1 The EIC Accelerator Project
The European Innovation Council (EIC) Accelerator program is a pivotal initiative designed to support innovative startups and small and medium-sized enterprises (SMEs) across Europe, particularly those operating in the DeepTech sector. This program provides funding and support to help these companies scale their groundbreaking technologies and solutions, thereby enhancing Europe's competitive edge in the global innovation landscape.Funding Structure of the EIC Accelerator
The EIC Accelerator offers a blended financing model that combines grants and equity investments.
Purpose of the EIC Accelerator
The EIC Accelerator aims to empower DeepTech companies by bridging the gap between innovative ideas and marketable solutions. The program plays a crucial role in fostering an ecosystem that nurtures entrepreneurship and technological advancement, particularly in sectors that require significant investment and carry higher risks. By providing both financial support and access to a network of mentors and investors, the EIC Accelerator helps companies navigate the complexities of scaling their operations and accessing additional funding.
Role in Scaling Companies
The EIC Accelerator not only provides funding but also offers strategic support. This includes coaching, mentoring, and networking opportunities that can significantly enhance a company’s ability to attract further investment. The program’s focus on the commercialization of innovation ensures that recipient companies are well-prepared to engage with private investors, helping them to present a compelling business case and demonstrate the viability of their technologies.
Case Study: GrayMatters Health LTD
Company Overview: GrayMatters Health LTD, based in Israel, is a notable winner of the EIC Accelerator. The company focuses on developing innovative solutions for mental health, specifically targeting post-traumatic stress disorder (PTSD).
EIC Accelerator Project: The project, titled "GrayMatters for PTSD" (GfP), is described as a non-invasive, adaptive digital therapeutic solution for managing PTSD and other mental disorders. This project received support from the EIC Accelerator in October 2021, marking a significant milestone for the company.
Technology Basics and Background
The GrayMatters for PTSD project leverages cutting-edge digital technology to address a pressing global mental health challenge. PTSD affects millions worldwide, often resulting from traumatic events, and can lead to severe emotional and psychological distress. Traditional treatment methods, such as psychotherapy and medication, can be effective but are not always accessible or suitable for all patients.
The Solution: The GfP system is designed to provide a personalized therapeutic experience through an adaptive digital platform. It utilizes evidence-based interventions, including cognitive behavioral therapy (CBT), delivered via a user-friendly interface. The solution is particularly innovative due to its non-invasive nature, which allows patients to engage with the therapy in a comfortable and familiar environment.
Adaptive Technology: The platform adapts to user inputs and progress, ensuring that the therapeutic approach is tailored to individual needs. This adaptability is crucial in mental health treatment, as it allows for a more responsive and dynamic approach to therapy. The technology also incorporates data analytics to monitor patient progress, enabling healthcare providers to adjust treatment plans as necessary.
Impact on Mental Health: By providing an effective, scalable, and accessible solution for PTSD, GrayMatters Health aims to improve the quality of life for individuals affected by this disorder. The GfP project not only addresses immediate therapeutic needs but also contributes to a broader understanding of mental health treatment through its innovative use of technology.
In conclusion, the EIC Accelerator serves as a vital catalyst for innovation within the European DeepTech ecosystem. With its blended financing model, the program empowers companies like GrayMatters Health to develop transformative solutions that address critical societal challenges, such as mental health. Through initiatives like the GfP project, the EIC Accelerator demonstrates its commitment to fostering groundbreaking innovations that can significantly improve lives and drive economic growth.
2 The Funding Rounds
GrayMatters Health LTD: Funding and Financing Overview Since EIC Accelerator Success
GrayMatters Health LTD, based in Israel, has experienced substantial growth and investor interest since submitting its successful EIC Accelerator application on October 6, 2021.
Financing Raised
- Total Funding: As of August 2024, GrayMatters Health has raised approximately $18.3 million across four funding rounds.
- EIC Support: The European Innovation Council (EIC) awarded GrayMatters Health a non-dilutive grant of €2.5 million (about $2.7 million), followed by an equity investment less than six months later as a further vote of confidence in the company’s trajectory.
Funding Rounds: Timing and Amounts
| Date | Round | Amount Raised | Lead/Key Investors |
|---|---|---|---|
| Prior to Jan 2022 | Seed/Pre-A | Not fully disclosed; total prior to Series A was about $3.5M. | Joy Ventures, Marius Nacht, Joyance Ventures |
| January 2022 | Series A | $10M | Otsuka Medical Devices (lead); Joy Ventures, J-Ventures, J-Impact; existing investors participated |
| March 2023 | EIC Fund Equity Investment & Grant | €2.5M grant + undisclosed equity amount | European Innovation Council Fund |
| Up to Aug 2024 | Total (all rounds) | $18.3M | Eight investors have participated across all rounds |
Investor Information
- Series A Lead Investor: Otsuka Medical Devices Co., Ltd.
- Other Series A Investors:
- Joy Ventures
- J-Ventures
- J-Impact
- Existing GMH investors including Marius Nacht and Joyance Ventures also participated in this round.
- EIC Involvement: The European Innovation Council provided both a significant grant (€2.5M) and an equity investment in early-to-mid 2023.
A total of eight investors are confirmed as having backed the company over four fundraising rounds through mid-2024.
Company Valuations
No formal public disclosure of company valuations at each round is available as of April 23, 2025; market capitalization figures remain undisclosed according to financial databases tracking Israeli startups. However, given the scale and prestige of the investments—including support from Otsuka Medical Devices and the EIC Fund—analysts estimate that valuation would have increased substantially post-Series A.
Exit Events: IPOs or Acquisitions
As of April 23, 2025:
The company continues independent operations with ongoing commercial expansion efforts for its Prism product line.
Summary Table — Key Financial Milestones for GrayMatters Health LTD
| Year/Period | Event/Funding Round | Details |
|---|---|---|
| Pre-Jan 2022 | Seed & Early Investments | Approximate total funding before Series A was ~$3.5M |
| January 11–12, 2022 | Series A | $10M raised led by Otsuka Medical Devices |
| September/March? , March? , March? , ? , ? , September/March?, March?, October?, November?, December?, Janurary? | EIC Grant + Equity Investment \n Dates unclear from sources; around Mar–Sep. | €2.5m ($~$ )grant plus undisclosed sum via direct investment |
| "," | ||
| \n |
\nDates approximate due to reporting lag.\n\n---\n
Sources
\n ---\n "," \nSources:\n- \ n
- Graymatters-health closes \$10m round-a-funding-and-partnership-in-japan\ n
- Startup Nation Finder – Financials\ n
- Dealroom – Company Information\ n
- Hit Consultant – \$10 Million for Biomarker-Based PTSD Therapeutics \ n
- PRNewswire – EIC Investment Press Release
3 The Press Releases
GrayMatters Health LTD, an Israeli company that won the EIC Accelerator funding with a Step 2 proposal submission on October 6, 2021, has since made significant advances in digital brain biomarker technology and PTSD treatment. Their flagship product, Prism for PTSD™, is an FDA-cleared non-invasive self-neuromodulation device designed as an adjunct therapy for patients suffering from post-traumatic stress disorder (PTSD).Press Releases and Key Updates
- FDA Clearance and Product Launch: In March 2023, GrayMatters Health announced receiving FDA 510(k) clearance to market Prism for PTSD™, which utilizes advanced EEG-fMRI statistical models to develop biomarkers of brain activity related to mental disorders. This technology enables personalized neurofeedback therapies by measuring amygdala-based brain patterns through accessible EEG data.
- Clinical Studies and Efficacy: A pioneering study published in early 2024 demonstrated a 67% overall response rate and a 32% remission rate among patients using the Prism device. The therapy showed mild side effects such as headaches or fatigue that resolved post-treatment. Clinical trials have confirmed significant symptom improvement three months after treatment completion, with low attrition rates (~10%) since the therapy does not re-expose patients to trauma.
- Expanding Patient Access: Throughout 2024, GrayMatters Health issued multiple announcements broadening access to Prism across the United States for both veterans and civilian populations. These efforts aim at expanding reach in psychiatry clinics nationwide while maintaining support through trained healthcare professionals.
- Awards and Recognition: The company received several accolades including the Prix Galien USA Best Startup Award in June 2023 and was named one of Fast Company’s Most Innovative Companies worldwide in March 2024.
Partnerships
- GrayMatters Health has collaborated with leading medical institutions globally including McLean Hospital (USA), top mental health centers in Germany supported by EU grants, Tel Aviv University where their core patented technology originated under Professor Talma Hendler’s leadership, as well as partnerships extending into Japan with Otsuka Medical Devices Co., Ltd.
- They also secured BIRD Foundation grants alongside McLean Hospital for developing digital therapies targeting major depressive disorder symptoms such as anhedonia.
Technology Advancements
- Their proprietary EEG-fMRI Pattern (EFP) biomarker is unique in fusing functional MRI amygdala data with EEG signals via advanced modeling techniques. This allows precise identification of brain mechanism-specific activity linked to PTSD and potentially other mental disorders like depression, ADHD, anxiety disorders, and borderline personality disorder planned for future clinical development.
- GrayMatters emphasizes evidence-based neuroscience transformed into accessible clinical tools that do not require invasive procedures or re-exposure to trauma but instead empower self-regulated neuromodulation under medical supervision.
Team Updates
- Significant additions include appointing Dr. Aron Tendler as Chief Medical Officer who contributes clinical expertise supporting regulatory compliance and therapeutic protocols.
- Kirk Thelander joined as Chief Commercial Officer overseeing commercial growth strategies especially within US markets.
The executive leadership comprises Co-Founder Oded Kraft serving CEO/President roles alongside Rani Cohen Executive Chairman; Prof. Talma Hendler leads scientific innovation; Shai Attia heads R&D; Adar Shani manages Clinical & Regulatory affairs; Pam Schwartz directs marketing efforts—all contributing toward scaling impact globally.
Additional Information Sources
GrayMatters maintains ongoing communication about advancements via press releases on their official website news section (graymatters-health.com/news-events) featuring updates on studies presented at conferences like APA NYC (#1628 booth), interviews such as Xtalks Life Science Podcast featuring CEO Oded Kraft discussing digital biomarkers transforming PTSD care released February 12th, 2025, blog posts focusing on mental health insights, social media updates aligned with new market expansions, awards announcements, plus coverage by industry publications like Medical Device News Magazine, HIT Consultant,, PR Newswire releases detailing incremental progressions.
Sources:
- News & Events - Graymatters Health
- PR Newswire: Broadening Patient Access
- PR Newswire: Pioneering Study Results
- GrayMatters Website - About Us
4 The Technology Advancements
GrayMatters Health LTD, an Israeli digital health company, has developed advanced capabilities centered on a novel digital biomarker of brain activity associated with mental health disorders, particularly post-traumatic stress disorder (PTSD). Their core technology uses a proprietary amygdala-based biomarker derived from fused EEG and fMRI data—called the Electrical-Fingerprint (EFP)—which measures brain activity linked to emotional regulation mechanisms rather than just symptoms or behaviors.Since receiving the EIC Accelerator funding in October 2021, GrayMatters has made significant advancements:
Technology and Product Development
- The company’s flagship product, Prism for PTSD, is an FDA-cleared adjunctive therapy that leverages self-neuromodulation. It combines an EEG cap with interactive audiovisual software to help patients learn to regulate their emotional response by modulating their amygdala-derived EFP biomarker. This approach empowers patients to actively participate in their treatment without re-exposure to trauma.
- Prism therapy involves approximately 15 sessions over eight weeks where patients use neurofeedback techniques guided by mental healthcare professionals. Clinical trials have shown promising results: about 67% of patients exhibited clinically significant symptom improvement three months after treatment completion. The device is designed for easy integration into outpatient clinics and can be operated by non-MD staff after training.
Market Demonstration & Clinical Use
- Prism is currently being used in a growing number of psychiatry clinics across the United States and Israel through collaborations with key medical institutions. It is actively marketed in the US under FDA clearance granted in early 2023.
- Clinical evaluation studies are ongoing at multiple sites across these countries validating its efficacy as part of standard care for PTSD.
Advancements since Funding Award
- GrayMatters has broadened its target pipeline beyond PTSD toward other mental health disorders such as major depressive disorder, ADHD, generalized anxiety disorder, and borderline personality disorder using similar biomarker-driven neuromodulation approaches.
- The company has continued developing its intellectual property portfolio; notably filing patent applications describing methods achieving clinically meaningful reductions on standardized PTSD symptom scales following neurofeedback treatments conducted over several weeks. These filings represent efforts to protect innovations around non-invasive self-neuromodulation therapies developed post-funding award.
Recognition & Industry Impact
In summary:
| Aspect | Details |
|---|---|
| Core Technology | Amygdala-based EEG-fMRI-pattern (EFP) digital biomarker |
| Flagship Product | Prism for PTSD – FDA-cleared adjunctive neurofeedback therapy |
| Market Presence | Used commercially in US psychiatry clinics; clinical evaluations ongoing |
| Clinical Outcomes | ~67% patient improvement at 3 months post-treatment |
| R&D Advances Post-Funding | New patents filed; expanded indications pipeline |
| Recognition | Fast Company Most Innovative Company (2024); Prix Galien Best Startup (2023) |
GrayMatters Health continues to demonstrate strong progress since receiving EIC Accelerator funding: improving technology capabilities through patent-protected innovations; successfully launching FDA-approved products into clinical practice; conducting market demonstrations via pilots/clinical evaluations; expanding therapeutic targets beyond PTSD; and gaining industry recognition.
Sources:
- About Us - GrayMatters Health
- Prism Therapy Details - GrayMatters
- Prix Galien USA Best Startup Award Announcement PR Newswire
- Fast Company Most Innovative Companies Article
- FDA Clearance Coverage - Drug Topics
5 The Partnerships and Customers
GrayMatters Health's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing EIC Accelerator funding in October 2021, GrayMatters Health has focused on scaling its FDA-cleared Prism neurofeedback therapy for PTSD through strategic partnerships and clinical expansion. While specific customer names remain undisclosed, the company’s collaborations with medical institutions and investors reveal key market advantages.Key Partnerships
- Otsuka Medical Devices: Led GrayMatters’ $10M Series A funding round in early 2022, enabling U.S. commercialization of Prism and potential access to Otsuka’s global healthcare network. This partnership supports regulatory navigation and resource allocation for international scaling.
- Tel Aviv University: Core technology originated from Prof. Talma Hendler’s lab, ensuring ongoing R&D collaboration for biomarker refinement.
Clinical Adoption & Technology Advancements
Prism is deployed in outpatient psychiatry clinics across the U.S., though specific customers are unnamed. The therapy integrates a proprietary EEG-fMRI-Pattern (EFP) biomarker to train patients in emotion regulation without trauma re-exposure—a differentiator from conventional exposure therapies. By targeting amygdala hyperactivity via neurofeedback, Prism enhances standard psychotherapy outcomes, attracting clinics seeking adjunctive PTSD treatments with low attrition rates (~10%).Market Positioning & Future Goals
Post-funding milestones include FDA 510(k) clearance (March 2023) and expansion into new mental health disorders using EFP biomarkers. The Otsuka alliance accelerates entry into Asian markets, particularly Japan, while ongoing trials explore applications beyond PTSD. GrayMatters aims to establish itself as a leader in digital neuromodulation by combining neuroscience-driven innovation with clinician-friendly implementation—installation takes hours, allowing same-day patient treatment.Sources
- GrayMatters Health | Digital biomarkers for mental health care
- GrayMatters Health Closes $10M Round A Funding
- FDA Grants 510(k) Clearance for Prism
- PTSD Neuromodulation Therapy Cleared by FDA
- About GrayMatters Health
6 The Hiring and Company Growth
GrayMatters Health LTD, an Israeli digital health company specializing in self-neuromodulation therapies for mental disorders such as PTSD, has experienced notable growth and strategic team development since winning the EIC Accelerator funding in October 2021.Team Growth and Current Headcount
While exact current headcount figures are not publicly specified, GrayMatters Health has demonstrated significant organizational expansion particularly in its US operations. The company actively markets its FDA-cleared Prism device for PTSD treatment across multiple psychiatry clinics in the US, supported by a dedicated expert commercial team focusing on market access, medical strategy, and training programs. This implies a growing workforce especially within commercial and clinical domains.
Recent Hiring and Key Positions
A key recent addition to the executive team is Dr. Aron Tendler, who joined as Chief Medical Officer (CMO) in September 2023. His expertise enhances GrayMatters’ clinical leadership critical for regulatory affairs and medical strategy amid their ongoing product commercialization efforts. Other senior roles include Oded Kraft (CEO), Rani Cohen (Executive Chairman), Shai Attia (VP R&D), Adar Shani (VP Clinical Regulatory & Quality Affairs), Kirk Thelander (Chief Commercial Officer), and Pam Schwartz (VP Marketing). This leadership structure highlights focused hiring on clinical development, regulatory affairs, commercialization, marketing capabilities—critical areas for scaling their innovative therapies globally.
Hiring Status
Although no direct statement about ongoing hiring was found recently from public sources or job boards tied to GrayMatters Health specifically as of early 2025, their expanding product reach and new executive appointments strongly suggest active recruitment to support growth phases typical after FDA clearance and Series A funding rounds completed earlier.
Growth Impact of New Team Members
The strategic recruitment of high-level executives like Dr. Tendler signals an emphasis on strengthening clinical validation pathways and regulatory compliance which are essential for maintaining FDA approvals while expanding indications beyond PTSD into broader mental health disorders. Enhanced commercial leadership supports scaling sales channels across US psychiatry clinics where Prism is deployed. Together these hires enable GrayMatters Health to accelerate market penetration while advancing research collaborations with academic institutions.
Major Changes in Management or Founding Team
No major changes have been reported regarding founders Oded Kraft, Rani Cohen or Shai Attia who remain actively involved at CEO/Chairman/VP levels respectively since founding the company in 2018.
In summary:
- GrayMatters Health has grown significantly post-EIC Accelerator award with expanded US-based commercial teams.
- They added key executive talent including Dr. Aron Tendler as Chief Medical Officer recently.
- Focused hiring supports clinical/regulatory excellence alongside commercialization efforts.
- No major founder changes; management remains stable but strengthened.
- Continued growth likely involves further selective hiring aligned with scaling global market access for their digital therapeutic platform.
Sources: - About Us | Graymatters Health
7 The Media Features and Publications
GrayMatters Health LTD, an Israeli company and winner of the EIC Accelerator funding in October 2021, has gained notable media attention, publications coverage, podcast appearances, and active participation in conferences and events related to its innovative PTSD treatment technology.Media Features and Publications
GrayMatters Health has been featured extensively in multiple reputable media outlets and industry publications:
- Fast Company named GrayMatters Health to its list of the World's Most Innovative Companies (MIC) of 2024, highlighting their contribution to mental health innovation.
- Psychiatric Times published a study emphasizing the efficacy of GrayMatters’ flagship product Prism for PTSD in alleviating chronic symptoms.
- The Israeli financial news outlet Globes covered GrayMatters as an Israeli startup treating PTSD with avatars.
- MedCity News reported on GrayMatters receiving FDA 510(k) clearance for Prism, a self-neuromodulation digital therapy for PTSD based on neurofeedback targeting brain biomarkers.
- Industry-focused platforms such as HIT Consultant featured articles by CEO Oded Kraft discussing biomarker-based therapy innovations by GrayMatters Health.
- Other announcements via PR Newswire include key company milestones such as expanding patient access across the U.S., executive team appointments, awards like the Edison Gold Award and Prix Galien USA Best Startup Award.
Podcasts and Interviews
The leadership team at GrayMatters Health has participated in podcasts to discuss their breakthrough technology:
Conferences, Fairs, Presentations
GrayMatters actively participates in industry events including:
- APA 2024 conference at Javits Convention Center NYC where they had a booth (#1628), showcasing their solutions directly to mental health professionals.
- HIMSS23 event where sessions discussed connectivity advances including neuromodulation therapies relevant to companies like GrayMatters were held (though no direct presentation from them is confirmed).
Event Involvement
Beyond conferences:
- They have ongoing public relations campaigns announcing expansions into new clinics across New York and Massachusetts enabling broader veteran and civilian access to Prism therapy under supervised clinical settings.
- Multiple press releases through PR Newswire mark significant corporate developments such as funding rounds led by Otsuka Pharmaceutical Group backing continued growth since before winning EIC funding.
In summary, since receiving EIC Accelerator funding after October 6th 2021 submission cutoff date, GrayMatters Health LTD has secured FDA clearance for its innovative neuromodulation device for PTSD called Prism; been recognized by major media outlets; actively shared expertise via podcasts; participated prominently at professional conferences; expanded clinical availability nationally within the U.S.; won prestigious awards; appointed senior executives; all reinforcing its prominent role advancing digital neuroscience-based mental health treatments worldwide.
Sources:
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