1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative startups and small to medium-sized enterprises (SMEs) in scaling their groundbreaking technologies. The program provides financial support through grants and equity investments to help companies bridge the gap between research and market deployment. The EIC Accelerator aims to foster growth in the European DeepTech ecosystem by enabling startups to develop disruptive innovations that can address significant societal challenges.

Funding Structure of the EIC Accelerator

The EIC Accelerator offers a dual funding mechanism: grants and equity investments.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a crucial role in the European startup ecosystem by providing the necessary resources for innovative companies to scale. It helps bridge the funding gap that many startups experience when transitioning from the development phase to market entry. By offering substantial financial backing, the program encourages private investors to come on board, leveraging public funding to attract private sector investments. This synergistic approach not only enhances the financial viability of startups but also strengthens the overall innovation landscape in Europe.

EIC Accelerator Winner: Gold Standard Phantoms Limited

Company Overview: Gold Standard Phantoms Limited is a UK-based company that specializes in developing advanced calibration technologies for medical imaging. The company aims to improve diagnostic accuracy in healthcare settings.

Project Overview: The EIC Accelerator project, titled PREDICT (PRostate cancer Enhanced Diagnosis by Calibration Technology), is designed to enhance the diagnosis of prostate cancer through innovative calibration techniques. The project proposal was submitted on October 5, 2022, and progressed through the evaluation stages to secure funding.

Project Details: PREDICT

Technology Basics and Background: The PREDICT project focuses on developing a cutting-edge calibration technology that enhances the accuracy of imaging modalities used in prostate cancer diagnosis. Traditional imaging techniques often face limitations in specificity and sensitivity, which can lead to misdiagnosis or delayed treatment. Gold Standard Phantoms aims to address these challenges by creating advanced phantoms—artificial models that mimic human tissue—specifically designed for the calibration of imaging equipment.

The technology involves the use of high-fidelity phantoms that simulate the physical properties of prostate tissue. These phantoms allow healthcare professionals to calibrate and validate imaging systems, ensuring that the equipment delivers precise measurements. By improving the calibration processes, the PREDICT project aims to enhance the reliability of imaging techniques such as MRI and ultrasound, ultimately leading to better patient outcomes.

Conclusion

The EIC Accelerator program serves as a vital resource for innovative companies like Gold Standard Phantoms Limited, providing the necessary funding and support to drive technological advancements in crucial sectors such as healthcare. The PREDICT project exemplifies the potential of innovative calibration technologies to transform prostate cancer diagnosis, showcasing the significant impact that well-structured funding programs can have on the development of groundbreaking solutions. Through initiatives like the EIC Accelerator, Europe continues to foster a thriving environment for DeepTech innovations, paving the way for future advancements in various industries.

2 The Funding Rounds

Gold Standard Phantoms Limited: Financing and Funding Overview Since EIC Accelerator Award (UK, October 2022)

Gold Standard Phantoms Limited, based in the United Kingdom, specializes in calibration services for quantitative medical imaging, particularly MRI. The company has seen a series of grant-based funding rounds and private investments since its founding as a University College London spinout.

Financing Raised

• Gold Standard Phantoms has primarily relied on grant funding from UK and European sources alongside notable private investment.
• Major grants include Innovate UK awards, SBRI competitions, Eurostars programs, and notably the Horizon Europe EIC Accelerator.

Funding Rounds: Timing & Amounts

Date	Source/Funder	Type	Amount
Jan 2015	SBRI	Grant	£100k
Feb 2016	SBRI	Grant	£1M
May 2017	Innovate UK	Grant	£270k
July 2017	Private Investors	Equity	£840k
May 2018	Innovate UK ("Precision Medicine")	Grant	£100k
Sept 2018	Innovate UK ('Analysis for Innovators') Grant £150k
Sept 2018 Eurostars/ASPIRE Grant N/A (part of €2.3M project)
May 2020 Innovate UK Grant £320k
Aug/Oct-Nov 2022 EIC Accelerator (Horizon Europe) Grant €1.6M

</em>The EIC Accelerator award was submitted at the October 5, 2022 cut-off; public announcement followed in June/July of subsequent year.

Investor Information

• Public Funders:
• Innovate UK
• Small Business Research Initiative (SBRI)
• Eurostars/EUREKA/Horizon Framework Programmes
• European Innovation Council (EIC)
• Private:
• An investment round raised approximately £840k in July 2017 from unnamed private investors. Specific VC or angel names are not disclosed publicly.
• Collaborative Projects:
• The recent NEUROQUANT project received joint international funding under the UK-Switzerland CR&D scheme as of November 2024.

Company Valuations

No specific company valuations have been publicly disclosed following any funding round. As is common with grant-heavy early-stage deep tech companies in medtech sectors across Europe, valuation figures typically remain internal unless required for major equity events or regulatory filings.

Exit Events: IPOs or Acquisitions

As of May 2025:

• There is no record that Gold Standard Phantoms Limited has undergone an IPO or been acquired/bought out by another entity.
• The company remains privately held with active operations headquartered at Parkway Rise, Sheffield.
• Continuous R&D collaborations suggest ongoing independent growth rather than an imminent exit event.

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Summary Table — Key Funding Events

| Year / Month -----------------|-------------------------------------------------------------| Jan 2015                SBRI grant (£100K) Feb 2016               SBRI grant (£1M) May 2017             Innovate UK grant (£270K) Jul 2017    Private investment (~£840K) May 2018    Innovate UK "Precision Medicine" (£100K) Sep 2018    Eurostars ASPIRE collaborative (€2.3M total project budget; GSP share undisclosed) May 2020   Innovate UK (£320K) Oct–Nov 2022*    Horizon Europe EIC Accelerator (€1.6M)

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Additional Notes on Recent Activity Post-EIC Award

Since winning the Horizon Europe EIC Accelerator award in late–2022:

• Gold Standard Phantoms launched further product development under its PREDICT Project aimed at advancing prostate cancer diagnosis using new calibration technology funded by this €1.6 million EU grant.
• The company's collaborative research activity continues to attract additional competitive grants well into late–2024 such as NEUROQUANT under cross-border innovation initiatives.

No Evidence of Exit Event

There is no record—publicly filed or reported—of any IPO offering or acquisition involving Gold Standard Phantoms up to the current date.

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Sources: - Gold Standard Phantoms company information — Dealroom

• Gold Standard Phantoms company information — Startup Portugal Dealroom
• About — Gold Standard Phantoms
• CB Insights profile: Gold Standard Phantoms
• PREDICT Project funded by €1.6m Horizon EU’s EIC Accelerator — UCL IoN
• Companies House profile: GOLD STANDARD PHANTOMS LIMITED
• Articles – Gold Standard Phantoms News & Updates

3 The Press Releases

Gold Standard Phantoms: Innovating Cancer Diagnosis with EIC Accelerator Funding

Gold Standard Phantoms, a spinout from University College London's Queen Square Institute of Neurology, has made significant strides in medical imaging technology. The company, based in the United Kingdom, received a €1.6 million grant from the European Innovation Council (EIC) Accelerator programme in October 2022 for their PREDICT project.

PREDICT Project Overview

The PREDICT project focuses on enhancing prostate cancer diagnosis using calibration technology. It aims to develop the CARE™ phantom to market readiness, which is designed to improve the accuracy of Magnetic Resonance Imaging (MRI) scans. This technology ensures that MRI images remain consistent across different scanners and over time, reducing the likelihood of misdiagnosis.

Key Features of CARE™

• Embedded Phantom Technology: CARE™ involves scanning an advanced embedded phantom alongside the patient. This process helps standardize MRI images, making them more reliable for diagnosis.
• Calibration Software: The system includes traceable calibration software, which further enhances the consistency and accuracy of MRI scans.

Impact of the PREDICT Project

Partnerships and Support

Gold Standard Phantoms received support from Ixion Innovation in securing the EIC Accelerator grant. Additionally, the company is partnered with University College London Business (UCLB), which has guided its commercial journey.

Press Releases and Updates

While specific press releases or blog posts on their website (goldstandardphantoms.com) are not detailed in the available information, the company's news section likely includes updates on the PREDICT project and other developments in quantitative medical imaging. Key announcements, such as the EIC Accelerator funding, have been shared through press releases and academic institutions like UCL.

Sources:

• EIC Accelerator 5 October cut-off
• Gold Standard Phantoms company information
• Gold Standard Phantoms PREDICT Project funded
• Gold Standard Phantoms PREDICT Project funded
• Gold Standard Phantoms PREDICT Project funded

4 The Technology Advancements

Gold Standard Phantoms: Post-EIC Accelerator Progress and Capabilities Gold Standard Phantoms Limited, a UCL Institute of Neurology spinout, specializes in developing calibration tools for quantitative MRI to enhance diagnostic accuracy. Since receiving a €1.6 million EIC Accelerator grant in 2023 for its PREDICT project (announced June 2023), the company has advanced its CARE™ technology, focusing on standardizing MRI outputs to reduce variability in cancer diagnoses.

Advancements and Features

• CARE™ Phantom Development: The PREDICT project aims to commercialize CARE™, an embedded phantom scanned alongside patients. This innovation ensures consistent imaging across MRI machines by calibrating scanner outputs, enabling reliable comparisons over time and between devices.
• Prostate Cancer Focus: Targeting prostate cancer—the most common non-cutaneous cancer in men—the technology reduces unnecessary biopsies by improving MRI diagnostic reliability. The European Commission highlighted its potential to "transform MRI imaging" through enhanced accuracy.
• Market Impact: While clinical trial specifics are not publicly detailed, the company projects a €20 million annual business opportunity post-market entry, emphasizing cost reduction and streamlined workflows for healthcare providers.

Technology Demonstration and Recognition

• Industry Validation: Gold Standard Phantoms was named to the 2023 Tech Climbers Yorkshire list for MedTech innovation, reflecting growth driven by relocation to Sheffield’s tech ecosystem. Collaboration with NPL (National Physical Laboratory) has yielded standardized phantoms used in UK-wide surveys of hospital MRI capabilities.
• Partnerships: Ongoing work with Bioxydyn leverages CEO Xavier Golay’s expertise in neurological trials, though specific customer deployments remain undisclosed.

Publications and IP Status
Publicly available data does not detail new patents or peer-reviewed studies post-EIC funding. However:

• Whitepapers/Reports: The company’s cloud-based QA platform (GSP Cloud) tracks scanner performance metrics but lacks recent updates.
• Collaborative Research: NPL partnerships emphasize reproducibility in multi-site trials using Gold Standard’s phantoms, suggesting indirect contributions to scientific literature on quantitative imaging standards.

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Sources

• Gold Standard Phantoms PREDICT Project funded by a €1.6m grant
• UCL Institute of Neurology announcement on PREDICT
• NPL collaboration case study

– Tech Climbers Yorkshire 2023 recognition

5 The Partnerships and Customers

Gold Standard Phantoms Limited: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding

Since securing a €1.6 million grant from Horizon Europe’s EIC Accelerator in June 2023 for its PREDICT project, Gold Standard Phantoms (GSP) has actively expanded its partnerships to enhance MRI calibration technology and scale clinical adoption of its solutions. Below is an analysis of its collaborations, market positioning, and technological advancements:

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Key Partnerships and Clients

• Purpose: Supply fMRI phantoms to NordicNeuroLab’s global clientele for MRI scanner quality assurance.
• Impact: Positions GSP as a critical provider in clinical fMRI workflows, leveraging NordicNeuroLab’s established distribution networks to hospitals worldwide.

• Role: CEO Prof. Xavier Golay appointed Director of Quantitative Imaging at Bioxydyn, enhancing neuroimaging capabilities for clinical trials.
• Objective: Harmonize imaging protocols across trials using GSP’s phantoms, targeting neurological conditions like Alzheimer’s and oncology applications.

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Market Positioning Through Relationships

• Clinical Expansion: The NordicNeuroLab partnership marks GSP’s entry into the hospital sector, complementing its existing academic/government client base.
• Regulatory Influence: Collaborations with pharmaceutical companies and imaging manufacturers (as noted in company materials) aim to standardize quantitative MRI practices globally.

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Technological Advancements Driven by Collaborations

• PREDICT Project Focus: Develop the CARE™ phantom—a calibration tool scanned alongside patients—to reduce diagnostic variability in prostate cancer imaging. This innovation supports AI-driven diagnostics by ensuring consistent scanner performance across facilities.
• Cloud Integration: GSP Cloud tracks MRI performance metrics globally, enabling real-time quality assurance—a feature strengthened through partnerships with research institutions deploying the system at scale.

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Sources

• Gold Standard Phantoms Announces Partnership with NordicNeuroLab
• Bioxydyn Press Release on Prof. Golay's Appointment
• EIC Accelerator-Funded PREDICT Project Details

6 The Hiring and Company Growth

Gold Standard Phantoms: Team Growth and Strategic Expansion Post-EIC Accelerator Funding

Since receiving a €1.6 million grant from Horizon Europe’s EIC Accelerator program in August 2020, Gold Standard Phantoms (GSP) has focused on scaling its operations to advance quantitative medical imaging calibration. While specific headcount figures are not publicly disclosed, the company’s funding trajectory and project milestones suggest strategic team expansion to support its growing portfolio.

Key Developments

• Funding-Driven Growth: The EIC Accelerator grant followed earlier investments, including a 2018 Innovate UK grant (£150k) and participation in the €2.3M ASPIRE project (2018–2021). These resources likely enabled hiring across R&D, clinical collaboration, and regulatory compliance roles.
• Leadership Continuity: Prof. Xavier Golay, co-founder and former UCL MRI physics professor, transitioned to full-time leadership at GSP around June 2023, indicating reinforcement of technical expertise at the executive level.
• Market Positioning: GSP’s involvement in initiatives like the 2022 P4 Precision Medicine Accelerator Program underscores demand for specialized MRI phantoms, necessitating talent in product development and client-facing roles.

Scaling Implications

New team members would support GSP’s mission to standardize quantitative imaging globally by enhancing phantom design accuracy, securing regulatory approvals, and fostering partnerships with imaging manufacturers and healthcare institutions. The absence of public layoffs or management restructuring suggests stable growth aligned with its vision to lead clinical calibration services.

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Sources

• About - Gold Standard Phantoms
• Gold Standard Phantoms - MRI Phantoms
• Medical Imaging Phantoms Market Share & Growth Report, 2032

7 The Media Features and Publications

Gold Standard Phantoms: Media Coverage, Events, and Industry Engagement Post-2022 EIC Accelerator Funding

Since securing EIC Accelerator funding in October 2022, Gold Standard Phantoms Limited has expanded its visibility through collaborations, conferences, and media engagements. Below is a detailed overview of their activities and mentions in publications:

Media Features & Publications

The company is frequently cited as a leader in medical imaging phantoms. Transparency Market Research’s 2024 report explicitly names Gold Standard Phantoms as a key innovator driving advancements in anthropomorphic phantom technology. Global Market Insights similarly highlights their participation in UCL’s 2022 P4 Precision Medicine Accelerator Program to develop specialized MRI phantoms.

Conference Participation

• RSNA 2024: NordicNeuroLab showcased Gold Standard Phantoms’ VERIFLUX fMRI quality assurance tool at booth #1915 during the Radiological Society of North America’s Annual Meeting.
• ISMRM 2024: The company presented new products at booth C04, including its Temperature Control Bundle for NIST-calibrated diffusion measurements.
• NEUROQUANT Project Launch: In November 2024, GSP announced a £150k UK-Switzerland Innovation Grant to develop next-generation MRI technology alongside Skope MR Technologies and Geneva University Hospitals.

Collaborations & Events

• Australian National Imaging Facility Partnership: In March 2025, NeuRA Imaging acquired GSP’s SPIRIT phantoms—the first production-line units—to harmonize MRI protocols under the MRNet project.
• UK Government Advocacy: Following increased NHS MRI investments announced in late 2024, GSP emphasized the role of standardized phantoms in improving image quality and reducing diagnostic delays.

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Sources

Medical Imaging Phantoms Market Report