1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a key component of the European Innovation Council (EIC), designed to support innovative startups and small to medium-sized enterprises (SMEs) that are driving breakthrough technologies and innovations. The program focuses on high-risk, high-potential companies that may otherwise struggle to secure funding due to the uncertainties and complexities involved in their projects.
Funding Structure
The EIC Accelerator offers two main types of funding:
- Until 2024, companies can receive up to €15 million in equity investments to support scale-up and market entry.
- Starting in 2025, this amount will be reduced to up to €10 million. This funding is aimed at helping companies grow and become competitive in global markets.
Purpose in the European DeepTech and Startup Ecosystem
The EIC Accelerator plays a crucial role in fostering innovation within the European DeepTech and startup ecosystem by:
- Bridging the Funding Gap: It provides financial support to projects that are too risky for traditional investors.
- Encouraging Breakthrough Innovations: By focusing on high-risk projects, the EIC Accelerator stimulates the development of groundbreaking technologies.
- Boosting Global Competitiveness: It helps European startups scale internationally, enhancing Europe's position in the global market.
- Supporting Sustainable Growth: The program encourages projects that contribute to sustainability and societal impact.
Role in Scaling and Private Sector Funding
The EIC Accelerator assists companies in scaling by:
- Providing Blended Finance: This combination of grant and equity funding ensures companies have the resources needed for development and growth.
- Attracting Private Investment: By de-risking projects, the EIC Accelerator makes them more attractive to private investors.
- Offering Expert Guidance: Companies receive strategic advice and mentorship, helping them refine their business models and growth strategies.
- Facilitating Networking Opportunities: Participants gain access to a vast network of investors, partners, and industry experts.
C Lindhextend AB and Project XTEND U
Company Overview
C Lindhextend AB, based in Sweden, is an innovative company that aims to improve the quality of life for amputees. They focus on developing advanced solutions that address common challenges faced by amputees, such as pain, blisters, and infections.
Project XTEND U
XTEND U is a pioneering project designed to offer amputees a life free from pain, blisters, and infections. This innovative solution targets the discomfort and complications associated with traditional prosthetics, promising a significant improvement in the daily lives of users.
Technology Basics and Background
The XTEND U project leverages cutting-edge technology to create a prosthetic solution that is both comfortable and functional. The technology involves:
- Advanced Materials: Utilizes state-of-the-art materials that reduce friction and pressure points, minimizing the risk of blisters and infections.
- Customizable Fit: Offers a tailored fit to accommodate individual needs, ensuring comfort and reducing pain.
- Smart Design: Incorporates ergonomic principles to enhance mobility and functionality.
By focusing on these areas, C Lindhextend AB aims to provide amputees with a superior prosthetic experience, enabling them to lead more active and pain-free lives. The XTEND U project exemplifies the type of high-impact innovation supported by the EIC Accelerator.
2 The Funding Rounds
After receiving EIC Accelerator funding on June 15, 2022, C Lindhextend AB has engaged in the following financial activities:- June 2022: The company secured a later-stage venture capital investment. (pitchbook.com)
- December 2022: A secondary private transaction was completed. (pitchbook.com)
Specific details regarding the amounts raised and the investors involved in these transactions are not publicly disclosed. However, it is known that Almi Invest has been an investor in C Lindhextend AB since at least 2014. (lindhextend.com)
As of December 2022, the company reported total assets of SEK 38.8 million and a net loss of SEK 12 million for the year. (allabolag.se)
No public information is available regarding the company's valuation during these funding events.
3 The Press Releases
Since receiving the EIC Accelerator funding on June 15, 2022, C Lindhextend AB has published several press releases detailing their advancements and initiatives.Product Developments:
Partnerships:
- Empire Medical Collaboration: Lindhe Xtend partnered with Empire Medical in the U.S. to enhance accessibility to their prosthetic products, aiming to reach more regions efficiently. (lindhextend.com)
- Janton Distribution Agreement: Janton became the official distributor for Lindhe Xtend in France and its overseas territories, strengthening the company's presence in the French market. (lindhextend.com)
Team Updates:
- New Appointments:
- Russell Cannon: Promoted to Chief Sales Officer, overseeing global sales strategy while continuing to lead the U.S. sales team. (lindhextend.com)
- Mattias Ekstrand: Joined as Sales Manager for Europe and Asia, bringing extensive experience in international sales and export. (lindhextend.com)
- Ray Speelman: Appointed as Product Manager, leveraging his background as a certified prosthetist and product specialist. (lindhextend.com)
- Niclas Carlsson: Hired as Production Planner and Operator to support in-house production initiatives. (lindhextend.com)
Technology Advancements:
- Xtend Connect B30 Introduction: A new base unit with a 30 mm tube was added to the Xtend Connect family, offering adaptability and compatibility with systems like Alp. (lindhextend.com)
- Online Configurator Tool: Launched a tool allowing users to build prosthetic leg configurations and identify necessary components for specific needs. (lindhextend.com)
EIC Accelerator Grant:
These developments reflect Lindhe Xtend's commitment to innovation, strategic growth, and improving the quality of life for prosthetic users.
4 The Technology Advancements
C Lindhextend AB, based in Sweden, was awarded the European Innovation Council (EIC) Accelerator Grant on June 15, 2022, for their project "Xtend U." (lindhextend.com) This project focuses on developing a unique combination of materials designed to reduce relative humidity around prosthetic stumps, aiming to enhance comfort and reduce the risk of chafing, blisters, sores, and infections for prosthetic users. The product is expected to reach the market in 2025.Technology Advancements Since EIC Accelerator Funding:
Since receiving the EIC Accelerator Grant, C Lindhextend AB has made significant progress in the development of Xtend U. The company has initiated production scale-up activities, including moving to significantly larger facilities and expanding their equipment park. Additionally, they have commenced market access and communication activities, such as stakeholder engagement, branding, and establishing a Key Opinion Leader program. They have also successfully recruited world-leading experts to their Scientific Advisory Board. (cellevate.com)
Scaling of Technology:
The company has progressed from the development phase to scaling up their technology. This includes moving to larger facilities and expanding their equipment, indicating a transition towards commercialization. The planned market launch in 2025 further supports this progression. (cellevate.com)
Market Demonstration:
As of now, there is no publicly available information indicating that C Lindhextend AB has demonstrated Xtend U in the market with customers or through demonstrators. The company is likely focusing on finalizing product development and scaling up production in preparation for the planned market launch in 2025.
Intellectual Property and Publications:
There is no specific information available regarding new patents, scientific studies, clinical trials, or whitepapers filed or published by C Lindhextend AB since receiving the EIC Accelerator Grant. The company's recent activities appear to be centered around product development, scaling up production, and market preparation.
In summary, C Lindhextend AB has made substantial progress in developing and scaling their Xtend U technology since receiving the EIC Accelerator Grant, with plans for a market launch in 2025. While there is no public information on market demonstrations or new intellectual property filings, the company's current focus seems to be on finalizing product development and preparing for commercialization.
5 The Partnerships and Customers
Since receiving the EIC Accelerator funding on June 15, 2022, C Lindhextend AB has established several strategic partnerships to enhance its market presence and technological capabilities.New Partnerships:
Nature and Purpose of New Relationships:
- Market Expansion: These partnerships aim to broaden Lindhe Xtend's distribution channels, ensuring that their prosthetic products are accessible to a wider audience in key markets such as France and the United States.
- Enhanced Customer Support: Collaborating with established distributors and platforms allows Lindhe Xtend to provide robust local support and efficient service to both existing and new customers.
Market Positioning:
By aligning with reputable distributors and integrating with prominent platforms, Lindhe Xtend strengthens its position as a leading innovator in the prosthetics industry. These strategic alliances enhance brand visibility, credibility, and accessibility in competitive markets.
Technology Advancements and Scaling:
The partnerships with organizations like OPIE Software and DPOP facilitate streamlined operations and efficient order processing, enabling Lindhe Xtend to scale its operations effectively. Additionally, the collaboration with Empire Medical and PEL LLC provides valuable market insights and feedback, driving continuous product improvement and innovation.
These strategic relationships, established post-EIC Accelerator funding, underscore Lindhe Xtend's commitment to enhancing the quality of life for amputees through innovative solutions and expansive market reach.
6 The Hiring and Company Growth
Since receiving EIC Accelerator funding on June 15, 2022, C Lindhextend AB has significantly expanded its team and operations. While the exact current headcount isn't specified, the company has made several strategic hires and continues to seek new talent.Key Positions Recently Hired:
- Sales Manager Europe/Asia: Mattias Ekstrand joined to enhance sales and export efforts across Europe and Asia. (lindhextend.com)
- Supply Chain and Operations Assistant: Anna Morales Landström was appointed to strengthen supply chain and operational processes. (lindhextend.com)
- Product Manager: Ray Speelman, with extensive experience in prosthetics, was brought on to lead product management initiatives. (lindhextend.com)
- Territory Sales Managers in the USA: Amy Carr (Southeast), MJ McNeece (West), and Thomas Bourgeois (South/Central) were hired to expand the company's presence in key U.S. regions. (lindhextend.com)
- Production Planner & Operator: Niclas Carlsson joined to oversee production planning and operations. (lindhextend.com)
- Sales and Marketing Assistant: Linnéa Birnbo was added to support global sales and marketing efforts. (lindhextend.com)
Current Hiring Status:
As of February 12, 2024, C Lindhextend AB was seeking an Export Sales Area Manager to develop sales and build long-term customer relationships in the Nordic market and selected European countries. (lindhextend.com)
Impact of New Team Members:
The addition of these key positions has bolstered the company's capabilities in sales, operations, product management, and marketing. This strategic growth supports C Lindhextend AB's mission to enhance the lives of individuals with limb loss by expanding their market reach and improving product offerings.
Management Changes:
There have been no major changes in the management or founding team reported since the EIC Accelerator funding. The leadership continues to drive the company's growth and innovation initiatives.
7 The Media Features and Publications
Since receiving EIC Accelerator funding on June 15, 2022, C Lindhextend AB has been featured in various media outlets and has actively participated in numerous events. Below is a comprehensive overview of their media presence and engagements:Media Features and Publications:
- Article: "De antar tuffa utmaningen: 'Blandning av förtjusning och skräck'"
- Date: January 2023
- Content: The article highlights Lindhe Xtend's participation in the "Dubbelutmaningen" competition, where the company was selected to be equipped and coached for both the Stafettvasan ski race in March and the Vasakvartetten running race in August. The team, named "Xtend Your Life," is led by founder Christoffer Lindhe. (lindhextend.com)
- Press Release: "New Board of Directors for Lindhe Xtend"
- Date: March 2023
- Content: Announcement of a new board to support the company's international expansion, featuring Tommy Hedberg as Chairman and Peter Gerhardsson as a board member. (lindhextend.com)
Podcasts and Interviews:
As of the current information available, there are no specific records of podcasts or interviews featuring the Lindhe Xtend team since June 15, 2022.
Conferences, Fairs, and Events:
- Date: September 9-11, 2023
- Location: Boston, USA
- Participation: Lindhe Xtend had an operational booth showcasing their products, with live demonstrations assisted by Capt. Diane Pollock. (lindhextend.com)
- Date: October 2023
- Location: Florida, USA
- Participation: Lindhe Xtend launched their products at the conference, marking their introduction to the Florida market. (lindhextend.com)
- Date: November 2023
- Details: Lindhe Xtend hosted a digital training session in collaboration with SOTF (Association for Orthopedic Technicians in Sweden), focusing on the benefits and applications of quick change adapters in prosthetic legs. (lindhextend.com)
Company Involvement in Events:
- Organizer: Dagens Industri
- Activities: Participation in both the Stafettvasan ski race and the Vasakvartetten running race under the team name "Xtend Your Life," led by founder Christoffer Lindhe. (lindhextend.com)
- Date: April 2024
- Details: Lindhe Xtend's products, Xtend Foot and Xtend Connect, became available for purchase through OPIE Software's platform, enhancing accessibility for O&P clinics in the USA. (lindhextend.com)
- Date: May 2024
- Details: Janton was appointed as the official distributor for Lindhe Xtend products in France and its overseas territories, expanding the company's European presence. (lindhextend.com)
This overview encapsulates C Lindhextend AB's media features, publications, and active participation in events since receiving EIC Accelerator funding in June 2022.