1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a flagship funding initiative of the European Innovation Council (EIC), designed to support innovative startups and small to medium-sized enterprises (SMEs) in Europe, particularly those involved in high-risk, high-potential projects. It aims to help these companies develop and scale their groundbreaking innovations, particularly in deep technology areas, by providing financial support and strategic guidance.

Funding Structure

The EIC Accelerator provides a blended finance solution, which combines grants and equity investments to support the commercialization of innovative products and services.

The program offers grants of up to €2.5 million. This funding is intended to cover the costs associated with the development and testing of prototypes, as well as further research necessary to bring innovations to market.

The equity component allows for investments of up to €15 million until 2024 and €10 million since 2025. This funding is meant to support scaling operations, ensuring that companies can move from the development phase to full market entry and expansion. The equity investment is a significant aspect as it provides not only funding but also validation from a reputable source that can attract additional private investments.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by:

• Driving Innovation: It fosters innovation by supporting projects that push the boundaries of technology, particularly in sectors like biotechnology, AI, climate tech, and more.
• Enhancing Competitiveness: By investing in cutting-edge technologies, the EIC helps European firms maintain competitiveness on a global scale.
• Job Creation: As startups grow and scale, they create jobs, contributing to economic growth and resilience across Europe.
• Sustainability Goals: The program aligns with Europe's broader goals of sustainability and green innovation, encouraging projects that address climate change and social challenges.

Role in Scaling and Funding

The EIC Accelerator provides a pathway for startups to scale by:

• Reducing Financial Risk: The availability of grants and equity reduces the financial barriers that often inhibit innovation. Startups can take calculated risks without the pressure of immediate profitability.
• Attracting Private Investment: The EIC’s endorsement through funding can enhance a startup's credibility, making it more attractive to private investors who may be more willing to invest alongside EIC funding.
• Access to Networks: The EIC connects startups with industry experts, mentors, and potential partners, creating a supportive ecosystem for growth and collaboration.

Summary of EIC Accelerator Winner: Synovance and Their Project NextGen Dyes

Company Name: Synovance
Project Acronym: NextGen Dyes
Description: Efficient bio-production of next-generation dyes for sustainable fashion
Funding Type: Blended finance
Website: synovance.com
Country: France
Submission Date: June 16, 2021

Project Overview: NextGen Dyes

Synovance’s project, NextGen Dyes, focuses on the innovative production of dyes using biotechnological methods. This project addresses the environmental impact of traditional dyeing processes in the fashion industry, which can be resource-intensive and polluting.

Technology Basics and Background

Conventional dyeing processes often rely on synthetic dyes derived from petrochemicals, which can be toxic and environmentally damaging. Additionally, they consume vast amounts of water and generate wastewater that is often not treated adequately.

• Synovance’s approach utilizes microorganisms to produce natural dyes through fermentation processes. This method not only minimizes the environmental footprint but also allows for the creation of vibrant colors that can be tailored to specific requirements.
• The technology involves genetically engineered strains of bacteria or yeast that can produce pigments or colorants efficiently. These organisms are cultivated in controlled environments that optimize yield while minimizing resource use.

The NextGen Dyes project aligns with the growing demand for sustainable fashion solutions. As consumers and brands become more environmentally conscious, the need for eco-friendly dyeing alternatives presents a significant market opportunity.

By integrating biotechnology into the dye production process, Synovance not only addresses sustainability challenges but also positions itself as a leader in the emerging field of bio-based industrial processes. This innovation has the potential to disrupt traditional practices in the textile industry and pave the way for a more responsible approach to fashion.

In conclusion, the EIC Accelerator program provides vital support to innovative companies like Synovance, helping them to realize their potential and contribute to a sustainable future through advanced technologies.

2 The Funding Rounds

Synovance, a French biotechnology company specializing in bio-produced textile dyes, received EIC Accelerator funding on June 16, 2021. Since then, the company has secured additional funding through various channels:

1. Innov'UP Feasibility Grant (February 7, 2021): Prior to the EIC funding, Synovance was awarded a joint subsidy from the Île-de-France Region and Bpifrance. This Innov'UP feasibility grant aimed to support the scaling up of their production and the realization of a Proof of Concept (POC) with an industrial partner within 12 months. The grant also financed the salaries of two interns to assist in optimizing indigo bio-production conditions. (synovance.com)

2. Equity Crowdfunding (March 16, 2023): Synovance conducted an equity crowdfunding round on March 16, 2023. While specific details regarding the amount raised and investor identities are not publicly disclosed, this funding round was part of the company's strategy to support its growth and development. (pitchbook.com)

3. Accelerator/Incubator Support (May 22, 2024): On May 22, 2024, Synovance participated in an accelerator/incubator program. Although the exact amount raised during this program is not specified, such programs typically provide both financial support and strategic guidance to foster innovation and business growth. (pitchbook.com)

Investor Information: Synovance's investors include:

• La Maison des Startups: An accelerator/incubator that supports innovative startups.
• Tudigo: A platform facilitating equity crowdfunding, enabling individuals to invest in startups. (pitchbook.com)

Company Valuations: Specific valuations for Synovance during these funding rounds are not publicly disclosed. However, the company's participation in accelerator programs and successful crowdfunding efforts indicate positive investor confidence and a growing valuation.

Conclusion: Since receiving the EIC Accelerator funding in June 2021, Synovance has actively pursued additional funding avenues, including grants, equity crowdfunding, and accelerator programs, to support its mission of developing sustainable bio-produced textile dyes.

3 The Press Releases

Synnovation Therapeutics, a precision medicine company based in France, has made significant strides since receiving the EIC Accelerator funding on June 16, 2021. Their most notable development is the initiation of a Phase I clinical trial for SNV1521, a potent and selective PARP1 inhibitor targeting solid tumors. The first patient was dosed on March 11, 2024, marking a pivotal transition from preclinical to clinical stages for the company. (synnovationtx.com)

The SNV1521 Phase I trial is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of this novel compound. The study is being conducted in collaboration with Dr. Yap and other investigators, reflecting Synnovation's commitment to advancing precision oncology therapies. (synnovationtx.com)

Synnovation Therapeutics was founded by a team of world-class medicinal chemists with a proven track record in developing best-in-class therapeutics. Their pipeline focuses on highly validated precision oncologic targets, aiming to address limitations in existing standards of care and significantly improve patient outcomes. The lead program, SNV1521, exemplifies this approach, offering a potentially best-in-class PARP1 inhibitor with enhanced potency, selectivity, and central nervous system penetration. (synnovationtx.com)

As of now, there are no additional press releases or public information detailing further partnerships, technology advancements, team updates, or patents related to Synnovation Therapeutics. The company continues to focus on advancing its clinical programs and maintaining its commitment to precision medicine in oncology.

4 The Technology Advancements

Synovance, a French biotechnology company, specializes in the sustainable production of bio-based pigments for the textile industry. Their proprietary technology involves designing microorganisms to efficiently convert biomass into high-value dyes, offering an eco-friendly alternative to traditional synthetic dyes.

Since receiving the EIC Accelerator funding on June 16, 2021, Synovance has made several notable advancements:

• Bioproduction Pilot Plant Facility: In June 2022, Synovance inaugurated a new 500m² bioproduction pilot plant in Bry-sur-Marne, France. This facility houses a 10m³ bioreactor, dedicated research and development spaces, and office areas, enhancing their capacity for large-scale production and innovation. (synovance.com)
• Innov'up Leader PIA 4 Financing: In April 2023, Synovance secured the Innov'up Leader PIA 4 financing from Région Île-de-France. This funding underscores their commitment to advancing the bioeconomy in France and Europe. (synovance.com)
• Industry Engagements: Synovance has actively participated in industry events, including Texworld Paris in June 2023 and Vivatech 2023. These engagements have facilitated new connections and discussions, highlighting their growing presence in the sustainable fashion sector. (synovance.com)

Regarding technological improvements and new features, Synovance has focused on scaling up their bioproduction capabilities and enhancing the sustainability of their dye production processes. However, specific details about new technological features or product enhancements are not publicly disclosed.

Synovance has demonstrated its technology in the market through active participation in industry events and collaborations, though specific customer engagements or pilot projects are not detailed in the available sources.

As of the latest available information, there are no public records indicating that Synovance has filed new patents or published scientific studies, clinical trials, or whitepapers.

For more detailed information, you can visit Synovance's official website at synovance.com.

5 The Partnerships and Customers

Synovance, a French biotechnology company specializing in sustainable dye production through bio-based processes, received EIC Accelerator funding on June 16, 2021. (rasph.com) Since then, Synovance has actively pursued partnerships and customer engagements to advance its mission.

New Partnerships and Customers:

While specific details about Synovance's new partners and customers post-funding are not publicly disclosed, the company has been proactive in expanding its network. Notably, Synovance participated in the Texworld Paris trade show in June 2023, engaging with over 1,000 exhibitors from the fashion industry. This participation indicates a strategic move to connect with potential partners and customers in the textile sector.

Nature and Purpose of Relationships:

Synovance's involvement in industry events like Texworld Paris suggests a focus on establishing collaborations with fashion industry stakeholders. The purpose of these relationships is likely to integrate Synovance's sustainable dye solutions into the textile manufacturing process, promoting eco-friendly practices within the industry.

Market Positioning:

By engaging with a broad spectrum of fashion industry participants, Synovance positions itself as a key player in the sustainable textile sector. This approach enhances its visibility and credibility, potentially leading to increased adoption of its bio-based dyes and solidifying its market presence.

Technology Advancements and Scaling:

Collaborations with industry leaders can provide Synovance with valuable insights and resources, facilitating technological advancements in dye production. Such partnerships may also support scaling efforts, enabling Synovance to meet the growing demand for sustainable textile solutions and expand its production capabilities.

In summary, while specific partnership details are limited, Synovance's strategic participation in industry events and its focus on sustainable practices underscore its commitment to innovation and growth in the textile sector.

6 The Hiring and Company Growth

Synovance, a French biotechnology company specializing in sustainable pigment production, received EIC Accelerator funding on June 16, 2021, for their "NextGen Dyes" project. (strata.team)

Current Team Size and Hiring Status:

Specific details about Synovance's current headcount or team size are not publicly available. The company has a dedicated "Job Offers" section on their website, indicating ongoing recruitment efforts.

Growth and Recent Hires:

While exact figures on team growth since receiving the EIC Accelerator funding are not disclosed, Synovance's active recruitment suggests expansion. The addition of new team members is likely aimed at scaling operations and advancing their sustainable pigment production technologies.

Impact of New Team Members:

The recruitment of new talent is expected to bolster Synovance's capabilities in developing and commercializing bio-produced pigments, aligning with their mission to provide sustainable solutions for the textile industry.

Management Changes:

No major changes in Synovance's management or founding team have been publicly reported.

For the most accurate and up-to-date information, consider visiting Synovance's official website or their LinkedIn page.

7 The Media Features and Publications

Synovance: A Pioneer in Sustainable Biotechnology

Synovance, a French company specializing in biotechnology, has been making significant strides since receiving the EIC Accelerator funding in June 2021. Here's an overview of the company's media features, publications, interviews, and event participations:

Media Features and Publications

• Le Figaro: Synovance's CEO, Brian Jester, and COO, Efthimia Lioliou, were featured on "Itinéraire Entreprise," discussing their innovative approach to creating sustainable textile dyes using microorganisms .
• The Interline: Mentioned Synovance as part of a broader discussion on innovative technologies in the fashion industry, highlighting its role in sustainable biotechnology .

Content from Publications

Publications have highlighted Synovance's unique method of using engineered microorganisms to convert biomass into high-value molecules, such as sustainable textile dyes. This approach is seen as crucial for transitioning to more sustainable industrial practices, particularly in the chemically intensive textile sector .

Podcasts or Interviews

While specific podcasts are not listed, Synovance's leadership has participated in interviews and media appearances, such as the one on "Itinéraire Entreprise" at Le Figaro .

Conference and Fair Visits

• Texworld Paris: Synovance participated in this international textile trade show, showcasing its innovative solutions to the fashion industry .
• Vivatech 2023: The company attended this event, fostering new connections and engaging in meaningful discussions about sustainable technologies .

Involvement in Events

Synovance actively participates in industry events to promote its sustainable biotechnology solutions. The company's involvement in key trade shows and conferences highlights its commitment to innovation and sustainability in the textile sector.

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