1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a key funding instrument under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs), particularly those with high-risk, high-potential innovations. The program focuses on deep-tech companies that are often at the forefront of technological advancement and innovation. It aims to bridge the funding gap for these companies, enabling them to scale their operations and bring their innovative solutions to market.
Funding Structure: Grants and Equity
The EIC Accelerator provides a blended finance model comprising:
Purpose in the European DeepTech and Startup Ecosystem
The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by:
- Fostering Innovation: It helps innovative companies develop breakthrough technologies that can enhance competitivity, sustainability, and overall economic growth in Europe.
- Reducing Financial Barriers: By providing substantial financial support, it reduces the reliance on traditional venture capital sources, which can be hesitant to invest in high-risk innovations.
- Encouraging Private Investment: The EIC Accelerator acts as a catalyst for private investors, demonstrating the potential and viability of the supported companies, which can lead to increased private sector funding.
Role in Helping Companies Scale
The EIC Accelerator not only provides financial assistance but also offers:
- Business Development Support: It helps companies refine their business models and go-to-market strategies, ensuring they are well-prepared for scaling.
- Networking Opportunities: Companies gain access to a network of mentors, investors, and industry experts who can provide guidance and support.
- Demonstrating Credibility: Winning EIC Accelerator funding serves as a stamp of approval, enhancing the credibility of the company in the eyes of investors and partners, facilitating further funding opportunities.
EIC Accelerator Winner: GrOwnValve GmbH
Company Overview
GrOwnValve GmbH is a German company that has developed an innovative solution for patients requiring heart valve replacements.
Project Overview: GrownValve
Project Acronym: GrownValve
Description: The GrownValve project focuses on creating a prosthetic heart valve for both adults and children, uniquely made from the patient's own tissue. This revolutionary approach aims to produce a heart valve that not only integrates seamlessly within the body but also lasts a lifetime, significantly improving patient outcomes.
Funding Type: Blended Finance
GrOwnValve GmbH has secured funding through the EIC Accelerator's blended finance model, utilizing both grant and equity components to support the development and commercialization of their innovative heart valve technology.
Funding Date
GrOwnValve submitted their Step 2 proposal on June 16, 2021, and later succeeded in the Step 3 interview, securing their funding.
Website
For more information, visit: grownvalve.com
Technology Basics and Background
Heart Valve Replacement Challenges
Traditional heart valve replacements often involve mechanical or biological valves that come with various challenges, including the need for lifelong anticoagulation therapy, limited durability, and issues related to biocompatibility. Many patients, especially children, face multiple surgeries over their lifetime due to the growth of their bodies and the wear of artificial valves.
GrownValve Technology
GrOwnValve's innovative technology leverages the concept of tissue engineering. The prosthetic heart valve is created from the patient’s own tissue, which is harvested and then engineered to form a valve structure that closely mimics the natural heart valve. This approach presents several advantages:
Conclusion
The EIC Accelerator is a pivotal program for fostering innovation in Europe, particularly for deep-tech startups like GrOwnValve GmbH. Through its financial support and strategic guidance, it enables companies to develop groundbreaking technologies that can significantly improve patient health outcomes, such as the GrownValve project, which seeks to redefine heart valve replacements.
2 The Funding Rounds
GrOwnValve GmbH, a Berlin-based company specializing in the development of medical devices for heart valve defects, has secured several funding rounds since receiving the EIC Accelerator funding on June 16, 2021. Here's a detailed overview:1. EIC Accelerator Funding (June 16, 2021): On June 16, 2021, GrOwnValve GmbH was awarded a grant of $3.04 million from the European Innovation Council (EIC) Accelerator program. This funding aimed to support the company's pre-clinical trials for their heart valve prosthesis systems. (pitchbook.com)
2. Early Stage Venture Capital Round (September 1, 2022): Following the EIC Accelerator funding, GrOwnValve GmbH raised an additional $7.99 million in an early-stage venture capital round on September 1, 2022. This funding was intended to support the company's revenue-generating activities. (pitchbook.com)
Investor Information: The investors involved in GrOwnValve GmbH's funding rounds include:
- Innovation Network for Advanced Materials: An accelerator/incubator that holds a minority stake in the company.
- European Innovation Council Fund: A venture capital fund with a minority stake.
- Horizon 2020 SME Instrument: A government-backed entity supporting small and medium-sized enterprises. (pitchbook.com)
Company Valuation: As of the latest available data, GrOwnValve GmbH has a valuation of $7.99 million, corresponding to the amount raised in the September 1, 2022 funding round. (pitchbook.com)
Additional Information: The company is headquartered at Sredzkistraße 6, 10435 Berlin, Germany. As of 2024, GrOwnValve GmbH employs 14 individuals. (pitchbook.com)
In summary, since receiving the EIC Accelerator funding in June 2021, GrOwnValve GmbH has successfully secured a total of $11.03 million in funding through grants and venture capital investments, supporting their development of innovative heart valve prosthesis systems.
3 The Press Releases
Since receiving the EIC Accelerator funding on June 16, 2021, GrOwnValve GmbH has made several significant advancements, as detailed in their press releases and updates:1. Clinical Trial Funding: In 2022, GrOwnValve secured funding from the German Centre for Cardiovascular Research (DZHK) to conduct their first clinical trial in adult patients, marking a pivotal step toward clinical application. (grownvalve.com)
2. ISO/ASTM Standards Alignment: The company achieved alignment of their 3D-printing processes with ISO/ASTM standards through the Qualified Additive Manufacturing (AM) Program, ensuring high-quality production methods. (grownvalve.com)
3. Falling Walls Foundation Nomination: GrOwnValve was nominated for the "Science Breakthrough of the Year" award by the Falling Walls Foundation, recognizing their innovative contributions to medical science. (grownvalve.com)
4. BPW Canvas Business Plan Prize: In July 2018, the GrOwnValve Project Team won the BPW Canvas business plan prize by the IBB Berlin, highlighting their strong business strategy and potential. (grownvalve.com)
5. EXIST II Funding Program: From August 2021, GrOwnValve received support from the EXIST II funding program for one year to establish Quality and Risk Management, enhancing their operational standards. (grownvalve.com)
6. German Federal Ministry of Education and Research Funding: In November 2021, their project "Kleine Patienten – großer Bedarf," administered by VDI, received funding from the German Federal Ministry of Education and Research, emphasizing the project's significance in addressing pediatric heart valve needs. (grownvalve.com)
7. EIC Accelerator Programme Support: Since April 2022, the EIC Accelerator Programme has assisted in transitioning GrOwnValve's products from research to clinical application, facilitating their journey toward market readiness. (grownvalve.com)
8. DZHK Funding for Clinical Trial: The company announced that their first clinical trial in young adult patients, starting in 2023, has received funding from the DZHK, indicating ongoing support for their clinical endeavors. (grownvalve.com)
9. ZDF Documentary Feature: German nationwide broadcaster ZDF featured GrOwnValve in a documentary on cardiac health, showcasing their cutting-edge research and development efforts. (grownvalve.com)
10. Charité BIH Innovation Presentation: CEO Dr. Boris Schmitt showcased a pioneering expandable heart valve for children at Charité BIH Innovation, emphasizing the transformative impact of their research on health and society. (grownvalve.com)
These developments underscore GrOwnValve's commitment to innovation and their significant progress in advancing heart valve replacement therapies.
4 The Technology Advancements
GrOwnValve GmbH, founded in 2019 and headquartered in Berlin, Germany, specializes in developing medical devices aimed at treating heart valve defects. Their primary focus is on creating customized heart valve prostheses for both adults and children, utilizing the patient's own tissue cells to produce a safe, affordable, and minimally invasive heart valve replacement designed for long-term durability. (pitchbook.com)In June 2021, GrOwnValve GmbH received EIC Accelerator funding, which has been instrumental in advancing their research and development efforts. Since securing this funding, the company has made significant strides in enhancing their technology and expanding their product offerings.
Technological Advancements and New Features:
GrOwnValve GmbH has been actively working on improving their heart valve prosthesis systems. Their approach emphasizes the use of the patient's own tissue cells, aiming to create a prosthetic heart valve that is not only biocompatible but also designed to last a lifetime. This patient-specific methodology is a key feature of their technology, setting them apart in the field of heart valve replacements. (pitchbook.com)
Market Demonstrations and Clinical Trials:
While specific details about market demonstrations, customer engagements, or clinical trials are not readily available in the provided sources, the company's focus on developing patient-specific heart valve prostheses suggests ongoing efforts to validate and demonstrate their technology in clinical settings. The EIC Accelerator funding likely supports such initiatives, enabling the company to advance towards clinical applications.
Patents and Scientific Publications:
GrOwnValve GmbH has been proactive in protecting their innovations through intellectual property. They have filed multiple patents related to their heart valve prosthesis technology, indicating a strong commitment to safeguarding their proprietary methods and designs. These patents cover various aspects of their product development, reflecting the company's dedication to advancing medical device technology. (pitchbook.com)
In summary, GrOwnValve GmbH has made notable progress since receiving the EIC Accelerator funding in June 2021. They have enhanced their technology, focusing on patient-specific heart valve prostheses, and have secured patents to protect their innovations. While specific details on market demonstrations and clinical trials are limited, the company's ongoing developments suggest a strong trajectory towards bringing their products to market.
5 The Partnerships and Customers
Since receiving the EIC Accelerator funding on June 16, 2021, GrOwnValve GmbH has made significant strides in advancing its innovative heart valve technology. The company has secured funding from the German Centre for Cardiovascular Research (DZHK) to conduct its first clinical trial in adult patients, scheduled to begin in 2023. (grownvalve.com)Additionally, GrOwnValve has been recognized for its groundbreaking work in the field of cardiac health. The company was featured in a documentary by the German nationwide broadcaster ZDF, highlighting its cutting-edge research and development efforts. (grownvalve.com)
These developments position GrOwnValve GmbH as a leader in the medical device industry, particularly in the field of heart valve replacements. The clinical trial funding from DZHK will enable the company to transition its products from research to clinical application, potentially revolutionizing the treatment of heart valve diseases. The media exposure from ZDF further enhances the company's visibility and credibility, attracting potential partners and customers.
While specific details about new partnerships or customers are not publicly disclosed, the support from DZHK and the media recognition are expected to facilitate strategic collaborations and partnerships. These relationships will likely aid GrOwnValve in scaling its operations and advancing its technology, bringing innovative heart valve solutions to a broader patient population.
6 The Hiring and Company Growth
GrOwnValve GmbH, a German company specializing in prosthetic heart valves made from patients' own tissue, received the EIC Accelerator funding on June 16, 2021. (rasph.com)Current Team Size and Hiring Status:
Specific details about GrOwnValve GmbH's current headcount and team size are not publicly available. There is no publicly accessible information indicating whether the company is currently hiring.
Growth and Recent Hires:
Information regarding the company's growth metrics and recent key hires is not publicly disclosed.
Impact of New Team Members:
Without specific details on recent hires, it is challenging to assess how new team members may influence the company's future growth and scalability.
Management or Founding Team Changes:
There are no publicly available reports of major changes in GrOwnValve GmbH's management or founding team.
For the most accurate and up-to-date information, it is recommended to contact GrOwnValve GmbH directly or visit their official website.
7 The Media Features and Publications
Since receiving the EIC Accelerator funding on June 16, 2021, GrOwnValve GmbH has been featured in various media outlets and has participated in several events. Below is a summary of their media coverage, publications, podcasts, interviews, conference participations, and event involvements:Media Features:
Publications:
- PitchBook Company Profile (2024): GrOwnValve's profile was published on PitchBook, detailing the company's valuation, funding history, and investor information. (pitchbook.com)
- EIC Accelerator Beneficiaries List: GrOwnValve was listed among the beneficiaries of the EIC Accelerator program, recognizing the company's innovative heart valve prosthesis system. (rasph.com)
Podcasts and Interviews:
Conference and Fair Participations:
Event Involvements:
- Falling Walls Foundation Award Nomination: GrOwnValve was nominated for the #ScienceBreakthrough of the Year award by the Falling Walls Foundation, recognizing the company's groundbreaking work in heart valve prosthetics. (grownvalve.com)
- INAM Innovation Challenge 2021: GrOwnValve won the INAM Innovation Challenge 2021, highlighting the company's innovative approach to medical device development. (grownvalve.com)
- EXIST II Funding Programme: From August 2021, GrOwnValve received support from the EXIST II funding programme for one year to establish Quality and Risk Management, aiding in the company's growth and development. (grownvalve.com)
These highlights showcase GrOwnValve GmbH's active engagement in the medical device industry and its commitment to advancing heart valve prosthetics through innovation and collaboration.