1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC (European Innovation Council) Accelerator program is a flagship initiative within the Horizon Europe framework, aimed at supporting startups and small and medium-sized enterprises (SMEs) in Europe that are developing innovative and high-risk technologies. The program seeks to fuel the growth of deep tech and breakthrough innovations by providing both financial support and tailored business acceleration services.

Funding Structure

The EIC Accelerator offers a dual funding structure comprising grants and equity investments.

• Grant Funding: Eligible companies can receive grants of up to €2.5 million. This non-repayable funding is designed to cover specific project costs, including R&D, prototyping, and other activities deemed crucial for advancing innovative products or services.
• Equity Funding: The program also provides equity investments to eligible entities, offering up to €15 million until 2024. Starting in 2025, this amount will be reduced to a maximum of €10 million. The equity investment is aimed at helping companies scale their operations and expand their market reach while maintaining a degree of financial support from the EIC.

Purpose of the EIC Accelerator

The EIC Accelerator plays a critical role in the European deep tech and startup ecosystem by enabling transformative innovations to reach the market. It aims to bridge the funding gap that many early-stage companies face, particularly those working on high-risk projects that might not attract immediate investment from private sectors. By facilitating access to both grants and equity, the EIC Accelerator empowers startups to develop and commercialize groundbreaking technologies more effectively.

Role in Scaling and Private Sector Funding

The EIC Accelerator serves as a catalyst for growth by providing companies with not only financial resources but also strategic guidance, mentorship, and networking opportunities. This multifaceted support helps companies refine their business models, enhance their market positioning, and develop investor-ready propositions. By improving the viability and attractiveness of startups, the EIC Accelerator significantly increases their chances of securing additional funding from private investors, thus fostering a sustainable growth trajectory.

EIC Accelerator Winner: Dxcover Ltd

Company Overview: Dxcover Ltd, based in the United Kingdom, is a pioneering company focused on developing innovative diagnostic technologies for early cancer detection.

Project Acronym: DXCOVER

Project Description: The DXCOVER project aims to revolutionize the early detection of brain cancer through advanced serum spectroscopy techniques. This project seeks to enable timely diagnosis during the critical treatment window, thereby significantly improving patient outcomes and potentially saving lives.

Technology Background

The core technology behind the DXCOVER project involves serum spectroscopy, a non-invasive method that analyzes serum samples to identify biochemical signatures indicative of brain cancer. This innovative approach leverages advanced spectroscopic techniques to detect subtle changes in the biochemical composition of blood, which can serve as early indicators of cancer development.

Spectroscopy Techniques

Spectroscopy encompasses a range of techniques that measure the interaction of light with matter. In the context of serum analysis, techniques like Infrared (IR) and Raman spectroscopy are particularly relevant. These methods allow for the detection of molecular vibrations and transitions, providing a unique fingerprint of the biochemical compounds present in the serum.

• Infrared Spectroscopy: This technique involves measuring the absorption of infrared light by serum samples. Different molecular structures absorb light at specific wavelengths, enabling the identification of various biomolecules that may be altered in cancer patients.
• Raman Spectroscopy: This method involves scattering of monochromatic light, usually from a laser, to provide information about molecular vibrations. The resulting spectra can reveal insights into the molecular composition and structure of the serum.

Significance of the DXCOVER Project

The DXCOVER project addresses a critical unmet need in oncology: the timely detection of brain cancer, which is often diagnosed at advanced stages when treatment options are limited. By leveraging serum spectroscopy, Dxcover Ltd aims to create a reliable, non-invasive diagnostic tool that can lead to earlier interventions. This innovative solution has the potential to transform the landscape of brain cancer diagnosis, ultimately improving survival rates and quality of life for patients.

In summary, the EIC Accelerator not only provides substantial funding opportunities for innovative projects like DXCOVER but also plays a pivotal role in shaping the future of healthcare technology through empowering startups like Dxcover Ltd.

2 The Funding Rounds

Dxcover Ltd: Financing and Funding Events Since EIC Accelerator Win

Dxcover Ltd, based in the United Kingdom, specializes in spectroscopic liquid biopsy technology for early cancer detection. The company was selected as an EIC Accelerator winner at the October 5, 2022 cut-off, receiving significant funding and recognition to further its mission.

EIC Accelerator Funding (October 2022)

• Dxcover secured a grant from the European Innovation Council (EIC) through its prestigious Accelerator program following the October 5, 2022 cut-off.
• The company was awarded a non-dilutive grant of €2.5 million to support pivotal multi-centre clinical studies for CE marking of its brain cancer liquid biopsy platform.
• This grant is part of the EIC Accelerator offering grants up to €2.5 million alongside potential equity investments ranging from €0.5 million to €15 million; however, Dxcover received only the grant component ("grant only" type).

Subsequent Financing Rounds

February 2025 Investment Round

• In February 2025, Dxcover announced closing a new investment round totaling $6.2 million.
• This round included participation from existing investors such as:
• Eos Advisory
• SIS Ventures
• University of Strathclyde
• Norcliffe Capital
• New investors joined this round:
• Investment Fund for Scotland (IFS), managed by Maven Capital Partners and delivered by British Business Bank
• Macmillan Cancer Support

Cumulative Financing Raised & Investor Base

• As of early February 2025, total funding raised by Dxcover since inception reached $21.4 million.
• The investor base includes:
• Scottish Enterprise (largest shareholder with ~24.9% stake)
• Norcliffe Capital Limited
• Mercia Asset Management
• University of Strathclyde
• Eos Advisory LLP
• SIS Ventures
• Macmillan Cancer Support
• Maven Capital Partners via IFS

Historical Funding Timeline & Amounts

Date	Type	Amount	Key Investors/Notes
Oct/Nov 2022	Grant	~€2.5M	European Innovation Council (EIC Accelerator)
Feb 3, 2025	Equity investment	$6.2M	Existing & new investors incl. Macmillan Cancer Support/Maven/IFS
By Feb 3, 2025	Cumulative total	$21.4M	All rounds since spinout in late '19

<em class="publication">Specific prior equity rounds/timings are not detailed in search results but are reflected in cumulative totals.

Company Valuations

As per recent financial data analysis platforms referencing December 2023 financials:

Estimated company valuation: £21 million (~$26–27M), based on net assets (£9.8M) and an industry multiple (~2x). Net assets reported at £9.8M; turnover estimated at £1.6M with rapid growth trajectory.

Exit Events: IPO / Acquisition / Buyout

As of May 2025:

There is no public record or announcement regarding any exit event such as IPOs or acquisitions involving Dxcover Ltd post-EIC funding.

Summary Table: Key Post-EIC Funding Info

Metric	Detail
Major post-EIC financing rounds	Feb '25 ($6.2M); cumulative raised since inception ~$21–22M
Principal Investors	Scottish Enterprise (largest), Norcliffe Cap., Mercia AM, Strathclyde Univ., Eos Adv., SIS Ventures, Macmillan Cancer Support, Maven Cap./IFS
Most recent estimated valuation	c£21m (~$26–27m USD), Dec ’23 basis
Exit activity	None publicly disclosed

Sources: Dxcover Secures Grant from the European Innovation Council EIC Accelerator Winners – Official PDF List Catalyze Group – Biomarker-based Assays/Dxcover Case Study Dxcover Accelerates Growth With New Funding Round and Strengthens Leadership Team Pomanda – Company Profile & Financial Estimates for Dxcover Limited Dxcover – Investors Page

3 The Press Releases

Dxcover Ltd. Advances Cancer Detection with EIC Accelerator Funding Clinical-stage diagnostics company Dxcover Ltd., based in Glasgow, UK, secured significant grant and Series A funding following its October 2022 EIC Accelerator win. The European Innovation Council (EIC) awarded the company a non-dilutive grant of €2.5 million to accelerate CE Marking for its brain cancer liquid biopsy test and expand its multi-cancer detection platform.

Key Developments Post-Funding:

• CE Marking Initiative: The EIC grant directly supports a pivotal multi-center study to achieve CE IVDR certification for the Dxcover® Brain Cancer test, a blood-based spectroscopic liquid biopsy designed for early detection.
• Series A Financing: In February 2023, Dxcover raised $11.9 million (£9.7 million) through combined equity and grants, including $2.7 million from the EIC Accelerator program. This funding advances clinical validation for colorectal cancer detection and expands its infrared spectroscopy platform’s capabilities across eight cancers.
• Technology Breakthrough: The Dxcover Platform uses Fourier Transform Infrared (FTIR) spectroscopy to analyze serum samples, detecting early-stage tumors by capturing spectral signatures of macromolecules like lipids and proteins. Recent data presented at ESMO 2023 demonstrated 64% sensitivity for Stage I cancers at 99% specificity across seven cancer types in a cohort of 2,092 patients.

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Sources

• Dxcover Secures Grant from the European Innovation Council
• Dxcover Raises $11.9m in Series A and Grant Funding
• EIC Accelerator Winners October 2022

– Catalyze Group: DxCover’s EIC Project – ESMO 2023 Poster Award Announcement

4 The Technology Advancements

Dxcover Ltd: Advancements in Cancer Diagnostics Post-EIC Accelerator Funding

Since receiving EIC Accelerator funding in October 2022, Dxcover Ltd has made significant strides in commercializing its multi-omic spectral analysis platform (MOSA-Dx™) for early cancer detection. The company has focused on clinical validation, global expansion, and technological refinement, particularly for brain cancer diagnostics.

Technology Improvements and Features

The Dxcover PANAROMIC™ platform, which analyzes infrared spectroscopy data combined with machine learning, now detects tumors as small as 0.2 cm³. Recent developments include enhanced specificity (99% for early-stage tumors) and adaptability to prioritize sensitivity or specificity based on clinical needs. The technology has expanded beyond brain cancer to colorectal, pancreatic, kidney, ovarian, and prostate cancers.

Market Demonstrations and Clinical Trials

• EMBRACE Study: A 2,200-patient pan-European trial aims to validate the Dxcover® Brain Cancer Liquid Biopsy for CE marking.
• US Commercialization: Dxcover established a headquarters in Nashville (2024) and initiated partnerships for clinical trials targeting glioblastoma and other solid tumors.
• Real-World Evidence: Retrospective analyses of 1,196 patients demonstrated that earlier diagnosis via Dxcover’s liquid biopsy could reduce brain cancer mortality risk by 18–28% per month of delayed diagnosis.

Scientific Contributions

Recent studies presented at the American Association of Cancer Research (AACR) and Ca-PRI conferences (2025) highlighted MOSA-Dx™’s ability to detect Stage I/II cancers across multiple indications. While specific patent filings post-2022 are not detailed publicly prior patents have been secured in the US EU China covering their spectroscopic biopsy methods.

Leadership Expansion

Key appointments include Dr. David Palmer as Chief Scientific Officer Dr Holly Butler as Chief Technical Officer and Dr David Eustace as General Manager overseeing UK/US operations.

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Sources
Dxcover Official Website | Dxcover Accelerates Growth With New Funding Round | DXCOVER ANNOUNCES REAL-WORLD EVIDENCE PRESENTATIONS | DXCOVER JOINS #GBMDAY INITIATIVE | DXCOVER SEEKS US CLINICAL TRIAL PARTNERS

Note: Some URLs contain typographical errors ("dxrefover") due to source copy inconsistencies.

5 The Partnerships and Customers

Dxcover Ltd: Partnerships, Customers, and Market Positioning

Dxcover Ltd, a UK-based clinical-stage diagnostics company, has been transforming the landscape of cancer diagnostics with its innovative liquid biopsy platform. Since receiving the EIC Accelerator funding in October 2022, Dxcover has made significant strides in partnerships, technology advancements, and market positioning.

Partnerships and Customers

Dxcover has established strong partnerships with several key investors and organizations, including Scottish Enterprise, Norcliffe Capital Limited, Mercia Asset Management, the University of Strathclyde, Eos Advisory, and SIS Ventures. Recent funding rounds have also introduced new partners such as Mark Bamforth of Thairm Bio and, more recently, Macmillan Cancer Support and the Investment Fund for Scotland (IFS) managed by Maven Capital Partners.

While specific customer names are not disclosed, Dxcover's focus on early cancer detection through liquid biopsies positions it to serve both healthcare providers and patients seeking advanced diagnostic solutions.

New Partners and Relationships

The inclusion of Macmillan Cancer Support as a new investor underscores Dxcover's commitment to improving cancer care outcomes. This partnership highlights the potential of Dxcover's technology to enhance patient experiences by offering faster and less invasive diagnostic processes. Additionally, the involvement of the Investment Fund for Scotland (IFS) further solidifies Dxcover's financial backing and network in Scotland.

Nature and Purpose of New Relationships

These new partnerships are designed to accelerate Dxcover's mission to transform cancer diagnostics. The funding supports the development of organ-specific tests, starting with a multi-center study for CE IVDR marking of the Dxcover Brain Cancer test. Moreover, these relationships aim to expand Dxcover's data on colorectal cancer and enhance its collaborative projects.

Market Positioning and Advancements

Dxcover's partnerships and funding rounds position it as a leader in the liquid biopsy market, particularly in the UK and Europe. The company is expanding its reach into the U.S. market with plans to establish a U.S. headquarters in Nashville, Tennessee, further increasing its global presence.

Technologically, Dxcover's platform combines infrared spectroscopy and machine learning, providing a novel approach to cancer detection. This technology has shown high accuracy in detecting early-stage cancers, enhancing Dxcover's competitive edge in the diagnostics industry.

Scaling and Future Prospects

The new funding and partnerships will enable Dxcover to scale its operations, advance its proprietary technologies, and expand into new markets and indications. This strategic growth is expected to drive commercialization and translation in both the UK/EU and the U.S., significantly impacting the early detection and treatment of cancer.

Sources

• Dxcover
• Dxcover Raises $11.9m in Series A and Grant Funding to Accelerate Liquid Biopsy to Market
• Dxcover Accelerates Growth With New Funding Round and Strengthens the Leadership Team
• INTERVIEW: Dxcover raises US$6m to transform cancer diagnostics
• Dxcover Accelerates Growth With New Funding Round and Strengthens the Leadership Team

6 The Hiring and Company Growth

Dxcover Ltd: Team Growth and Leadership Evolution Post-EIC Accelerator Funding

Since securing EIC Accelerator funding in October 2022, Dxcover Ltd has undergone significant organizational growth and leadership restructuring to advance its multi-omic liquid biopsy platform for early cancer detection. Below is a synthesis of key developments:

Leadership Changes and Management Restructuring

In December 2023, co-founder Prof. Matthew Baker transitioned from Chief Technical Officer (CTO) to CEO, succeeding Dr. Mark Hegarty, who moved into a Business Advisor role. Concurrently, Dr. David Palmer, another co-founder and former Chief Data Scientist, was appointed CTO. These changes aimed to leverage technical expertise for scaling operations and advancing clinical validation of its MOSA-Dx™ platform.

By February 2025, the company expanded its leadership team further:

• Dr. Holly Butler, a co-founder with expertise in spectroscopic diagnostics, assumed the role of Chief Technical Officer alongside Dr. Palmer.
• Dr. David Eustace joined as General Manager overseeing UK/US operations.
• Radiation oncologist Luke Pike MD, DPhil, was added to the Scientific Advisory Board to guide brain cancer diagnostic development.

Team Size and Hiring Trends

As of April 2025 filings, Dxcover reported having approximately 20 employees, though recent funding rounds suggest expansion is underway. The February 2025 $6.2M investment round (totaling $21.4M raised since 2019) included plans for commercial scaling across multiple territories—indicating potential hiring in R&D, clinical operations, and business development roles. While exact open positions are unspecified publicly:

• The appointment of US-based advisors like Stacy Chick (Commercial & Business Development) hints at growing stateside teams.
• New lab facilities in Glasgow’s Innovation District (2000 sq ft) were acquired post-rebranding in earlier years to accommodate growth, likely necessitating additional technical staff over time.

Strategic Implications of New Hires

Recent executive appointments focus on accelerating regulatory milestones (CE Marking for brain cancer tests) and diversifying applications beyond current colorectal/brain cancer programs into other solid tumors using AI-driven spectral analysis techology 10. Operations-focused roles like General Manager aim to streamline workflows as international commercialization efforts intensify following recent funding rounds .

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Sources

Dxcover Accelerates Growth With New Funding Round · Dxcover announces real-world evidence presentation · ClinSpec Rebrands as Dxcover · Executive Leadership Updates · #GBMDay Participation Announcement.

7 The Media Features and Publications

Dxcover Ltd: Media Features, Publications, and Events

Since receiving the EIC Accelerator funding in October 2022, Dxcover Ltd, a clinical-stage diagnostics company based in Glasgow, UK, has been prominently featured in various media outlets for its innovative approach to cancer detection.

Media Features and Publications

Dxcover has garnered attention for its pioneering work in developing spectroscopic liquid biopsy technology for early cancer detection. The company's receipt of a grant from the European Innovation Council (EIC) was highlighted in its announcement, emphasizing the grant's role in advancing Dxcover's liquid biopsy platform, particularly for brain cancer diagnostics. Recent publications have noted Dxcover's significant funding rounds, including a $6.2 million investment, bringing its total funding to $21.4 million since its inception.

Podcasts and Interviews

While specific podcast interviews featuring Dxcover's team are not widely documented, the company has been involved in significant scientific discussions. For instance, Dr. Ewan Gray and Dr. James Cameron from Dxcover presented critical data on brain cancer and tumor size at conferences like the Cancer in Primary Care Research International (Ca-PRI) and the American Association for Cancer Research (AACR).

Conference and Fair Visits

Dxcover has been actively involved in presenting its research at global conferences. Notably, the company presented real-world evidence demonstrating the association between increased tumor size and higher mortality in brain cancer patients at both Ca-PRI and AACR conferences in 2025. Additionally, Dxcover has been invited to present its CREATE-2 clinical trial for the early detection of colorectal cancer at major medical forums.

Involvement in Events

Dxcover's vision to transform cancer diagnostics through early detection has led to its participation in numerous scientific events. The company has showcased its innovative multi-omic spectral analysis (MOSA-Dx) for detecting solid tumor cancers, emphasizing its potential to improve survival rates. Dxcover also marked its US operations by recognizing Glioblastoma Awareness Day, further highlighting its commitment to addressing brain cancer challenges.

Sources

• Dxcover Secures Grant from the European Innovation Council
• Dxcover Accelerates Growth With New Funding Round and Strengthens the Leadership Team
• Dxcover announces global presentation of first real-world evidence demonstrating that increased tumor size is associated with higher mortality in patients with brain cancer
• Newsroom - Dxcover