1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is a critical funding initiative aimed at supporting innovative startups and small to medium-sized enterprises (SMEs) within the European Union. Designed to foster high-risk, high-reward projects, the EIC Accelerator provides financial support in the form of grants and equity investments. The program primarily targets deep-tech companies that are developing groundbreaking technologies and solutions to address societal challenges.

Funding Structure

The EIC Accelerator offers funding through two primary channels: grants and equity investments.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a pivotal role in the European deep-tech and startup ecosystem by providing crucial support to innovative companies that may struggle to secure traditional venture capital. The program not only offers financial backing but also mentorship, networking opportunities, and access to a broader ecosystem of investors and partners. By helping companies scale, the EIC Accelerator enhances their visibility and attractiveness to private investors, thereby facilitating further funding rounds that are essential for sustained growth.

Case Study: Novelrad and the NVCD Project

Company Overview: Novelrad is an Israeli startup focused on developing advanced medical technologies. The company aims to revolutionize surgical procedures through innovative, minimally invasive solutions.

Project Acronym: NVCD (Minimally Invasive Suturing for Vascular Bore Closure and Heart Defect Repair).

Project Description: The NVCD project addresses critical challenges in cardiovascular surgery by developing a minimally invasive suturing technique designed for vascular bore closure and the repair of congenital heart defects. Traditional surgical methods can be invasive, leading to longer recovery times and increased risks of complications. The NVCD project aims to provide a safer and more efficient alternative, significantly improving patient outcomes.

Technology Basics and Background

The technology developed by Novelrad involves advanced suturing mechanisms that allow for precise, minimally invasive closure of vascular bores and heart defects. This innovation utilizes state-of-the-art materials and engineering techniques to create sutures that can be deployed through small incisions, reducing trauma to the surrounding tissues.

Key Innovations:

• Minimally Invasive Techniques: The suturing procedure minimizes the need for large incisions, thereby reducing recovery time and associated risks.
• Precision Engineering: The technology employs precision mechanisms that allow for accurate placement of sutures, ensuring effective closure and repair.
• Biocompatible Materials: The use of advanced materials ensures compatibility with human tissue, reducing the risk of adverse reactions and promoting faster healing.

The NVCD project represents a significant advancement in cardiovascular surgery, addressing the urgent need for less invasive treatment options. By securing funding from the EIC Accelerator, Novelrad is positioned to successfully develop and commercialize this innovative technology, benefitting both patients and healthcare providers alike.

Conclusion

The EIC Accelerator program stands as a beacon of support for innovative startups like Novelrad. By providing substantial funding and strategic resources, the EIC plays a vital role in nurturing the growth of deep-tech companies within Europe. The success of projects like NVCD underscores the importance of such initiatives in transforming the healthcare landscape through advanced technology.

2 The Funding Rounds

Novelrad: Financing and Funding Overview Since EIC Accelerator Award

Company: Novelrad
Country: Israel
EIC Accelerator Submission Date (Step 2): November 8, 2023

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Financing Raised

• Total Disclosed Funding: €2.5 million
• Source of Funding: European Innovation Council (EIC) Accelerator Grant

Novelrad was awarded a €2.5 million grant from the EIC Accelerator following its successful application in the November 8, 2023 cut-off round, as officially published in early 2024.

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Funding Rounds: Timing and Amounts

Date	Type	Amount	Investor
Nov 2023	EIC Grant	€2.5 million	European Innovation Council

</em>Exact date of public result announcement: February/March 2024; funding linked to November 8, 2023 cutoff.

There are no records of additional equity rounds or other disclosed financings for Novelrad since winning the EIC award.

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Investor Information

• Primary Investor: European Innovation Council (EIC)
• Role: Provided direct non-dilutive grant funding via the EU’s flagship deep-tech innovation program.
• No equity stake has been publicly reported connected to this round.
• No additional private venture capital or angel investors have been referenced in connection with any subsequent rounds since the EIC award.

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Additional Information Related to Funding Rounds

• The €2.5 million is entirely grant-based as per public databases and startup trackers; there is no evidence that Novelrad received blended finance (i.e., a mix of equity and grant) or equity-only funding from the EIC at this stage.
• The company has not announced any further fundraising activity beyond this initial EU support.

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Company Valuations

No public disclosures regarding company valuation are available for Novelrad following its receipt of the EIC grant. This lack is typical for companies funded primarily through grants rather than priced investment rounds.

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Exit Events (IPO, Buyouts, Acquisitions)

As of May 6, 2025:

• There have been no reported exit events involving Novelrad.
• No IPO filings
• No acquisition announcements
• No buyout events referenced in any available sources related specifically to Novelrad since receiving EIC funding.

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Summary Table: Key Financial Milestones Post-EIC Award

Event	Date	Details
Step 2 Proposal Submitted	Nov 8, 2023	For consideration by EC
Step 3 Interview & Selection	Early Feb '24	Selected for funding
Public Announcement	Feb/Mar '24†	Listed among funded companies
Funds Received	Q1-Q2 '24†	€2.5m non-dilutive EU grant

<em class="publication">Date based on official cut-off schedule
†Based on standard timing between award notification and disbursement/publication

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There are currently no signs of further institutional investment rounds or exits involving this company post-EU financing based on all available data up to May 6, 2025.

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Sources:

• EIT Climate-Kic – Company page
• Dealroom – Company profile
• Official List – EC PDF Nov 8 Cutoff
• Rasph.com — Comprehensive Analysis of Nov 8th Cutoff Results

3 The Press Releases

Novelrad: Innovations and Developments

Novelrad, an Israeli company, has been recognized as an EIC Accelerator winner for its groundbreaking work in developing a large-bore closure device using micro-suturing technology. This innovation addresses significant unmet needs in minimally-invasive cardiac and vascular procedures by reducing complications associated with traditional closure devices.

Key Technology and Benefits

• Micro-Suturing Technology: Novelrad's technology mimics the precision of a vascular surgeon, allowing for minimally-invasive placement of a purse-string suture around the access site with a simple click of a button. This approach significantly reduces complications and benefits both patients and healthcare systems by shortening procedure times and lowering hospitalization lengths.
• Scalability and Indications: The technology has enormous potential for multiple indications in the cardiovascular system and beyond, positioning it for significant market impact.

Funding and Future Plans

EIC Accelerator Grant: Novelrad received €2.5 million in funding under the EIC Accelerator program. This grant will be used to complete clinical validation of the device and obtain CE marking for market deployment, as well as to advance its first intracardiac indication, such as Patent Foramen Ovale (PFO) closure.

Team and Partnerships

While specific updates on team changes or new partnerships are not detailed, Novelrad's innovative approach has garnered support and recognition from industry experts, highlighting its potential to disrupt current vascular closure practices.

Press Releases and Updates

As of the latest information, press releases or updates on Novelrad's website primarily focus on its innovative technology and the impact of EIC funding. There are no recent social media updates or press releases available beyond the details of its award and technological advancements.

Sources: - Novelrad – NVCD - Evolution Europe

Novelrad - Transcatheter Continuous Sutures

4 The Technology Advancements

Novelrad's Post-EIC Accelerator Advancements in Minimally Invasive Suturing Technology

Israeli medtech company Novelrad, a 2023 EIC Accelerator grant recipient, continues to advance its proprietary micro-suturing platform for cardiovascular applications. Since securing EU funding under the November 8, 2023, cut-off, the company has focused on clinical validation and market preparation for its transcatheter suturing device (NVCD).

Core Capabilities

Novelrad’s NVCD deploys a multipoint continuous purse-string suture via a percutaneous approach, mimicking open surgical techniques while enabling minimally invasive procedures. The device targets large-bore vascular closures (up to 21F) and intracardiac repairs such as patent foramen ovale (PFO).

Post-Funding Technological & Clinical Progress

• CE Marking Pathway: Actively pursuing CE Class IIb certification through a prospective, multi-center trial involving 80–100 patients.
• FDA Strategy: Preparing a PMA application with plans for a larger pivotal study (120–150 patients).
• Expanded Indications: Extending the device’s use to venous closure and exploring left atrial appendage (LAA) and atrial septal defect (ASD) repairs.

• Presented preclinical and early clinical data at the 2024 VEITH Symposium, showcasing procedural feasibility and safety outcomes.
• Positioned the NVCD as a solution for reducing large-bore vascular complications (~20% rates with existing devices).

EIC Accelerator funds are being utilized to complete clinical validation and obtain CE marking while advancing PFO closure feasibility studies.

Intellectual Property & Publications

While recent patent filings remain undisclosed in public records, Novelrad’s technology is described as proprietary across multiple sources. No new peer-reviewed studies or whitepapers are explicitly cited post-2023; however, symposium abstracts confirm ongoing clinical evaluations.

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Sources

• Novelrad Official Website
• VEITH Symposium 2024 Abstract
• EIC Accelerator Results Document
• Evolution Europe Case Study

5 The Partnerships and Customers

Novelrad's Strategic Positioning Post-EIC Accelerator Funding Novelrad, an EIC Accelerator winner specializing in minimally invasive micro-suturing technologies for cardiac procedures, has leveraged its funding to advance its mission of transforming surgical interventions. While specific partnerships, customers, or entities directly affiliated with Novelrad are not detailed in publicly available sources from the provided data, the EIC Accelerator framework typically enables awardees to access strategic resources that drive market positioning and technological advancement.

Partnerships & Ecosystem Engagement

As an EIC-funded company, Novelrad gains access to EIC Business Acceleration Services, including mentorship, investor networking events, and collaboration opportunities with industry leaders. These services aim to connect deep-tech innovators like Novelrad with potential partners across healthcare providers, medical device manufacturers, and EU-wide research consortia. For instance:

• Technology Scaling: Interactions through platforms like the EIC Innospace (mentioned in the 2023 Work Programme) facilitate partnerships for pilot testing and commercialization.
• Market Access: The EIC’s focus on bridging early-stage innovations with industrial procurers could position Novelrad’s micro-suturing solutions for adoption in European healthcare systems seeking minimally invasive surgical tools.

Technology Advancement Pathways

The EIC Accelerator’s blended financing model (grants + equity) supports R&D scaling critical for refining Novelrad’s proprietary technology. Specific advancements likely include:

• Clinical Validation: Funding may accelerate trials to demonstrate efficacy in complex cardiac surgeries.
• Regulatory Compliance: Resources could streamline CE marking or FDA approval processes through expert guidance via BAS.

Competitive Positioning

By aligning with the EIC’s emphasis on high-impact health technologies, Novelrad strengthens its profile as a leader in precision surgical devices. Exposure through EU innovation channels enhances visibility among investors and potential acquirers seeking cutting-edge MedTech solutions.

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Sources

• Evolution Europe joins the EAIC to drive innovation forward
• European Innovation Council (EIC) Work Programme 2023
• European Innovation Council Accelerator 2023 Challenges

Note: No direct references to Novelrad's partners or customers were found within the provided search results; this analysis reflects general EIC pathways applicable to awardees.*

6 The Hiring and Company Growth

Novelrad's Team Dynamics Post-EIC Accelerator Funding Novelrad, an Israeli medical device innovator specializing in minimally invasive suturing technologies for cardiovascular procedures, has not publicly disclosed its current headcount or recent hiring activities. The company’s leadership structure includes founders Netanel Sharabani (CEO), Shachar Rotem (CTO), and Ori Goldor (R&D Director), alongside key hires such as CFO Yossi Cohen and Dr. Yossi Muncher overseeing regulatory affairs. While financial specifics remain undisclosed, the €2.5 million EIC Accelerator grant awarded to Novelrad signals potential for team expansion to advance clinical development and commercialization of their micro-sewing technology.

Growth Trajectory and Scaling Strategy
The EIC funding underscores Novelrad’s focus on scaling its proprietary platform, which enables percutaneous continuous suturing for vascular closures. Recent additions like legal/QA specialist Mor Boni and R&D engineer Tomer Katz suggest a bolstering of operational and technical capabilities. These roles likely support regulatory compliance, product refinement, and manufacturing scale-up ahead of broader market adoption.

No major changes to the founding team have been reported since the 2023 EIC award. However, Novelrad’s emphasis on multidisciplinary expertise—spanning engineering, clinical strategy (via consultant Dr. Elchanan Bruckheimer), and regulatory affairs—positions it to navigate complex medical device certification pathways while pursuing partnerships with healthcare providers.

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Sources Used:

• Novelrad - Transcatheter Continuous Sutures
• Novelrad Company Information | Dealroom.co

7 The Media Features and Publications

Novelrad: An Overview Since EIC Accelerator Funding

Novelrad, an Israeli company, has made significant strides in the medical device industry, particularly after receiving the EIC Accelerator funding in November 2023. The company specializes in developing minimally invasive suturing solutions for vascular and heart defect closures.

Media Features and Publications

Despite the lack of extensive media coverage, Novelrad has been noted for its innovative approach to minimally invasive cardiovascular procedures. The company's technology involves a micro-sewing machine capable of deploying continuous suture patterns percutaneously with a simple click of a button. This innovation addresses unmet needs in the current market, where existing closure technologies are associated with high complication rates.

Content from Publications

Publications have highlighted Novelrad's potential to disrupt the market with its ease of use, cost-effectiveness, and reduced complication rates. Testimonials from industry experts, such as Gilles Lachkar and Prof. Dr. Alexander Zimmermann, emphasize the game-changing nature of Novelrad's suturing technology, particularly for large bore closures.

Podcasts or Interviews

There is currently no readily available information on podcasts or interviews featuring the Novelrad team.

Conference and Fair Visits

While specific details about Novelrad's participation in conferences or fairs are not available, the company's focus on developing next-generation cardiovascular solutions positions it well for presenting at medical device conferences and trade fairs.

Involvement in Events

Novelrad's involvement in events, particularly those related to the medical device industry, would likely focus on showcasing its innovative suturing technology. However, specific details about its participation in such events are not readily available.

Conclusion

Novelrad's technology represents a significant advancement in minimally invasive cardiovascular procedures. While it may not have a wide media presence, its innovative solutions are poised to impact the medical device industry positively.

Sources

• Novelrad
• Novelrad - Startup Nation Finder
• Novelrad Ltd. - Synapse
• Novelrad company information, funding & investors | Dealroom.co