the company's focus on market readiness suggests ongoing efforts to integrate its technology into clinical settings and customer engagements.

New Patents, Scientific Studies, or Clinical Trials

There are no publicly available details on new patents filed, scientific studies published, or clinical trials initiated by iLoF since January 2023. The company's emphasis on expanding its digital library of biomarkers indicates a focus on enhancing its existing technology platform.

Sources

• iLoF: Home
• iLoF - Startup Company Profile | TRUiC
• iLoF - Intelligent Lab on Fiber
• Get ready for the next grant - EIT Jumpstarter
• iLoF - Luminate
• intelligent Lab on a Fiber - Apoio à internacionalização da Propriedade Intelectual

5 The Partnerships and Customers

iLoF - Intelligent Lab on Fiber: Strategic Partnerships and Market Positioning Since securing EIC Accelerator funding in early 2023, iLoF has advanced its mission to revolutionize personalized medicine through AI-driven biomarker libraries. While specific customer names remain undisclosed publicly, the company's partnerships and investor base provide insights into its strategic alliances and market trajectory.

Key Investors and Collaborative Networks

iLoF’s $5M+ funding rounds (totaling over $8M pre-2023) include backing from M12 (Microsoft’s venture fund), Faber, Quiet Capital, Lunar Ventures, and Fluxunit (Source). These investors emphasize iLoF’s cross-disciplinary approach, combining photonics, AI, and clinical trial optimization to address Alzheimer’s, ovarian cancer, and COVID-19 stratification challenges[^5^]. Post-EIC funding in 2023 likely accelerated collaborations with pharmaceutical firms for patient recruitment solutions.

Technology Advancements Through Partnerships

The company participates in large-scale initiatives like the IBEROSmais consortium (focused on biofabrication for aging-related diseases), though direct involvement details are unspecified[^3^]. Its platform integrates with clinical trials to reduce screening costs by 40% while improving patient selection efficiency—a capability attractive to drug developers seeking faster trial cycles.

Market Positioning via Strategic Relationships

iLoF’s global expansion into London, New York, and Porto positions it as a leader in AI-powered precision medicine for complex diseases. By aligning with entities like EIT Health and Horizon Europe programs, the company strengthens its credibility in regulatory-heavy markets while advocating for non-invasive diagnostics adoption. The EIC Accelerator win further validates its potential to scale biomarker libraries across neurodegenerative diseases and oncology sectors.

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Sources:

• iLoF Secures $5m to Expand its Digital Library of Biomarkers
• IBEROSmais - INL
• iLOF - From bold idea to €14M in funding
• iLoF – Intelligent Lab On Fiber secures £3.38 million Seed Investment Led by Faber
• iLoF company information - EIT Health Startups

6 The Hiring and Company Growth

iLoF Team Expansion and Growth Post-EIC Accelerator Funding While specific details about the company’s hiring activity directly tied to its EIC Accelerator win in January 2023 are not publicly disclosed, iLoF has demonstrated steady growth in team size and operational scale. As of recent updates, the company employs approximately 20 professionals, including scientists, engineers, and entrepreneurs, with offices in the UK (Oxford), Portugal (Porto), and the US (New York).

The team is described as a “global, diverse group” focused on advancing personalized medicine through AI-driven biomarker analysis. Their career page emphasizes roles across photonics engineering, machine learning, and clinical operations, though exact titles or recent hires are unspecified. The Portugal-based engineering hub likely benefits from Lisbon’s growing tech ecosystem, which produces a high volume of STEM graduates.

iLoF has raised over $6 million in equity funding (pre-seed and seed rounds) alongside non-dilutive grants exceeding $1.5 million. This financial backing supports their goal to democratize access to personalized therapeutics by expanding their cloud-based biomarker library—a task requiring interdisciplinary expertise in AI, optics, and drug development.

Key implications of their growth include:

• Clinical trial efficiency: Their platform reduces patient screening costs by 40% and time by 70%, enabled by cross-functional teams refining optical fingerprinting technology.
• Disease-specific expansion: With ongoing projects for Alzheimer’s disease stratification and ovarian cancer subtyping, specialized hires could accelerate biomarker discovery pipelines.

No major management changes have been reported since co-founder Luís Valente was last cited as CEO leading operations across three continents.

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Sources

• iLoF Official Website
• Startup Savant Interview
• Luminate Profile
• Bionity Company Overview
• Portugal ICT Sector Report

7 The Media Features and Publications

Overview of iLoF - Intelligent Lab on Fiber, Lda

iLoF, or Intelligent Lab on Fiber, is a digital health company based in Portugal that focuses on pioneering AI-platforms for personalized drug discovery and development. The company gained significant attention after winning the EIC Accelerator funding in January 2023.

Media Features and Publications

iLoF has been featured in several publications for its innovative approach to healthcare. Notably, it has been recognized for creating the world's first digital library for disease biomarkers and biological profiles, which aids in speeding up clinical trials by up to 70% and reducing costs by 40%. The company's technology involves detecting nanoscale biomolecules in blood using photonics and AI, creating accurate optical fingerprints of patients' phenotypes and disease stages.

Podcasts and Interviews

Luis Valente, the founder of iLoF, has participated in interviews discussing the startup's journey and its mission to revolutionize personalized medicine. In one such podcast, he shared insights on how iLoF leverages AI and photonics to build its cloud-based library of disease biomarkers, enabling rapid and cost-effective drug discovery.

Conference and Fair Participations

While specific details on recent conference participations post-EIC Accelerator funding are not available, iLoF has been recognized in deep tech competitions and has secured significant funding from prominent investors, indicating active involvement in the tech and healthcare ecosystem.

Event Involvement

iLoF's participation in events is largely centered around showcasing its innovative platform for personalized medicine. The company secured funding from Microsoft's venture fund M12 and Mayfield after being recognized as a Global Deep Tech winner in a female founders competition.

iLoF continues to expand its technology, focusing on personalized drug discovery and development, with a strong emphasis on diseases like Alzheimer's and COVID-19.

Sources

• INESC TEC develops smart optical technology for the distinction and detection of cancer cells
• iLoF: Home
• iLoF - Intelligent Lab on Fiber | Disrupt 2020 - YouTube
• Oxford- and Porto-based iLoF secures €870K to create an AI-powered digital library of disease biomarkers and help find Alzheimer’s cure
• How iLoF turns blood into a cloud-based disease library
• Smart Money & Using Data to Tackle Alzheimer's: Luis Valente of iLoF
• iLoF - Startup Company Profile
• iLoF - intelligent Lab on Fiber