1 The EIC Accelerator Project

The EIC Accelerator Program: An In-Depth Overview

The EIC Accelerator, a key initiative under the European Innovation Council (EIC), is designed to support innovative startups and small and medium-sized enterprises (SMEs) with funding and resources necessary to bring groundbreaking technologies to market. This program particularly focuses on deep tech and high-risk innovations that have the potential to disrupt existing markets and contribute significantly to the European economy.

Funding Structure

The EIC Accelerator provides a unique funding structure that combines both grants and equity investments.

Purpose in the European Ecosystem

The EIC Accelerator plays a crucial role in bolstering the European deep tech and startup ecosystem. By providing targeted financial support, the program aims to fill the funding gap that often exists for innovative startups, particularly those focused on advanced technologies. The EIC Accelerator fosters an environment conducive to innovation, thereby stimulating economic growth and enhancing Europe’s competitive position in the global market.

Role in Scaling Companies

One of the primary objectives of the EIC Accelerator is to assist startups in scaling their operations and securing additional funding from private sectors. The program does this by:

• Offering Tailored Support: Beyond financial assistance, the EIC Accelerator provides companies with access to a network of mentors, investors, and industry experts. This guidance is vital for navigating the complexities of scaling a business.
• Facilitating Private Investment: The equity component of the funding helps validate the business model in the eyes of private investors. By reducing the financial risk associated with early-stage investments, the EIC Accelerator enhances the attractiveness of startups for further investment.

EIC Accelerator Winner: ITHERA MEDICAL GMBH and Project FRONTIER

Company Overview

Company Name: ITHERA MEDICAL GMBH
Country: Germany
Website: ithera-medical.com
Project Acronym: FRONTIER
Funding Type: Blended Finance
Submission Date: June 16, 2021

Project Description

The FRONTIER project aims to transition a novel optoacoustic imaging technology from research into routine diagnostics. Optoacoustic imaging combines optical and ultrasound technologies to provide high-resolution images of tissues and organs, making it particularly useful in medical diagnostics.

Technology Background

Optoacoustic imaging is based on the photoacoustic effect, where tissues absorb light and emit ultrasound waves. This technology can visualize both anatomical and functional information, making it a versatile tool for various medical applications.

• High Resolution: The ability to visualize cellular structures and molecular markers.
• Non-Invasiveness: This method does not require ionizing radiation, making it safer for patients.
• Real-Time Imaging: Provides immediate feedback, which is crucial for various diagnostic procedures.

Conclusion

The EIC Accelerator program serves as a vital resource for innovative companies like ITHERA MEDICAL GMBH, facilitating their journey from concept to market. Through its blended finance model, the program not only provides essential funding but also connects startups with a broader network of support, enhancing their potential for success in the competitive landscape of deep tech innovation. The FRONTIER project exemplifies the transformative potential of optoacoustic imaging, showcasing how cutting-edge technology can address pressing healthcare needs and improve patient outcomes.

2 The Funding Rounds

iThera Medical GmbH, a Munich-based medical device company specializing in optoacoustic imaging technology, has secured multiple funding rounds since receiving the EIC Accelerator funding on June 16, 2021. The most recent of these was a €13 million financing round closed on December 21, 2022. (ithera-medical.com)

December 2022 Funding Round

In December 2022, iThera Medical successfully closed a €13 million investment round. The round was led by TRUMPF Venture, with participation from the EIC Fund as a co-investor. Existing investors such as Mey Capital Matrix, Wachstumsfonds Bayern, BayBG, Fluxunit, Falk Strascheg Holding, and Occident also contributed. The funds are intended to advance the development of iThera Medical's Multispectral Optoacoustic Tomography (MSOT) technology, aiming to integrate it into routine clinical use and offer clinicians a new diagnostic tool. (ithera-medical.com)

September 2018 Funding Round

Prior to the December 2022 round, iThera Medical secured a €7 million investment in September 2018. This funding was led by existing investors BayBG and Extorel, with new participation from Fluxunit, the corporate venture capital arm of OSRAM. The capital was allocated to refine the company's imaging technology, which is designed to detect tumors and inflammatory diseases. (pitchbook.com)

November 2011 Series A Funding

Earlier, in November 2011, iThera Medical closed a Series A funding round of an undisclosed amount. The backers included BayBG Bayerische Beteiligungsgesellschaft mbH and Mey Capital Matrix GmbH. The funds were intended to further develop and commercialize the company's technology for preclinical and clinical applications. (finsmes.com)

Investor Information

The investors in iThera Medical have varied across different funding rounds:

• December 2022 Round: Led by TRUMPF Venture, with participation from the EIC Fund, Mey Capital Matrix, Wachstumsfonds Bayern, BayBG, Fluxunit, Falk Strascheg Holding, and Occident. (ithera-medical.com)
• September 2018 Round: Led by BayBG and Extorel, with new participation from Fluxunit. (pitchbook.com)
• November 2011 Round: Backed by BayBG Bayerische Beteiligungsgesellschaft mbH and Mey Capital Matrix GmbH. (finsmes.com)

Company Valuations and Exit Events

Specific valuations for iThera Medical during these funding rounds are not publicly disclosed. As of now, there have been no reported exit events such as acquisitions or initial public offerings (IPOs). The company continues to focus on advancing its MSOT technology for clinical applications.

In summary, since receiving the EIC Accelerator funding in June 2021, iThera Medical has secured a €13 million financing round in December 2022, led by TRUMPF Venture and supported by several existing investors. The company has also attracted investments from various backers in previous funding rounds, including BayBG, Extorel, Fluxunit, and Mey Capital Matrix. While specific valuations and exit events are not publicly available, iThera Medical remains dedicated to developing its innovative imaging technology for routine clinical use.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, iThera Medical GmbH, a German medical device company specializing in optoacoustic imaging technology, has made significant advancements in its research, partnerships, and product development.

Strategic Partnerships and Technological Advancements

In January 2025, iThera Medical collaborated with TRUMPF Photonic Components to revolutionize optoacoustic medical imaging and sensing. This partnership introduced a power-efficient and compact optoacoustic imaging system optimized for routine clinical use. The innovative VCSEL-based subsystem developed can replace existing photonic systems, enhancing the efficiency and accessibility of optoacoustic imaging in clinical settings. (trumpf.com)

Research Initiatives and Clinical Studies

In October 2022, iThera Medical initiated the fifth clinical site in Germany for the ongoing study under the EU-funded Horizon 2020 project EUPHORIA. This project aims to further develop the company's proprietary optoacoustic imaging technology and demonstrate its clinical value in assessing inflammatory bowel disease (IBD). The expansion of clinical sites is expected to accelerate patient recruitment and data acquisition, facilitating the clinical validation of the MSOT technology in monitoring IBD. (ithera-medical.com)

In May 2022, the company launched the SMART-3D project, funded by the Bavarian Research Foundation. This initiative focuses on developing a novel approach to monitor neuromuscular diseases in pediatric patients using iThera Medical's optoacoustic imaging technology combined with next-generation 3D image reconstruction assisted by machine learning. The project aims to enhance the monitoring capabilities for diseases like Duchenne muscular dystrophy, providing a non-invasive and reliable means of assessing disease progression. (ithera-medical.com)

Product Development and Regulatory Approvals

In October 2021, iThera Medical introduced the inVision TRIO preclinical optoacoustic imaging system, the world's first to incorporate transmission ultrasound computed tomography (TUCT). This system expands the range of biomedical applications addressed by the company's optoacoustic imaging technology, offering enhanced imaging capabilities for preclinical research. (ithera-medical.com)

In September 2021, the company received the CE Mark for its second-generation MSOT Acuity Echo optoacoustic imaging system. This certification indicates conformity with health, safety, and environmental protection standards for medical devices sold in Europe, marking a significant milestone in the commercialization of their imaging technology. (ithera-medical.com)

Funding and Financial Developments

In December 2022, iThera Medical successfully closed a €13 million financing round led by TRUMPF Venture, with participation from the EIC Fund and existing investors. The funding is intended to drive the company's continued innovation and commercialization of its novel medical imaging technology, with a specific goal to translate the technology into routine clinical use and offer clinicians worldwide a powerful new diagnostic tool. (ithera-medical.com)

These developments underscore iThera Medical's commitment to advancing optoacoustic imaging technology, fostering strategic partnerships, and expanding its product offerings to enhance diagnostic capabilities in various medical fields.

4 The Technology Advancements

iThera Medical GmbH, headquartered in Munich, Germany, specializes in optoacoustic imaging technology, offering non-invasive, high-resolution imaging solutions for both preclinical and clinical research applications. Their proprietary Multispectral Optoacoustic Tomography (MSOT) system enables visualization and quantification of tissue biomarkers, facilitating the assessment of various diseases, including cancer, inflammatory conditions, and cardiovascular disorders.

Since receiving the EIC Accelerator funding on June 16, 2021, iThera Medical has achieved several significant advancements:

Technological Advancements and New Features

• Introduction of inVision TRIO System: In October 2021, iThera Medical launched the inVision TRIO, the world's first preclinical optoacoustic imaging system incorporating transmission ultrasound computed tomography (TUCT). This integration enhances imaging capabilities, allowing for more comprehensive tissue assessments. (ithera-medical.com)
• Development of SMART-3D Project: In May 2022, the company initiated the SMART-3D project, funded by the Bavarian Research Foundation. This project aims to advance optoacoustic imaging for monitoring neuromuscular diseases in pediatric patients by developing a handheld 3D MSOT probe and machine learning-assisted image reconstruction algorithms. (ithera-medical.com)
• Collaboration with TRUMPF Photonic Components: In January 2025, iThera Medical partnered with TRUMPF to develop a VCSEL-based subsystem for optoacoustic imaging. This collaboration focuses on creating a power-efficient and compact imaging system suitable for routine clinical use, marking a significant step towards broader clinical adoption. (trumpf.com)

Market Demonstrations and Clinical Applications

• EUPHORIA Clinical Study: iThera Medical has been actively involved in the EUPHORIA project, a Horizon 2020 initiative aimed at assessing inflammatory bowel disease (IBD) using optoacoustic imaging. By October 2022, the company had initiated the fifth clinical site in Germany for this ongoing study, demonstrating the technology's applicability in clinical settings. (ithera-medical.com)
• DeepOPUS Project: In September 2021, iThera Medical launched the DeepOPUS project, a €1.9 million research initiative funded by the Bavarian Research Foundation. This project focuses on integrating artificial intelligence with optoacoustic imaging to develop a quantitative diagnostic method for IBD, highlighting the company's commitment to enhancing diagnostic precision. (ithera-medical.com)

Intellectual Property and Publications

While specific details regarding new patents, scientific studies, or whitepapers filed by iThera Medical since June 2021 are not readily available in the provided sources, the company's ongoing research projects and collaborations suggest active engagement in advancing their technology and contributing to the scientific community.

In summary, iThera Medical GmbH has made substantial progress since receiving the EIC Accelerator funding, focusing on technological innovation, clinical application, and strategic partnerships to advance optoacoustic imaging technology for routine clinical use.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, iThera Medical GmbH, a Munich-based company specializing in optoacoustic imaging technology, has established several significant partnerships and collaborations to advance its innovative imaging solutions.

Strategic Partnerships and Collaborations

Impact on Market Position and Technological Advancements

These strategic partnerships and collaborations position iThera Medical at the forefront of medical imaging innovation. The integration of VCSEL technology with TRUMPF Photonic Components enhances the efficiency and compactness of iThera's imaging systems, making them more suitable for routine clinical applications. The substantial investment from the EIC Fund and other investors provides the necessary resources to accelerate the commercialization of their technology, expanding their market presence. Collaborations with leading research institutions and hospitals facilitate the development of advanced imaging solutions, such as AI-supported diagnostics and machine learning-assisted imaging, thereby advancing the company's technological capabilities. These efforts collectively contribute to the scaling of iThera Medical's operations and the broader adoption of optoacoustic imaging in clinical settings.

6 The Hiring and Company Growth

iThera Medical GmbH, established in 2010 as a spin-off from the Helmholtz Zentrum München, specializes in optoacoustic imaging systems for preclinical and clinical research applications. (ithera-medical.com)

Team Growth and Hiring

As of the latest available data, iThera Medical employs between 10 and 50 individuals. (signalhire.com) The company has been actively expanding its team to support the development and commercialization of its Multispectral Optoacoustic Tomography (MSOT) technology. In December 2022, iThera Medical secured €13 million in funding, led by TRUMPF Venture and co-invested by the EIC Fund, to advance its optoacoustic imaging technology into routine clinical use. (ithera-medical.com)

Key Positions and Management Changes

The leadership team comprises:

• Christian Wiest: CEO
• Georg Dönges: CFO
• Neal Burton: CSO
• Petra Siebenhandl-Wolff: CMO
• Patrick Leisching: CTO
• Josef Konradl: Engineering
• Ingmar Thiemann: Quality Management & Regulatory Affairs
• Claudia Jendrewski: Clinical Trials
• Markus Thiebe: Operations

While specific details about recent hires are not publicly disclosed, the company's strategic initiatives, such as the €13 million funding round and the €1.9 million research project to advance AI-supported quantitative medical diagnosis, indicate a focus on expanding its team to support these efforts. (ithera-medical.com, prweb.com)

Future Outlook

The recent funding and strategic projects position iThera Medical to enhance its MSOT technology, aiming to revolutionize medical imaging and diagnostics. The expansion of the team, particularly in areas like AI integration and clinical applications, is expected to drive the company's growth and scalability in the medical imaging sector.

Management and Founding Team

There are no publicly available reports of major changes in the management or founding team of iThera Medical GmbH.

7 The Media Features and Publications

iThera Medical GmbH, a German company specializing in optoacoustic imaging technology, has garnered significant attention in various media outlets and industry events. Since its inception in 2010, the company has been featured in numerous publications, participated in conferences, and engaged in collaborative projects, highlighting its innovative contributions to medical imaging.

Media Features and Publications:

• BioVaria 2010 Spin-off Award: In April 2010, iThera Medical was honored with the BioVaria Spin-off Award, recognizing its innovative approach to molecular photonic imaging technology. The award highlighted the company's potential in non-invasive tissue analysis and its promising business concept. (bionity.com)
• EIC Accelerator Grant Announcement: In October 2021, iThera Medical received a major European grant under the EIC Accelerator program. The funding aimed to translate their optoacoustic imaging technology from research to routine clinical use, marking a significant milestone in the company's development. (prweb.com)
• €13 Million Financing Round: In December 2022, iThera Medical successfully closed a €13 million financing round, led by TRUMPF Venture with participation from the EIC Fund. This investment was intended to support the commercialization of their novel medical imaging technology and its integration into routine clinical environments. (ithera-medical.com)

Podcasts and Interviews:

While specific podcasts or interviews featuring iThera Medical's team are not readily available in the provided sources, the company's leadership has been active in discussing their technology and its applications at various industry events and conferences.

Conference and Fair Participation:

• Photonics West 2025: In January 2025, iThera Medical, in collaboration with TRUMPF Photonic Components, showcased an innovative VCSEL-based optoacoustic imaging system at Photonics West in San Francisco. This demonstration highlighted the potential of their technology for routine clinical use, emphasizing its power efficiency and compact design. (trumpf.com)
• EPIC Meeting on Laser, Optics, and Sensors for Medical Devices: In April 2022, iThera Medical's CEO, Christian Wiest, presented at the EPIC Meeting during the Laser World of Photonics in Munich. His talk, titled "Translating Optoacoustic Imaging – the Long Journey from Preclinical Research into Clinical Routine," addressed the challenges and advancements in bringing optoacoustic imaging technology from research settings to clinical applications. (euphoria2020.eu)

Involvement in Events:

• INNODERM Project: iThera Medical was a key partner in the INNODERM project, which aimed to develop advanced imaging modalities for skin diseases. The project concluded in August 2021, with iThera Medical contributing to the development of novel imaging techniques for deeper and more discriminative views beneath the skin surface. (innoderm.munichimaging.eu)
• EUPHORIA Study: As the coordinator of the EUPHORIA project, iThera Medical led a clinical study to assess the non-invasive measurement of disease activity in patients with inflammatory bowel disease (IBD) using their optoacoustic imaging technology. The study involved multiple clinical sites across Germany and Italy, aiming to validate the diagnostic performance of their MSOT technology in monitoring IBD. (euphoria2020.eu)

Through these initiatives, iThera Medical GmbH has demonstrated its commitment to advancing medical imaging technologies and has established a strong presence in both the scientific community and the medical device industry.