1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is a vital component of the European Commission's initiative to support innovative startups and small to medium-sized enterprises (SMEs) in Europe. Designed to foster breakthrough technologies and disruptive innovations, the EIC Accelerator provides a unique funding mechanism that combines grants and equity investments, enabling companies to scale their operations and enhance their market presence.

Funding Structure

The EIC Accelerator offers blended finance, which includes:

• Grant Funding: Companies can receive grants of up to €2.5 million. This funding is aimed at supporting the development of innovative projects, particularly during the prototype phase or early stages of market entry. The grant covers various expenses, including research and development, testing, and market validation.
• Equity Investment: In addition to grants, the EIC Accelerator provides equity funding, which has undergone some changes over the years. Until 2024, companies can access equity funding of up to €15 million. However, starting in 2025, this cap will be reduced to €10 million. This investment is crucial for scaling operations, facilitating market entry, and attracting further private sector investments.

Purpose and Impact on the Ecosystem

The EIC Accelerator plays a significant role in the European DeepTech and startup ecosystem. Its primary purpose is to bridge the funding gap often faced by innovative companies, particularly those with high-risk projects that traditional investors may overlook. By offering both grants and equity, the program not only alleviates financial constraints but also encourages collaborations with private investors, thereby enhancing the overall investment landscape.

The EIC Accelerator aims to drive innovation, create jobs, and stimulate economic growth across Europe. Its support significantly increases the chances of success for startups and SMEs, enabling them to scale effectively and compete in the global market.

Case Study: Eyescanner Technology Sweden AB

Overview of the Company and Project

Eyescanner Technology Sweden AB is a notable winner of the EIC Accelerator, securing funding for its innovative project, EYESCANNER. The proposal was submitted on October 5, 2022, and successfully advanced through the rigorous selection process, culminating in a favorable outcome during the Step 3 interview.

Project Description: EYESCANNER

The EYESCANNER project revolves around a versatile digital tool designed to leverage existing technological infrastructure, particularly smartphones and integrated systems in vehicles and hospital equipment. The core objective of EYESCANNER is to provide an efficient and accessible solution for eye health monitoring and diagnostics.

Technology Basics and Background

The technology behind EYESCANNER is rooted in advanced image processing and machine learning algorithms that analyze eye images captured through common devices. By utilizing smartphones and other integrated systems, the tool is designed to be user-friendly and accessible, ensuring that eye health assessments can be conducted in a variety of settings, from hospitals to remote locations.

The EYESCANNER technology employs sophisticated optical sensors and AI-driven analytics to evaluate eye conditions, facilitating early detection of potential health issues such as glaucoma, diabetic retinopathy, and other ocular diseases. This capability not only enhances patient outcomes but also streamlines the diagnostic process, reducing the burden on healthcare systems.

By integrating seamlessly with existing infrastructure, EYESCANNER aims to democratize access to eye care, making it feasible for healthcare providers to offer comprehensive eye exams in diverse environments. This innovative approach aligns with the EIC Accelerator's mission to support groundbreaking solutions that address pressing societal challenges.

Conclusion

The EIC Accelerator program serves as a crucial catalyst for innovation in Europe, providing substantial financial support to visionary companies like Eyescanner Technology Sweden AB. Through its blended finance model, the program empowers startups to overcome challenges, scale effectively, and contribute to the broader economic landscape. The EYESCANNER project exemplifies how cutting-edge technology can transform healthcare practices, ultimately improving lives and enhancing access to vital services.

2 The Funding Rounds

# Eyescanner Technology Sweden AB: Funding Journey Since EIC Accelerator Award

Eyescanner Technology Sweden AB, now known as Sightic Analytics, is a Swedish startup that has developed an innovative AI-based technology for drug detection through eye scanning. The company has undergone significant development since receiving EIC Accelerator funding in October 2022.

Funding History

Eyescanner has raised multiple funding rounds since its founding in 2019 by Stefanie Najafi and Jenny Johansson. According to available data, the company has secured approximately $590,000 (SEK 5 million) across five funding rounds.

Initial Funding (2020):

• Received SEK 235,000 from Vinnova (Sweden's innovation agency) for a project running from August to December 2020
• The funding supported verification testing with treatment homes to validate the technology's ability to detect drug influence through eye measurements

Main Investment Round (2021):

• Raised SEK 5 million ($600,000) from Swedish investors
• Key investors included Optimizer Invest and angel investors Anders Jacobson and Daniel Pilotti

Recent Funding (2022-2024):

• Secured SEK 25 million (€2.2M, $2.3M) in a round led by automotive industry veteran Gunnar Bark
• This funding round was reported in 2022 after the company rebranded from Eyescanner to Sightic Analytics

Company Development

Since receiving the EIC Accelerator funding in October 2022, Sightic Analytics (formerly Eyescanner) has achieved several significant milestones:

Rebranding:

Changed name from Eyescanner Technology to Sightic Analytics, reflecting a broader application of their technology

Commercial Breakthrough:

• Announced a partnership with Norwegian micro-mobility company Ryde Technology in November 2022
• This partnership marked Sightic's first commercial deal, integrating their AI-based eye scanning software into Ryde's e-scooter app to prevent intoxicated users from unlocking scooters
• The company was reportedly in talks about similar integration with an e-scooter company active in the Swedish market

Technology Development:

• Continued refining their AI-based algorithm that detects drug influence through image analysis of the eye area
• The technology offers advantages over traditional testing methods, being faster, easier, and less intrusive than saliva or urine tests

Market Applications

Sightic Analytics is positioning its technology for various applications:

• Law enforcement agencies - For rapid drug testing in the field
• Corporate environments - For companies that require drug testing of staff
• Treatment homes - For monitoring patients
• Transportation safety - For detecting drug-affected drivers
• Micro-mobility - Preventing intoxicated users from operating e-scooters, as demonstrated by the Ryde Technology partnership

Leadership and Structure

The company was founded in 2019 by Stefanie Najafi and Jenny Johansson. Anders Jacobson has worked as an active chairman alongside the founders to develop the company.

The company's headquarters are in Sweden, with sources mentioning both Stockholm and Gothenburg as locations.

No information about current company valuation or exit events like IPOs or acquisitions is available in the provided search results.

Sources

• Eyescanner raised SEK 5 million from investors from Sweden
• Sightic Analytics - Seven District
• Sightic Stock Price, Funding, Valuation, Revenue & Financial
• Swedish Tech Weekly #291 - Swedish Tech News
• Eyescanner - Vinnova
• News November 11, 2022: Wayout, Sightic, Instabox, Quartr

3 The Press Releases

Eyescanner Technology (Now Sightic Analytics) Overview

Eyescanner Technology, now known as Sightic Analytics, is a Swedish company that has developed AI-based software capable of detecting alcohol and drug intoxication through advanced image analysis. The company received EIC Accelerator funding in October 2022, which has likely supported its technological advancements and partnerships.

Technology and Partnerships

Sightic Analytics has partnered with Ryde Technology, a Norwegian micro-mobility company, to enhance safety by integrating its AI technology into Ryde's platform. This partnership aims to prevent intoxicated individuals from using e-scooters by detecting cognitive impairments through eye movement analysis. The software uses machine learning algorithms to analyze bioindicators in the eye, providing a non-intrusive method for detecting drug use.

Recent Developments

• Partnership with Ryde Technology: The partnership is a significant step towards bringing Sightic's technology to market, focusing on enhancing safety in urban mobility by preventing intoxicated individuals from operating e-scooters.
• Technological Advancements: Sightic's AI software is designed to identify signs of drug influence in the eye area, leveraging machine learning to provide accurate and non-biased assessments.

Press Releases and Updates

While there are no direct press releases available on Eyescanner's website (now Sightic Analytics), updates on their partnerships and technological advancements are found through their partners and industry reports. Sightic's rebranding from Eyescanner reflects its evolving focus on AI-based solutions for safety and mobility.

Team Updates and Patents

There is limited information available on specific team updates or patents filed by Sightic Analytics. However, the company's rebranding and partnerships indicate significant strategic moves within the organization.

Sources

• Sightic Analytics - Seven District
• Ryde partners up with Sightic Analytics | The Ryde Blog
• Sightic Analytics - Seven District
• Eyescanner - Vinnova
• Sightic (formerly Eyescanner) - MobilityXlab

4 The Technology Advancements

Eyescanner Technology Sweden AB: Current Capabilities and Advancements

Eyescanner Technology Sweden AB, now known as Sightic Analytics, has developed a software platform capable of detecting cognitive impairment due to alcohol or drugs through image analysis of the eyes. Since October 5, 2022, when the company received EIC Accelerator funding, there is limited publicly available information specifically detailing advancements made directly as a result of this funding.

Current Capabilities

The company's technology is designed to identify whether a person is under the influence of substances by analyzing eye reactions. This method involves collecting data on the eyes of individuals affected by drugs and using AI algorithms to identify patterns associated with impairment.

Advancements

While specific advancements directly linked to the EIC funding are not widely reported, Sightic Analytics has made significant partnerships. Notably, they announced a commercial partnership with Ryde Technology, a Norwegian micro-mobility company, aimed at enhancing safety by detecting drivers' capabilities to operate e-scooters safely.

Market Demonstration and Technology Development

Sightic Analytics continues to focus on integrating its software into various mobility sectors to improve safety. However, there is no detailed information available about new features, patents, or clinical trials conducted specifically since receiving the EIC funding.

Future Prospects

Given the company's focus on AI-based detection technology, future developments are likely to enhance the accuracy and applicability of their software across different industries, potentially including automotive and mobility sectors.

Sources: - Eyescanner - Vinnova

• Sightic Analytics - Seven District
• Sightic Analytics - Seven District
• Safe and fair AI-based drug detection - Vinnova

5 The Partnerships and Customers

Eyescanner Technology Sweden AB, an EIC Accelerator winner since October 5, 2022, has developed AI-based software technology that detects drug influence via image analysis of the eye area. Since receiving EIC funding, the company has actively engaged in partnerships and commercial collaborations to advance its technology and scale market presence.

Partnerships and Customers

• Eyescanner Technology (now also known as Sightic Analytics) announced a key partnership with Norwegian micro-mobility company Ryde Technology. This collaboration represents a commercial breakthrough as it targets fast, non-intrusive detection methods for assessing driver capacity specifically for e-scooter riders. This partnership positions Eyescanner/Sightic in the emerging micro-mobility safety market by applying its AI drug detection technology to new use cases beyond traditional automotive applications.
• The company is involved in collaborative research projects within MobilityXlab’s ecosystem alongside major automotive industry players such as Magna International, Polestar, Volvo Group, and Zeekr Technology Europe. These partnerships facilitate R&D cooperation that supports refinement of Eyescanner’s AI algorithms for detecting drug influence through eye movement analysis and underpin scaling efforts by linking with established industry leaders.

Nature of Relationships and Purpose

• The Ryde partnership aims to commercialize Sightic's non-invasive safety screening solution adapted specifically for micromobility operators—enabling safer urban transport options by verifying user sobriety quickly without intrusive testing.
• Collaboration within MobilityXlab fosters joint innovation with leading automakers focusing on integrating eyescanning technologies into driver monitoring systems or related safety applications. This access accelerates product validation under real-world conditions while providing strategic routes to market entry.

Positioning in the Market

• These relationships place Eyescanner Technology Sweden AB strategically at the intersection of biometric AI software development and mobility safety solutions across various transport sectors—from personal e-scooters to vehicles from global OEMs.
• Partnering with recognized firms like Ryde provides immediate commercial deployment opportunities enhancing brand credibility while ongoing work with automotive giants boosts technological robustness aligned with regulatory trends (e.g., mandatory driver monitoring systems).

Technology Advancement and Scaling Support

• Through these collaborations, Eyescanner gains access to diverse datasets necessary for improving machine learning models’ accuracy in different lighting conditions, demographics (eye colors/shapes), and usage scenarios—essential components highlighted during their earlier validation phases.
• Working closely with partners accelerates iterative development cycles enabling faster incorporation of feedback into product versions tailored either for specific vehicle platforms or new mobility use cases like electric scooters.

In summary, since winning EIC Accelerator funding in late 2022, Eyescanner Technology Sweden AB has secured strategic partnerships including a notable agreement with Norway’s Ryde Technology targeting e-scooter rider safety alongside ongoing cooperative development within MobilityXlab involving major automotive manufacturers. These relationships enhance their market position by expanding application domains beyond traditional vehicles while providing critical technical resources that support advancing their cutting-edge biometrics technology toward broader commercialization.

---

Sources:

• Sightic Analytics - Seven District
• MobilityXlab - Sightic (formerly Eyescanner)
• Eyescanner - Vinnova
• Sightic Analytics Partnership Announcement

6 The Hiring and Company Growth

Sightic (formerly Eyescanner Technology) - Team Growth and Developments

Since receiving the EIC Accelerator funding in October 2022, Sightic, formerly known as Eyescanner Technology, has continued to evolve and expand its operations. Based in Sweden, Sightic specializes in AI-driven software for drug detection through image analysis of the eye area.

Hiring and Team Growth

In the past year, Sightic has expanded its product and development team, indicating significant growth in its workforce. This expansion is crucial for enhancing the company's technological capabilities and meeting the demands of its innovative solutions.

Current Headcount and Team Size

The exact current headcount or team size of Sightic is not publicly available. However, the expansion of its teams suggests a notable increase in personnel.

Current Hiring Status

There is no specific information available on whether Sightic is currently hiring. However, the company's ongoing growth and development efforts suggest that they may be open to new talent to support their projects.

Growth and Milestones

Sightic has achieved significant growth since its expansion, especially with the investment from Seven District in June 2021. This investment has facilitated partnerships and product development, such as a commercial breakthrough with Ryde Technology, enhancing its presence in the market.

Key Positions and Impact

While specific details about recent key hires are not available, Sightic's focus on AI and software development implies that they may be recruiting professionals with expertise in machine learning, software engineering, and related fields. These additions would be pivotal in enhancing the company's drug detection technology and scaling its operations.

Future Impact and Scaling

The new team members play a crucial role in Sightic's future by contributing to the development of more sophisticated AI algorithms and expanding the company's market reach. This growth in talent will help Sightic scale its operations and solidify its position in the drug detection market, particularly through partnerships like the one with Ryde Technology.

Management Changes

There is no specific information available on major changes in Sightic's management or founding team. However, the company's continued innovation and expansion suggest stability and strategic leadership.

---

Sources:

• Sightic (formerly Eyescanner) - MobilityXlab
• Sightic Analytics - Seven District
• Volvo testar tidigare Säpo-anställdas drogapp

7 The Media Features and Publications

Eyescanner Technology Sweden AB, now known as Sightic Analytics, is a Swedish company that has gained recognition for its innovative approach to drug detection through eye scanning technology. The company received significant funding and recognition, including the EIC Accelerator award in October 2022. Here's an overview of the company's media features, publications, and events participation:

Media Features and Publications

Eyescanner Technology has been featured in various media outlets and publications for its AI-based software that detects drug and alcohol influence by analyzing eye movements. The company's technology uses machine learning algorithms to provide a non-intrusive method for detecting substance use, which has attracted interest from industries such as automotive and micro mobility.

Publications have highlighted the company's successful projects, such as a verification project with treatment homes to validate the effectiveness of its technology under different conditions. Additionally, Sightic has partnered with Ryde Technology to implement its technology in e-scooter safety checks, marking a significant commercial breakthrough.

Podcasts and Interviews

There is no specific information available on podcasts or interviews featuring the team of Eyescanner Technology. However, the company's innovative approach to drug detection has been discussed in broader contexts related to eye-tracking technology and AI applications.

Conferences, Fairs, and Presentations

While specific details on conference participations or presentations are not readily available, Eyescanner Technology's involvement in events like MobilityXlab suggests that the company is actively engaging with relevant industry platforms to showcase its technology.

Events Involvement

The company's partnership with Ryde Technology and its participation in initiatives like MobilityXlab indicate an active engagement in events related to innovation and technology in Sweden and beyond.

EIC Accelerator Funding

Eyescanner Technology received the EIC Accelerator funding in October 2022, which is a significant milestone in its journey to further develop and commercialize its drug detection technology. This funding supports the company's goals to enhance traffic safety and expand its applications in various sectors.

---

Sources: - Eyescanner - Vinnova

• Sightic (formerly Eyescanner) - MobilityXlab
• Sightic Analytics - Seven District
• A mobile application for an eye-scanning drug abuse test ... - CORDIS
• Safe and fair AI-based drug detection - Vinnova
• Sightic Analytics - Seven District
• Swedish entrepreneurs capture the world's attention with eye-tracking technology - Computer Weekly