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 small and medium-sized enterprises (SMEs) and start-ups in bringing breakthrough innovations to market. The program focuses particularly on deep tech and high-risk sectors, aiming to foster the development of cutting-edge technologies and solutions that can significantly impact society and the economy.

Funding Structure

The EIC Accelerator offers a unique blended finance structure that combines grants and equity investments to maximize support for innovative projects.

Purpose and Impact on the Ecosystem

The primary objective of the EIC Accelerator is to bridge the financing gap that many innovative companies face when transitioning from the development phase to market entry. By providing substantial funding and support, the program plays a pivotal role in nurturing the European deep tech and startup ecosystem.

The EIC Accelerator not only helps companies to scale but also encourages private sector investment by validating the viability of innovative projects. By backing promising technologies, the EIC enhances the attractiveness of these companies to private investors, thereby fostering a robust investment landscape. This, in turn, contributes to economic growth, job creation, and the advancement of technological solutions that address pressing societal challenges.

Case Study: CONTEXTFLOW GMBH and Project Scaling Generation AI Chest CT

Company Overview: CONTEXTFLOW GMBH, an Austrian company, specializes in developing AI-driven solutions for radiology. Focused on enhancing clinical decision-making, CONTEXTFLOW leverages advanced machine learning algorithms to streamline the analysis of medical imaging, particularly chest CT scans.

Project Details: The EIC Accelerator project, titled "Scaling generation AI chest CT," centers around the development of an integrated AI-based Clinical Decision Support system for radiologists. This project aims to improve the efficiency and accuracy of diagnosing chest conditions through AI technology.

Technology Background: The core technology behind CONTEXTFLOW’s solution involves sophisticated algorithms that analyze chest CT images. These algorithms are trained on large datasets of medical images, enabling them to recognize patterns and anomalies with high precision. The system provides radiologists with real-time insights and recommendations, facilitating quicker and more accurate diagnoses.

The integration of AI in radiology is particularly relevant given the increasing demand for imaging services and the growing complexity of interpreting imaging results. By harnessing the power of AI, CONTEXTFLOW’s solution not only enhances the quality of care but also addresses the challenges posed by radiologist shortages and the rising volume of imaging studies.

Funding and Impact: CONTEXTFLOW secured funding under the EIC Accelerator program through a successful submission of their Step 2 proposal on March 22, 2023, followed by a successful Step 3 interview. The blended finance model will enable CONTEXTFLOW to accelerate the development and deployment of their AI-based Clinical Decision Support system, thereby improving healthcare outcomes and positioning the company for future growth.

In conclusion, the EIC Accelerator program, exemplified by the success of CONTEXTFLOW GMBH, underscores its essential role in fostering innovation within the European deep tech ecosystem. By providing crucial funding and support, the program enables companies to scale their operations and bring transformative solutions to market, ultimately contributing to advancements in healthcare and beyond.

2 The Funding Rounds

Financing Raised and Funding Rounds

contextflow GmbH, an Austrian AI company specializing in clinical decision support for radiology, has secured multiple rounds of financing since its inception. The most significant recent developments are tied to the EIC Accelerator program and Series A investment activity.

EIC Accelerator Funding (2023)

• contextflow was approved for the European Innovation Council (EIC) Accelerator blended finance as a result of the March 22, 2023 cut-off.
• The EIC Accelerator provides grants up to €2.5 million combined with equity investments from €0.5 million upwards via the EIC Fund.
• In this round, contextflow was one of only 51 companies selected out of 551 applicants and was the sole Austrian company chosen for funding in that cycle.
• The total amount distributed across all winners in this round reached €261 million; however, specific grant and equity allocation details per company were not disclosed at announcement time.
• Typically, grant disbursement follows within two to three months after selection; equity investments are decided shortly thereafter.

Series A Funding (2021)

• In September 2021, contextflow raised €6.7 million in Series A funding.
• The first closing involved lead investor B&C Innovation Investments GmbH (BCII), joined by TTIP Beteiligungs GmbH and current investors including APEX Ventures (“APEX Best in Class” fund), Crista Galli Ventures, IST cube, Nina Capital, and Novacapital.
• A second closing added an additional €2 million from Peak Pride Management GmbH’s HPH Start-up Unit as well as further participation from existing investors.
• Proceeds were designated for market expansion into Europe and the US—including obtaining FDA clearance—and product portfolio growth.

Timeline & Amounts

Date	Round	Amount Raised	Key Investors
June–Sept 2021	Series A	~€6.7M	BCII (lead), TTIP Beteiligungs GmbH; multiple existing funds
March–June 2023	EIC Accelerator	Undisclosed	European Innovation Council/EU Horizon Europe

</em> While individual grant/equity amounts per company under each call are not always publicized immediately upon award notification—especially regarding equity tranches—it is confirmed that contextflow received both a non-dilutive grant component (historically up to €2.5M) plus an equity investment through the EIC Fund as part of its blended finance package.

Investor Information

contextflow has attracted a mix of venture capital funds focused on deep tech/healthcare innovation:

• B&C Innovation Investments GmbH (BCII)
• TTIP Beteiligungs GmbH
• Peak Pride Management GmbH – HPH Start-up Unit
• APEX Ventures (“APEX Best in Class” fund)
• Crista Galli Ventures
• IST cube
• Nina Capital
• Novacapital

Additionally: The EIC Fund—in partnership with Horizon Europe—is now also among its investors following successful completion of due diligence post-March 2023 cut-off.

Company Valuations

No explicit public disclosures regarding valuation figures have been found within official sources or coverage relating to either Series A or subsequent rounds involving the EIC Fund.

Exit Events: IPOs or Acquisitions

There is no evidence indicating that contextflow has undergone any exit event such as an IPO or acquisition since receiving its latest funding rounds up through May 2025.

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Summary Table: Recent Financing Activity

Year	Event/Funding Round	Amount	Main Investors/Source
2020	EU Grant	€1.2M	European Union/Horizon Programme
Jun–Sep21	Series A First Closing/Second Closing ~€6.7M VC-led consortium
Mar–Jun23† EIC Accelerator Blended Finance† Blended† EU/EIC Fund

</em> Second closing included additional new investors
† Includes both non-dilutive grant plus potential multi-million-euro equity injection through EU’s dedicated deep-tech fund ([see source notes]).

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Sources:

• contextflow approved for EIC Accelerator Equity Investment
• European Innovation Council Accelerator - Contextflow
• EIC Accelerator winners and statistics March 2023 - Strata.team
• EIC Accelerator-March 22 Cut-Off (PDF)
• European Innovation Council: Deep Tech Start-ups Selected
• FinSMEs: contextflow Raises €6.7M in Series A Funding
• contextflow announces mid-seven figures Series A Investment

3 The Press Releases

CONTEXTFLOW GMBH: Recent Developments

CONTEXTFLOW GMBH, an Austrian company, has been gaining significant attention since receiving funding from the European Innovation Council (EIC) Accelerator in March 2023. Here's an overview of the company's recent developments and achievements:

EIC Accelerator Funding

CONTEXTFLOW GMBH was selected as the only Austrian company to receive funding in the latest round of the EIC Accelerator program. This achievement marks a significant milestone for the company, building on its previous grant of €1.2 million from the EIC in 2020. The 2023 funding was part of a competitive process where out of 551 proposals, only 51 companies were awarded, with a total budget of €261 million.

Technology and Innovations

CONTEXTFLOW specializes in developing AI-based medical diagnostics tools, particularly for radiologists. Their core technology includes the ADVANCE Chest CT solution, which provides comprehensive computer-aided detection support for conditions like interstitial lung disease (ILD), chronic obstructive pulmonary disease (COPD), and lung cancer. Additionally, features such as TIMELINE and INSIGHTS help quantify and visualize nodules over time, facilitating efficient treatment monitoring.

Partnerships and Collaborations

Recently, CONTEXTFLOW entered into a commercial partnership with Blackford, a strategic AI platform and solutions provider. This partnership integrates CONTEXTFLOW's ADVANCE Chest CT technology with Blackford's enterprise AI platform, enhancing the accessibility of AI solutions for healthcare providers worldwide. The combined effort aims to improve clinical efficiency and patient outcomes by providing advanced tools for detecting and managing lung diseases.

Team and Growth

CONTEXTFLOW has grown significantly since its founding in 2016, evolving from a university spin-off to a company with over 40 employees. The company's growth is attributed to its innovative approach and the support of early stakeholders and investors.

Press Releases and Updates

CONTEXTFLOW regularly updates its website and social media with news about its partnerships, technological advancements, and funding achievements. Notable updates include the announcement of the EIC Accelerator funding and the partnership with Blackford.

Sources

• contextflow approved for EIC Accelerator Equity Investment
• EIC Accelerator winners and statistics March 2023
• contextflow receives funding from European Innovation Council
• Blackford and contextflow Announce Commercial Partnership
• contextflow – on a wave of success with AI-assisted diagnostics

4 The Technology Advancements

contextflow's Post-EIC Accelerator Progress and Market Impact

Since securing EIC Accelerator funding in mid-2023 (€1.2M grant followed by equity investment approval), contextflow GmbH has advanced its AI-driven radiology tools through technological enhancements, strategic partnerships, and market expansion. Below is a detailed breakdown of their developments:

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Technological Advancements

• Feature Expansion: Launched malignancy scoring and incidental pulmonary embolism detection capabilities to improve lung disease diagnostics.
• Quantitative Analysis: Enhanced nodule tracking over time with objective image analysis to reduce false positives/negatives.
• Workflow Integration: Maintained seamless PACS integration for real-time decision support, reducing radiologists’ reading time by 31% in preliminary studies.

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Market Demonstrations & Commercialization

• Reimbursement Milestone: Secured Europe’s first radiology AI reimbursement contract with German insurer IKK Südwest (November 2024) to enable early lung cancer detection.
• Strategic Partnerships: Collaborated with Blackford Analysis (November 2023) to distribute ADVANCE Chest CT globally via their AI platform, and partnered with NeoLogica for expanded clinical reach.
• Clinical Adoption: Software actively used across European hospitals under CE Mark compliance, focusing on lung cancer, ILD, and COPD diagnostics.

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Recognition & Growth

• (Unspecified Patents/Publications): No new patents or peer-reviewed studies explicitly mentioned post-EIC funding. However, preliminary results on efficiency gains are noted as "to be published soon".
• (Awards): Named among Newsweek’s World’s Best Digital Health Companies (2024) and Trend.at’s top Austrian startups (#18).

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Sources Used for This Report:

• contextflow Set to Secure Europe's First Radiology AI Reimbursement Contract
• Blackford and contextflow Announce Commercial Partnership

5 The Partnerships and Customers

contextflow GmbH: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing EIC Accelerator funding in March 2023, Vienna-based contextflow GmbH has expanded its commercial reach through strategic partnerships, focusing on integrating its ADVANCE Chest CT AI solution into global healthcare workflows. The company specializes in AI-driven detection of lung cancer, interstitial lung disease (ILD), and chronic obstructive pulmonary disease (COPD), with recent collaborations accelerating both technological scalability and market penetration.

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Key Partnerships and Customers

• Nature: Commercial partnership to integrate ADVANCE Chest CT into Blackford’s enterprise AI platform.
• Purpose: Enhance accessibility for healthcare providers by leveraging Blackford’s distribution network, particularly for detecting ILD, COPD, and lung cancer.
• Impact: Positions contextflow as a critical component of Blackford’s AI portfolio, which focuses on improving clinical efficiency globally.

• Nature: Collaboration to enable testing of AI tools for ILD/COPD diagnosis without implementation barriers.
• Purpose: Simplify evaluation processes for radiologists assessing complex cases.

• Nature: Integration of ADVANCE Chest CT into the deepcOS® platform to automate radiology reporting workflows.
• Purpose: Reduce reporting times via seamless HIT system integration while maintaining data privacy standards.

• Although post-2023 EIC submission, this landmark reimbursement agreement with the German health insurer marks a pivotal step in clinical adoption:
• IKK Südwest pays per-exam fees for chest CT scans analyzed by contextflow’s AI, shared with imaging providers like Xcare and MEDIQX health management GmbH.
• Establishes a precedent for insurance-backed reimbursement of AI diagnostics in Europe.

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Market Positioning and Technological Advancements

• Clinical Validation: Features like malignancy scoring (validated in peer-reviewed studies) reduce false positives/negatives in lung cancer detection, enhancing diagnostic reliability.
• Scalability via Platforms: Partnerships with Blackford and deepc enable deployment across diverse healthcare IT ecosystems without custom integrations. This lowers adoption costs for hospitals.

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Future Trajectory

The company’s focus on reimbursement models (e.g., IKK Südwest) signals a shift toward sustainable monetization of AI tools in radiology. By aligning with insurers and care providers simultaneously, contextflow is positioned as a bridge between innovative technology and real-world healthcare economics.

† Mentioned as contextual forward-looking information; occurred after the 2023 EIC submission but reflects strategic momentum.

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Sources

• Blackford Partnership Announcement | GlobeNewswire Release
• Collective Minds Radiology Collaboration
• deepcOS Integration Details

The 2024 IKK Südwest agreement is detailed at: IKK Partnership Article. (Note: Specific URL from input data not provided; inferred from domain.)*

6 The Hiring and Company Growth

Contextflow GmbH: Team Growth and Development

Contextflow GmbH, based in Austria, has experienced significant growth and development since its inception. Founded in 2016 as part of the Medical University of Vienna and the Khresmoi European research project, the company specializes in AI-driven medical imaging solutions.

Current Team Size and Hiring

As of the latest available data, Contextflow has approximately 47 employees. The company is actively hiring and seeking talented individuals to join their team in Vienna.

Team Growth

In 2021, Contextflow raised an $8 million Series A funding round, which was used to scale their sales team across Europe and the US, pursue FDA approval, and expand into new modalities and organs. This investment was crucial in growing the team from about 30 to 45 employees within 18 months.

Key Positions and Recent Hires

Recent key hires include Marcel Wassink as Chief Commercial Officer, who previously scaled Philips’ voice recognition software for radiologists. Other notable positions include Julie Sufana as Chief Marketing Officer, who joined early to amplify the company's voice and bring diversity to the team. The company also appointed Johannes Hofmanninger as Head of Research & Development and Markus Krenn as Chief Product Officer.

Future Impact and Scaling

The addition of new team members is pivotal for Contextflow's future growth and scalability. These hires enhance the company's ability to develop and implement AI solutions that improve radiologists' workflows, leading to better patient outcomes. The expansion into the US market and the pursuit of FDA approval are strategic moves to increase their global presence and adapt their technology to meet diverse healthcare needs.

Management and Founding Team

Contextflow's founding team includes Markus Holzer (CEO), Georg Langs (Chief Scientist), Allan Hanbury (Big Data Evangelist), and René Donner (Co-Founder and Technical Advisor). There have been no reported major changes in the founding team. However, the appointment of Marcel Wassink as Chief Commercial Officer is a significant addition to the management team.

Conclusion

Contextflow's strategic hiring and team growth are essential for driving innovation in medical imaging AI. The company's focus on integrating AI into clinical workflows not only enhances efficiency but also improves patient care. With continued expansion and investment, Contextflow is poised to become a leader in the global healthcare technology sector.

Sources

• About – contextflow
• contextflow – See beyond a single case
• contextflow just raised an $8M series A. Here's why we invested.
• teammembers - contextflow
• Vienna-based healthtech startup contextflow raises €6.7 million
• contextflow: Revenue, Competitors, Alternatives - Growjo
• Author: Julie Sufana - Contextflow
• Science – contextflow

7 The Media Features and Publications

Overview of Contextflow GmbH

Contextflow GmbH, an Austrian-based AI in radiology startup, has been making significant strides in the healthcare technology sector. Founded in 2016 as a spin-off of the Medical University of Vienna (MUW) and supported by the European research project KHRESMOI, the company focuses on developing deep learning software for medical image analysis and search.

Media Features and Publications

Contextflow GmbH has been featured in various media and scientific publications. For instance, the company was showcased at the European Congress of Radiology (ECR) 2023 in Vienna through scientific presentations highlighting its clinical use. Additionally, it has been covered in press releases and media reports detailing its partnerships and innovative AI solutions for radiology.

Content from Publications

Publications such as those from the European Radiology Journal have highlighted contextflow's contributions, including a clinical study showing a 31% reduction in reading time when using their SEARCH Lung CT software. The partnership with Blackford to integrate contextflow’s ADVANCE Chest CT solution into Blackford’s AI platform has also been noted, aiming to enhance lung disease detection and improve patient outcomes.

Podcasts and Interviews

Chief Marketing Officer Julie Sufana has been featured in podcasts, including The Healthtech VC podcast, where she discussed her background and the future of contextflow. CEO & Co-Founder Markus Holzer has also been interviewed, sharing insights on transforming radiology workflows and the importance of integrity in business practices.

Conference and Fair Visits

Contextflow GmbH has actively participated in significant conferences and fairs. Notably, it was featured at ECR 2023 in Vienna, and its collaboration with Oxipit was previewed at ECR 2022 to improve diagnostic quality assurance. Moreover, the company has partnered with Collective Minds Radiology to enable easy testing of AI solutions without barriers.

Involvement in Events

Contextflow's involvement in events extends beyond conferences. The company was selected for an EU innovation program related to combating COVID-19, receiving funding from the Horizon 2020 program. Additionally, Chief Scientist Georg Langs has presented at various forums, including the European Big Data Value Forum, discussing big data and AI in healthcare.

EIC Accelerator Funding

Contextflow GmbH won the EIC Accelerator funding in March 2023, marking a significant milestone for the company. This funding is expected to support further innovation and market expansion.

Sources

• Contextflow in Clinical Use Showcased at ECR 2023 in Vienna
• Blackford and Contextflow Announce Commercial Partnership
• Media - Contextflow
• Collective Minds Radiology & Contextflow Partner
• Julie Sufana – Page 12 – Contextflow
• Contextflow Announces Mid-Seven Figures Series A Investment
• Georg Langs