1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator, part of the European Innovation Council (EIC), is a funding initiative designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. With a focus on deep tech and high-impact innovations, the program aims to foster economic growth and create jobs by accelerating the development and commercialization of breakthrough technologies. It is particularly beneficial for companies engaged in sectors such as healthcare, energy, and digital technology, where innovation can lead to significant societal benefits.

Funding Structure

The EIC Accelerator provides funding through two main components: grants and equity investments.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European startup ecosystem by providing substantial financial support to innovative companies. Its main objectives include:

• Facilitating Innovation: By offering financial assistance, the program enables companies to innovate faster and more effectively, translating concepts into commercially viable products.
• Attracting Private Investment: The EIC Accelerator helps startups build credibility in the eyes of private investors, thereby increasing the likelihood of securing additional funding. The combination of grant and equity funding acts as a powerful tool to attract venture capital and other forms of private investment.
• Enhancing Scalability: The program allows companies to scale operations significantly, improving their market competitiveness. This scalability is essential for deep tech companies that often face longer development timelines and higher capital requirements.

UAB INOVATYVI MEDICINA and the SER Project

Company Overview: UAB INOVATYVI MEDICINA is a Lithuania-based company specializing in medical technologies. The company focuses on developing innovative solutions aimed at improving healthcare outcomes.

Project Acronym: SER (Smart, sensory, tele-operated robotic system).

Project Description: The SER project introduces Sentante, a pioneering tele-operated robotic system designed for fully robotic endovascular interventions. This groundbreaking technology aims to enhance the precision and safety of vascular surgeries.

Technology Basics and Background

The Sentante system leverages advanced robotics, sensor technology, and teleoperation to facilitate minimally invasive surgical procedures. Endovascular interventions typically involve navigating complex vascular pathways, which can be challenging for surgeons due to the intricate anatomy and the limitations of traditional surgical tools.

Key Features of Sentante:

• Robotic Precision: The robotic system is designed to provide unparalleled accuracy in navigating and operating within the vascular system, reducing the risk of complications during procedures.
• Tele-operation Capabilities: Surgeons can control the robotic system remotely, allowing for greater flexibility and precision while minimizing the physical presence required in the operating room. This feature is particularly beneficial in cases where immediate access to expert surgeons is necessary.
• Smart Sensors: The integration of smart sensors enhances the system's ability to monitor and respond to the dynamic conditions within the vascular system, providing real-time feedback to the operator.

The Sentante project represents a significant advancement in the field of robotic surgery, combining the benefits of minimally invasive techniques with cutting-edge robotics and telemedicine. By enabling fully robotic endovascular interventions for the first time, UAB INOVATYVI MEDICINA is poised to transform surgical practices, improve patient outcomes, and contribute to the broader goals of the EIC Accelerator in fostering innovation in healthcare technology.

Overall, the EIC Accelerator serves as a vital facilitator of innovation, providing the necessary financial and strategic support to help companies like UAB INOVATYVI MEDICINA bring transformative technologies to market.

2 The Funding Rounds

UAB Inovatyvi Medicina, operating under the brand Sentante, is a Lithuanian medical device company specializing in teleoperated robotic systems for endovascular interventions. The company has secured significant funding to advance its innovative technology.

Financing Raised and Funding Rounds

In December 2023, Sentante closed a €6 million seed funding round. This round was led by Practica Capital, a Lithuanian venture capital firm, with participation from the European Innovation Council (EIC) Fund. The funds are earmarked for planned clinical trials of the Sentante robotic system and preparations for its commercial launch in targeted international markets. (practica.vc)

Investor Information

• Practica Capital: A venture capital firm based in Lithuania, Practica Capital focuses on early-stage investments in the Baltic region. The firm has a history of supporting innovative startups, including those in the medical technology sector. (practica.vc)
• European Innovation Council (EIC) Fund: The EIC Fund is the investment arm of the European Innovation Council, aiming to support high-risk, high-impact innovations across Europe. By investing in companies like Sentante, the EIC Fund seeks to bolster the development and commercialization of groundbreaking technologies. (practica.vc)

Company Valuations and Exit Events

As of the latest available information, specific details regarding Sentante's valuation and any exit events are not publicly disclosed. The company is in the early stages of commercialization, focusing on clinical trials and market entry. Therefore, valuation metrics and exit strategies have not been publicly reported.

Additional Information

Sentante's robotic system is designed to perform endovascular procedures remotely, allowing physicians to operate from a different room and thereby reducing exposure to harmful X-ray radiation. This innovation aims to enhance the safety and efficiency of medical interventions, particularly in critical cases such as strokes, where timely treatment is crucial. (practica.vc)

The company's leadership includes CEO and co-founder Edvardas Satkauskas, who emphasizes the transformative potential of their technology in revolutionizing endovascular procedures. (practica.vc)

For more detailed information, you can visit Sentante's official website at sentante.com.

3 The Press Releases

UAB Inovatyvi Medicina, operating under the brand Sentante, has achieved significant milestones since its successful EIC Accelerator funding in June 2021. The company specializes in developing Sentante, a fully robotic teleoperated system designed for endovascular interventions.

Technological Advancements and Clinical Trials

In July 2024, Sentante successfully completed its first human clinical cases in a trial at Paula Stradiņa Clinical University Hospital in Riga, Latvia. The trial focused on the safety and feasibility of the Sentante robotic system, marking a significant milestone in the company's journey. (sentante.com)

Funding and Partnerships

In December 2023, Sentante secured €6 million in seed funding, led by Practica Capital with participation from the EIC Fund. This investment is intended to support the planned clinical trials of the Sentante robotic system and preparations for its commercial launch in targeted international markets. (practica.vc)

Awards and Recognitions

In March 2024, Sentante was awarded first place at the Lithuanian-American Innovation Awards for developing a smart robotic system for endovascular surgeries. The award recognized the company's innovative approach to remote operations in the medical field. (startuplithuania.com)

Press Releases and Updates

Sentante's official website features a news section detailing recent developments, including:

• First Use of the Sentante Endovascular Robotic System in Human Patients: Announced on July 31, 2024, highlighting the successful completion of initial human clinical cases. (sentante.com)
• Remote-Controlled Digital Inflator Project: A joint initiative with Telemedicina JSC, focusing on developing a remote-controlled digital inflator for endovascular instruments. (sentante.com)
• Pioneering the Future of Neurovascular Interventions: Details about a project aimed at creating a robotic system for neurovascular interventions, funded by the European Union. (sentante.com)

These updates reflect Sentante's ongoing commitment to advancing medical technology and improving patient care through innovative solutions.

4 The Technology Advancements

UAB Inovatyvi Medicina, a Lithuanian MedTech company founded in 2017, specializes in developing the Sentante system—a teleoperated robotic platform designed for endovascular procedures. This system aims to enable surgeons to perform critical interventions remotely, thereby reducing exposure to harmful X-rays and mitigating operator fatigue. The company has achieved a Technology Readiness Level (TRL) of 6 and is targeting FDA and CE mark approvals by the end of 2024, with commercialization to follow thereafter. (eic.ec.europa.eu)

Advancements Since EIC Accelerator Funding

Following the EIC Accelerator funding received on June 16, 2021, UAB Inovatyvi Medicina has made significant strides in both technological development and market engagement:

• Technological Enhancements: The Sentante system has undergone substantial refinement, incorporating highly sensitive sensors that facilitate precise remote surgical operations. This advancement not only safeguards medical personnel from radiation exposure but also holds the potential to enable endovascular surgeries between different hospitals in the future. (startuplithuania.com)
• Market Validation: In December 2023, the company secured €6 million in seed funding, led by Practica Capital and supported by the EIC Fund. This investment underscores the market's confidence in Sentante's transformative potential for endovascular interventions. (venturebanc.com)
• Clinical Trials: A clinical trial titled "A Single Center, First in Human Study to Evaluate the Feasibility of the SENTANTE Robotic System Application in Peripheral Endovascular Interventions" is currently recruiting participants. This trial aims to assess the system's applicability in real-world medical settings. (synapse.patsnap.com)

Intellectual Property and Scientific Contributions

As of October 2024, UAB Inovatyvi Medicina has not publicly disclosed any new patents, scientific studies, or whitepapers related to their technology. The company's focus appears to be on advancing the Sentante system through clinical trials and market integration. (synapse.patsnap.com)

In summary, since receiving the EIC Accelerator funding in June 2021, UAB Inovatyvi Medicina has made notable progress in enhancing the Sentante system's capabilities, securing substantial investment, and initiating clinical trials to validate its effectiveness in endovascular procedures.

5 The Partnerships and Customers

UAB Inovatyvi Medicina, operating under the brand Sentante, has established several strategic partnerships and secured significant investments to advance its innovative teleoperated robotic system for endovascular interventions.

Partnerships and Customers:

In December 2023, Sentante secured €6 million in seed funding led by Practica Capital, with participation from the European Innovation Council (EIC) Fund. This investment is intended to support the planned clinical trials of the Sentante robotic system and preparations for its commercial launch in targeted international markets. (sentante.com)

In August 2021, the Minister of the Economy and Innovation of the Republic of Lithuania, Aušrinė Armonaitė, visited Sentante's office to learn about their endovascular robot, Sentante, which enables fully remote endovascular procedures. (sentante.com)

New Partners and Customers:

The €6 million seed funding round in December 2023 introduced Practica Capital and the EIC Fund as new investors. This partnership is expected to bolster Sentante's technological advancements and facilitate scaling efforts. (sentante.com)

Nature and Purpose of New Relationships:

The collaboration with Practica Capital and the EIC Fund aims to accelerate the development and commercialization of Sentante's robotic system. The funding will support clinical trials and market entry strategies, positioning Sentante to revolutionize endovascular procedures by enabling remote operations and enhancing safety for medical professionals. (sentante.com)

Market Positioning:

These strategic partnerships are poised to position Sentante as a leader in the field of remote endovascular interventions. By integrating advanced robotic technology with existing medical devices, Sentante offers a solution that enhances precision, reduces radiation exposure for healthcare providers, and improves patient outcomes. (sentante.com)

Advancements and Scaling:

The collaboration with Practica Capital and the EIC Fund provides Sentante with the necessary resources to advance its technology and scale operations. The funding will facilitate the initiation of clinical studies and the preparation for commercial launch, enabling Sentante to expand its reach and impact in the healthcare sector. (sentante.com)

Through these strategic partnerships and investments, Sentante is well-positioned to transform the landscape of endovascular care, offering innovative solutions that prioritize safety, efficiency, and improved patient outcomes.

6 The Hiring and Company Growth

UAB Inovatyvi Medicina, the Lithuanian company behind the Sentante robotic system, has experienced significant growth and development since its inception. As of September 2024, the company employed 34 individuals, marking a substantial increase from just 5 employees in February 2020. (rekvizitai.vz.lt) This growth reflects the company's expanding operations and the increasing demand for its innovative medical technologies.

In 2024, Inovatyvi Medicina secured €6 million in seed funding, led by Practica Capital with participation from the EIC Fund. This investment is intended to support the development and commercialization of the Sentante robotic system, which aims to revolutionize endovascular interventions by enabling physicians to perform procedures remotely, thereby reducing radiation exposure and improving safety for medical staff. (venturebanc.com)

The company has also been actively involved in research and development projects. In June 2024, Inovatyvi Medicina initiated a project focused on creating a robotic system for neurovascular interventions, with a total project value of €3,030,980.72, co-funded by the European Union. This initiative underscores the company's commitment to advancing medical technology and enhancing the precision and safety of neurointerventional procedures. (sentante.com)

Regarding team expansion, specific details about recent hires and key positions filled are not publicly disclosed. However, the company's growth and ongoing projects suggest a strategic focus on building a multidisciplinary team to support its technological advancements and market expansion.

In summary, UAB Inovatyvi Medicina has demonstrated significant growth and innovation since its establishment, with a clear trajectory toward scaling its operations and enhancing the safety and efficacy of endovascular interventions through the Sentante robotic system.

7 The Media Features and Publications

UAB Inovatyvi Medicina, a Lithuanian company specializing in innovative medical technologies, has garnered significant attention since its inception. Their flagship product, Sentante, a fully robotic teleoperated system for endovascular interventions, has been at the forefront of their media presence.

Media Features and Publications

In June 2020, the European Commission highlighted Inovatyvi Medicina's work, particularly focusing on their CEO, Dr. Tomas Baltrūnas, a vascular surgeon. The Commission recognized their "smart and sensing robotic system for endovascular interventions with haptic feedback," underscoring the clinical need for remote interventions in the field. (sentante.com)

Company's Involvement in Events

In September 2022, Dr. Baltrūnas presented Sentante at the Vilnius Vascular Symposium, emphasizing the critical need for remote interventions in vascular surgery. (sentante.com)

In 2023, the company showcased Sentante at several prestigious events:

• Paris Vascular Insights Symposium: Dr. Baltrūnas presented Sentante, highlighting its innovative features.
• MedTech Innovator, California: Participation in this global accelerator program for medical technology companies.
• XIII International Conference of the Polish Society for Vascular Surgery, Warsaw: Dr. Baltrūnas presented Sentante, discussing its impact on vascular surgery.
• Society of Robotic Surgery Annual Meeting: Dr. Baltrūnas unveiled Sentante's features, emphasizing its role in robotic surgery. (sentante.com)

In July 2024, Sentante successfully completed its first human clinical cases in Riga, Latvia, marking a significant milestone in its development. (sentante.com)

Company's Involvement in Events

In 2023, Inovatyvi Medicina participated in the Paris Vascular Insights Symposium, MedTech Innovator in California, the XIII International Conference of the Polish Society for Vascular Surgery in Warsaw, and the Society of Robotic Surgery Annual Meeting. (sentante.com)

In 2024, the company achieved a significant milestone by successfully completing its first human clinical cases with Sentante in Riga, Latvia. (sentante.com)

These engagements underscore Inovatyvi Medicina's commitment to advancing medical technology and its active participation in the global medical community.