1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups with high-risk, high-impact innovations. The program primarily focuses on deep-tech sectors, providing funding and resources to help innovative companies scale their operations and bring groundbreaking technologies to market.

Funding Structure

The EIC Accelerator offers a unique blended finance model that includes both grants and equity investments. The grant component can provide funding of up to €2.5 million, aimed at supporting research and development activities. This financial support is particularly critical in the early stages of innovation, where companies often struggle to secure the necessary capital for advancing their projects.

In addition to the grant, the EIC Accelerator also offers equity funding. Until 2024, companies can receive up to €15 million in equity funding, which significantly enhances their ability to scale operations and attract further investments. From 2025 onward, this equity funding will be capped at €10 million. The combination of grants and equity investments allows the EIC Accelerator to cater to the diverse financial needs of innovative companies, enabling them to navigate the complex landscape of bringing new technologies to market.

Purpose and Role in Ecosystem

The primary purpose of the EIC Accelerator is to bolster the European DeepTech and startup ecosystem by facilitating the transition of innovative ideas from concept to commercialization. This program plays a vital role in addressing the funding gap that many startups face, particularly in sectors requiring substantial initial investment and long development timelines. By providing a robust financial foundation, the EIC Accelerator helps companies to scale efficiently and effectively.

Furthermore, the EIC Accelerator assists companies in attracting additional private sector funding. By demonstrating credibility through EIC support, startups can leverage this backing to engage investors, thereby enhancing their chances of securing further investment. This symbiotic relationship between public funding and private investment is essential for nurturing a vibrant innovation landscape in Europe.

EIC Accelerator Winner: FINEHEART

FINEHEART, a French company focused on developing advanced medical solutions, is a notable winner of the EIC Accelerator program. Their project, FLOWMAKER, aims to address the critical issue of severe heart failure, a condition that affects millions globally. The project was submitted on June 15, 2022, during the Step 2 proposal phase and subsequently succeeded in the Step 3 interview stage.

Project Overview: FLOWMAKER

FLOWMAKER is designed to provide innovative therapeutic solutions for patients suffering from severe heart failure. This condition is characterized by the heart's inability to pump blood effectively, leading to a range of serious health complications. FINEHEART’s approach involves the development of a cutting-edge medical device that can significantly improve the quality of life for these patients.

Technology Basics and Background

The technology behind FLOWMAKER is centered on a novel hemodynamic support system that utilizes advanced algorithms and real-time data analytics. The device is designed to monitor a patient’s cardiovascular status continuously, allowing for personalized treatment adjustments based on individual needs. This level of tailored care is crucial for managing severe heart failure, as it enables healthcare providers to respond swiftly to changing patient conditions.

FINEHEART's innovation is built on a strong foundation of research and development, drawing from insights in both medical technology and cardiovascular physiology. The device aims to not only alleviate symptoms but also improve overall heart function, potentially reducing the need for more invasive procedures such as heart transplants.

In conclusion, the EIC Accelerator program plays a pivotal role in fostering innovation within the European DeepTech ecosystem, providing essential funding and support for startups like FINEHEART. The FLOWMAKER project exemplifies the transformative potential of innovative medical technologies, addressing a pressing health challenge while paving the way for future advancements in cardiovascular care.

2 The Funding Rounds

# FineHeart: Funding Journey and Financial Development

FineHeart, a French medical device company based in Bordeaux, has secured significant funding to develop its innovative ICOMS FLOWMAKER®, a fully Implantable Cardiac Output Management System designed for patients with severe heart failure. The company has progressed through several funding rounds since its founding in 2010, with the EIC Accelerator grant representing a major milestone in its financing journey.

EIC Accelerator Funding

In October 2022, FineHeart was awarded a €2.5 million grant from the European Commission under the highly selective EIC Accelerator program. This grant was designed to be potentially followed by an equity investment of up to €15 million by the EIC Fund during the company's Series C funding round.

The EIC Accelerator program is part of the European Innovation Council project within the European Union's €95 billion Horizon Europe framework for research and innovation. FineHeart was one of only 13 French companies to receive funding in that round, which selected just 75 European companies from more than 1,000 applicants.

Funding Rounds History

Series B Round (2022)

In June 2022, FineHeart successfully completed a €15 million Series B funding round. This financing was secured from a diverse pool of investors including:

• Industrial investors:
• Lauak Group (making its first investment outside the aeronautics sector)
• Doliam (a specialist in implantable medical components and devices)
• FineHeart Founders' Holding: A group bringing together international private investors, primarily from the cardiology sector, and the European investment fund Verve Ventures
• Historical shareholders: Irdi, Aquiti, Galia, Broadview Ventures, and M Capital renewed their support in this round

This Series B funding was intended to prepare FineHeart for First-In-Human clinical trials initially planned for 2022 but later rescheduled for 2023.

Additional Grants

Beyond venture capital funding, FineHeart has benefited from financial support from:

• The European Union
• Bpifrance
• The New Aquitaine Region
• The Centre Region

The company has also received a reported €7.8 million in grant funding according to some sources.

Company Valuation

According to available information, FineHeart had:

• An enterprise valuation of approximately $83 million (as of December 2021)
• A valuation of €75.0 million at the time of its Series B funding round in June 2022

Future Financing Plans

As of the latest information available, FineHeart appears to be preparing for a Series C funding round, which would potentially include the equity investment of up to €15 million from the EIC Fund as part of the blended financing package from the EIC Accelerator program.

Market Potential

FineHeart is targeting a market with significant potential. The company initially aims to serve the 50,000 most severe heart failure patients eligible for cardiac assistance, a market segment estimated to be worth over $5 billion. The company believes its ICOMS FLOWMAKER® technology has the potential to eventually treat up to 200,000 patients with severe heart failure annually.

Company Structure and Assets

Founded in 2010, FineHeart:

• Employs approximately 50 people at its Bordeaux headquarters
• Is led by a team of internationally renowned cardiac surgeons and electrophysiologists, including Dr. Stéphane Garrigue (CSO and co-inventor of the FLOWMAKER®), Dr. Philippe Ritter (co-inventor of cardiac resynchronization), and Arnaud Mascarell (CEO)
• Holds a portfolio of 78 patents across 20 patent families, including patents recently granted in China

No information about exit events such as IPOs, buyouts, or acquisitions was found in the search results.

Sources: - FineHeart set to receive blended financing of up to €17.5m from EIC Accelerator program

• AI: FineHeart Awarded €2.5 million Grant Under the Prestigious EIC Accelerator Program
• FineHeart Successfully Raises €15 million Series B funding With Industrial and Independent Investors
• FineHeart company information, funding & investors - Dealroom.co
• FineHeart Granted First Two Patents in China for the FLOWMAKER
• FineHeart company information, funding & investors

3 The Press Releases

FineHeart's Milestones Post-EIC Accelerator Funding FineHeart S.A., a French medical device company specializing in advanced heart failure treatments, secured €2.5 million in grants from the EIC Accelerator program in October 2022, with potential equity investments of up to €15 million[^1^][^4^]. The funding supports industrialization and clinical trials for its ICOMS FLOWMAKER®, a fully implantable cardiac output management system designed to synchronize with natural heart contractions[^3^][^8^].

Key Developments

• First In Human Implantation: Scheduled for 2023, this milestone aims to validate the device’s safety and efficacy in severe heart failure patients.
• Patent Expansion: In February 2024, FineHeart filed six new international patents for FlowMaker®, bringing its global portfolio to 147 patents across 25 families. These cover design, non-contact energy transfer, and AI-driven therapy synchronization. Key markets include the U.S., China (where it holds three patents), Japan, and India—critical regions for minimally invasive cardiac care innovation.
• Technology Differentiation: The FlowMaker® is unique as a fully intraventricular wireless device that adapts to patients’ heart rhythms without requiring external components.

Strategic Partnerships & Recognition

• EIC Backing: As one of only 13 French companies selected among 75 European winners (from over 1,000 applicants), FineHeart highlighted the EU’s role in accelerating its clinical roadmap.
• Industry Collaboration: The company works closely with cardiologists and investors globally but has not disclosed specific commercial partnerships post-funding.

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Sources

• FineHeart winner of the prestigious EIC Accelerator program
• EIC Accelerator winners June 2022 (Strata.team)

• 4 The Technology Advancements

  FineHeart's Post-EIC Accelerator Progress and Capabilities Since receiving EIC Accelerator funding in June 2022, FineHeart has advanced its fully implantable cardiac assist device, FlowMaker®, through critical milestones in clinical trials, manufacturing certifications, and strategic expansions.

  Technological Advancements
  The company extended its ISO 13485:2016 certification in February 2025 to include manufacturing processes for FlowMaker®, validating its industrial capabilities as it prepares for commercial-scale production. The device itself has demonstrated minimally invasive implantation via beating-heart surgery, eliminating the need for high-risk cardiac arrest procedures. FlowMaker® operates wirelessly with low energy consumption and synchronizes with natural heart contractions to provide physiological blood flow support—features distinguishing it from traditional LVADs.

  Clinical Milestones and Market Demonstrations
  In November 2024, FineHeart reported successful First-in-Human (FIH" class="inline-link" target="_blank" rel="noopener noreferrer">€17.5M EIC funding announcement implants of FlowMaker® as part of a European clinical trial. The procedure used a novel surgical technique developed by the company’s team, confirming proof-of-concept safety and efficacy in advanced heart failure patients. Additional European centers are expected to join ongoing trials shortly.

  Intellectual Property and Funding Developments
  FineHeart holds 147 patents across 25 families, though no new filings are explicitly mentioned post-2022. In March 2024, the company secured €7.8 million from France’s “i-demo” program to accelerate industrialization under the France 2030 initiative. Its leadership expanded with the April 2025 appointment of CFO Sébastien Robitaille to oversee financial scaling ahead of commercialization.

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  Sources

  • FineHeart ISO 13485 Certification Update
  • FlowMaker® First-in-Human Clinical Success
  • France i-demo Funding Announcement
  • Sébastien Robitaille CFO Appointment

  5 The Partnerships and Customers

  FineHeart's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing €2.5 million in EIC Accelerator funding in October 2022, FineHeart has reinforced its position as a pioneer in cardiac assist technology through strategic collaborations and investor alliances.

  Key Partnerships and Investors

  • Investor Consortium: Includes Lauak Group, Doliam, Med-INNOV, FineHeart Founders’ Holding (representing cardiology-focused private investors), Verve Ventures, Irdi, Aquiti, Galia, Broadview Ventures, and M Capital. These partners provide financial backing for clinical trials and R&D scaling.
  • Public Support: Funded by the European Union (via EIC Accelerator), Bpifrance, New Aquitaine Region, and Centre Region, enabling compliance with regulatory milestones.

  Recent Developments (2023–2025)

  • Czech Regulatory Approval: Obtained authorization from Czech health authorities to commence clinical activities in October 2023, expanding its EU trial footprint.
  • China Patent Grants: Secured patents for the FLOWMAKER® in April 2023, laying groundwork for future market entry into China’s growing cardiovascular device sector.
  • Leadership Expansion: Appointed Sébastien Robitaille as CFO in April 2025 to manage financial strategy amid scaling efforts.

  Technology Advancements via Collaborations

  The FLOWMAKER®, a fully implantable wireless cardiac output management system, benefits from:
  • Clinical Input: Guidance from an international Scientific Medical Board of cardiology experts to refine device efficacy during trials.
  • Manufacturing Scalability: Support from industrial investors like Lauak Group to optimize production ahead of commercialization.

  Market Positioning Strategy

  By aligning with regulatory advisors (e.g., IXEO-Conseil) and targeting aging populations in Europe/China through minimally invasive solutions, FineHeart aims to address ~200k annual severe heart failure cases globally. Its partnerships enhance credibility among clinicians while accelerating time-to-market for its first-in-class device.

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  Sources

  • FineHeart announces appointment of CFO
  • Czech health authority approval
  • Series B funding announcement

  6 The Hiring and Company Growth

  FineHeart: Team Growth and Development

  FineHeart, a clinical-stage medtech company based in Bordeaux, France, has been making significant strides in the development of innovative medical devices for heart failure. Since winning the EIC Accelerator funding in June 2022, FineHeart has continued to grow and enhance its team.

  Current Headcount and Team Size

  As of 2021, FineHeart had a staff of about 40 employees, primarily focused on R&D and quality and regulatory affairs. However, specific details about the current headcount or team size are not readily available.

  Hiring and Team Growth

  While there is no explicit information on whether FineHeart is currently hiring, the company has been expanding its leadership. Notably, FineHeart announced the appointment of Sébastien Robitaille as Chief Financial Officer in April 2025, highlighting the company's efforts to strengthen its management team with experienced professionals.

  Key Positions and Recent Hires

  The appointment of Sébastien Robitaille is a significant move, bringing over 25 years of experience in the pharmaceutical and biotechnology sectors. This addition is crucial for FineHeart as it navigates the challenges of scaling up innovative healthcare technologies.

  Impact on Company Growth

  New team members like Sébastien Robitaille will play a vital role in FineHeart's future growth and scalability. His expertise in business transformation and financing, particularly with experience on the Nasdaq, will be instrumental in guiding FineHeart through its development stages, especially as the company continues its clinical trials and prepares for potential international expansion.

  Changes in Management or Founding Team

  There are no reported changes in the founding team. Arnaud Mascarell remains the CEO and co-founder, while Dr. Stéphane Garrigue continues as the Chief Scientific Officer and co-founder. The addition of new leadership, such as Sébastien Robitaille, complements the existing management structure, enhancing the company's capabilities to achieve its vision in treating heart failure.

  Growth Milestones

  FineHeart has achieved significant milestones, including successful fundraising rounds that have contributed to its growth. The company has raised over €35 million since its inception and has recently expanded its intellectual property protection for its flagship product, the FlowMaker. This growth in funding and IP protection underscores FineHeart's progress towards developing innovative solutions for severe heart failure.

  Future Implications

  The expansion of FineHeart's team and leadership positions is critical as the company moves forward with clinical trials and seeks to establish itself as a leading provider of heart failure treatments. With a strong management team in place, FineHeart is well-positioned to scale its operations and meet the growing demand for more effective and less invasive heart failure treatments.

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  Sources: - FineHeart

  • World Premiere in the Treatment of Advanced Heart Failure
  • Severe Heart Failure Treatment: FineHeart Successfully Raises €15 Million Series B Funding
  • FineHeart Widens FlowMaker's International IP Protection
  • Severe Heart Failure Treatment: FineHeart Completes its Series B Funding
  • FineHeart Information

  7 The Media Features and Publications

  Media Features and Publications on FineHeart's EIC Accelerator Achievement FineHeart, a French preclinical medical device company developing the ICOMS FLOWMAKER®, gained significant media attention after securing €17.5 million in blended financing through the European Innovation Council (EIC) Accelerator program in 2022. The funding includes a €2.5 million grant and a potential €15 million equity investment, earmarked for industrialization and clinical trials of their implantable cardiac output management system.

  Key announcements highlighted the device’s role in addressing severe heart failure, emphasizing its fully implantable design and synchronization with natural heart contractions. Media outlets such as Business Wire and BioSpace featured CEO Arnaud Mascarell’s statements about the importance of EU support for advancing First-In-Human trials planned for 2023.

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  Company Activities Post-Funding

  • Podcasts/Interviews: No direct interviews or podcasts featuring FineHeart’s team were identified in available sources. However, industry-related podcasts like This Week in Cardiology (Medscape) frequently cover heart failure innovations, though without specific mentions of FineHeart in recent episodes.
  • Conferences & Events: While explicit conference participations are not detailed, the company emphasized collaboration with cardiologists and investors during its funding announcement.
  • Publications: Press releases dominate coverage; no peer-reviewed publications mentioning ICOMS FLOWMAKER® were found in search results. The EIC Accelerator win itself was widely reported across EU innovation platforms.

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  Sources

  • FineHeart laureate of the HealthTech 2023 Awards MedTech category
  • EIC Accelerator winners June 2022
  • FineHeart’s €17.5M EIC Accelerator Announcement
  • Business Wire Coverage
  The full list of sources includes additional press releases from FineHeart’s website (PDF announcement) and related industry reports (BioSpace article).