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) across Europe, particularly in the DeepTech sector. This initiative aims to foster technological innovation and drive economic growth by providing financial and strategic support to companies that possess groundbreaking ideas and solutions. The program focuses on high-risk, high-potential projects that can significantly impact the market and society.

Funding Structure

The EIC Accelerator employs a blended finance model that combines grants and equity investments to support the growth of eligible companies.

Purpose and Impact

The EIC Accelerator is a vital component of the European DeepTech and startup ecosystem. It serves several key purposes:

• Innovation Facilitation: By targeting high-risk innovative projects, the program propels technological advancements that might otherwise struggle to secure financing from traditional investors.
• Market Entry Support: The funding allows startups to achieve critical milestones necessary for market entry, thereby increasing their competitiveness and potential for success.
• Private Sector Leverage: The EIC Accelerator helps companies demonstrate viability and attract additional funding from private investors. By reducing perceived risks through its financial backing, the program enhances the likelihood of securing further investment rounds, essential for scaling operations.

Case Study: OVAGEN GROUP LIMITED and the Ovavax2 Project

Company Overview: OVAGEN GROUP LIMITED, based in Ireland, has emerged as a frontrunner in the biotechnology sector with a focus on revolutionizing vaccine production.

Project Acronym: Ovavax2

Project Description: The Ovavax2 project aims to accelerate the scale-up and commercialization of 100% bacteria-free eggs for use in vaccine production. This innovation addresses significant challenges in traditional vaccine manufacturing processes, which often involve the use of eggs that may be contaminated, leading to safety and efficiency concerns.

Technology Basics and Background

The technology behind Ovavax2 leverages advanced bioengineering techniques to produce eggs that are entirely free from bacterial contamination. Traditional methods of vaccine production often rely on chicken eggs, which can introduce variability and risk due to potential microbial contamination. OVAGEN's approach involves a proprietary process that ensures the eggs are produced in a controlled environment, thereby guaranteeing their safety and purity.

The use of bacteria-free eggs is particularly vital for the production of various vaccines, including those for influenza and other infectious diseases. By eliminating bacterial contamination, OVAGEN enhances the reliability of vaccine production, potentially leading to faster development timelines and improved public health outcomes.

Furthermore, the scalability of this technology is significant, as it can serve various vaccine manufacturers looking for consistent, high-quality raw materials. With the support from the EIC Accelerator, OVAGEN aims to refine its production processes, scale operations, and ultimately contribute to more effective vaccine supply chains.

Conclusion

The EIC Accelerator program stands as a beacon for innovation in Europe, offering critical financial support to groundbreaking projects like OVAGEN’s Ovavax2. Through its blended finance model, the program not only empowers startups by providing necessary funding but also plays a crucial role in fostering a sustainable and competitive environment for technological advancement. The success of OVAGEN and its focus on bacteria-free egg production illustrates the transformative potential of the EIC Accelerator in advancing public health and innovation.

2 The Funding Rounds

Ovagen Group Limited: Financing, Funding Rounds, Investors, and Valuation Since EIC Accelerator Award

Overview

Ovagen Group Limited, based in Ballina, Co. Mayo, Ireland, is a biotechnology company pioneering the production of germ-free eggs for vaccine manufacturing and other pharmaceutical uses. The company was awarded €10 million in blended finance from the EIC Accelerator on March 23, 2022—comprising a €2.5 million grant and €7.5 million equity investment—to be matched by €7.5 million in co-investment.

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Financing Raised & Funding Rounds

Cumulative Funding Raised

• As of late 2024, Ovagen has raised more than €21 million since its founding.
• Major funding milestones include EU grants (Framework 7), H2020 SME Instrument Phase 2 funding (€2.36M), EIC Accelerator blended finance (€10M), several angel rounds led by HBAN/Irrus Investments/WxNW syndicates (€1.1M in early 2023), and a Series A equity round of €2M led by the Western Development Commission (WDC) in October-November 2024.

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Timeline & Amounts of Key Funding Rounds

Date	Round/Source	Amount	Main Investors / Notes
Pre-2018	Various Grants	~€12M total	FP7/EU Framework grants; proof-of-concept phase
Mar-Dec 2018	H2020 SME Instrument Phase II	~€2.36M	European Commission
Mar 23, 2022	EIC Accelerator	€10M	EU: Blended finance (€2.5m grant + €7.5m equity); required co-investment
Feb-Mar 2023	Angel round	€1.1M	Led by HBAN/Irrus Investments/WxNW Syndicates; WDC; existing shareholders
Oct-Nov 2024	Series A	€2M	Led by WDC (Western Development Commission); with IRRUS, HBAN, Boole Investments,
DeepIE Ventures,
Spark Crowdfunding,
Enterprise Ireland

Earlier cumulative figures include all previous rounds up to that point.

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Investor Information

Notable Investors Across Rounds

• European Innovation Council (EIC)
• Enterprise Ireland
• Western Development Commission (WDC)
• Halo Business Angel Network (HBAN): Irrus Investments & WxNW syndicates
• Boole Investments
• DeepIE Ventures
• Spark Crowdfunding
• Private sector investors participated alongside public sector funds in recent rounds.

The WDC reports a cumulative investment of approximately €2 million over multiple rounds into Ovagen as part of broader support for regionally impactful biotech innovation.

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Company Valuations

As per available data: - Estimated enterprise valuation stood at $41 million (~€38–39 million) as of February 2023 following significant growth post-EIC win and angel rounds.

No official post-money or pre-money valuations for Series A have been publicly disclosed.

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Exit Events: IPOs or Acquisitions

As of April/May 2025:

There are no public records or announcements regarding an IPO or acquisition event involving Ovagen Group Limited.

The company continues to scale operations with new facilities planned and substantial revenue targets projected over the coming years but remains privately held with no exit events reported.

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Notable Developments Since EIC Accelerator Win

Since receiving the EIC funding: - Expanded management team with key hires.

• Advanced pilot-scale production capabilities.
• Secured validation studies showing higher viral yields compared to traditional SPF eggs.

Recent investments are intended to accelerate commercial-scale rollout and global expansion.

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Sources

• Ovagen Key Scientific & Financial Milestones
• WDC Leads €2m Investment In Ovagen
• WDC Leads €2m Investement In Biotechnology Company Ovagen
• Ovagen – Products, Competitors, Financials... CB Insights
• Biotechnology Company Ovagen Raises €2M In Financing Round
• Ovagen company information & valuation – Dealroom.co
• Ovagen Official Website Announcements Section
• Ovagen – Production of germ free eggs: News Page

3 The Press Releases

Ovagen's Post-EIC Accelerator Growth and Innovations Since securing EIC Accelerator funding in March 2022, Ovagen Group Limited has advanced its proprietary germ-free egg technology, expanded partnerships, and accelerated commercialization efforts. The Mayo-based biotech company, led by CEO Dr. Catherine Caulfield, has leveraged EU and investor support to address critical challenges in vaccine manufacturing.

Key Developments

• Funding Milestones:
• 2023: Raised €1.1M through HBAN-led syndicates (Irrus Investments, WxNW), with participation from the Western Development Commission (WDC) and Enterprise Ireland[^5^][^9^].
• 2024: Secured an additional €2M Series A round led by WDC to scale production capacity[^6^][^10^]. Total funding now exceeds €21M[^9^].
• Technology Advancements:
• Developed the world’s first commercially viable germ-free eggs using a patented process to eliminate bacterial contamination during vaccine production[^7^]. This reduces batch failures by up to 20% compared to conventional Specific Pathogen Free (SPF) eggs.
• Targetting annual production of four million eggs by 2027–2029 from its Ballina facility.
• Partnerships and Commercialization:
• Collaborated with global pharmaceutical manufacturers for evaluation trials of its germ-free eggs in vaccine batches.
• Attended the 11th Annual Avian Model Systems Conference (September 2023) to showcase applications in biomedical research and diagnostics.
• Team and Infrastructure Expansion:
• Plans to grow from ~17 employees (2024) to ~77 highly skilled roles by 2029 across R&D, production, and quality assurance. Hiring includes microbiology leads and production technicians.
• Intends to build three additional facilities in Ballina while establishing satellite sites near global vaccine hubs .

Strategic Outlook

Ovagen aims to capture a significant share of the €48B+ vaccine market by addressing demand for contamination-free egg-based manufacturing. Its technology is positioned as a critical enabler for rapid pandemic response capabilities.

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Sources

• EU Funding Enables Ovagen to Tackle Global Vaccine Market (archived) – December 2022 update on Horizon Europe support. (Note: Original link redirects; archive recommended.)
• HBAN Leads €1.1M Investment in Mayo Biotech Company – February 2023 announcement.
• Major €2 Million Investment in Ballina Company – October 2024 funding details.

#### Additional References Not Directly Cited Above but Relevant: Blog Updates (Announcements), USDA Research Profile (100% Bacteria-Free Eggs), WDC Investment Summary (October '24 Round).

4 The Technology Advancements

Ovagen Group Limited: Current Capabilities and Advancements

Ovagen Group Limited, an innovation-based biotechnology company from Ireland, specializes in producing germ-free chicken eggs and birds, primarily for vaccine manufacturing and biopharmaceutical research. Since receiving the EIC Accelerator funding in June 2022, Ovagen has made significant advancements in its technology and market presence.

Current Capabilities

• Germ-Free Egg Production: Ovagen has developed a patented process to produce commercially viable germ-free eggs, addressing the issue of bacterial contamination in traditional Specific Pathogen Free (SPF) eggs.
• Market Expansion: The company plans to increase its production to four million germ-free eggs annually by 2027 and expand its workforce to 77 highly skilled personnel.
• Strategic Partnerships and Funding: Ovagen has received substantial funding, including a €10 million award from the European Innovation Council (EIC) Accelerator and other investments from entities like the Western Development Commission (WDC).

Advancements Since the EIC Accelerator Funding

Since receiving the EIC funding in June 2022, Ovagen has focused on scaling up and commercializing its germ-free egg technology. This includes:

• Commercialization and Scaling: The funding has enabled Ovagen to demonstrate the benefits of its germ-free eggs and scale up its operations. This includes plans to build additional facilities in Ballina and establish global satellite operations near major vaccine manufacturing sites.
• Market Demonstration: Ovagen's technology is available for commercial sale, targeting major drug manufacturers to improve vaccine production efficiency. However, specific details on customer adoption or clinical trials are not publicly disclosed.

Technological Improvements and New Features

Ovagen's core innovation remains its patented germ-free egg production process. While specific new features or technological improvements are not detailed, the company's focus on proving higher viral yields and reducing costs for vaccine manufacturers indicates ongoing refinement of its technology.

Patents and Scientific Publications

There is no recent information on new patent filings or scientific publications since the EIC funding. However, Ovagen's technology is protected by existing patents and trade secrets.

Conclusion

Ovagen Group Limited continues to position itself as a leader in the production of germ-free eggs for vaccine manufacturing, leveraging significant funding to scale its operations. Its technology promises to improve vaccine production efficiency and reduce bacterial contamination, aligning with global demands for high-quality vaccines.

Sources: - Ovagen – Production of germ free eggs and antibodies

• Monthly Archives: February 2023 - Ovagen
• Announcements - Ovagen
• WDC supports €1.1M investment in Mayo biotech company, Ovagen ...
• Blog - Ovagen
• 100% Bacteria free eggs for use in production of human and animal ...
• Ovagen Group Limited secures €10 million funding award from EIC ...
• Western Development Commission leads €2 million investment in Ovagen
• Western Development Commission leads €2 million investment in Ovagen

5 The Partnerships and Customers

Ovagen Group Limited: Advancements and Partnerships Since EIC Accelerator Funding

Ovagen Group Limited, an Irish biotechnology company, received the European Innovation Council (EIC) Accelerator funding in March 2022. This award marked a significant milestone in its journey to produce the world's first germ-free eggs, a technology that has the potential to revolutionize vaccine manufacturing by reducing contamination and increasing viral yield in egg-based vaccines.

Partnerships and Customers

Since receiving the EIC funding, Ovagen has strengthened its partnerships with several key entities, including the Western Development Commission (WDC), Enterprise Ireland, IRRUS, HBAN, Boole, DeepIE, and Spark Crowdfunding. These partnerships have been instrumental in securing additional investments to support Ovagen's growth and innovation.

New Partners and Customers

In 2023, HBAN (Halo Business Angel Network) led a €1.1 million investment round in Ovagen, further solidifying their relationship with the company. This investment also involved the Western Development Commission and existing shareholders, highlighting the continued support from both public and private sectors.

In 2024, the WDC led a €2 million Series A equity investment round, which included participation from various private and public investors. This round underscores the growing network of partners supporting Ovagen's mission.

Nature of New Relationships

These partnerships are focused on advancing Ovagen's technology and scaling its production capabilities. The investments are aimed at expanding Ovagen's workforce from 17 to 77 skilled personnel by 2029 and increasing production to four million germ-free eggs annually. The company plans to establish satellite operations near major global vaccine manufacturing hubs, positioning itself as a leader in vaccine manufacturing technology.

Positioning in the Market

The new relationships and investments will further establish Ovagen as a pioneer in the biotechnology sector, particularly in the production of germ-free eggs for vaccine manufacturing. This positioning is expected to enhance Ovagen's global presence and credibility in the vaccine production market.

Advancements in Technology and Scaling

The partnerships and investments are crucial for Ovagen's technology advancements, as they provide the necessary resources for scaling up production and refining their germ-free egg technology. This will help Ovagen in addressing issues like vaccine production failures and costs associated with traditional egg-based vaccine manufacturing methods. The company's ambition to expand its facilities and establish a presence near major vaccine manufacturing hubs underscores its commitment to scaling and innovating in the global biotech landscape.

Sources:

• Ovagen – Production of germ free eggs and antibodies by Ovagen
• Ovagen Group Limited secures €10 million funding award from EIC Accelerator fund
• WDC Leads €2m Investment in Ovagen, Pioneering Innovation in Vaccine Manufacturing
• Blog - Ovagen
• Major €2 million investment in Ballina company
• Mayo biotech firm Ovagen raises €2m
• HBAN leads €1.1M investment in Mayo biotech company, Ovagen Group Ltd

6 The Hiring and Company Growth

Ovagen Group Limited: Team Growth and Expansion

Ovagen Group Limited, an innovation-based biotechnology company from Ireland, has been experiencing significant growth and expansion since receiving funding support. Here are key details on their hiring, team size, and future growth plans:

Current Headcount and Team Size

As of recent updates, Ovagen Group Limited had a workforce of 12 employees but plans to expand this number to 75 by 2026 and further to 77 by 2027. This expansion is part of the company's strategic plan to increase production capacity and meet growing demand for its innovative products.

Hiring and Recruitment

Ovagen is actively hiring to support its rapid growth. Recent job postings include key roles such as Production Technician, which highlights the company's focus on technical expertise and operational capacity. These new hires are crucial for scaling up production and driving the commercialization of Ovagen's proprietary germ-free egg technology.

Growth and Expansion

The company has witnessed substantial growth, with plans to increase its workforce by 65 over the next five years. This growth is supported by significant funding, including a €1.1 million investment from HBAN and the Western Development Commission, which will facilitate further research, product launch, and personnel expansion. Additionally, Ovagen has secured €10 million from the European Commission, which will be used to build new facilities and increase production to four million germ-free eggs annually.

Key Positions and Future Impact

Recent hires, such as the Production Technician, are pivotal to Ovagen's ability to scale its operations efficiently. These new team members bring specialized skills that enhance the company's capacity to produce high-quality germ-free eggs, a product crucial for vaccine production and other pharmaceutical applications. This expansion is expected to improve the company's global market presence and revenue potential, with projected revenues reaching €42 million by the end of 2027.

Management and Founding Team Changes

There has been no reported major change in the management or founding team of Ovagen Group Limited. The company continues to be led by experienced entrepreneurs, with Dr. Catherine Caulfield as the CEO.

Conclusion

Ovagen Group Limited's recent growth and hiring efforts are pivotal to its future success. The company's innovative germ-free egg technology positions it for significant expansion in the pharmaceutical industry, particularly in vaccine production. The addition of new team members will be instrumental in achieving the company's ambitious goals, including scaling production and meeting the increasing demand for its products.

Sources: - Announcements - Ovagen

• Ovagen company information, funding & investors | La French Tech
• WDC supports €1.1M investment in Mayo biotech company, Ovagen Group Ltd
• Available Jobs - Ovagen
• Blog - Ovagen
• Who We Are – Ovagen Group Limited

7 The Media Features and Publications

Ovagen Group Limited: A Biotechnology Pioneer

Overview

Ovagen Group Limited is an innovation-based biotechnology company headquartered in Ballina, Co. Mayo, Ireland. Founded in 2000, it specializes in producing germ-free eggs and antibodies primarily for the pharmaceutical industry, focusing on vaccine and therapeutic protein manufacturing. The company has developed a patented process to create these biosecure, scalable, and cost-effective products, addressing contamination issues that can lead to the destruction of up to 20% of egg-based vaccine batches.

Media Features and Publications

Ovagen has been featured in various publications highlighting its groundbreaking achievements:

• Silicon Republic: Detailed Ovagen's €2 million Series A funding round led by the Western Development Commission (WDC), which included investors like IRRUS, HBAN, Boole, DeepIE, Spark Crowdfunding, and Enterprise Ireland. This investment aims to accelerate the production of germ-free eggs to four million annually.
• WDC: Announced its support for Ovagen's innovation, emphasizing the company's potential and its role in leading the €2 million investment.
• Ovagen's Blog: Shares updates on company activities, including participation in the 11th Annual Avian Model Systems Conference and announcements regarding new hires and expansions.

Podcasts and Interviews

There is no specific information available about podcasts or interviews involving the team of Ovagen Group Limited.

Conference and Fair Visits

Ovagen participated in the 11th Annual Avian Model Systems Conference at the University of Plymouth, UK, in September 2023. This event showcased avian research in developmental biology, evolution, immunology, and vaccine production.

Event Involvement

Beyond conferences like the Avian Model Systems Conference, Ovagen actively engages in investment rounds and funding announcements, which are significant events for the company's growth. For instance, the €1.1 million funding round led by HBAN's syndicates was a notable event that highlighted Ovagen's expansion plans.

Involvement with EIC Accelerator Funding

Ovagen Group Limited received EIC Accelerator funding in March 2022. Although specific details on the use of this funding are not readily available, the company has been supported by various European initiatives, including Horizon 2020, which helped transition its product from concept to commercial readiness.

Sources

• Announcements - Ovagen
• WDC Leads €2m Investment in Ovagen, Pioneering Innovation in Vaccine Manufacturing
• WDC supports €1.1M investment in Mayo biotech company, Ovagen Group Ltd
• Mayo biotech Ovagen raises €2m and plans to hire 60
• Ovagen - Products, Competitors, Financials, Employees
• Ovagen – Production of germ-free eggs and antibodies
• Blog - Ovagen