1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is an initiative designed to support high-risk, innovative small and medium-sized enterprises (SMEs) and startups in Europe. The program aims to foster the development and scaling of breakthrough technologies and innovations, particularly within the DeepTech sector. By providing financial support in the form of grants and equity investments, the EIC Accelerator aims to bridge the funding gap that many innovative companies face during the crucial stages of growth.

Funding Details

The EIC Accelerator offers a blended finance model that combines grant funding and equity investment. Companies can receive a grant of up to €2.5 million, which is aimed at covering the costs of innovation, including research and development, prototyping, and testing. This grant is particularly valuable as it does not require repayment, allowing companies to allocate resources towards scaling their innovations.

In addition to the grant, the EIC Accelerator provides equity financing of up to €15 million until 2024. Starting in 2025, this equity funding will be capped at €10 million. The equity investment is designed to help companies attract further private investment, enabling them to scale operations, enter new markets, and increase their overall competitiveness.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by addressing the unique challenges faced by innovative SMEs. It aims to support projects that have the potential to create significant economic and societal impacts. By offering financial assistance and facilitating connections with private investors, the EIC Accelerator helps companies reduce their funding risks, thereby enabling them to focus on innovation and growth.

Role in Scaling and Funding

The EIC Accelerator aids companies in scaling by providing not only financial resources but also strategic support. This includes access to mentorship, networking opportunities, and guidance in business development. The program actively encourages collaboration between startups and established industry players, enhancing the chances of successful market entry. By helping companies secure private sector funding, the EIC Accelerator ensures that they can maintain momentum and achieve their long-term objectives.

Case Study: Surgify Medical Oy and the SSB2 Project

Company Overview
Surgify Medical Oy, based in Finland, is an innovative company focused on developing advanced surgical tools that enhance patient safety during bone surgery. The company’s mission is to reduce surgical complications and improve outcomes through technological innovation.

Project Overview
The EIC Accelerator project, referred to as SSB2 (Surgify Safety Burrs for safer bone surgery), was submitted on March 23, 2022. The project focuses on the development of a novel surgical tool designed to improve the safety and efficacy of bone surgeries.

Technology Basics and Background
Surgify Medical's SSB2 project revolves around the development of safety burrs, specialized cutting instruments used in various orthopedic and neurosurgical procedures. Traditional burrs can pose significant risks, including unintended damage to surrounding tissues and complications arising from excessive heat generation during the cutting process.

The SSB2 technology utilizes advanced materials and design principles to create burrs that minimize these risks. The safety burrs feature innovative cooling mechanisms that reduce heat generation, thereby preventing thermal injury. Additionally, the design incorporates enhanced cutting geometry to improve precision and control during surgery, significantly increasing patient safety.

The project leverages cutting-edge research in materials science and surgical technology, aiming to revolutionize the way bone surgeries are performed. By addressing critical pain points in existing surgical practices, the SSB2 project has the potential to improve surgical outcomes, reduce recovery times, and ultimately enhance patient care.

Conclusion
The EIC Accelerator program is essential for nurturing innovative companies like Surgify Medical Oy, providing them with the necessary financial and strategic support to scale their groundbreaking technologies. The SSB2 project exemplifies how the EIC Accelerator can transform the surgical landscape, highlighting the program’s vital role in advancing Europe’s DeepTech ecosystem. Through initiatives like this, the EIC Accelerator continues to drive innovation, contributing to improved healthcare outcomes and fostering economic growth within the region.

2 The Funding Rounds

Surgify Medical Oy: Funding and Financing Overview Since EIC Accelerator Award

Financing Raised

Since its founding in 2017, Surgify Medical Oy, a Finland-based medtech company focusing on safer surgical technology, has raised significant private capital. As of early 2021, the company closed a notable €1.4 million ($1.7 million) funding round to support the market launch of its safer surgical drill technology.

Cumulatively, prior to this round (as reported in January 2021), Surgify had secured approximately €2.6 million in private funding.

Funding Rounds: Timing and Amounts

• January 2021: Closed a €1.4 million ($1.7 million) funding round.
• Prior to January 2021: Surgify had previously raised around $1.3 million (€~1.2M).
• Total reported by late 2021: Approximately $1.71M total disclosed by public sources.

The rounds have not been explicitly labeled as Series A/B/C but are considered early-stage/venture rounds.

Investor Information

Key investors across these rounds include: - Innovestor Ventures (Finland): Lead investor for the January 2021 round.

• Peter Lindell (Sweden): Swedish angel investor.
• Leena Niemistö (Finland): Finnish angel investor and healthcare entrepreneur.

Additionally, earlier investments came from Wave Ventures, Cascara Ventures, Butterfly Ventures, FRIIH GmBH and Merkatura.

No direct evidence points to institutional participation beyond the above-mentioned venture capital firms or angels.

Company Valuations

No official valuation figures have been publicly disclosed for Surgify Medical Oy during or after any of their announced funding rounds.

Exit Events (IPO/Buyouts/Acquisitions)

As of April 24th, 2025:

There is no indication that Surgify Medical Oy has undergone any exit event such as an IPO (Initial Public Offering), buyout or acquisition.

All currently available information indicates that the company remains privately held with ongoing operations focused on global commercialization following regulatory approvals and initial hospital deployments.

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Sources

• Finnish startup Surgify Medical Oy raises €1.4 million...
• Surgify Medical Oy – Funding & Investors - Parsers VC
• Finnish startup Surgify Medical Oy raises $1.7 million - AIN.Capital
• Surgify to raise €1.4M from Innovestor Ventures & Angels - Nordic9

-​ Surgify Medical raised €​14M euro private funding - SPARK Finland

3 The Press Releases

Surgify Medical Oy: Recent Developments and Advances

Surgify Medical Oy, a Finnish healthtech company, has been making significant strides in the field of surgical technology since receiving the EIC Accelerator funding on March 23, 2022. The company is renowned for its innovative bone-cutting technology designed to enhance the safety of surgical procedures.

Technology and Advancements

Surgify's flagship product, the Surgify Halo, is a tissue-selective surgical drill that selectively cuts hard tissue while preserving soft tissue such as nerves and blood vessels. This technology has been successfully implemented in surgeries at Helsinki University Hospital and has been adopted by university hospitals in Sweden and Denmark.

The company's technology aims to prevent complications associated with traditional surgical drills, which can lead to nerve and blood vessel injuries. By reducing these risks, Surgify's technology can streamline surgical procedures, decrease costs, and enhance patient safety.

Partnerships and Collaborations

Surgify Medical Oy has established strategic partnerships with several key institutions, including Helsinki University Hospital, Kuopio University Hospital, and Aalto University. These collaborations have been instrumental in the development and testing of their technology.

The company also cooperates with Kuopio Health, a health tech region that fosters innovation and collaboration in the healthcare sector. This affiliation has contributed to the company's growth and development.

Funding and Investment

Surgify has secured significant funding to advance its technology. The company raised €1.4 million in a funding round led by Innovestor Ventures, along with investors Peter Lindell and Leena Niemistö. This investment has been crucial for bringing their safer surgical drill to market.

The funding is also intended to support the company's expansion into international markets, following initial adoption in Finland and the Nordic region.

Team and Leadership

Surgify Medical Oy was founded by Shahab Haeri, Visa Sippola, Juho Carpén, and Jukka Kreander in 2017. Visa Sippola serves as the CEO and is instrumental in driving the company's vision to redefine how surgery is performed.

Press Releases and Updates

Recent updates from Surgify include the adoption of their technology in two new clinics in Scandinavia,assistant

Surgify Medical Oy: Recent Developments and Advances

Surgify Medical Oy, a Finnish healthtech company, has been making significant strides in the field of surgical technology since receiving the EIC Accelerator funding on March 23, 2022. The company is renowned for its innovative bone-cutting technology designed to enhance the safety of surgical procedures.

Technology and Advancements

Surgify's flagship product, the Surgify Halo, is a tissue-selective surgical drill that selectively cuts hard tissue while preserving soft tissue such as nerves and blood vessels. This technology has been successfully implemented in surgeries at Helsinki University Hospital and has been adopted by university hospitals in Sweden and Denmark.

The company's technology aims to prevent complications associated with traditional surgical drills, which can lead to nerve and blood vessel injuries. By reducing these risks, Surgify's technology can streamline surgical procedures, decrease costs, and enhance patient safety.

Partnerships and Collaborations

Surgify Medical Oy has established strategic partnerships with several key institutions, including Helsinki University Hospital, Kuopio University Hospital, and Aalto University. These collaborations have been instrumental in the development and testing of their technology.

The company also cooperates with Kuopio Health, a health tech region that fosters innovation and collaboration in the healthcare sector. This affiliation has contributed to the company's growth and development.

Funding and Investment

Surgify has secured significant funding to advance its technology. The company raised €1.4 million in a funding round led by Innovestor Ventures, along with investors Peter Lindell and Leena Niemistö. This investment has been crucial for bringing their safer surgical drill to market.

The funding is also intended to support the company's expansion into international markets, following initial adoption in Finland and the Nordic region.

Team and Leadership

Surgify Medical Oy was founded by Shahab Haeri, Visa Sippola, Juho Carpén, and Jukka Kreander in 2017. Visa Sippola serves as the CEO and is instrumental in driving the company's vision to redefine how surgery is performed.

Press Releases and Updates

Recent updates from Surgify include the adoption of their technology in two new clinics in Scandinavia, highlighting the company's progress in expanding its reach internationally. Additionally, Surgify has presented results from in-vivo studies at the EANS2023 congress, further solidifying its position in the surgical technology sector.

Sources

• News - Surgify
• Surgify Halo in two new clinics in Scandinavia
• New bone cutting technology from Finnish startup Surgify
• Surgify Medical | Aalto University
• Finland's Surgify Medical wants to make bone surgeries safer with safer surgical drill
• Presenting Kuopio Health members: Surgify Medical Oy
• Innovestor invests in Surgify Medical
• Finnish startup Surgify Medical Oy raises $1.7 million
• New bone cutting technology from Finnish startup Surgify

4 The Technology Advancements

Surgify Medical Oy: Post-EIC Accelerator Funding Advancements Finnish medical technology company Surgify Medical Oy continues to pioneer safety-focused surgical tools, particularly for bone-cutting procedures. Since receiving EIC Accelerator funding in March 2022, the company has achieved significant milestones in clinical validation, regulatory approvals, and market expansion.

Technology Advancements and Features

The Surgify Halo™ system remains central to their innovation, utilizing HaloSense technology—a pressure-sensitive mechanism that retracts cutting edges upon encountering soft tissue. Recent refinements emphasize integration with robotic surgery platforms and scalability across specialties like orthopedics and pediatrics. While no explicit mention of new features post-2022 exists in public materials, the FDA’s November 2023 clearance highlighted performance equivalence to existing bone drills during high-speed operation (up to 75,000 RPM) while maintaining safety.

Market Demonstration and Clinical Trials

Surgify has actively engaged in clinical validation:

• Pre-clinical results: A study involving eight neurosurgeons across Finnish hospitals demonstrated 0% soft-tissue injury rates with Surgify Halo™, compared to 29% with conventional burrs.
• In-vivo studies: Results were presented at the EANS2023 congress (October 2023), reinforcing efficacy in live surgical environments.
• Regulatory progress: CE marking was retained for EU markets, while FDA’s 510(k) clearance (K232684) secured U.S. market entry by late 2023.

Intellectual Property and Research Outputs

• Patents: The U.S. patent US11998218B2 (granted March 2024) covers bone-cutting systems compatible with computer-assisted surgery—aligning with Surgify’s robotic integration goals. No specific post-2022 filings are explicitly cited.
• Clinical publications: While peer-reviewed studies are not detailed publicly, ongoing trials focus on cranial/spine applications and compatibility assessments for robotics.

Strategic Collaborations and Funding

A May 2024 update noted representation at neurosurgical training events in Finland but provided limited specifics on partnerships or new funding rounds beyond earlier €1.4 million raises from Innovestor Ventures et al..

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Sources: Surgify Halo™ Technology | FDA Clearance Document | CORDIS Scalability Report | Clinical Study Data | Patent US11998218B2

5 The Partnerships and Customers

Surgify Medical Oy: Partnerships and Advancements

Surgify Medical Oy, a Finnish healthtech company and winner of the EIC Accelerator funding in March 2022, has been making significant strides in developing safer surgical technology. Founded in 2017 as a spin-off from Aalto University and HUS Helsinki University Hospital, Surgify aims to revolutionize bone surgery with its innovative tools.

Partnerships and Collaborations

• Innovestor Ventures: A key investor in Surgify, leading the company's funding round alongside other investors like Peter Lindell and Leena Niemistö.
• HUS Helsinki University Hospital: Collaborated with Surgify in the development of its surgical technology, particularly in neurosurgical research.
• Aalto University: Played a crucial role in the early development stages of Surgify's technology.
• Kuopio University Hospital: Engaged in partnerships with Surgify, contributing to the company's research and development efforts.

Customers and New Relationships

While specific new customer names are not detailed, Surgify has expanded its operations to the German market and is targeting the US market following FDA approval. It has established networks in Sweden, Denmark, and Finland, and plans to collaborate with distribution partners in new markets.

Nature of New Relationships

Surgify's new relationships, particularly with distribution partners, are aimed at scaling its operations globally. These partnerships will enhance its market presence and facilitate the adoption of its technology in more hospitals. The relationships are crucial for technology advancements, as they provide access to broader clinical feedback and resources for further innovation.

Positioning in the Market

The new partnerships and customer relationships will position Surgify Medical Oy as a leader in safer bone surgery solutions. By expanding into international markets and collaborating with key healthcare institutions, Surgify enhances its credibility and reach, potentially increasing its market share in the surgical technology sector.

Technology Advancements and Scaling

Surgify's focus on robot-assisted surgery and tissue-selective technology is expected to significantly enhance surgical accuracy and safety. The company's participation in clinical studies and trials with multiple hospitals and research centers helps refine its technology and prepare it for wider adoption. The partnerships also aid in scaling by providing necessary resources for production and distribution, allowing Surgify to meet growing demand for its innovative solutions.

Conclusion

Surgify Medical Oy's strategic partnerships and customer relationships are pivotal in advancing its technology and scaling its operations. By leveraging these collaborations, Surgify is well-positioned to become a leading provider of safer surgical technologies globally.

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Sources

• Surgify Medical
• Finnish startup Surgify Medical Oy raises €1.4 million
• Contact - Surgify
• Presenting Kuopio Health members: Surgify Medical Oy
• Finland's Surgify Medical wants to make bone surgeries safer
• Surgify Medical Oy - Drug pipelines, Patents, Clinical trials
• New bone cutting technology from Finnish startup Surgify
• Surgify Medical Oy, a Finnish company that develops safer surgical technology

6 The Hiring and Company Growth

Surgify Medical Oy: Post-EIC Accelerator Funding Developments

Introduction

Surgify Medical Oy, a Finnish medical device company, received EIC Accelerator funding in March 2022. Since then, the company has been focusing on developing innovative surgical technologies, particularly their Surgify Halo device, which aims to improve precision and safety in bone cutting procedures.

Hiring and Team Growth

While specific team size or headcount details are not publicly available, Surgify has been actively involved in promoting its technology and expanding its presence in the medical device industry. The company recently raised €1.4 million in funding, which is expected to support its international growth and development efforts. This funding suggests an increased capacity for hiring and team expansion, though specific details on current hiring processes or recent hires are not disclosed.

Current Team Size and Headcount

As of the latest available information, Surgify's team includes key figures such as Visa Sippola (CEO/Co-founder), Shahab Haeri (CTO/Co-founder), Julia Peltola (Finance & Business Controller), Jukka Kreander (CQO/Co-founder), and Tom Rönnlund (CCO). However, the exact number of team members is not specified.

Hiring Status

There is no explicit information on whether Surgify is currently hiring, but the recent funding and international expansion plans suggest potential opportunities for growth and hiring in the future.

Growth and Scaling

The €1.4 million funding round indicates a positive trajectory for Surgify's growth. This investment will likely support the company's efforts to scale up its operations and expand into new markets, potentially leading to increased hiring in various roles.

Key Positions and Future Impact

New team members, particularly those with expertise in international commercialization and regulatory affairs, would be crucial for Surgify's future growth. These additions could enhance the company's ability to navigate complex regulatory environments and successfully launch its products in broader markets.

Major Changes in Management or Founding Team

There are no reported changes in the founding team or major management shifts since the EIC Accelerator funding. The current management team remains focused on advancing Surgify's innovative bone cutting technology and expanding its reach globally.

Sources:

• Surgify Medical Oy 510(k) Summary
• News - Surgify
• Management Team - Surgify
• Health & Life Sciences Study Finland 2023
• Aalto University Annual Board Report and Financial Statements 2023
• Surgify Medical

7 The Media Features and Publications

Introduction to Surgify Medical Oy

Surgify Medical Oy is a Finnish healthcare technology startup that has been making significant strides in the field of surgical safety. The company, founded in 2017, focuses on developing innovative surgical technology to prevent severe complications during bone surgeries. This includes preventing nerve and blood vessel injuries often caused by conventional surgical drills. In March 2022, Surgify Medical Oy successfully secured funding from the EIC Accelerator program, marking a pivotal moment in its growth and development.

Media Features and Publications

Surgify Medical has been featured in several media outlets and publications, primarily highlighting its groundbreaking technology and funding achievements. For example, the company's innovative bone cutting technology was noted for its ability to prevent severe complications during surgeries, and it received significant media attention when it was first used at Helsinki University Hospital in 2021. Additionally, Surgify's funding rounds have been covered by various sources, including a €1.4 million investment led by Innovestor Ventures, which aimed to bring its safer surgical drill to market.

Podcasts and Interviews

While there is no specific mention of podcasts or interviews featuring the team of Surgify Medical Oy, the company's presence and innovations are often discussed in medical and tech forums. The involvement of the company's CEO, Visa Sippola, in industry discussions highlights Surgify's commitment to redefining surgical practices.

Conference and Fair Visits

Surgify Medical Oy has been actively involved in various medical conferences and events. For instance, the company participated in the Finnish Neurosurgery Resident Days at Kuopio University Hospital, showcasing its technology among neurosurgical professionals. Additionally, results from an in-vivo study on the Surgify Safety Burr were presented at the EANS2023 congress, further demonstrating the company's commitment to advancing surgical safety through research and collaboration.

Involvement in Events

Surgify Medical Oy is engaged in promoting its technology and building partnerships within the healthcare sector. The company's focus on international collaboration and market expansion is evident in its participation in events that bring together medical professionals and technology innovators. For example, the company was part of a delegation that traveled to Boston, highlighting its collaborative approach to healthcare innovation.

Conclusion

Since receiving the EIC Accelerator funding, Surgify Medical Oy continues to advance its mission of making bone surgeries safer and more efficient. The company's innovative technology and active participation in medical and tech events underscore its commitment to reshaping the future of surgery.

Sources

• Finnish startup Surgify Medical Oy raises €1.4 million
• New bone cutting technology from Finnish startup Surgify
• Home Worldwide - Surgify
• Innovestor invests in Surgify Medical
• Finland's Surgify Medical wants to make bone surgeries safer
• Disior Blog
• FDA 510(k) Notification