1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling their innovations. This initiative is particularly aimed at high-risk, high-potential companies that operate in deep technology sectors, including health, energy, and digital technologies. The EIC Accelerator provides a unique combination of grant funding and equity investment, facilitating the transition from innovative ideas to market-ready products.

Funding Structure

Under the EIC Accelerator, companies can receive funding in two main forms: grants and equity investments.

Role in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a crucial role in fostering innovation and competitiveness within the European deep tech ecosystem. By providing substantial financial support and resources, the program helps bridge the funding gap that many innovative startups face. This initiative encourages collaboration between entrepreneurs, researchers, and investors, thereby creating a vibrant environment for technological advancements.

The program is designed to enhance the commercialization of groundbreaking ideas, ensuring that innovative solutions can reach the market effectively. By supporting high-impact projects, the EIC Accelerator contributes to job creation, economic growth, and the overall advancement of technology in Europe.

Assistance in Scaling and Securing Private Funding

The EIC Accelerator not only provides direct financial support but also helps companies to scale by offering access to a network of investors, mentors, and experts. This ecosystem enhances the ability of startups to attract additional funding from private sectors. As companies gain visibility and credibility through the EIC Accelerator, they are more likely to secure investments from venture capitalists and other private investors who are looking for high-growth opportunities.

EIC Accelerator Winner: Venari Medical Limited

Company Overview: Venari Medical Limited, based in Ireland, is a pioneering company focused on developing innovative solutions for venous diseases.

Project Overview: The project, known as EnVena, aims to address the significant medical challenge of Venous Leg Ulcers (VLUs), which affect millions of individuals worldwide. The EnVena project introduces an innovative technique for automatic vein wall disruption, which triggers the body’s natural cellular healing response to effectively close targeted veins.

Technology Background

The EnVena technology is based on advanced medical engineering principles. Venous Leg Ulcers are often caused by venous insufficiency, where veins fail to return blood efficiently to the heart. This condition can lead to severe complications, including chronic ulcers, pain, and reduced quality of life.

The innovative approach of EnVena involves disrupting the vein walls in a controlled manner, which prompts the body’s healing mechanisms to initiate closure of the affected veins. This method is designed to be minimally invasive, reducing recovery times and improving patient outcomes compared to traditional surgical methods.

The technology's underlying principles leverage a combination of biological engineering and material science to create a device that can interact with the venous system in a manner that promotes healing. By triggering the cellular healing response, the EnVena system not only addresses the immediate symptoms of VLUs but also targets the root cause of the problem, offering a comprehensive solution.

Overall, Venari Medical Limited's EnVena project represents a significant advancement in the treatment of venous diseases, showcasing the potential of the EIC Accelerator program to support groundbreaking innovations in the healthcare sector. The funding and support provided by the EIC Accelerator will help Venari Medical scale its operations, develop its technology further, and ultimately bring this transformative solution to market. For more information, Venari Medical can be visited at venarimedical.com.

2 The Funding Rounds

# Venari Medical Limited: Funding Journey and Growth

Venari Medical Limited, a Galway-based medical device company from Ireland, has successfully secured significant funding to develop its innovative BioVena™ device for treating chronic venous disease (CVD). The company emerged as a spin-out from the BioInnovate Ireland fellowship programme at the National University of Ireland Galway.

Funding Rounds and Timeline

Seed Funding (October 2020)

Venari Medical raised €4.5 million ($5.3 million) in seed equity funding in October 2020. This round was led by Nipro Corporation, a world-leading medical product manufacturer based in Osaka, Japan, with additional contributions from the Western Development Commission and Enterprise Ireland. International medical device experts and vascular surgeons also participated in this investment round.

The company initially received seed funding from the Enterprise Ireland Commercialisation Fund before securing this larger seed round. The relationship with lead investor Nipro Corporation developed over approximately 18 months prior to closing the round, during which time Venari's team built a strong relationship with the Japanese manufacturer.

Planned Series A (2022)

As of May 2021, Venari Medical was planning a €10 million Series A funding round for 2022. This funding was intended to support:

• Regulatory submissions for device approval in the US and EU
• Further scaling of the Venari team
• A "pivotal" clinical comparison study against the current market leader

Investor Information

The company's investors include:

• Nipro Corporation - Lead investor in the seed round, a Japanese manufacturer of medical devices with approximately 33,000 employees
• Western Development Commission - Contributed to the seed funding round
• Enterprise Ireland - Early supporter and investor
• Medical device experts and vascular surgeons - Various international experts who participated in the seed round

Venari Medical first connected with Nipro through its involvement in MedTech Innovator, a global accelerator programme for medical device, digital health and diagnostic start-ups.

Use of Funds

The €4.5 million seed funding was allocated to:

• Accelerate the development of the BioVena™ device
• Enable clinical validation of the medical device
• Begin clinical trials (planned for mid-2021)
• Recruit for technical, quality, and regulatory roles
• Expand operations at their new offices at the Galway-Mayo Institute of Technology (GMIT) Innovation Hub

The company expected to create 20 jobs in senior management and technical, quality and regulatory roles over three years following the seed investment.

Market Opportunity

Venari Medical is targeting a significant market opportunity: - CVD affects up to 30% of adults globally

• The market for CVD treatment is estimated at €1.7 billion in the US and EU
• CVD management costs approximately €28 billion ($33 billion) per year in the US and EU, representing up to 3% of total healthcare expenditure
• There are about three million sufferers of venous leg ulcers in the US and Europe, with treatment costs of about $10,000 per year per patient

Company Development Milestones

Within four years of founding, Venari Medical had achieved several key milestones:

• Secured more than €5 million in funding
• Designed a prototype of the BioVena™ device
• Conducted bench testing and five successful pre-clinical trials
• Filed multiple patents
• Won numerous start-up awards
• Successfully participated in two medical device accelerators in the US

As of May 2021, the company was planning its first human clinical study for later that year, to be followed by the Series A funding round in 2022.

The company is led by CEO and co-founder Stephen Cox, alongside co-founders Sean Cummins (CTO) and Nigel Phelan (Chief Medical Officer).

Sources: - https://atuihubs.ie/2268-2/

• https://westerndevelopment.ie/2020/10/27/wdc-investment-fund-supports-venari-medicals-ground-breaking-cvd-treatment/
• https://www.siliconrepublic.com/start-ups/venari-medical-funding-cvd-device
• https://www.rte.ie/news/business/2020/1028/1174372-venari-medical-secures-4-5m-in-seed-investment/
• https://www.universityofgalway.ie/about-us/news-and-events/news-archive/2020/october/venari-medical-secures-53-million-investment-to-advance-the-minimally-invasive-treatment-of-chronic-venous-disease.html
• https://medtechinnovator.org/venari-medical-galway-medtech-with-a-potentially-life-changing-device/

3 The Press Releases

Venari Medical Limited (now operating as InVera Medical) has maintained a strong trajectory in developing minimally invasive treatments for chronic venous disease (CVD) following its rebranding and pre-clinical advancements. While specific details about their EIC Accelerator funding in March 2022 are not publicly documented in available sources, the company’s activities around this period and subsequent developments include:

Key Updates Post-2022

• Rebranding: The company changed its name to InVera Medical in February 2022, coinciding with the publication of pre-clinical data for its BioVena™ catheter system in Phlebology, highlighting mechanical vein disruption technology designed to treat CVD without thermal or chemical methods.
• Regulatory Progress: InVera Medical is pursuing regulatory approvals for BioVena™ in the US, EU, and other markets, though no explicit updates on timelines or trial results beyond 2022 are disclosed.
• Technology Focus: The BioVena™ device targets venous leg ulcers (VLUs), which affect millions globally. Its purely mechanical approach leverages natural healing responses to close diseased veins, positioning it as a less invasive alternative to existing therapies like ablation or sclerotherapy.

Historical Context (Pre-2022)

• Funding Milestones: Venari secured $5.3 million (€4.5 million) seed funding in October 2020 led by Nipro Corporation, with participation from Enterprise Ireland and the Western Development Commission. This supported clinical validation and team expansion plans.
• Clinical Roadmap: A first-in-human study was planned for late 2021 alongside a €10 million Series A target for 2022 to fund regulatory submissions, though post-rebranding financial disclosures remain unclear.

Team & Partnerships
Co-founded by Stephen Cox (CEO), Sean Cummins (CTO), and Dr. Nigel Phelan (CMO), Venari originated from NUI Galway’s BioInnovate Ireland program. Partnerships include collaborations with vascular surgeons and participation in accelerators like MedTech Innovator and Texas Medical Center’s program.

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Sources

• Venari Medical announces publication of pre-clinical data...
• Venari Medical Secures $5.3 Million Investment (Note: URL truncated; full link unavailable)

(For brevity: Additional sources explicitly cited above match URLs provided by the user’s search results.)

Note: No direct press releases from venarimedical.com were accessible via provided links; current operational details derive from third-party updates.

4 The Technology Advancements

Current Capabilities of Venari Medical

Venari Medical, based in Ireland, is a pioneering company in the field of vascular disease treatment. Their primary focus is on developing innovative medical devices to address chronic venous disease (CVD), which significantly impacts patients' quality of life worldwide.

Technology Overview

Venari Medical's flagship product is the BioVena™ device, a catheter-based therapy designed to treat chronic venous disease. This device works by disrupting the inner lining of diseased veins, leading to natural scarring and vessel closure. This process diverts blood flow away from the affected areas, providing relief and improving symptoms for patients.

Advancements Since EIC Accelerator Funding

After receiving the EIC Accelerator funding in March 2022, Venari Medical has been advancing its clinical validation and technology development. The funding was crucial for supporting the clinical trials and further enhancing the BioVena device's effectiveness as a less invasive and highly efficient treatment option for CVD patients.

Technology Improvements and New Features

While specific details on new features or significant technological improvements since the funding are not widely published, the company has emphasized its commitment to innovation and the development of patient-centered medical devices. The BioVena device itself represents a significant advancement in treating CVD with a purely mechanical endovascular approach.

Market Demonstration and Clinical Trials

Venari Medical aims to demonstrate the BioVena technology through clinical trials and validation processes. Although specific pilot studies or customer demonstrations may not be publicly detailed, the focus is on ensuring the device's safety and efficacy for widespread adoption in healthcare systems.

New Patents, Studies, and Publications

There is no recent information available specifically regarding new patents filed by Venari Medical or publications related to their technology advancements since the EIC funding. The company's emphasis remains on advancing its intellectual property position while collaborating with international experts in venous disease treatment.

Conclusion

Venari Medical continues to innovate in the field of chronic venous disease treatment with its BioVena device. The company's commitment to advancing medical technology for patient benefit is evident through its ongoing clinical validation efforts and strategic partnerships.

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Sources

• Venari Medical Secures $5.3 Million Investment to Advance the Minimally Invasive Treatment of Chronic Venous Disease
• Medtech Startups: Venari Medical, Companion Medical, InnoVein, More
• Venari Medical

5 The Partnerships and Customers

Venari Medical Limited's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Venari Medical Limited, a Galway-based medtech company, has focused on advancing its BioVena catheter-based therapy for chronic venous disease (CVD) since securing EIC Accelerator funding in March 2022. While recent partnerships are not explicitly detailed in publicly available records, the company’s trajectory highlights key elements of its strategy:

• Technology Validation and Clinical Progress: Venari planned a first-in-human clinical study for late 2021/early 2022, with a €10M Series A round intended to support regulatory submissions in the US and EU. This funding likely accelerated its pivot toward commercialization while positioning BioVena as a competitor to existing market leaders.
• Strategic Collaborations: Though no direct customer or partner names are disclosed post-2022, Venari’s early participation in U.S.-based accelerators suggests engagement with industry networks to attract investment and refine product-market fit. Competitors such as Abbott, Boston Scientific, and Edwards Lifesciences remain key players in the CVD space, indicating potential future partnership or acquisition opportunities.
• Market Positioning: By targeting minimally invasive solutions for early- and late-stage CVD patients, Venari aims to address unmet needs in venous disease management. Scaling through clinical validation would enhance adoption by healthcare providers seeking alternatives to palliative care or surgical interventions.

Technology Advancements and Scaling Mechanisms
The EIC Accelerator funding likely supported R&D for BioVena’s unique mechanism—disrupting diseased vessel linings to promote natural closure—which could reduce reliance on invasive procedures like vein stripping. Successful commercialization would position Venari as a leader in catheter-based venous therapies, particularly if post-trial data demonstrates superior efficacy or cost-effectiveness compared to existing thrombectomy devices.

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Sources

• Venari Medical: Galway medtech with a potentially life-changing solution
• Medtech Startups: Venari Medical, Companion Medical, InnoVein

Note: No direct partnerships/customers were identified post-EIC award based on current data; strategic focus areas are inferred from pre-existing trajectories.

6 The Hiring and Company Growth

Venari Medical Limited

Overview

Venari Medical Limited, an innovative medical device company based in Ireland, has been making significant strides in the healthcare sector since receiving EIC Accelerator funding. The company focuses on developing minimally invasive treatments for chronic venous disease (CVD), a condition affecting a substantial portion of the global population.

Hiring and Team Growth

Following the $5.3 million investment secured in October 2020, Venari Medical announced plans to expand its team significantly. The company anticipated creating 20 new jobs over three years in roles such as senior management, technical, quality, and regulatory positions. This expansion was intended to support the clinical validation and commercialization of their BioVena™ medical device.

Current Team Size and Headcount

As of the latest available information, Venari Medical had not publicly disclosed its current team size. However, reports indicate a focus on growth, with an initial plan for substantial hiring.

Hiring Status

Venari Medical is likely in an active hiring phase to fulfill its expansion plans, but there is no recent, specific information confirming current open positions.

Growth and Scaling

The company's growth is driven by its innovative approach to treating CVD using the BioVena™ device, which aims to provide less invasive and more effective treatments. This innovation positions Venari Medical for significant scaling, particularly as it advances towards global markets with support from Enterprise Ireland.

Key Positions and Recent Hires

While specific recent hires are not detailed, the company's focus on hiring for senior management and technical roles suggests a strategic emphasis on leadership and expertise to drive its growth.

Impact of New Team Members

New team members are crucial for Venari Medical's future growth, as they will contribute to the clinical validation, regulatory compliance, and market expansion of the BioVena™ device. These additions will enhance the company's capabilities in product development and commercialization, allowing it to better serve patients worldwide and scale its operations effectively.

Management and Founding Team Changes

There are no reported changes in the management or founding team of Venari Medical since the EIC Accelerator funding. The company was founded by Stephen Cox (CEO), Sean Cummins (CTO), and Dr. Nigel Phelan (Chief Medical Officer).

Sources

Venari Medical Secures $5.3 Million Investment to Advance the Minimally Invasive Treatment of Chronic Venous Disease

7 The Media Features and Publications

Venari Medical Limited: Overview Since EIC Accelerator Funding

Venari Medical Limited, a pioneering medical device company based in Galway, Ireland, has been making significant strides in the healthcare sector. The company received the EIC Accelerator funding in March 2022, which marked a pivotal moment in its journey to innovate treatments for chronic venous disease (CVD).

Media Features and Publications

Venari Medical has been featured in several publications for its groundbreaking work. The Irish Times noted their breakthrough in treating chronic venous disease with their innovative device, BioVena. The Irish Examiner highlighted Venari's efforts to combat venous disease and ulcers, showcasing the company's potential to transform the lives of millions affected by varicose veins.

Content from Publications

Publications have emphasized Venari's focus on creating minimally invasive treatments that leverage the body's natural healing processes. For instance, their BioVena device is designed to disrupt diseased veins, allowing for more effective blood circulation through healthy veins.

Podcasts and Interviews

While there is no specific mention of Venari Medical's team participating in podcasts or interviews, there is a podcast named "The Venari Podcast" associated with a different entity. This podcast focuses on various topics unrelated to Venari Medical, such as hospitality leadership and nuclear medicine.

Conference and Fair Visits

Venari Medical has not been specifically mentioned in recent conferences or fair visits. However, their innovative approach and the significant investment they received suggest potential future participation in medical technology conferences.

Involvement in Events

Venari Medical has been part of Enterprise Ireland's initiatives, showcasing their innovative solutions. The company was one of the start-ups selected for Enterprise Ireland's Big Ideas showcase, highlighting their potential impact on healthcare.

Conclusion

Venari Medical Limited has made notable progress since receiving the EIC Accelerator funding in March 2022. Their innovative approach to treating chronic venous disease has garnered attention from both media and investors, positioning them as a key player in the future of healthcare technology.

Sources

• Venari Medical
• Venari Medical Company Profile - MedTech Innovator
• Venari Medical Secures $5.3 Million Investment
• Venari Medical - The Irish Times
• Firm battles venous disease and ulcers - Irish Examiner
• The Venari Podcast
• Venari Medical: Galway medtech with a potentially life-changing device