1 The EIC Accelerator Project

The EIC Accelerator program is a pivotal funding initiative designed to support innovative small and medium-sized enterprises (SMEs) and startups across Europe, particularly those engaging in deep-tech sectors. Its primary goal is to foster the development and scaling of breakthrough technologies and solutions that address pressing challenges in various industries. The program provides financial assistance in the form of grants and equity investments to facilitate the commercialization of high-risk innovations.

Funding Structure

The EIC Accelerator offers a dual funding mechanism that includes grants and equity investments.

Purpose in the European Ecosystem

The EIC Accelerator plays a crucial role in the European deep-tech and startup ecosystem by bridging the funding gap that often exists for innovative enterprises. Many startups struggle to secure financing from traditional sources, particularly during the early stages of development when risks are high, and market validation is still pending. The EIC Accelerator addresses this gap by providing targeted funding that encourages innovation and entrepreneurship.

By supporting projects with a focus on cutting-edge technology and solutions, the EIC Accelerator contributes to the growth of a vibrant startup ecosystem in Europe. It helps to create jobs, stimulate economic growth, and position Europe as a leader in technological advancements.

Support for Scaling and Private Funding

The EIC Accelerator not only provides necessary funding but also offers comprehensive support services to help companies scale effectively. This includes access to mentorship, networking opportunities, and resources that can enhance business development efforts. The program encourages collaboration between startups and established companies, research institutions, and investors, thereby facilitating a more integrated approach to innovation.

Furthermore, the EIC Accelerator's funding is structured to enhance a company's attractiveness to private investors. By demonstrating a commitment to innovation through the EIC's backing, companies can leverage this credibility to secure additional capital from venture capitalists and other private funding sources.

Case Study: PICTERUS AS and the Picterus Jaundice mHealth Platform

Company Overview: PICTERUS AS, based in Norway, is the recipient of the EIC Accelerator funding for its innovative project, the Picterus Jaundice mHealth platform. The company's focus is on advancing neonatal care, particularly in the management of jaundice in newborns.

Project Acronym: Picterus Jaundice mHealth platform

Project Description: The Picterus Jaundice mHealth platform aims to bring newborn care home by providing an integral mobile health (mHealth) solution for the management of neonatal jaundice. This platform is designed to empower parents and healthcare providers with the tools necessary to monitor and manage jaundice effectively, reducing the need for hospital visits and enhancing the overall quality of care for newborns.

Technology Basics and Background: Neonatal jaundice is a common condition affecting newborns, characterized by elevated levels of bilirubin in the blood due to immature liver function. While jaundice is often harmless and resolves on its own, severe cases can lead to serious health complications if not monitored and treated appropriately.

The Picterus platform utilizes advanced technology to facilitate real-time monitoring of bilirubin levels in infants. Through the integration of non-invasive measurement techniques and mobile health applications, parents can track their child's bilirubin levels from the comfort of home. This innovation not only alleviates the burden on healthcare facilities but also empowers parents with critical information to make informed decisions about their child's health.

The platform is designed to provide alerts and recommendations based on real-time data, ensuring timely intervention when necessary. By enabling at-home management of neonatal jaundice, PICTERUS AS aims to enhance the overall healthcare experience for families while reducing healthcare costs and improving patient outcomes.

In conclusion, the EIC Accelerator program serves as an essential catalyst for innovation within the European startup ecosystem. By providing targeted funding and support, it enables companies like PICTERUS AS to develop and scale groundbreaking solutions, such as the Picterus Jaundice mHealth platform, which addresses critical healthcare challenges. The program not only fosters technological advancement but also contributes to a healthier future for newborns and families across Europe.

2 The Funding Rounds

# Picterus AS: Funding Journey and Growth

Picterus AS, a Norwegian company founded in 2015, has developed an innovative smartphone-based solution for monitoring jaundice in newborns. The company has secured multiple funding rounds to support its development and global expansion.

Funding History

Picterus has raised significant capital through various funding rounds, combining equity investments and grants:

November 2019: Picterus secured NOK 36 million (approximately $4 million) in financing. This was a blended funding package consisting of NOK 16 million in grants from the European Innovation Council (EIC) and NOK 20 million in equity.

February 2021: The company completed an equity funding round of NOK 9 million ($1.1 million). This funding was part of a larger NOK 30 million round that included EU grants. Investors in this round included Harald Vartdal, Geir Lasse Kjersem, Gravifloat Technology, and LMG Marin.

July 2022: Picterus received €1.2 million from E14 Fund and EIC Fund.

March 2023: Picterus was awarded another EIC Accelerator Grant to support the development of their digital platform for neonatal jaundice screening. This follows their successful application in the March 22, 2023 cut-off.

Investor Information

Picterus has attracted investment from various sources:

• European Innovation Council (EIC): Provided grants through the Horizon 2020 program and the EIC Accelerator program in both 2019 and 2023.
• Innovation Norway: Provided early-stage development grants, including NOK 1.5 million in July 2020.
• Private Equity Investors: Contributed €800,000 in October 2021.
• Individual Investors: Norwegian investors including Harald Vartdal, Geir Lasse Kjersem, Gravifloat Technology, and LMG Marin participated in the 2021 funding round.
• E14 Fund and EIC Fund: Invested €1.2 million in July 2022.

Company Development and Impact

The funding has enabled Picterus to develop its technology and expand its reach: Technology Development: Picterus has developed a smartphone application that uses biomedical optics, photonics, and machine learning algorithms to accurately diagnose jaundice in newborns through a simple smartphone picture.

Growth and Expansion: The company has been expanding its team, with three new employees recruited and three more positions in process as of 2022.

Market Potential: Picterus estimates that its solution can reduce outpatient visits for jaundice by 50%, with potential savings of €306 million. The company projected that its global turnover would reach €25 million and create 14 direct jobs by the fourth year of introduction.

Certifications: The company has secured important certifications, including CE-certification of its app as a class IIa medical device.

Current Status and Future Plans

As of 2023, Picterus continues to develop its jaundice screening platform with support from the EIC Accelerator Grant received in March 2023. The company aims to develop a full-fledged mHealth platform that will allow parents to monitor their infants at home, reducing dependence on healthcare systems.

The company is headquartered in Trondheim, Norway, and operates with approximately 5 employees. According to available data, Picterus generated kr22.93 thousand in annual revenue in FY 2021.

No information about company valuations, IPOs, buyouts, or acquisitions was available in the search results.

Sources: - Impact Tech - Picterus company information

• Nordic 9 - Picterus secured NOK 9 million
• Evolution Europe - Innovation Interviews: Picterus
• Nordic 9 - Picterus secured NOK 36 million
• Picterus - About us
• CORDIS - Smartphone-based monitoring of jaundice in newborns
• Seedtable - Picterus Company Information
• Craft - Picterus Company Profile

3 The Press Releases

Overview of Picterus AS

Picterus AS is a Norwegian company recognized for its innovative approach to neonatal jaundice care. Headquartered in Trondheim, the company has been developing a transformative smartphone-based screening tool to improve the detection and management of neonatal jaundice worldwide.

Background and Mission

Picterus was founded in 2015 by Dr. Anders Aune, Gunnar Vartdal, and Lise Lyngsnes Randeberg. The idea behind Picterus arose from Dr. Aune's experience in Tanzania, where he witnessed firsthand the devastating effects of neonatal jaundice due to a lack of effective screening solutions. This realization sparked the creation of a universally accessible and accurate screening tool to ensure every child has a healthy start in life.

Technology and Impact

Picterus's flagship product, Picterus Jaundice Pro, is a smartphone-based tool designed for easy, affordable, and effective jaundice screening. This technology makes healthcare more accessible and less invasive by reducing the need for painful blood tests in newborns. The app has received the CE-certification as a class IIa medical device, underscoring its safety and efficacy.

EIC Accelerator Funding

In March 2023, Picterus AS received an EIC Accelerator Grant to support the development of its novel digital platform for neonatal jaundice screening. This funding is part of the European Innovation Council's efforts to support groundbreaking innovations in healthcare and beyond.

Partnerships

Notably, Picterus AS has entered into a collaboration with Konica Minolta, a leading manufacturer of jaundice meters, to improve non-invasive screening solutions for newborn jaundice. This partnership aims to enhance the performance of their respective technologies by collecting clinical data and developing new screening solutions.

Press Releases and Updates

Press releases and updates on Picterus can be found on their official website, Picterus.com. Recent updates include the announcement of their collaboration with Konica Minolta, highlighting the potential for innovative jaundice screening technologies.

Conclusion

Since receiving the EIC Accelerator funding in March 2023, Picterus AS has made significant strides in advancing neonatal jaundice care through innovative technology and strategic partnerships. Their commitment to improving healthcare accessibility worldwide is evident in their collaborations and ongoing research.

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Sources

• About us - Picterus
• Konica Minolta and Picterus AS Start Collaboration to Enhance Non-Invasive Screening Solutions for Newborn Jaundice

4 The Technology Advancements

PICTERUS AS: Advancements in Neonatal Jaundice Screening Since 2023 EIC Accelerator Funding

Picterus AS, a Norwegian medtech company specializing in smartphone-based jaundice screening for newborns, has expanded its technological and commercial footprint since receiving EIC Accelerator funding in March 2023. Here are the key developments:

Technological Improvements & Features
The company’s flagship product, Picterus® Jaundice Pro, now integrates advanced biomedical optics and machine learning to deliver rapid, non-invasive bilirubin measurements via smartphone. The app uses a proprietary calibration card to ensure accuracy comparable to blood tests, with recent updates emphasizing offline functionality for low-resource settings. While no explicit mention of new features post-2023 exists, collaborations with industry leaders like Konica Minolta suggest ongoing optimization of screening algorithms and device interoperability.

Market Demonstrations & Clinical Trials
In March 2024, Picterus partnered with Intermountain Health, a major U.S. healthcare provider, to conduct clinical trials involving 400 newborns (300 term and 100 preterm) across three hospitals. The study evaluates the app’s accuracy against traditional blood tests during peak jaundice periods post-discharge. Additionally, the July 2024 collaboration with Konica Minolta aims to enhance non-invasive screening tools through shared clinical data collection, indicating active deployment in real-world settings.

Intellectual Property & Research Outputs
Publicly available information does not detail new patents filed since 2023. However, Picterus holds multiple patents for its core technology (e.g., calibration card design and optical analysis methods), referenced in earlier EU project reports. The company continues leveraging its CE-certified class IIa medical device status for global commercialization, though no new whitepapers or peer-reviewed studies have been explicitly published post-2023 based on current data.

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Sources:

• Picterus Official Website
• CORDIS EU Project Report (946013)
• Konica Minolta Collaboration Announcement
• Intermountain Health Clinical Study
• EIC Impact Report Reference (Indirect relevance; format corrected)

5 The Partnerships and Customers

Picterus AS Partnerships and Market Positioning Post-EIC Accelerator Funding Picterus AS, a Norwegian health tech innovator, has strategically expanded its global footprint through key partnerships and clinical collaborations since securing EIC Accelerator funding in 2023. These relationships focus on enhancing non-invasive jaundice screening technology and scaling accessibility for newborns worldwide.

Key Partnerships

• Nature: Joint development of non-invasive jaundice screening solutions, combining Konica's transcutaneous bilirubin meters (JM-105) with Picterus’ smartphone-based Picterus® Jaundice Pro.
• Purpose: Improve accuracy and accessibility of screening tools to reduce unnecessary blood tests and prevent brain damage in newborns.
• Market Impact: Positions Picterus alongside a global leader in neonatal care technology, leveraging Konica’s manufacturing expertise for scaled production.

• Nature: Clinical study partnership to validate Picterus’ smartphone app for bilirubin estimation using smartphone cameras.
• Purpose: Test the app’s efficacy across Intermountain’s network of hospitals serving over 33,000 newborns annually.

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Technology Advancements & Scaling Efforts

• Clinical Validation: Partnerships with academic institutions and hospitals have enabled data collection under diverse lighting conditions to improve measurement accuracy.
• Regulatory Milestones: FDA submission pending as of July 2022; CE-certification secured in October 2021 for medical device compliance in Europe.
• mHealth Platform Development: Post-EIC funding supports expansion into remote parental monitoring tools during a newborn’s first week of life—a critical window for jaundice detection.

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Market Positioning & Future Outlook

By collaborating with established healthcare providers like Intermountain Health and industry leaders such as Konica Minolta, Picterus cements its role as a disruptor in low-cost neonatal care solutions. These alliances enhance credibility for regulatory approvals (e.g., FDA) while accelerating market penetration in high-need regions like Africa and Southeast Asia through cost-effective smartphone-based screening^.

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Sources

• Konica Minolta Collaboration Announcement
• Intermountain Health Partnership Details
• EIC Accelerator Interview on Expansion Plans

+ CE-Certification & Clinical Study Updates + Global Research Initiatives Report

6 The Hiring and Company Growth

Picterus AS: Team Dynamics and Growth Post-EIC Accelerator Funding Picterus AS, the Norwegian medtech company specializing in neonatal jaundice screening solutions, has undergone strategic developments since securing EIC Accelerator funding in 2023. While specific details about current headcount or recent hires are not publicly disclosed, the company's trajectory highlights key operational shifts and partnerships that signal scaling efforts.

In 2023, Picterus transitioned from a research-focused entity to a commercially driven organization under CEO Tormod Thomsen, who emphasized expanding market reach and establishing reimbursement pathways for its smartphone-based jaundice screening tool. This leadership shift reflects a deliberate move to prioritize business development, particularly in entering the U.S. market through partnerships with healthcare providers like Intermountain Healthcare.

The collaboration announced in July 2024 with Konica Minolta—a global leader in jaundice meters—aims to enhance non-invasive screening technologies through shared clinical data. Such alliances likely necessitate internal team expansion or restructuring to manage joint R&D efforts and commercial deployment.

While explicit hiring data remains unavailable, Picterus’ growth strategy focuses on leveraging its EIC funding (grant agreement No. 190162545) to strengthen global distribution networks and clinical validation programs. The absence of public job listings suggests targeted recruitment for specialized roles in regulatory affairs or international business development rather than large-scale hiring.

Sources

• About us - Picterus
• Episode 53: Transitioning a Pediatrics Research Project
• Konica Minolta Collaboration Announcement

7 The Media Features and Publications

Media Features and Publications Picterus AS has been featured in technology and finance publications, particularly highlighting its smartphone-based jaundice screening solution. The company’s Horizon 2020 funding (grant agreement No. 190162545) and subsequent EIC Accelerator Grant in 2023 have been central to media coverage. Nordic9 highlighted Picterus’ NOK 9 million ($1M) equity raise in 2021 as part of a larger NOK 30M funding round, emphasizing its mission to reduce neonatal jaundice-related deaths globally.

Podcasts and Interviews
A podcast episode featuring CEO Tormod Thomsen discusses the commercialization journey of Picterus, from its origins as a research project at NTNU to becoming a CE-certified medical device provider.

Conference Participation and Presentations
Picterus has actively disseminated its technology through international conferences, pitches, and academic collaborations. The company co-supervised student research projects across Norway, the Philippines, Nigeria, Mexico, Uganda, Sweden, the Netherlands, and presented findings at events related to neonatal health innovation. Their CE-certification (October 2021) and FDA application (July 2022 submission) were key topics during these engagements.

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Sources

• About Us - Picterus
• Picterus secured NOK 9 million from investors from Norway - Nordic9
• Smartphone-based monitoring of jaundice in newborns - CORDIS EU