1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a funding program under the European Innovation Council (EIC), designed to support startups and small to medium-sized enterprises (SMEs) with high-risk, high-potential innovations. It aims to help these companies develop and scale their groundbreaking technologies, particularly in the fields of deep tech and other high-impact sectors.
The program provides a unique combination of grant funding and equity investment, facilitating the growth of innovative firms that may struggle to secure financing through traditional means. This dual approach allows businesses to utilize the grant for immediate operational needs while gaining access to equity investment for long-term scaling.
EIC Accelerator Funding Structure
- The EIC Accelerator offers grants of up to €2.5 million. This funding can be used for project development, operational expenses, and other costs associated with bringing a technology or product to market.
- This non-repayable funding is accessible to companies that meet specific criteria, including demonstrating the potential for significant innovation and market impact.
- The program also provides potential equity investment of up to €15 million until 2024, which is reduced to up to €10 million starting in 2025. This investment helps companies scale rapidly by providing the necessary capital to expand operations, enter new markets, or enhance product development.
- The equity investment is structured in a way that enables the EIC to take a minority stake in the company, aligning its interests with the company's growth trajectory.
Purpose of the EIC Accelerator
The primary purpose of the EIC Accelerator is to foster innovation and competitiveness within the European DeepTech and startup ecosystem. It supports:
- High-Risk Innovations: By providing funding to companies that are developing cutting-edge technologies, the EIC Accelerator aims to stimulate innovation in areas that are crucial for Europe’s future economic strength and sustainability.
- Job Creation: As startups grow and scale, they contribute to job creation and economic development within their regions.
- Global Competitiveness: The program encourages European startups to compete on a global scale, ensuring that Europe remains a hub for technological advancement.
Role in Scaling Companies and Securing Private Funding
The EIC Accelerator plays a critical role in helping companies scale effectively:
- Validation: Receiving funding from the EIC serves as a validation of a company's technology and business model, often making it easier to attract additional private investment.
- Network Access: The program connects startups with a network of investors, mentors, and industry experts, providing them with resources and guidance to refine their business strategies and enhance their market presence.
- Reduced Financial Risk: By alleviating some of the financial burdens through grants and equity investments, companies can focus on innovation, product development, and scaling operations, rather than solely on short-term profitability.
EIC Accelerator Winner: Arxum GmbH and Project B-LOCS
Company Overview:
- Name: Arxum GmbH
- Country: Germany
- Website: arxum.com
- Date of Proposal Submission: October 6, 2021
Project Overview:
- Acronym: B-LOCS
- Description: The B-LOCS project aims to create a fully digital Blockchain-based Laboratory Operations Control System. This system is designed to ensure real-time and audit-proof conformity with Good Manufacturing Practices (GMP), which are essential in regulated industries such as pharmaceuticals and biotechnology.
Technology Basics and Background
Technology Overview:
- Blockchain Technology: At its core, the B-LOCS project leverages blockchain technology to provide a transparent, tamper-proof record of laboratory operations. This is crucial for ensuring compliance with regulatory standards, as it allows for real-time tracking and verification of processes.
- Digital Transformation: The system facilitates the digital transformation of laboratory operations, moving away from traditional paper-based methods to a fully integrated digital solution. This enhances accuracy, reduces paperwork, and improves efficiency in laboratory settings.
- Good Manufacturing Practice (GMP): Compliance with GMP is essential for companies in the life sciences sector. The B-LOCS system helps organizations maintain rigorous standards for quality assurance and operational excellence, thereby reducing the risk of non-compliance and potential penalties.
Key Benefits:
- Real-time Data Access: Users can access data in real-time, enabling quicker decision-making and responsiveness to issues as they arise.
- Audit Trails: The blockchain acts as a secure ledger, creating an immutable audit trail that regulators can review during inspections, thereby enhancing trust and compliance.
- Cost Efficiency: By streamlining operations and reducing the reliance on manual processes, the B-LOCS system can lead to significant cost savings for companies.
Conclusion: The EIC Accelerator program, through its support of innovative projects like Arxum GmbH's B-LOCS, plays a vital role in enhancing the European startup ecosystem. By providing financial resources and strategic support, it enables companies to scale their technologies and contribute meaningfully to their industries, driving forward innovation and economic growth in Europe.
2 The Funding Rounds
Since receiving the European Innovation Council (EIC) Accelerator funding on October 6, 2021, Arxum GmbH has secured additional funding through a grant from the EIC. On July 5, 2022, Arxum signed a grant agreement with the EIC and the European Innovation Council and SMEs Executive Agency (EISMEA) to develop its blockchain-based compliance digitization solution for life science laboratories across Europe. The grant amounted to €1.5 million, with a potential follow-up venture capital investment matching the grant amount. (eqs-news.com)Prior to the EIC Accelerator funding, Arxum had raised a seven-digit Euro investment from FinLab EOS VC Fund in July 2019. This venture capital fund is backed by Block.one, the publisher of the EOSIO blockchain protocol, and FinLab AG, a prominent company builder and investor in financial services technologies. (markets.businessinsider.com)
As of January 2021, Dealroom.co estimated Arxum's enterprise valuation to be between $4 million and $7 million. (app.dealroom.co)
In summary, since October 6, 2021, Arxum GmbH has secured a €1.5 million grant from the EIC, with a potential matching venture capital investment, and previously received a seven-digit Euro investment from FinLab EOS VC Fund in July 2019. The company's valuation was estimated to be between $4 million and $7 million as of January 2021.
3 The Press Releases
Arxum GmbH, a German company specializing in blockchain-based compliance digitization solutions for the pharmaceutical sector, received EIC Accelerator funding on October 6, 2021. Since then, the company has made several notable advancements and announcements:1. EIC-Funded Acceleration Project Announcement (July 28, 2022): Arxum announced the launch of an EIC-financed acceleration project aimed at digitizing compliance processes in the pharmaceutical sector. The project focuses on implementing Arxum's blockchain-based Laboratory Operations Control System (BLOCS) to enhance data integrity and reduce paper-based efforts in life science laboratories. The EIC provided a grant of €1.5 million for the development of additional features, with plans for a subsequent venture capital investment. (centralcharts.com)
2. Featured in Wiley Analytical Science Magazine (April 18, 2023): Arxum was featured in the Wiley Analytical Science Magazine, highlighting their contributions to laboratory automation and the integration of blockchain technology in laboratory processes. The article emphasizes Arxum's commitment to innovation and quality in the field of laboratory automation. (analyticalscience.wiley.com)
3. Introduction of Arxum Blast for IVD Process Tracking (April 18, 2023): Arxum introduced "Arxum Blast," a solution designed for in vitro diagnostics (IVD) process tracking. This tool aims to enhance the efficiency and accuracy of IVD processes by leveraging blockchain technology to ensure data integrity and traceability. (analyticalscience.wiley.com)
4. Company Overview and Contact Information: Arxum GmbH is headquartered in Kaiserslautern, Germany. The company specializes in enabling cross-company automation of business processes using blockchain technology. They emphasize the importance of occupational safety, quality of work results, environmental protection, and energy efficiency as essential pillars for the long-term sustainability and development of their business. For inquiries, they can be contacted at [email protected] or by phone at +49 631 9306 5130. (analyticalscience.wiley.com)
These developments reflect Arxum GmbH's ongoing efforts to innovate and expand its offerings in the pharmaceutical and laboratory automation sectors, leveraging blockchain technology to enhance compliance and operational efficiency.
4 The Technology Advancements
Arxum GmbH, a German company specializing in blockchain-based compliance digitization solutions for the pharmaceutical sector, received European Innovation Council (EIC) Accelerator funding on October 6, 2021. Since then, the company has made several advancements:Technological Improvements and New Features:
Market Demonstrations:
Intellectual Property and Publications:
These developments highlight Arxum GmbH's commitment to enhancing compliance digitization in the pharmaceutical industry through innovative blockchain solutions.
5 The Partnerships and Customers
Arxum GmbH, a German company specializing in blockchain-based compliance digitization solutions for the pharmaceutical sector, received European Innovation Council (EIC) Accelerator funding on October 6, 2021. This funding aimed to support the development and scaling of their Blockchain-based Laboratory Operations Control System (BLOCS), designed to enhance data integrity and reduce paper-based processes in life science laboratories. (eqs-news.com)Since receiving the EIC Accelerator funding, Arxum GmbH has not publicly disclosed specific new partnerships or customers. The company has focused on leveraging the grant to further develop BLOCS, with plans to broaden its market fit and create additional value for the laboratory sector. The EIC provided a grant of €1.5 million for the development of further features, with a subsequent venture capital investment and matching fund by the EIC anticipated in a second phase. (eqs-news.com)
The nature of Arxum's relationships, particularly with the EIC, is centered on accelerating the adoption of their blockchain-based compliance digitization solution across European life science laboratories. The purpose is to address challenges related to patient safety and laboratory efficiency by providing effective digitization solutions.
These relationships position Arxum GmbH to strengthen its presence in the European market by offering innovative solutions that align with the EU's strategic interests in digitalization and compliance within the pharmaceutical sector.
The support from the EIC Accelerator is expected to assist Arxum GmbH in advancing its technology and scaling operations, enabling the company to deploy its blockchain-based solutions more broadly and effectively across the laboratory sector.
6 The Hiring and Company Growth
Arxum GmbH, a German company specializing in blockchain-based compliance digitization solutions for the pharmaceutical sector, received EIC Accelerator funding on October 6, 2021. This support aimed to enhance their Blockchain-based Laboratory Operations Control System (BLOCS), designed to monitor laboratory analyses and ensure data integrity. (eqs-news.com)Current Team Size and Hiring Status:
Specific details regarding Arxum GmbH's current headcount or team size are not publicly available. There is no publicly accessible information indicating whether the company is currently hiring.
Growth and Recent Hires:
While precise data on Arxum's growth in terms of revenue or employee numbers post-funding is not available, the EIC Accelerator program has historically supported companies in scaling their operations. For instance, companies receiving grants over €0.5 million have, on average, increased their operating revenue by €1.63 million, corresponding to a 23.5% increase over a period of approximately 2.1 years. Additionally, 66% of companies have seen an increase in their employee count, with an average increase of 24 employees or 108% over 2.2 years. (slideshare.net)
Impact of New Team Members:
Although specific information about Arxum's new hires is not available, the addition of team members typically contributes to a company's ability to scale and grow by bringing in diverse skills and expertise. In the case of Arxum, expanding their team could enhance their capacity to develop and implement their blockchain-based solutions, thereby improving efficiency and compliance in life science laboratories.
Management or Founding Team Changes:
There is no publicly available information indicating any major changes in Arxum GmbH's management or founding team since receiving the EIC Accelerator funding.
In summary, while specific details about Arxum GmbH's team growth and hiring activities post-EIC Accelerator funding are limited, the company's innovative solutions and the support from the EIC Accelerator position them well for future growth and scaling in the pharmaceutical sector.
7 The Media Features and Publications
Since receiving EIC Accelerator funding on October 6, 2021, Arxum GmbH has been featured in various media outlets, participated in industry events, and engaged in interviews. Below is a summary of their activities and media presence:Media Features:
- Arxum GmbH has been mentioned in several publications, including:
- An article discussing the global medical robot market, which includes companies like Accuray, Omnicell, ARxium, and Ekso Bionics. (abnewswire.com)
- A press release about Ariceum Therapeutics and Eckert & Ziegler signing a global supply agreement for the development of next-generation radiotherapeutics for precision cancer treatments. (news.futunn.com)
Publications:
- Arxum GmbH has been named in publications such as:
- The article on the medical robot market, which profiles companies including ARxium. (abnewswire.com)
- The press release about the collaboration between Ariceum Therapeutics and Eckert & Ziegler. (news.futunn.com)
Podcasts and Interviews:
Conferences and Events:
Event Involvement:
Please note that the information provided is based on the available sources and may not encompass all activities and media features of Arxum GmbH since receiving the EIC Accelerator funding.