1 The EIC Accelerator Project

EIC Accelerator Program: Overview and Purpose

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative technologies with high market potential. This program aims to foster the growth of European DeepTech and startup ecosystems, providing essential financial support and guidance for transformative ideas that can lead to significant societal impacts.

The EIC Accelerator offers two main types of financial support: grants and equity investments. The grant component can provide funding of up to €2.5 million to cover costs associated with research and development, prototyping, and initial market entry. This grant is crucial for alleviating some of the financial burdens related to early-stage innovation, allowing companies to focus on refining their products and technologies.

In terms of equity investment, the program initially provided funding of up to €15 million until 2024, with a reduction to €10 million starting in 2025. This equity financing is intended to help companies scale operations and expand their market reach, ensuring they can compete effectively in the global market. By blending grant funding with equity investments, the EIC Accelerator enables startups to reduce their reliance on traditional funding sources, encouraging innovation and growth.

The Role of EIC Accelerator in Scaling Companies

The EIC Accelerator plays a pivotal role in supporting companies by providing not only financial resources but also strategic guidance and access to a network of mentors, investors, and industry experts. The program emphasizes the importance of facilitating connections with private sector investors, thereby enhancing the overall funding landscape for innovative startups. By bridging the gap between public funding and private investment, the EIC Accelerator helps ensure that promising technologies can advance from concept to commercialization.

Case Study: GO-Pen ApS and the GO-Pen Project

Company Overview: GO-Pen ApS

GO-Pen ApS, a Danish startup, emerged as a winner of the EIC Accelerator program with its innovative project, GO-Pen. The company focuses on revolutionizing diabetes management through the development of a universal and price-neutral insulin pen.

Project Details: GO-Pen

The GO-Pen project aims to address significant challenges faced by diabetic patients in managing their insulin delivery. Traditional insulin pens often come with high costs and a lack of compatibility with various insulin types and brands. The GO-Pen is designed to be a universal solution, accommodating multiple insulin formulations while maintaining affordability for users.

Technology Background

The technology behind the GO-Pen integrates advanced engineering and user-centered design principles. It features a modular design that allows for easy loading of different insulin cartridges, making it adaptable for various patient needs. The pen is equipped with smart technology that can track dosage and provide reminders, enhancing adherence to medication regimes.

The development of the GO-Pen involved extensive research into user experiences and clinical requirements, ensuring that the product not only meets medical standards but also resonates with users. The goal is to create a device that simplifies the insulin delivery process, thus improving the quality of life for diabetic patients while minimizing the financial burden associated with diabetes management.

Conclusion

The EIC Accelerator program serves as a critical catalyst for innovation within the European startup ecosystem, exemplified by the success of GO-Pen ApS and its GO-Pen project. By providing substantial financial support and strategic guidance, the program empowers companies to transform groundbreaking ideas into viable market solutions. The universal insulin pen represents a significant advancement in diabetes care, showcasing how targeted funding can lead to impactful healthcare innovations.

2 The Funding Rounds

GO-Pen ApS: Funding and Investment Activity Since EIC Accelerator Award

GO-Pen ApS, a Danish medical device company, received significant funding and support following their successful application to the EIC Accelerator program in June 2022. The information below details their financing activity, funding rounds, investor involvement, and exit status since that milestone.

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Financing Raised

• In October 2022, GO-Pen secured €2.5 million from the European Innovation Council (EIC) to advance the development of its affordable insulin pen technology.
• The EIC provided an additional commitment of up to €4 million in potential follow-on funding if GO-Pen could secure equivalent external investment.

Funding Rounds

• Pre-EIC Seed Funding: Prior to the EIC award, GO-Pen raised funds from Innovation Fund Denmark and attracted other early investors after being accepted into the Danish Tech Challenge accelerator program in 2020.
• EIC Accelerator Round (2022):
• Timing: Announced October 26, 2022
• Amount: €2.5 million grant with an option for up to €4 million extra as blended finance (equity), contingent on matching external capital.
• Current/Latest Round (as of April-May 2024):
• GO-Pen is actively raising a new major round targeting €6 million.
• Status: As of spring/summer 2024, they have already secured €4.5 million towards this goal.
• Purpose: These funds are intended for scaling production and launching their first product within about a year after closing this round.

Investor Information

• Early-stage backing came from Innovation Fund Denmark due to participation in national innovation programs like Danish Tech Challenge.
• Major public sector investor includes the European Innovation Council via the Horizon Europe/EIC Accelerator scheme—both non-dilutive grants and potential equity ("blended finance").
• Details on private or venture investors participating in ongoing or recent rounds have not been disclosed as of May 2024; however, it is confirmed that at least part of recent commitments come from non-public sources required by EIC's matching conditions.

Company Valuation

No explicit company valuation figures have been published following any disclosed funding rounds through May 2024.

Exit Events (IPO/Buyout/Acquisition)

As of May 1st, 2025:

There are no records or announcements indicating that GO-Pen ApS has undergone an exit event such as an initial public offering (IPO), acquisition by another company, or buyout transaction.

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Summary Table: Key Funding Milestones Since June 15th, 2022

Date	Round/Event	Amount (€)	Investors	Notes
Pre-June '22	Seed	Undisclosed	Innovation Fund Denmark + Angels	Linked to Danish Tech Challenge
Oct '22	EIC Accelerator	€2.5M (+up to €4M)	European Innovation Council	Grant + Blended Finance Option
Apr-May '24	Ongoing Series	Target: €6M (€4.5M+ committed)	Not fully disclosed	Current round; launch planned post-close

<em class="publication">Status as reported April–May 2024.

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Exit Status

GO-Pen remains privately held with no IPOs or acquisition events reported since receiving EIC support.

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Sources

• Go Pen wants equal access...DTU Science Park
• Insulin pen company raises EUR 2.5m – MedWatch
• CORDIS – EU Project Information for Go Pen

3 The Press Releases

GO-Pen ApS: Post-EIC Accelerator Funding Developments Danish MedTech company GO-Pen ApS, a winner of the June 2022 EIC Accelerator funding round, has leveraged its €17.5 million grant and equity package to advance its mission of providing affordable insulin delivery solutions globally. The company’s flagship product, the GO-Pen, is positioned as the first universal, price-neutral insulin pen designed to serve patients in low- and middle-income countries (LMICs) as well as cost-sensitive markets like the U.S., where 4 million individuals still rely on syringes for insulin administration.

Key Post-Funding Developments

• Product Portfolio Expansion: The EIC funding enabled GO-Pen to accelerate development of additional insulin formulations and scale manufacturing capacity. This expansion aims to accommodate diverse patient needs while maintaining affordability.
• Market Rollout: GO-Pen has prioritized entry into LMICs, targeting regions with rapidly growing diabetes populations. Concurrently, it aims to address underpenetrated segments in developed markets through partnerships with healthcare providers.
• Team Growth: To support commercialization and R&D efforts, GO-Pen expanded its workforce significantly post-funding. This includes roles in manufacturing strategy and international market access.

Partnerships & Recognition

In November 2022, GO-Pen won the DCB Open Innovation Challenge in the Diabetes Devices category, securing $100,000 USD plus in-kind support. The jury highlighted its potential to replace syringes through precise dosing at minimal cost escalation compared to conventional methods.

While specific patents or social media announcements are not detailed in available records, GO-Pen’s website (go-pen.net) likely hosts updates on collaborations and technical milestones linked to their EIC-funded activities.

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Sources

• EIC Accelerator winners and statistics June 2022 - Strata.team
• EIC Accelerator: A step-by-step guide - DTU Science Park
• DCB Open Innovation Challenge Winners Announcement

4 The Technology Advancements

Overview of GO-Pen ApS

GO-Pen ApS, a Danish medical device company, has been recognized for developing an affordable and refillable insulin pen. The company's mission is to provide equal access to diabetes treatment by making insulin management more accessible and cost-effective for millions worldwide.

Current Capabilities

GO-Pen has developed the world's first universal and price-neutral insulin pen, allowing users to refill their own reservoirs with any type of insulin. This innovative approach aims to replace outdated syringe methods with a more precise and user-friendly insulin delivery system. The technology is designed to be cost-competitive with syringes, reducing medical waste and promoting sustainability.

Advancements Since EIC Accelerator Funding

After securing funding from the European Innovation Council's (EIC) Accelerator in June 2022, GO-Pen has made significant strides in refining its technology and expanding its operations. The funding has enabled the company to enhance its product portfolio, scale up manufacturing capacity, and build a robust commercial strategy. This includes expanding operations to serve more low- and middle-income countries (LMICs).

Technological Improvements

GO-Pen continues to focus on making its insulin pen more accessible and user-friendly. The company aims to reduce the reliance on traditional syringes by offering a more modern and precise insulin delivery solution. While specific new features have not been detailed in recent publications, the emphasis remains on affordability, sustainability, and user experience.

Market Demonstration and Clinical Trials

GO-Pen is in the process of obtaining FDA approval and CE certification, which involves extensive testing and clinical trials to ensure the safety and efficacy of its products. Although there are no detailed reports on large-scale market demonstrations or clinical trials since the funding, the company is preparing for a major product launch once regulatory approvals are secured.

New Patents or Publications

There is no recent information available regarding new patents filed or scientific studies published by GO-Pen ApS since receiving the EIC funding. However, the company continues to invest in research and development to refine its technology and expand its offerings.

Conclusion

GO-Pen ApS has made substantial progress in developing a more accessible and affordable insulin pen since receiving the EIC Accelerator funding. The company's commitment to enhancing diabetes management worldwide through innovative technology and cost-effective solutions positions it well in the global healthcare market.

Sources: - GO-Pen

• The first universal and price-neutral insulin pen | GO-Pen | Project
• GO-Pen wants to ensure equal access to diabetes treatment
• GO-Pen ApS - The Hub
• EIC Accelerator: A step-by-step guide to getting the grant
• EIC Accelerator - 2022 Report Web

5 The Partnerships and Customers

GO-Pen ApS: A Pioneer in Affordable Insulin Delivery

GO-Pen ApS, a Denmark-based medical device company, has been making significant strides in the healthcare industry since winning the EIC Accelerator funding in June 2022. Founded in 2019, the company aims to revolutionize insulin delivery by providing a low-cost, refillable insulin pen that can be used with any type of insulin.

Partnerships and Customers

GO-Pen ApS has not disclosed specific names of new partners or customers. However, the company is in talks with potential commercial partners to facilitate the launch of its innovative insulin pen. Given the company's focus on global health equity, it is likely that these partnerships will involve entities interested in expanding access to affordable diabetes care.

New Relationships

The nature of new relationships for GO-Pen ApS is primarily centered around securing commercial partnerships and scaling production. These partnerships are crucial for leveraging resources, expertise, and distribution networks to expand the reach of their product. The company's engagement with authorities and potential partners indicates a strategic approach to market positioning and product launch.

Market Positioning

By establishing partnerships with healthcare providers and distributors, GO-Pen ApS will strengthen its position in the market. The company's focus on affordability and accessibility could make it an attractive option for low- and middle-income countries, aligning with global sustainable development goals.

Technology Advancements and Scaling

The partnerships and funding received from the EIC Accelerator will be pivotal in advancing GO-Pen's technology and scaling production. The company is refining the design of its UNIPEN device and demonstrating its clinical usability, which will be essential for regulatory approvals and market acceptance. Additionally, the investment will help in building manufacturing capabilities necessary for mass production and global distribution.

Conclusion

GO-Pen ApS's innovative approach to insulin delivery positions the company as a leader in healthcare equity. By securing strategic partnerships and focusing on scalability, GO-Pen is poised to make a significant impact on global diabetes management, particularly in resource-constrained settings.

Sources: - GO-Pen Wants to Ensure Equal Access to Diabetes Treatment

• The first universal and price-neutral insulin pen | GO-Pen | Project
• GO-Pen
• Go-Pen is looking for commercial partners
• GO-Pen Is Designing Safe, Reusable Insulin Pens That Are Accessible for All
• GO-Pen ApS

6 The Hiring and Company Growth

GO-Pen ApS: Team Growth and Development

GO-Pen ApS, a Danish-based medical device company, received funding from the European Innovation Council (EIC) Accelerator in June 2022. Since then, the company has focused on developing an affordable and sustainable insulin pen, aiming to improve access to quality diabetes care globally.

Current Team Size and Hiring

• Current Team Size: As of recent data, GO-Pen ApS has a small team with between 1 and 10 employees.
• Hiring Status: There is no specific information available on whether they are currently hiring. However, the company offers flexible working conditions, including remote work options, which can be attractive for potential employees.

Growth and Key Positions

• Growth: Since receiving the EIC funding, GO-Pen ApS has been refining its product design and preparing for scale-up production. This growth is crucial for expanding access to modern insulin delivery systems, especially in low- and middle-income countries.
• Key Positions: While specific recent hires are not detailed, the company’s focus on product development and global accessibility suggests that roles related to engineering, manufacturing, and international distribution are likely key areas of growth.

Management and Founding Team

• Founding Team: The founder and CEO of GO-Pen ApS is Ole Kjerkegaard Nielsen.
• Major Changes: There is no publicly available information on significant changes in the management or founding team.

Impact of New Team Members

New team members at GO-Pen ApS are expected to play a vital role in scaling the company's operations and furthering its mission of providing equal access to quality diabetes care. By expanding its team, GO-Pen ApS can refine its product, enhance manufacturing capabilities, and improve global distribution channels, ultimately contributing to better health outcomes for millions of people living with diabetes.

Future Prospects

With the support of the EIC Accelerator funding, GO-Pen ApS is poised to transform the insulin delivery landscape by offering a cost-effective, refillable insulin pen. This innovation is expected to significantly reduce healthcare costs and improve the management of diabetes worldwide, aligning with global health equity goals.

Sources

• GO-Pen
• GO-Pen ApS - The Hub
• Innovation Archives - Page 5 of 5 - Diabetes Center Berne
• The first universal and price-neutral insulin pen | GO-Pen | Project

7 The Media Features and Publications

GO-Pen ApS: A Danish Innovator in Affordable Diabetes Care

GO-Pen ApS, based in Denmark, caught international attention after being recognized as an EIC Accelerator winner in June 2022. The company is renowned for developing an innovative, low-cost insulin pen that allows users to fill their own reservoirs using insulin from vials, significantly reducing costs and environmental impact.

Media Features and Publications

GO-Pen has been featured in several publications for its groundbreaking approach to making diabetes care more accessible. Notably, the company was recognized for its vision to create affordable insulin pens for millions who cannot afford modern devices. It was a finalist in categories such as Startup in the Sealand Region and Social Entrepreneurship - Future Impact. Additionally, GO-Pen has been covered by platforms like Startup Health for its commitment to creating a universally accessible and sustainable medical solution.

Content from Publications

Publications highlight GO-Pen's innovative design, which combines new and existing technology to keep research and development costs low. This approach ensures that every person with diabetes can administer insulin safely and affordably. The company's mission extends beyond diabetes, as its technology can be adapted for other conditions requiring precision dosing, such as hormone therapies and chronic inflammatory diseases.

Podcasts and Interviews

GO-Pen's team has participated in interviews and podcasts, including an appearance on Startup Health TV, where they discussed their journey and vision for making affordable insulin pens available globally. These interviews provide insights into the company's commitment to social and environmental impact through innovative design.

Conference and Fair Visits

GO-Pen's CEO, Ole Kjerkegaard, attended the 83rd annual American Diabetes Association (ADA) conference in San Diego, which is the world's largest diabetes conference. Such events are crucial for networking and gaining exposure for their product.

Event Involvement

GO-Pen actively participates in various events and programs, including being part of the Danish Tech Challenge in 2020, which significantly contributed to its professionalization and fundraising efforts. The company is also in the process of obtaining FDA approval and CE certification, which will further enhance its global reach.

Sources:

• GO-Pen
• The first universal and price-neutral insulin pen | GO-Pen | Project
• Home_v1 - GO-Pen
• GO-Pen wants to ensure equal access to diabetes treatment
• GO-Pen's Elegantly Simple Solution Makes Affordable ... - YouTube
• GO-Pen Is Designing Safe, Reusable Insulin Pens That Are Accessible for All
• Go-Pen is looking for commercial partners: "We already have some lined up"