1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC (European Innovation Council) Accelerator program is a key component of the European Union’s strategy to support innovation and entrepreneurship, particularly in emerging technologies and sectors. Launched under the Horizon Europe framework, the EIC Accelerator aims to identify and support high-risk, high-potential start-ups and small and medium enterprises (SMEs) that have the potential to become market leaders in their respective fields.

Funding Structure

The EIC Accelerator provides a unique funding mechanism that combines grant and equity financing, known as "blended finance."

The program offers grants of up to €2.5 million to support the development of innovative products, services, or processes. This funding is typically aimed at covering the costs associated with research and development, as well as validation and demonstration of prototypes.

In addition to grant funding, the EIC Accelerator can provide equity investment. Until 2024, this investment can be as high as €15 million. From 2025 onwards, the maximum equity investment will be capped at €10 million. This equity funding is intended to help companies scale their operations and prepare for market entry, thus enhancing their attractiveness to private investors.

Purpose in the European DeepTech and Startup Ecosystem

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

• Facilitating Innovation: By providing financial support and resources, the program encourages innovative solutions that can address societal challenges, including healthcare, climate change, and digital transformation.
• Supporting Early-Stage Companies: Many innovative startups struggle to find funding due to their high-risk nature. The EIC Accelerator targets these companies, reducing the funding gap that often exists in early stages of development.
• Boosting Competitiveness: By promoting cutting-edge technologies, the EIC Accelerator enhances the overall competitiveness of the European economy, fostering growth and job creation.

Role in Scaling Companies and Attracting Private Funding

The EIC Accelerator not only provides financial resources but also offers a range of support services:

• Mentoring and Advisory Services: EIC Accelerator participants gain access to expert mentoring and strategic advice, helping them to refine their business models and go-to-market strategies.
• Networking Opportunities: Participants can connect with a wide array of stakeholders, including investors, corporations, and research institutions, which can facilitate partnerships and collaborations.
• Validation of Business Models: The backing of the EIC Accelerator serves as a validation signal to private investors, enhancing the credibility of startups and increasing their chances of attracting additional funding.

EIC Accelerator Winner: GlucoModicum Oy

Company: GlucoModicum Oy
Project Acronym: PREVENTDIABETES
Description: The world's first needle-free continuous glucose monitor to prevent and manage diabetes at scale.
Funding Type: Blended finance
Website: glucomodicum.com
Country: Finland
Submission Date: June 16, 2021

Project Overview: PREVENTDIABETES

GlucoModicum Oy’s project, PREVENTDIABETES, focuses on developing an innovative, needle-free continuous glucose monitoring system. This groundbreaking technology aims to provide a pain-free and efficient way for individuals, particularly those at risk of diabetes, to monitor their glucose levels continuously.

Technology Basics and Background

Technology Overview: The PREVENTDIABETES project leverages advanced biosensor technology to provide real-time data on glucose levels without the need for traditional finger-prick blood tests. The device is designed to be user-friendly, making it accessible for a wide range of individuals, including those with diabetes and those at risk of developing the condition.

Key Features:

• Needle-Free Monitoring: This feature significantly reduces the discomfort associated with traditional glucose monitoring methods, encouraging more frequent use and better management of glucose levels.
• Real-Time Data: Continuous monitoring allows users to receive immediate feedback on their glucose levels, enabling timely interventions if necessary.
• Scalability: The technology is designed to be produced and distributed at scale, making it a feasible solution for widespread adoption in both personal and clinical settings.

Background: Diabetes is a growing global health issue, affecting millions of individuals and leading to numerous complications if not managed effectively. Traditional glucose monitoring methods can be invasive and painful, often resulting in poor compliance. GlucoModicum Oy aims to address these challenges with a novel solution that promotes better health outcomes through easier monitoring.

In summary, GlucoModicum Oy is positioned to make a significant impact on diabetes management with its PREVENTDIABETES project, supported by the EIC Accelerator program. This innovative approach not only addresses a pressing health challenge but also exemplifies the potential of European DeepTech startups to create transformative solutions.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on June 16, 2021, GlucoModicum Oy has secured additional funding through various rounds:

1. Early Stage Venture Capital Round (October 29, 2021):

• Amount Raised: Specific details regarding the amount raised in this round are not publicly disclosed.
• Timing: October 29, 2021.
• Investor Information: The investors participating in this round are not specified in the available sources.
• Company Valuation: Valuation details for this funding round are not publicly available.

2. Accelerator/Incubator Program (October 14, 2021):

• Amount Raised: The exact amount raised through this program is not disclosed.
• Timing: October 14, 2021.
• Investor Information: Specific investors involved are not mentioned in the available information.
• Company Valuation: Valuation details for this funding round are not publicly available.

3. Early Stage Venture Capital (Series B) Round (December 4, 2020):

• Amount Raised: The exact amount raised in this Series B round is not specified.
• Timing: December 4, 2020.
• Investor Information: Details about the investors in this round are not provided.
• Company Valuation: Valuation information for this funding round is not publicly disclosed.

4. Seed Round (May 31, 2019):

• Amount Raised: Specific details regarding the amount raised are not publicly disclosed.
• Timing: May 31, 2019.
• Investor Information: The investors participating in this round are not specified in the available sources.
• Company Valuation: Valuation details for this funding round are not publicly available.

5. Seed Round (September 13, 2018):

• Amount Raised: Approximately €1.2 million.
• Timing: September 13, 2018.
• Investor Information: The investment was made by experienced Finnish MedTech investors along with Business Finland. The funding round was over-subscribed. (glucomodicum.com)
• Company Valuation: Valuation details for this funding round are not publicly available.

6. Pre-Seed Funding Round (April 15, 2018):

• Amount Raised: Approximately $616,000.
• Timing: April 15, 2018.
• Investor Information: The investment was made by the University of Helsinki and Åbo Akademi University. (glucomodicum.com)
• Company Valuation: Valuation details for this funding round are not publicly available.

As of the latest available information, there are no publicly disclosed funding rounds or valuation updates for GlucoModicum Oy beyond the Series B round in December 2020. The company continues to advance its needle-free glucose monitoring technology, with recent developments including the Talisman sensor, which has demonstrated strong correlation to blood glucose in clinical studies and is moving towards large-volume manufacturing.

Please note that specific details regarding the amounts raised, investor identities, and company valuations for some funding rounds are not publicly disclosed.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, GlucoModicum Oy has published several press releases detailing significant advancements in their needle-free continuous glucose monitoring (CGM) technology. Below is a summary of these developments:

1. Partnership with Phillips-Medisize (September 29, 2021): GlucoModicum announced a collaboration with Phillips-Medisize, a Molex company, to design and develop the Talisman, a needle-free CGM. This partnership aimed to prepare the Talisman for mass production and commercialization, focusing on optimizing usability, desirability, and manufacturability. The goal was to make the Talisman accessible to all who need it, with a lower cost profile than other CGMs on the market. (glucomodicum.com)

2. Integration of MHD Technology with Ultra-Sensitive Biosensor (April 5, 2022): GlucoModicum published data demonstrating the effective integration of their magnetohydrodynamic (MHD) technology with an amperometric glucose biosensor. This integration showed a strong correlation between glucose levels in interstitial fluid samples extracted through the skin and capillary blood glucose samples, validating the efficacy of their needle-free glucose monitoring approach. (globenewswire.com)

3. First-in-Human Data on MHD Technology (November 9, 2022): The company released peer-reviewed data from a first-in-human study assessing the safety and effectiveness of its MHD technology for needle-free glucose monitoring. The study demonstrated a 12.9% Mean Absolute Relative Difference (MARD) between glucose concentrations in interstitial fluid samples extracted with MHD technology and capillary blood glucose samples, indicating strong accuracy. Subsequent improvements post-trial have resulted in MARD of less than 9%. (glucomodicum.com)

4. Appointment of Peter Gerhardsson to Board of Directors (September 7, 2022): GlucoModicum appointed Peter Gerhardsson, an experienced diabetes executive, to its Board of Directors. Mr. Gerhardsson had been serving as a Senior Advisor since September 2021 and brought over 40 years of experience in the medtech and pharmaceutical industries, particularly in diabetes therapies. (globenewswire.com)

5. Progress Towards Commercialization and Manufacturing (June 17, 2024): The company provided an update on the clinical performance, product development, and commercialization pathway of Talisman. Data from an ongoing Clinical Performance Study confirmed a strong correlation to blood glucose values. GlucoModicum is partnering with world-class manufacturers to build large-volume production lines for Talisman devices and sensors, with plans to enter mass manufacturing service agreements during 2024. (globenewswire.com)

These press releases highlight GlucoModicum's continuous efforts in advancing needle-free glucose monitoring technology, forming strategic partnerships, and progressing towards commercialization.

4 The Technology Advancements

GlucoModicum Oy, based in Helsinki, Finland, is pioneering a non-invasive, needle-free continuous glucose monitor (CGM) named Talisman. This device utilizes proprietary magnetohydrodynamic (MHD) technology to extract interstitial fluid through the skin, enabling rapid and gentle glucose level monitoring without the use of needles. (glucomodicum.com)

Advancements Since EIC Accelerator Funding (June 16, 2021):

Since receiving the EIC Accelerator funding in June 2021, GlucoModicum has achieved several significant milestones:

• Design and Development Collaboration: In September 2021, the company partnered with Phillips-Medisize, a leader in medical device design and manufacturing, to prepare Talisman for mass production. This collaboration focused on optimizing the device's usability, desirability, and manufacturability. (glucomodicum.com)
• Clinical Performance Studies: By June 2024, GlucoModicum reported strong correlations between Talisman's glucose readings and blood glucose values in clinical studies. The device demonstrated a Mean Absolute Relative Difference (MARD) of 12.9%, aligning with industry standards for CGMs. (globenewswire.com)
• Advancements in Manufacturing: The company has progressed towards large-volume manufacturing, with plans to produce 21 million sensors annually. They have finalized blueprints for manufacturing up to a million devices annually, aiming for pilot production by the end of 2024 and sensor pilot production in 2025. (globenewswire.com)

Technological Improvements and New Features:

GlucoModicum has made notable advancements in its technology:

• Enhanced Accuracy: Post-trial improvements have reduced the MARD to below 9%, surpassing many commercial, invasive CGMs. (globenewswire.com)
• Integration with Biosensors: The company has successfully integrated MHD technology with ultra-sensitive biosensors, enabling accurate needle-free glucose monitoring. (globenewswire.com)

Market Demonstrations:

GlucoModicum has demonstrated its technology through:

• Clinical Trials: The company has conducted clinical trials with Type 2 diabetics, with plans to enroll up to 240 patients. (glucomodicum.com)
• Usability Studies: Usability studies have shown that Talisman is well-received by both diabetes patients and healthy individuals for its ease of use. (news.gsmedtech.com)

Intellectual Property and Publications:

GlucoModicum has:

• Published Research: The company has published data in peer-reviewed journals, demonstrating the effectiveness of its MHD technology for non-invasive glucose monitoring. (globenewswire.com)
• Filed Patents: GlucoModicum holds patents for its core technology platform, covering various aspects of its MHD-based glucose monitoring system. (glucomodicum.com)

These developments underscore GlucoModicum's commitment to advancing non-invasive glucose monitoring solutions, aiming to improve the quality of life for individuals managing diabetes.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, GlucoModicum Oy, a Finnish medtech company specializing in needle-free continuous glucose monitoring, has established a significant partnership with Phillips-Medisize, a Molex company.

New Partner: Phillips-Medisize

In September 2021, GlucoModicum signed a design and development collaboration with Phillips-Medisize to prepare their Talisman device for mass production and commercialization. (glucomodicum.com)

Nature and Purpose of the Relationship

The collaboration focuses on creating the final blueprint for high-volume manufacturing of the Talisman, GlucoModicum's needle-free continuous glucose monitor. Phillips-Medisize brings expertise in industrial design, engineering, and manufacturing to streamline the device's usability and manufacturability, aiming to make it accessible and affordable for a broad audience. (phillipsmedisize.com)

Market Positioning

This partnership positions GlucoModicum to enter the market with a cutting-edge, non-invasive glucose monitoring solution. By leveraging Phillips-Medisize's manufacturing capabilities, GlucoModicum can scale production efficiently, meeting anticipated demand and enhancing its competitive edge in the medtech industry. (phillipsmedisize.com)

Technology Advancements and Scaling

The collaboration enables GlucoModicum to advance its MHD technology by integrating it into a commercially viable product. Phillips-Medisize's involvement ensures that the Talisman is developed with high-quality standards and is prepared for mass production, facilitating rapid scaling and widespread adoption. (phillipsmedisize.com)

As of April 2025, there are no publicly available reports of additional partnerships or customers acquired by GlucoModicum since this collaboration.

6 The Hiring and Company Growth

GlucoModicum Oy, a Finnish bioelectronics startup specializing in needle-free glucose monitoring, received EIC Accelerator funding on June 16, 2021. Since then, the company has made significant strides in its growth and development.

Current Team Size and Hiring Status:

Specific details about GlucoModicum's current headcount are not publicly disclosed. However, the company has been actively expanding its team to support its technological advancements and commercialization efforts. The "Careers" section on their official website indicates ongoing recruitment, suggesting that they are currently hiring to meet their growth objectives.

Growth and Recent Hires:

While exact figures on team growth are not available, GlucoModicum has demonstrated substantial progress since receiving the EIC Accelerator funding. The company has been focusing on finalizing its early prototype and conducting early-phase clinical trials. Additionally, they have engaged with high-impact industrial players across Europe, the U.S., and Asia, indicating a strategic approach to scaling their operations. (helsinki.fi)

Impact of New Team Members:

The recruitment of new team members is crucial for GlucoModicum as they advance their needle-free glucose monitoring technology. Expanding their team enables the company to accelerate product development, enhance clinical trial capabilities, and strengthen partnerships with industrial players. This growth is essential for scaling operations and bringing their innovative solutions to market effectively.

Management and Founding Team Changes:

There is no publicly available information indicating major changes in GlucoModicum's management or founding team since the EIC Accelerator funding. The company's leadership appears to remain consistent, focusing on advancing their technological and business objectives.

In summary, GlucoModicum Oy has been actively expanding its team and operations since receiving the EIC Accelerator funding, positioning itself for significant growth and impact in the field of needle-free glucose monitoring.

7 The Media Features and Publications

Since receiving EIC Accelerator funding on June 16, 2021, GlucoModicum Oy has been featured in several media outlets and has participated in various events. Below is a summary of their media coverage, publications, interviews, conference participations, and event involvements:

Media Features:

• GlobeNewswire: On November 9, 2022, GlucoModicum published first-in-human data assessing the safety and effectiveness of its MHD technology for accurate needle-free glucose monitoring. (globenewswire.com)
• Laotian Times: On October 4, 2023, Phillips-Medisize and GlucoModicum announced a partnership to develop an innovative needle-free continuous glucose monitor. (laotiantimes.com)
• PR Newswire: On October 3, 2023, Phillips-Medisize and GlucoModicum announced a partnership to develop an innovative needle-free continuous glucose monitor. (prnewswire.com)
• Med-Tech Innovation: On October 9, 2023, Phillips-Medisize and GlucoModicum announced a partnership to develop an innovative needle-free continuous glucose monitor. (med-technews.com)

Publications:

• Scientific Reports (Nature Research): In April 2022, GlucoModicum published data showing the integration of MHD technology with an ultra-sensitive biosensor enables accurate needle-free glucose monitoring. (globenewswire.com)
• Scientific Reports (Nature Research): In November 2022, GlucoModicum published first-in-human data assessing the safety and effectiveness of its MHD technology for accurate needle-free glucose monitoring. (globenewswire.com)

Interviews and Podcasts:

Specific details about podcasts or interviews featuring GlucoModicum's team since June 16, 2021, are not readily available in the provided sources.

Conference and Fair Participations:

Information regarding GlucoModicum's participation in conferences or fairs since June 16, 2021, is not specified in the available sources.

Event Involvements:

Details about GlucoModicum's involvement in events since June 16, 2021, are not explicitly mentioned in the provided information.

For the most current and detailed information, it is recommended to visit GlucoModicum's official website or contact them directly.