1 The EIC Accelerator Project

EIC Accelerator Program: An Overview

The EIC Accelerator program is a pivotal initiative under the European Innovation Council (EIC), designed to support high-risk, high-potential small and medium-sized enterprises (SMEs) and startups in Europe. This program plays a critical role in fostering innovation, particularly in the DeepTech sector, where transformative ideas often face significant barriers to funding and market entry. The EIC Accelerator aims to help these companies scale, thus enhancing the competitiveness of the European economy.

Funding Structure

The EIC Accelerator offers a unique blend of funding options, comprising both grants and equity investments.

Purpose and Impact

The EIC Accelerator's primary purpose is to bridge the funding gap that many innovative startups experience, particularly in the early stages of development. By providing substantial financial backing, the program facilitates the acceleration of breakthrough innovations in the DeepTech sector, which encompasses advanced technologies such as AI, biotechnology, and medical devices.

In addition to financial support, the EIC Accelerator offers access to a network of investors, mentors, and industry experts. This ecosystem is vital for helping companies refine their business models and increase their attractiveness to private investors. The program's emphasis on blending funding types ensures that companies can leverage both grant and equity sources to create a robust financial foundation for scaling their innovations.

Case Study: GLUCOSET AS and Project MAGIC

Company Overview: GLUCOSET AS, based in Norway, is an innovative startup focused on developing advanced monitoring solutions for critical healthcare applications. The company aims to revolutionize the way glucose levels are monitored in intensive care settings, thereby enhancing patient outcomes.

Project MAGIC: The acronym for GLUCOSET AS's EIC Accelerator project, MAGIC, stands for "Minimally invasive reliAble Glucose monitoring in Intensive Care." This project seeks to develop a state-of-the-art glucose monitoring system that minimizes the invasiveness of traditional methods while ensuring high reliability and accuracy.

Technology Background

The technology underpinning the MAGIC project is centered around a minimally invasive approach to glucose monitoring. Traditional methods often involve frequent blood sampling, which can be painful and uncomfortable for patients, especially those in intensive care. The MAGIC system aims to mitigate these issues through innovative sensor technology.

In summary, the EIC Accelerator program serves as a vital catalyst for innovation in Europe, particularly for companies like GLUCOSET AS. Through its blended funding model, the program empowers startups to overcome financial hurdles, scale their operations, and ultimately contribute to advancements in critical sectors such as healthcare. The MAGIC project exemplifies the potential impact of such innovations, promising to enhance patient care in intensive environments through cutting-edge technology.

2 The Funding Rounds

GlucoSet AS: Financing and Funding Overview (Post-EIC Accelerator, June 2022)

Financing Raised

GlucoSet AS, based in Norway, has raised a total of approximately $13.14 million (about €12 million) across seven funding rounds as of April 2025. The company’s financing history reflects a combination of European public grants and private investments.

Funding Rounds: Timing and Amounts

• June 2022: GlucoSet secured €2.5 million from the European Innovation Council through the EIC Accelerator program. This was pivotal for supporting its development phase.
• July 2023: The company closed its Series A round, raising about $6.55 million (€6 million–€6.55 million). This round was enabled by progress achieved under the EIC-backed MAGIC project and helped to de-risk both financial and technological aspects.
• July 2023: Additional funding included €3.4 million from the European Innovation Council together with the Research Council of Norway, further supporting GlucoSet’s market-readiness efforts.

Investors Involved

The following investors have participated in GlucoSet’s recent funding rounds:

• Serpentine Ventures
• EIC Fund (European Innovation Council)
• Swiss Diabetes Venture Fund
• Research Council of Norway

These organizations played key roles in the July 2023 Series A round alongside continued support from public innovation funds.

Summary Table: Key Funding Events

Date	Round	Investors	Amount
Jun 2022	Grant	European Innovation Council	€2.5M
Jul 2023	Series A	Serpentine Ventures, EIC Fund, Swiss Diabetes VF	~€6M–$6.55M
Jul 2023	Grant	European Innovation Council & Research Council NO	€3.4M

Company Valuation

As of July 2023 estimates by Dealroom.co, GlucoSet's enterprise valuation stood between $26–40 million following its successful Series A closing.

Exit Events (IPO/Buyout/Acquisition)

There are no public records or reports indicating an IPO filing, buyout offer, or acquisition event for GlucoSet AS as of April 30th, 2025.

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Sources

• GlucoSet Stock Price, Funding & Valuation — CB Insights
• MAGIC - GlucoSet
• Glucoset company information — Dealroom.co
• Glucoset company information — Startup Luxembourg Directory
• Glucoset company information — Turkiye Technohub

3 The Press Releases

GlucoSet AS: Innovations in Continuous Glucose Monitoring for Critical Care Norwegian medtech company GlucoSet AS, an EIC Accelerator winner (2022), specializes in continuous blood glucose monitoring (CGM) systems tailored for intensive care units (ICUs). Their technology addresses critical gaps in glucose management for critically ill patients, combining high accuracy with minimal invasiveness.

Key Developments and Technology

• Core innovation: A hydrogel-based biosensor integrated into an optical fiber, designed to measure glucose directly through indwelling arterial catheters. The sensor detects glucose-induced hydrogel contractions using interferometry, enabling real-time monitoring without additional invasive procedures.
• Clinical progress: Human trials have validated the system’s accuracy, particularly in low-glucose ranges critical for avoiding hypoglycemia risks. Further testing is planned to advance toward regulatory approvals.
• Patents and IP: GlucoSet holds multiple patents covering sensor design and manufacturing processes, with ongoing expansion of its intellectual property portfolio.

Strategic Advantages

• ICU-specific design: Focuses on reliability during patient movement and compatibility with existing arterial lines, reducing costs by minimizing complications and ICU stays.
• Scalability: Manufacturing processes prioritize cost-effectiveness for mass production while maintaining precision.

Funding and Collaborations

GlucoSet has secured grants from the European Union’s Horizon Europe program and the Norwegian Research Council to accelerate R&D efforts. While recent press releases highlight advancements in core technology, explicit details about new partnerships post-EIC funding are not publicly disclosed on their website or via third-party reports reviewed here.

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Sources

• Technology - GlucoSet
• GlucoSet Homepage

4 The Technology Advancements

GlucoSet AS, a Norwegian medical technology company spun out of the Norwegian University of Science and Technology (NTNU), focuses on improving glucose management for critically ill patients in intensive care units (ICUs). Since receiving EIC Accelerator funding in 2022, the company has advanced its intravascular continuous glucose monitoring (CGM) system, which uses an optical fiber and hydrogel-based sensor to deliver real-time glucose measurements. Below is a synthesis of available information about their progress post-funding.

Technology and Product Development

GlucoSet’s core innovation involves an intravascular sensor designed for ICU patients, where unstable glucose levels contribute to complications like infections and increased mortality. The EIC Accelerator grant enabled accelerated product development, including prototype refinement and manufacturing setup. The company’s first product is anticipated to enter the market by 2026, with recent updates indicating progress toward clinical validation.

Clinical Trials and Demonstrations

Publicly available information does not detail specific clinical trial results or pilot programs conducted post-2022. However, GlucoSet has previously completed patient testing for its sensor technology, suggesting ongoing efforts to validate efficacy in real-world ICU settings.

Intellectual Property and Publications

No explicit mention of new patents or scientific publications exists in accessible materials since mid-2022. The company’s current IP likely revolves around its hydrogel-based optical sensing technology, which remains central to its regulatory strategy.

Market Positioning

GlucoSet aims to address ICU-specific challenges where existing CGM systems face technical limitations. Its intravascular approach differentiates it from competitors like Dexcom or Senseonics, which focus on outpatient diabetes management. The EIC funding supports scaling production capabilities in Trondheim while preparing for regulatory submissions ahead of commercialization.

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Sources

• Favorable coverage decision for sensor-based blood glucose monitors
• GlucoSet - Serpentine Ventures Portfolio
• R&D Engineer Position at GlucoSet
• Norway Health Tech: EIC Accelerator Grants
• GlucoSet Company Profile

5 The Partnerships and Customers

GLUCOSET AS: Strategic Positioning Through Partnerships and Technology Development

GLUCOSET AS, a Norwegian medtech company specializing in continuous glucose monitoring (CGM) for intensive care units (ICUs), has focused on advancing its proprietary technology since securing EIC Accelerator funding. While specific customer names are not publicly disclosed, the company’s partnerships and strategic positioning are evident through its operational updates.

Key Partnerships and Relationships

• Funding Collaborations: GLUCOSET has secured financial backing from the European Union’s Horizon Europe program and the Norwegian Research Council, enabling accelerated R&D. Legal firm Wiersholm assisted in a private placement to fund operations, though specific investors remain unnamed.
• Technology Development: The company’s sensor platform is designed for ICU use, leveraging arterial catheter integration to minimize invasiveness while maintaining high accuracy. Collaboration with clinical advisors and technical experts underscores its focus on refining sensor reliability and scalability.

Market Positioning

GLUCOSET aims to address unmet needs in critical care by providing real-time glucose monitoring that reduces ICU costs and complications. Its minimally invasive design positions it as a unique solution compared to competitors like Glytec or Abbott FreeStyle Libre systems, which target outpatient diabetes management rather than acute care.

Technological Advancements

• Sensor Innovation: The hydrogel-based biosensor achieves high accuracy in low-glucose ranges—critical for avoiding hypoglycemic events in ICUs—and is optimized for mass production using commercially available components.
• IP Portfolio: Granted patents protect manufacturing processes and sensor designs, ensuring competitive differentiation.

Future Scaling Potential

By focusing on ICU-specific challenges (e.g., movement tolerance, rapid deployment), GLUCOSET is poised to capture niche demand within hospitals seeking cost-effective solutions for glycemic control. Clinical validation efforts post-EIC funding aim to strengthen adoption among healthcare providers globally.

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Sources

• Wiersholm has assisted GlucoSet with a private placement
• GlucoSet website
• GlucoSet technology details

6 The Hiring and Company Growth

GlucoSet AS: Team Growth and Development Since EIC Accelerator Funding

GlucoSet AS, a Norwegian company specializing in continuous glucose monitoring solutions for intensive care units (ICUs), received EIC Accelerator funding in June 2022. Since then, the company has made significant strides in team growth and development.

Current Team Size and Headcount

As of the latest available data, GlucoSet has a team of 18 full-time employees, with six of them focused on sensor development. This indicates a small but specialized workforce dedicated to advancing their innovative glucose monitoring technology.

Hiring and Team Growth

GlucoSet is actively seeking experienced professionals to join their team. They recently posted an open application for a Development Engineer with expertise in chemistry or material science to contribute to sensor development. Although there are no current job listings on their website, interested candidates can submit spontaneous applications. This hiring process suggests that GlucoSet is expanding their team to meet the demands of their project development.

Growth Since Funding

Since receiving the EIC Accelerator funding in June 2022, GlucoSet has not publicly disclosed specific metrics on their growth rate. However, their continued product development and hiring efforts indicate an active strategy to scale and strengthen their capabilities in the medtech industry.

Key Positions and Future Impact

The addition of a Development Engineer highlights GlucoSet's focus on enhancing their sensor technology. New team members will play a crucial role in refining their product, which is designed to provide accurate continuous glucose monitoring in ICUs. This technology aims to reduce patient mortality and hospital costs by minimizing complications associated with extreme blood glucose levels. As the company scales, these new members will be instrumental in achieving GlucoSet's goal of entering the market with their innovative solution.

Management and Founding Team Changes

There is no publicly available information indicating significant changes in GlucoSet's management or founding team since receiving the EIC Accelerator funding. The company remains focused on developing their technology with the support of their current leadership and advisory boards.

Sources

• GlucoSet
• Open Application for Experienced Professionals
• Hiring - GlucoSet

7 The Media Features and Publications

GlucoSet AS, a Norwegian medtech company, has garnered attention in various media and industry-related platforms since receiving EIC Accelerator funding in June 2022. The company focuses on developing a minimally invasive, accurate continuous glucose monitoring system designed for Intensive Care Units (ICUs) to reduce patient mortality and healthcare costs by improving glucose management.

Media Features and Publications

• GlucoSet is prominently featured on its official website detailing its innovative glucose monitoring technology. The site highlights the clinical importance of their sensor for ICU patients, emphasizing benefits such as reduced complications and lower ICU costs through precise blood glucose control.
• The company’s technology is noted for its high accuracy and scalability with patents protecting its intellectual property. GlucoSet has undergone testing in humans, reflecting progress towards clinical readiness.
• Industry news from partners like Innokas Medical underscores GlucoSet's collaboration efforts to develop software integral to the device’s functionality, highlighting the global market potential of their arterial blood glycaemia measurement system.
• Academic references linked on GlucoSet’s site cite related scientific work supporting continuous blood glucose measurement techniques relevant to critical care settings.

Podcasts or Interviews

There are no direct podcasts or interviews specifically featuring GlucoSet team members found in the search results; however, there are podcasts related broadly to glucose monitoring and metabolic health that discuss similar themes around personalized nutrition and continuous glucose data use for health optimization—though not directly connected with GlucoSet AS itself.

Conferences, Fairs, Presentations & Event Involvement

No specific details about conference participations or event presentations by GlucoSet were found explicitly stated online. However:

• Their MAGIC project (Minimally-invasive Reliable Glucose Monitoring in Intensive Care), which is supported by EIC Accelerator funding, includes milestones that suggest active technological development possibly showcased at professional forums or investor meetings as part of de-risking steps toward commercialization.
• Given their profile as an innovator backed by Horizon Europe funds and Norwegian Research Council support, it is likely they have engaged with medical innovation fairs or conferences typical within EU-funded projects though specific events were not listed.

Summary

Since winning EIC Accelerator funding in mid-2022:

• Media exposure primarily comes via their website with detailed technical descriptions supplemented by partner announcements.
• Publications linked include scientific articles underpinning the technology but no major external media naming them beyond industry-specific mentions.
• Podcasts/interviews featuring their team are not documented publicly yet.
• Conference participation specifics remain unlisted but involvement can be inferred given ongoing development milestones under MAGIC project auspices.

The company's focus remains strongly on advancing sensor technology from prototype towards market readiness while leveraging European innovation networks for financial backing and strategic partnerships.

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Sources

• GlucoSet Official Website
• Technology - Detailed Description - GlucoSet
• Innokas Medical Partnership Announcement
• MAGIC Project Information - GlucoSet