1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a crucial initiative under the European Innovation Council (EIC) aimed at supporting high-potential startups and small and medium-sized enterprises (SMEs) in Europe. It focuses on fostering innovation and scaling deep-tech companies that have the potential to drive economic growth and job creation. The program offers a unique funding mechanism that combines grants and equity investments, designed to bridge the financing gap that many innovative companies face during their development phases.

Funding Structure

The EIC Accelerator provides funding through a blended finance model, which includes both grants and equity investments.

Purpose in the Ecosystem

The EIC Accelerator plays a pivotal role in the European deep-tech and startup ecosystem by providing vital financial resources that enable companies to scale their innovative solutions. By addressing the funding gap, the program empowers startups to progress from early-stage development to commercialization, thus enhancing their competitiveness on a global scale. The program also fosters collaboration between public funding and private investments, encouraging venture capitalists and other private sector players to engage with and invest in innovative companies.

Support for Scaling Companies

Beyond financial assistance, the EIC Accelerator provides strategic guidance and support to help companies navigate the complexities of scaling their operations. This includes access to a network of experts, mentoring, and opportunities for collaboration with larger enterprises and research institutions. Such comprehensive support increases the chances of success for startups, enabling them to attract additional funding and partnerships in the private sector.

Case Study: CHERRY BIOTECH and the ASTEROID Project

Company Overview

CHERRY BIOTECH, a French company, emerged as a winner of the EIC Accelerator grant in March 2024 for its innovative project titled ASTEROID. The company specializes in developing advanced biotechnological solutions for personalized medicine and drug development.

Project Description: ASTEROID

The ASTEROID project aims to create a multi-organ toxicity and efficacy testing platform that enhances the drug development process. The platform leverages cutting-edge organ-on-a-chip technology to simulate human organ systems, allowing for more accurate assessments of drug responses and potential toxicities. This innovative approach is designed to reduce the reliance on animal testing and improve the predictive capabilities of preclinical drug evaluations.

Technology Basics and Background

The core technology of the ASTEROID project is based on organ-on-a-chip systems, which are micro-engineered devices that mimic the physiological responses of human organs. By utilizing living cells from various organs, the platforms can replicate the complex interactions that occur within the human body. This enables researchers to assess how a drug behaves in multiple organ systems simultaneously, thus providing a more holistic view of its efficacy and safety.

The development of organ-on-a-chip technology represents a significant advancement in biomedical research. Traditional drug development processes are often lengthy and fraught with uncertainties, largely due to the limitations of animal models. The ASTEROID platform aims to address these challenges by offering a more predictive and efficient alternative, thereby accelerating the path from discovery to market.

In summary, the EIC Accelerator program serves as a vital instrument for nurturing innovation within the European startup ecosystem, exemplified by the impactful work of CHERRY BIOTECH and its ASTEROID project. By providing substantial funding and strategic support, the program facilitates the development of groundbreaking technologies that have the potential to transform healthcare and improve patient outcomes.

2 The Funding Rounds

Financing Raised by Cherry Biotech Since EIC Accelerator Funding

Cherry Biotech, a French TechBio startup specializing in organ-on-chip and organoid technologies, secured significant financing through the European Innovation Council (EIC) Accelerator program following their successful Step 2 proposal submission on March 13, 2024.

EIC Accelerator Funding Details:

• In December 2024, Cherry Biotech was awarded a €2.5 million grant and the opportunity for up to €15 million in equity investment from the EIC Accelerator.
• This funding is categorized as "blended finance," which combines both grant and potential equity investment—reflecting the EIC's preference for supporting startups with long-term scalability.

Funding Rounds

The primary funding event since March 2024 was:

• Date: July–December 2024 (public confirmation in December)
• Type: Blended finance (grant plus potential equity)
• Amount: €2.5 million (grant); up to €15 million in possible additional equity
• Source: European Innovation Council Accelerator

No other major external venture rounds or private fundraising events have been publicly disclosed since this award.

Timing and Amount of Funding Rounds

Date	Round Type	Amount Raised	Lead Investor
Dec 2024	EIC Grant	€2.5M	European Innovation Council
Dec 2024	Potential Equity	up to €15M	European Innovation Council

There are no records of Series A/B/C or other conventional venture rounds reported during this period.

Investor Information

The sole disclosed investor since March 13, 2024 is:

European Innovation Council: Provided both non-dilutive grant and an option for substantial equity investment as part of its blended finance model.

There are no indications of co-investors or private VC participation tied specifically to these recent rounds.

Additional Information on Funding Rounds

• The vast majority (~96%) of companies funded by the EIC in this period opted for blended finance over pure grants or pure equity; Cherry Biotech followed this prevailing trend.
• France emerged as one of the top countries by number of awards in this call cycle, reflecting broader regional support at EU level.

Company Valuations

No specific post-money valuation data has been published regarding Cherry Biotech following its latest round with the EIC. Publicly available databases do not list any updated market cap or implied valuation based on these transactions as of May 6, 2025.

Exit Events: IPOs, Buyouts & Acquisitions

As of May 6, 2025:

• There have been no announced IPOs involving Cherry Biotech.
• No buyout transactions or acquisitions involving Cherry Biotech have been reported.

The company remains independent and continues operating under its original leadership structure.

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Sources

• Cherry Biotech secures €2.5 million from the European Union for its ...
• Cherry Biotech company information, funding & investors
• Cherry Biotech company information, funding & investors
• EIC Accelerator: Statistics and Results from the March 2024 call

3 The Press Releases

Overview of Cherry Biotech

Cherry Biotech, a French "TechBio" startup, specializes in organ-on-chip and organoid technologies for biomedical research. The company's innovative approach focuses on creating complex, human-relevant models to reduce the risk in drug testing and improve preclinical trial outcomes. Cherry Biotech's technology integrates AI and biosensors to generate and analyze real-world-like preclinical data, derisking drug testing.

EIC Accelerator Funding

In March 2024, Cherry Biotech secured a significant grant of €2.5 million from the European Innovation Council (EIC) Accelerator program, along with the potential for up to €15 million in equity investment. This funding supports the development of their multi-organ toxicity and efficacy test platform for personalized medicine and drug development.

Technology Advancements

Cherry Biotech's flagship CubiX platform is a microenvironment controller designed to mimic physiological and pathological culture conditions in vitro. The platform is fully compatible with live imaging, enabling researchers to create scalable and customized models. By integrating microfluidic organ-on-chip systems with multi-omics and advanced imaging techniques, Cherry Biotech aims to better predict drug effects on the human body and potentially replace animal testing.

Partnerships and Collaborations

While specific partnerships or collaborations are not detailed in the available press releases, Cherry Biotech's technology is recognized for its potential to collaborate with pharmaceutical companies and academic researchers. Their focus on personalized oncology research and gastrointestinal diseases positions them for potential collaborations in these areas.

Team Updates

There is no specific information available on recent team updates or changes within Cherry Biotech following the EIC Accelerator funding.

Patents

No specific details on new patents filed or granted to Cherry Biotech are available in the provided sources.

Press Releases and Social Media

Cherry Biotech has issued press releases regarding their EIC Accelerator funding, which can be found on their website. However, there is limited information on their social media updates or additional press releases beyond the announcement of the grant award.

Key Features and Services

• CubiX Platform: Offers a complex representation of human biology, scalable, highly customizable, and user-friendly.
• 3D In Vitro Contract Research Organization (CRO) Service: Provides both standard and customized in vitro studies for drug developers.
• Alternatives to Animal Testing: Focuses on reducing animal testing through innovative organ-on-chip technologies.

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Sources: - Cherry Biotech secures €2.5 million from the European Union for its...

• EIC Accelerator: Statistics and Results from the March 2024 call
• Cherry Biotech: Home
• The Top 20 Innovative Organ-on-a-Chip Companies in 2025

4 The Technology Advancements

Cherry Biotech's Post-EIC Accelerator Advancements and Market Position

Current Capabilities
Cherry Biotech, a French TechBio startup founded in 2014, specializes in organ-on-chip and organoid technologies to replicate human physiology for preclinical drug testing. Their flagship CubiX platform enables microenvironment control (gas, flow, temperature) for 3D human models like lung, melanoma, and liver organoids. Integrated with AI and biosensors, CubiX supports live imaging and generates physiologically relevant data to reduce reliance on animal testing. The company also provides 3D in vitro CRO services, offering customized studies for drug developers seeking alternatives to traditional preclinical models.

Post-Funding Developments (December 2024)
After securing a €2.5M grant and up to €15M equity investment from the EIC Accelerator in December 2024, Cherry Biotech has focused on scaling its technology:

• Technology Enhancements: While direct post-funding updates are limited as of available records through early 2025, their EIC proposal emphasized advancing microenvironment control systems like CubiX for multi-organ integration and AI-driven analytics.
• Market Demonstrations: The company collaborates with institutions such as Gustave Roussy’s cancer research center, where Dr. Pierre Savagnier highlighted CubiX’s flexibility for oncology experiments. Publicly listed partners or clinical trials are not explicitly detailed.
• Publications/IP Activity: Cherry Biotech released a 2025 whitepaper on animal testing alternatives, outlining global trends toward microphysiological systems. No new patents or peer-reviewed studies post-December 2024 are cited in available sources.

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Sources Used

• Animal Testing Landscape Whitepaper (March 2025) | PDF Version
• EIC Accelerator Funding Announcement (December 17, 2024)
• CubiX Platform Overview | BIO International Convention Profile (March–June 2025 listings)
• EEN Case Study on EU Funding Support (Page citations relate to pre-EIC funding support mechanisms.)

5 The Partnerships and Customers

Cherry Biotech’s Strategic Collaborations and Market Positioning Post-EIC Accelerator Funding Cherry Biotech, a French leader in organ-on-a-chip technology, has cultivated partnerships across academia, industry, and EU-funded consortia to advance preclinical testing and reduce reliance on animal models. While specific details of customer engagements remain proprietary, their collaborative projects and publicly disclosed alliances highlight their strategic direction.

Key Partnerships

• Project DeLIVERy (EIC Pathfinder Open 2021): Collaboration with Bielefeld University (Germany), UiT – The Arctic University of Norway (Norway), Vrije Universiteit Brussel (Belgium), Excelitas PCO GmbH (Germany), and Evangelisches Klinikum Bethel gGmbH (Germany) to develop liver models for drug testing.
• Nano4Stroke: Partnered with Fondazione IRCCS Ca’ Granda Ospedale Maggiore Policlinico (Italy), University of Patras (Greece), IDIBAPS (Spain), and the University of Medicine and Pharmacy of Craiova (Romania) to explore anti-inflammatory miRNA therapies for stroke.
• I.D.E.F.I.X. Project: EIC Transition 2022 initiative focused on scaling microfluidic platforms for drug development.

Market Positioning

Cherry Biotech’s CubiX platform—combining microfluidics, live imaging, and AI-driven analytics—positions them as a critical player in personalized oncology and complex disease modeling. Their participation in the MPS World Summit 2023 alongside French peers like 4Dcell further solidifies France’s leadership in micro-physiological systems.

Technology Advancements & Scaling

Collaborations with institutions such as Gustave Roussy Institute validate CubiX’s adaptability for cancer research, while EU funding accelerates prototyping and commercialization. By integrating multi-omics data into organ-on-chip systems, Cherry Biotech aims to enhance predictive accuracy for clinical outcomes.

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Sources

• Animal Testing Landscape Whitepaper
• Scientific Collaborations
• MPS World Summit 2023 Overview

6 The Hiring and Company Growth

Cherry Biotech: Team Growth and Developments

Cherry Biotech, a French biotechnology company specializing in 3D cell models and microenvironment control, received EIC Accelerator funding in March 2024. This funding marks a significant milestone in their journey, particularly in enhancing their capabilities in drug testing and organoid technology.

Current Headcount and Team Size

As of the latest available data, Cherry Biotech has approximately 24 to 29 employees, depending on the source. This range suggests a small but specialized team, which is typical for many innovative startups in biotech.

Hiring Status

There is no specific information available on whether Cherry Biotech is currently hiring. However, given their recent funding and growth goals, it is likely they may be expanding their team to leverage these resources effectively.

Growth and Recent Developments

The EIC Accelerator funding received in March 2024 is a major boost for Cherry Biotech, indicating significant growth potential. This financial support will likely enable them to scale their operations, further develop their technologies, and possibly expand their team to meet increased demand for their services.

Key Positions and Future Impact

While specific key positions recently hired by Cherry Biotech are not detailed, their focus on integrating AI, biosensors, and advanced imaging techniques into their organoid models suggests they would be looking for talent in these areas. New team members would play a crucial role in enhancing their CubiX platform and other technologies, enabling the company to better predict drug effects and contribute to a reduction in animal testing. This growth would position Cherry Biotech as a leader in providing advanced in vitro models for drug development and personalized medicine.

Management and Founding Team Changes

There are no reported changes in the management or founding team of Cherry Biotech following their EIC Accelerator win. Jeremy Cramer remains the Founder and President, leading the company's strategic direction.

Sources

• Cherry Biotech: Home
• Cherry Biotech - BIO International Convention 2025
• Breast Cancer 3D in Vitro Organ Model - Cherry Biotech
• CHERRY BIOTECH Information

7 The Media Features and Publications

CHERRY BIOTECH: Media Features, Publications, and Industry Engagement

Media Features and Company Profile Listings
While specific media articles directly naming Cherry Biotech are not detailed in available records, the company maintains a strong digital presence with profile listings on business directories like Dun & Bradstreet and RocketReach, which highlight its $5.3M revenue (2024), 29 employees, and focus on microfluidics and organ-on-chip technologies. The company’s website emphasizes its mission to replace animal testing through advanced in vitro models.

Publications and White Papers
Cherry Biotech has published a white paper titled Animal Testing Landscape, analyzing global efforts to transition toward alternatives. The document outlines their role as innovators in preclinical models, particularly through their CubiX platform for mimicking human physiology. No peer-reviewed publications are explicitly cited in available materials.

Podcasts or Interviews
No direct podcasts or interviews featuring Cherry Biotech’s team members were identified in the search results. However, the company’s leadership actively participates in industry events (see below).

Conference Participation and Presentations

• Oxford Discovery US 2024: Cherry Biotech sponsored this Boston-based event (November 7–8, 2024) to showcase its CubiX platform, a microenvironment controller for drug testing. CEO Jeremy Cramer and Scientific Chief Business Developer Pierre Gaudriault represented the company at Booth 08.
• EuroQuity Profile: The platform lists Cherry Biotech as a French leader in preclinical organ-on-chip systems aiming to reduce reliance on animal models. While not an event-specific mention, it underscores their visibility among European innovation networks.

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Sources

• CHERRY BIOTECH Company Profile - Dun & Bradstreet
• CHERRY BIOTECH Information - RocketReach
• Cherry Biotech: Home
• Cherry Biotech | EuroQuity
• Cherry Biotec is Coming to Oxford Discovery US 2024