1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a key component of the European Innovation Council (EIC), designed to support innovative small and medium-sized enterprises (SMEs) and startups with high risk and high potential for growth. The primary aim is to foster the development of breakthrough technologies and innovations that can significantly impact the European market and beyond. The program provides both financial support and strategic guidance, enabling companies to scale their operations and bring their innovations to market.

Funding Structure

The EIC Accelerator offers a dual funding mechanism comprising grants and equity investments, tailored to the needs of the applicants. The grant component can provide up to €2.5 million, which serves as a non-repayable financial aid aimed at covering the costs associated with the development and scaling of innovative products or services. The equity financing component allows for investments of up to €15 million until 2024 and up to €10 million starting in 2025. This equity investment is designed to complement the grant funding, providing additional capital that can be crucial for scaling operations and achieving market readiness.

Purpose and Impact

The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by addressing the funding gaps often faced by innovative companies. By providing substantial financial backing, the program enables startups to move from the concept phase to actual market launch. Furthermore, it fosters collaboration between the public and private sectors, encouraging private investors to engage with high-risk innovations that might otherwise struggle to secure funding. This support not only enhances the growth of individual companies but also contributes to the overall innovation landscape in Europe.

Role in Scaling and Funding Acquisition

Through its tailored support, the EIC Accelerator empowers companies to scale effectively by providing access to critical resources and networks. The program's mentorship and advisory services help entrepreneurs refine their business models and strategies, increasing their attractiveness to private investors. By improving the chances of securing additional funding, the EIC Accelerator enhances the viability of innovative projects, ensuring they can progress beyond initial development stages.

EIC Accelerator Winner: Nanordica Medical OÜ

Project Acronym: NANOWOUND
Website: nanordica.com
Country: Estonia
Submission Date: June 15, 2022

Project Overview

Nanordica Medical OÜ, a pioneering Estonian company, has developed the NANOWOUND project, which focuses on creating an advanced antibacterial wound dressing utilizing cutting-edge nanotechnology. This innovative dressing aims to significantly enhance wound care efficiency, addressing a critical need in the healthcare sector.

Technology Basics and Background

The NANOWOUND project leverages advanced nanotechnology to develop a wound dressing that incorporates antibacterial properties. Traditional wound dressings often face challenges such as infection, slow healing times, and discomfort for patients. By integrating nanomaterials that possess inherent antibacterial qualities, NANOWOUND aims to create a dressing that not only protects wounds but also actively promotes healing.

The nanotechnology employed in NANOWOUND involves the use of nanoparticles that provide a broad spectrum of antimicrobial activity. These nanoparticles can inhibit the growth of various pathogens, reducing the risk of infection, which is a common complication in wound care. The dressing is designed to create a conducive environment for wound healing, facilitating quicker recovery and improved patient outcomes.

The innovative approach of NANOWOUND is particularly beneficial for chronic wounds, which often require prolonged care and management. By enhancing the efficiency of wound care, this project has the potential to reduce healthcare costs and improve the quality of life for patients suffering from wounds that are slow to heal.

In summary, the EIC Accelerator program plays a crucial role in supporting innovative startups like Nanordica Medical OÜ. Through its grant and equity funding, along with strategic guidance, the program enables companies to scale effectively and secure additional private sector funding. The NANOWOUND project represents a significant advancement in wound care technology, with the potential to transform the treatment landscape through its application of advanced nanotechnology.

2 The Funding Rounds

Nanordica Medical OÜ: Financing and Funding Activity Post-EIC Accelerator Win

Financing Raised

Since submitting its successful Step 2 EIC Accelerator proposal on June 15, 2022, Nanordica Medical OÜ has raised notable funding to support its expansion and product development. The most significant recent round closed in May 2024, raising €1.75 million (approximately $1.9 million).

The reported total funding for the company stands around $2.31 million as of June 2024.

Funding Rounds: Timing and Amounts

• February 6, 2023: Seed Round – Approximately €375,000–€403,710 ($403.71k) was raised by Nanordica Medical in a seed financing round.
• May 20, 2024: Undisclosed Series – €1.75 million ($1.9 million) was raised in a round led by Specialist VC with Superangel and Amalfi participating.

Summary Table of Funding Rounds

Date	Round	Amount	Investors
Feb 6, 2023	Seed	~€375k–€404k	Not Disclosed
May 20, 2024	-	€1.75M (~$1.9M)	Specialist VC, Superangel, Amalfi

Investor Information

• Specialist VC (Lead investor for latest round): Estonian venture capital fund focused on early-stage tech startups.
• Superangel
• Amalfi

These investors participated in the most recent major funding round announced in May 2024. The European Commission is also listed as an investor through EIC Accelerator support, but details of direct equity or grant values from this mechanism are not specified.

Information Related to Funding Rounds

The funds from the latest raise are directed towards scaling up operations—including conducting a major clinical trial involving around 170 patients with diabetic foot ulcers (planned for Q2/Q3 of 2024). This trial is intended to pave the way for market entry and reimbursement guideline inclusion across target markets starting in late-2025.

Previous investments appear to have been used primarily for product development (including veterinary wound dressings) and initial clinical validation.

Nanordica’s first commercial product (“Ravimus Vet”) targeted animals; human applications are projected to reach market readiness during or after additional trials planned throughout late-2024 into early-2025.

Company Valuation

Publicly available sources do not disclose specific valuation figures resulting from these rounds; such data has not been made public by either company or investors as of May/June 2024.

Exit Events (IPO/Acquisitions)

As of May 01, 2025:

• There have been no reported exit events such as IPOs or acquisitions involving Nanordica Medical OÜ.
• The company remains privately held with ongoing fundraising activities aimed at supporting large-scale clinical trials and commercial launch activities scheduled for late Q4 of the current year into next year.

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Sources

• Nanordica Medical Raises €1.75M in Funding - FinSMEs
• Estonian Nanordica Medical raises €1.75M led by Specialist VC
• Nanordica Medical – Funding, Valuation, Investors - Parsers VC
• Tallinn-based medtech Nanordica Medical raises €1.75 million to treat severe wounds with nanotechnology

3 The Press Releases

Nanordica Medical OÜ: Advancing Wound Care Through Nanotechnology After EIC Accelerator Funding

Nanordica Medical, an Estonian deep-tech company, secured EIC Accelerator funding in June 2022 for its NANOWOUND project, developing an antibacterial wound dressing using copper and silver nanoparticles. The innovation targets chronic wounds, particularly in diabetic patients, where infections often lead to amputations. Clinical trials demonstrated the dressing’s efficacy in removing bacterial infections eight times more effectively than existing solutions.

Key Developments Post-Funding

• Technology: The proprietary wound dressing combines copper oxide (CuO) and silver nanoparticles (Ag NPs), leveraging synergistic antibacterial effects. Research shows this combination enhances bacterial eradication against antibiotic-resistant strains like Staphylococcus aureus and Pseudomonas aeruginosa while promoting wound healing.
• Clinical Progress: A pilot trial at Estonia’s largest hospital confirmed the product’s ability to treat previously incurable wounds.
• Funding Rounds: After receiving €2.4M from the EIC Accelerator, Nanordica raised an additional €1.75M seed round in 2023 led by Specialist VC, with participation from Superangel and Amalfi.
• Team Expansion: Co-founder Meelis Kadaja (PhD, MBA) joined in 2023 to strengthen commercialization efforts.
• Market Strategy: Targeting B2B distribution via hospitals, the company aims to address a global antibacterial wound dressing market projected to reach €4.2B by 2026.

Publicly available data does not detail recent press releases or blog posts on Nanordica’s website (nanordica.com), nor are specific patents mentioned beyond implied IP protections referenced in funding documents. However, their participation in EU-backed initiatives like Enterprise Europe Network highlights ongoing collaborations for scaling operations.

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Sources

• EIC Accelerator June 2022 Winners
• CORDIS NANOWOUND Project
• Seed Funding Announcement
• Synergistic Antibacterial Study

4 The Technology Advancements

Nanordica Medical OÜ: Post-EIC Accelerator Progress and Market Traction

Since securing €2.4 million in EIC Accelerator funding (announced February 2023, likely linked to the June 2022 application), Nanordica Medical has advanced its mission to address chronic wound care through nanotechnology-driven solutions. Below is a synthesis of their progress across technological, clinical, and commercial fronts:

Technological Advancements

Nanordica’s core innovation involves combining copper and silver nanoparticles into wound dressings that simultaneously prevent infections and accelerate healing. The dual-action mechanism leverages electrostatic forces to attract bacteria toward the dressing while releasing antimicrobial ions. Recent developments emphasize scalability, with their proprietary Premotiv™ nanotechnology enabling thinner, cost-effective dressings priced ~20% below competitors.

Clinical Validation & Trials

• Pilot Trial (2023): A randomized controlled trial at North Estonia Medical Centre involving 30 diabetic foot ulcer patients demonstrated that Nanordica’s dressings healed wounds nearly twice as fast as silver-based alternatives.
• Multicenter Expansion: In Q2 2024, the company initiated a larger trial with 170 patients across multiple centers to validate efficacy for regulatory approval and inclusion in treatment guidelines. This study is among the largest for diabetic foot ulcers in Europe.
• Veterinary Market Entry: The first product, Ravimus Vet, launched in 2023 for animal care, providing early commercialization proof-of-concept ahead of human applications.

Commercialization & Funding Milestones

• €1.75M Seed Round (May 2024): Led by Specialist VC with Superangel and Amalfi participation, funds are allocated to finalize CE marking for human products and scale production.
• Market Launch Timeline: Human-targeted antibacterial dressings are slated for release in 2025 following ongoing trials.

Intellectual Property & Publications

While specific new patents post-EIC are not explicitly detailed, the company has emphasized international patent filings related to its nanoparticle combinations prior to this period. No recent whitepapers or independent studies beyond clinical trial results have been disclosed publicly; however, collaborations with institutions like North Estonia Medical Centre suggest ongoing research output integration into product development.

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Sources Used:

• Nanordica Clinical Data
• Estonian Startup Healing Wounds
• €1.75M Funding Announcement
• Vestbee Funding Coverage
• EIC Accelerator Details
• Tehnopol Community Update

5 The Partnerships and Customers

Nanordica Medical OÜ: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding

Since securing its €2.4 million EIC Accelerator funding in 2023, Nanordica Medical has prioritized clinical validation, regulatory compliance, and commercialization of its advanced antibacterial wound dressings. Below is an analysis of their partnerships, customer engagements, and market strategy:

Key Partnerships

• Clinical Collaborations: Partnered with North Estonia Medical Centre for a pivotal 30-patient randomized trial (2023), now expanding to a 220-patient study under EIC funding.
• Research Networks: Member of the Connected Health Cluster to access clinical opinion leaders and pharmaceutical partnerships.
• Accelerators: Alumni of the Tehnopol Startup Incubator and the EU-backed Health Founders Accelerator, enhancing commercialization readiness.
• Investor Alliances: €1.75 million seed round (2024) led by Specialist VC, with participation from Superangel and Amalfi.

Customers & Pilot Engagements

While specific customers remain undisclosed, Nanordica’s primary focus is on hospitals treating chronic wounds (e.g., diabetic foot ulcers). Their dressings are positioned for adoption in EU hospitals post-CE marking, with veterinary product Ravimus Vet launched in 2023 as a precursor to human-market entry planned for 2025.

Market Positioning & Strategic Goals

The EIC grant supports large-scale trials to validate efficacy claims—including an eightfold improvement over standard treatments in infection control—and secure regulatory approvals. By targeting diabetic wound care (a $100 billion annual cost driver globally), Nanordica aims to become a standard-of-care provider through:

Technology Advancements & Scaling

Collaborations with academic institutions like Estonia’s National Institute of Chemical Physics and Biophysics (spin-off origin) underpin R&D capabilities. The upcoming investment round (Q2 2025) will further scale manufacturing and distribution networks across Europe via B2B hospital distributors.

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Sources
Nanordica Medical Website | Sorainen Legal Advisory | Tehnopol Partnership Announcement | Tech.eu Funding Report | CORDIS Project NANOWOUND | Invest Estonia Summary | EIC Accelerator Milestone Update

6 The Hiring and Company Growth

Nanordica Medical: Team Growth and Development

Nanordica Medical, an Estonian medtech company, has been making significant strides in wound care innovation since its founding in 2019. Since receiving funding, the company has focused on expanding its team and capabilities to support its mission of developing cutting-edge wound care products.

Current Team Size and Headcount

While the exact current headcount is not explicitly stated, Nanordica Medical's team includes a diverse group of scientists, medical doctors, and business experts. The company lists several key positions, including Olesja Bondarenko as CEO, Grigory Vasiliev as Chief Clinical Officer, and Meelis Kadaja as Chief Business Officer, among others.

Hiring and Team Growth

Nanordica Medical is actively seeking talent, as indicated by job postings such as a Quality Management Specialist to ensure regulatory compliance. This suggests the company is expanding its operations to meet the demands of bringing innovative medical solutions to market.

Recent Hires and Positions

There is no specific information on recent new hires beyond the existing team structure. However, the company's focus on clinical trials and product development suggests that new roles may be emerging in these areas.

Future Growth and Scaling

The addition of new team members, especially in areas like quality management and clinical research, will be crucial for scaling the company's operations. These roles are essential for conducting large-scale clinical trials, such as the planned study involving 170 patients with diabetic foot ulcers, which will help pave the way for market entry and inclusion in reimbursement guidelines.

Management and Founding Team Changes

There are no reported changes in the management or founding team of Nanordica Medical. The core leadership remains consistent, with Olesja Bondarenko at the helm as CEO.

Growth Since Funding

Since receiving funding, Nanordica Medical has experienced significant growth, marked by a €1.75 million investment round led by Specialist VC in 2024. This funding has enabled the company to advance its clinical trials and prepare for market entry, positioning it for further expansion in the wound care industry.

Impact of New Team Members

New team members will play a vital role in driving Nanordica Medical's growth by enhancing its capabilities in areas such as regulatory compliance, clinical research, and product development. Their contributions will be essential for scaling the company's operations and achieving its goal of bringing innovative wound care solutions to a broader market.

Sources

• Nanordica Medical: First-in-class Wound Care Products
• Estonian Nanordica Medical raises €1.75M
• NANORDICA MEDICAL OÜ - Overview
• Tallinn-based medtech Nanordica Medical raises €1.75 million
• Team | Nanordica Medical

7 The Media Features and Publications

Nanordica Medical OÜ: Media Presence and Event Participation

Since its EIC Accelerator funding involvement, Nanordica Medical OÜ has actively engaged in media, conferences, and collaborations to advance its mission in wound care innovation. Below is a detailed overview of their public presence:

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Media Features & Publications

• The Next Web’s Deeptech Report: Featured as an emerging player in advanced medical technology, highlighting its nanotechnology-driven wound dressings.
• FFF.club: Reported on Nanordica’s €1.75M fundraising round led by Specialist VC investors to scale its antibacterial wound care solutions for severe infections.

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Conferences & Fairs

• EWMA 2025 (Barcelona): Participated in the European Wound Management Association conference to showcase clinical trial results and network with global experts.
• Latitude59 (Tallinn): Presented at Estonia’s flagship tech startup event, emphasizing its role in medtech innovation.
• SAWC Spring | WHS 2025: Announced participation in this major U.S.-based wound healing symposium to demonstrate its Premotiv™ dressing technology.

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Events & Recognition

• Estonian Startup Awards 2024 Finalist: Recognized for pioneering deep-tech solutions in healthcare.
• Annual Medical Faculty Scientific Conference 2024 (Estonia): Received special jury recognition for advancements in diabetic foot ulcer treatments based on clinical trial data.

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Sources Used:

• Nanordica Medical Official Website [Clinical Trial Data][Mission][Team][News]
• FFF.club - Nanordica Raises €1.75M [Fundraising Announcement]
• EuroQuity Profile [EIC Ecosystem Membership]

Note: No podcasts or interviews were identified through available sources.