1 The EIC Accelerator Project
EIC Accelerator Program: Overview and Funding Mechanism
The European Innovation Council (EIC) Accelerator program is a pivotal initiative aimed at supporting small and medium-sized enterprises (SMEs) and startups within the European Union. Its primary focus is on deep-tech innovations that can drive significant societal and economic impact. By providing financial support in the form of grants and equity, the EIC Accelerator enables companies to develop groundbreaking technologies, bridge the gap between research and market, and scale their operations effectively.
Funding Structure
The EIC Accelerator offers a blended finance model, which combines both grants and equity investments. The grant component can reach up to €2.5 million, designed to support the early stages of product development, including prototyping, testing, and validation. This grant funding is crucial for mitigating the financial risks associated with early-stage innovations.
In addition to the grant, the program also provides equity investments, which can be as high as €15 million until 2024 and will be reduced to a maximum of €10 million starting in 2025. This equity investment is intended to help companies scale their operations, enhance their market presence, and attract further investments from private sectors. The dual funding approach not only alleviates initial financial burdens but also ensures that companies have the resources needed to navigate the complexities of commercialization.
Purpose of the EIC Accelerator
The EIC Accelerator serves a vital role in the European deep-tech and startup ecosystem by identifying and nurturing high-potential companies that are poised to revolutionize industries through innovative solutions. Its primary objectives include:
INBRAIN NEUROELECTRONICS SL and the EGNITE Project
Company Overview
INBRAIN NEUROELECTRONICS SL, based in Spain, is a pioneering company focused on developing advanced neural interfaces. The company is dedicated to leveraging cutting-edge materials to transform the treatment of neurological diseases. The EIC Accelerator project, titled EGNITE, aims to engineer graphene-based technologies to create innovative neural interfaces.
Project Description: EGNITE
The EGNITE project seeks to develop neural interfaces by harnessing the unique properties of graphene—a material renowned for its exceptional electrical conductivity, mechanical strength, and biocompatibility. The project's primary goal is to revolutionize the management and treatment of neurological diseases by creating interfaces that can seamlessly interact with neural tissues.
Technology Background
Graphene, a single layer of carbon atoms arranged in a two-dimensional lattice, possesses remarkable properties that make it ideal for biomedical applications. Its high conductivity enables efficient signal transmission, while its flexibility and strength allow for the development of lightweight and durable devices. In the context of neural interfaces, graphene can facilitate enhanced communication between electronic devices and neural tissues, potentially leading to significant advancements in the treatment of conditions such as epilepsy, Parkinson's disease, and neurodegenerative disorders.
The EGNITE project aims to overcome existing limitations in traditional neural interfaces, such as poor biocompatibility and limited functionality. By engineering graphene materials tailored for neural applications, INBRAIN NEUROELECTRONICS SL intends to create devices that not only improve the accuracy of neural signal recording and stimulation but also enhance the overall safety and efficacy of treatments for patients suffering from neurological disorders.
Conclusion
The EIC Accelerator program plays a crucial role in supporting innovative companies like INBRAIN NEUROELECTRONICS SL through its blended financing model, helping them to realize their transformative technologies. The EGNITE project exemplifies how advanced materials like graphene can lead to groundbreaking developments in healthcare, particularly in the treatment of neurological diseases. By bridging the funding gap and fostering innovation, the EIC Accelerator contributes significantly to the growth and sustainability of the European deep-tech ecosystem.
2 The Funding Rounds
Financing Raised
Since winning the EIC Accelerator funding in October 2022, INBRAIN Neuroelectronics SL has raised significant capital through two main venture rounds:
- Series A Funding (March 2021): $16.8 million
- Series B Funding (October/November 2024): $50 million
This brings the company's total disclosed fundraising since inception to approximately $68 million.
Funding Rounds: Timing, Amounts, and Investors
| Round | Date | Amount | Lead Investors | Other Investors & Notable Participants |
|---|---|---|---|---|
| Series A | March 2021 | $16.8 million | Asabys Partners, Alta Life Sciences | Vsquared Ventures, TruVenturo GmbH, CDTI-Innvierte (Spanish Ministry of Science), ICF Venture Tech II fund |
| Series B | Oct/Nov 2024 | $50 million | Imec.xpand | EIC Fund, Fond ICO Next Tech, CDTI-Innvierte, Avançsa; returning investors Asabys Partners, Aliath Bioventures and Vsquared; partnership with Merck KGaA for additional funding and development support |
Key Notes:
- The Series B round was notable for bringing in new institutional investors including the EIC Fund itself (the investment arm of the EIC Accelerator), as well as Spanish public innovation and technology funds like Fond ICO Next Tech and CDTI-Innvierte.
- Existing investors from earlier rounds—including Asabys Partners and Vsquared—also participated in follow-on investments.
- In addition to direct equity financing rounds, INBRAIN secured strategic non-dilutive support from Merck KGaA to accelerate clinical development across both central and peripheral nervous system applications.
Investor Information
The company has attracted a strong syndicate that includes:
- Venture capitalists focused on deeptech/medtech: Imec.xpand (lead for Series B), Asabys Partners (co-lead for Series A), Alta Life Sciences
- Public/private co-investment funds: EIC Fund; Spanish innovation agencies like CDTI-Innvierte; Catalonia-based Avançsa
- International partners: Merck KGaA provided not only financial resources but also technology collaboration opportunities
- Additional early-stage VCs: Vsquared Ventures (Germany) and TruVenturo GmbH
These investors are well-known for backing advanced medical technologies with global market potential.
Company Valuation
No explicit company valuation figures were disclosed in public sources regarding recent rounds. However:
- With a cumulative raise of ~$68 million by late 2024,
- Attraction of top-tier European deeptech VCs,
Exit Events: IPOs or Acquisitions
As of May 2nd, 2025:
Summary Table
| Category | Details |
|---|---|
| Total Capital Raised | $68M since inception |
| Last Major Round | Series B ($50M) – closed Oct/Nov 2024 |
| Key Investors | Imec.xpand (Series B lead); Asabys Partners; Alta Life Sciences; others |
| Strategic Partnerships | Merck KGaA |
| Use of Funds | Clinical trials acceleration; platform/commercial dev.; team expansion |
| Valuation | Not publicly disclosed |
| Exit Activity | No IPO or acquisition as of current date |
Sources
Inbrain raises $50M to advance clinical trials for BCI technology INBRAIN Neuroelectronics Secures $17 Million in Series A Funding Inbrain Neuroelectronics raises $50 million in a Series B funding round INBRAIN Neuroelectronics Raises $50M Series B to Advance Graphene-Based Brain Computer Interface Technology ICN2 Spin-off INBRAIN Neuroelectronics Raises $50 Million Series B Funding INBRAIN announces a $50 million Series B funding round to boost new generation therapies INBRAIN NEUROELECTRONICS – Funding Data Overview3 The Press Releases
INBRAIN Neuroelectronics SL: Post-EIC Accelerator Funding Developments Since receiving EIC Accelerator funding in October 2022, INBRAIN Neuroelectronics SL has achieved significant milestones in advancing its graphene-based brain-computer interface (BCI) technology. Below are key updates from press releases and announcements:Regulatory Milestones
- FDA Breakthrough Device Designation (2023): INBRAIN’s Intelligent Network Modulation System received FDA recognition as an adjunctive therapy for Parkinson’s disease. The system uses graphene-based cortical interfaces combined with machine learning to deliver personalized neuroelectronic therapy.
- Clinical Trial Progress: A 2024 study at Salford Royal Hospital (UK) marked the world’s first human application of INBRAIN’s graphene BCI during brain tumor resection, demonstrating micrometer-scale precision in distinguishing healthy and cancerous tissue.
Technological Advancements
- Graphene Neural Platform: Leveraging ultra-thin, high-resolution graphene electrodes, the platform enables adaptive neurostimulation by decoding brain signals using AI-driven biomarkers.
- Collaboration with Imec: A 2024 partnership aims to scale production of graphene interfaces for commercial use, supported by imec.xpand’s expertise in nanoelectronics.
Funding and Commercialization
Team and Governance Updates
Strategic Partnerships
Sources:
- INBRAIN Neuroelectronics Announces FDA Breakthrough Device Designation [BusinessWire]
- World's First Human Graphene-Based BCI Procedure [BusinessWire]
- $50M Series B Financing Round Led by Imec.xpand [Life Sciences Germany]
4 The Technology Advancements
Advancements by INBRAIN Neuroelectronics SL Post-EIC Accelerator Funding Since receiving €17.5 million from the European Innovation Council (EIC) Accelerator in late 2022, INBRAIN Neuroelectronics SL has accelerated development of its graphene-based neural interface platform. The company focuses on decoding and modulating brain activity for conditions like Parkinson’s disease and epilepsy, leveraging its proprietary graphene technology and AI-driven analytics.Key Developments After EIC Funding:
- Technology Enhancements: INBRAIN advanced its ultrathin graphene electrodes, optimizing their biocompatibility and signal resolution for safer, high-precision neural recording and stimulation. The integration of machine learning algorithms improved biomarker detection, enabling adaptive neuroelectronic therapies tailored to individual patients.
- Regulatory Milestones: In September 2023, the FDA granted Breakthrough Device Designation to INBRAIN’s Intelligent Network Modulation System for Parkinson’s disease therapy. This designation prioritizes regulatory reviews and supports clinical translation.
- Clinical Progress: While no completed clinical trials are explicitly reported, the company is advancing toward first-in-human studies for its flagship products. Collaborative projects with institutions like ICN2 and Fraunhofer IZM aim to refine minimally invasive neurostimulation techniques.
- Intellectual Property & Research: Specific patents or whitepapers are not detailed in publicly available documents. However, partnerships with academic consortia under EIC Pathfinder Challenges suggest ongoing R&D into novel applications of graphene-based neuromodulation.
Market Readiness:
INBRAIN has not yet commercialized its platform but is positioned as a leader in next-generation brain-computer interfaces (BCIs). The EIC funding supports scaling efforts to prepare for future market entry, while collaborations with Merck KGaA through subsidiary INNERVIA Bioelectronics hint at peripheral nerve therapy applications beyond central nervous system disorders.
Sources
- Mission - inbrain-neuroelectronics
- FDA Breakthrough Device Designation Announcement
- BusinessWire: FDA Designation
- Therapy - INBRAIN Neuroelectronics
5 The Partnerships and Customers
Partnerships and Relationships of INBRAIN Neuroelectronics SL
INBRAIN Neuroelectronics SL, based in Spain, has established significant partnerships and relationships since it received the EIC Accelerator funding in October 2022. The company is a pioneer in developing graphene-based brain-computer interfaces (BCIs) for therapeutic applications.
Partnerships
- Merck KGaA: INBRAIN has a strategic collaboration with Merck KGaA, aimed at advancing graphene-based BCI technology for both central and peripheral nervous system applications. This partnership is crucial for developing smart neurostimulators and enhancing the energy efficiency of neurostimulation devices.
- Innervia Bioelectronics: As a fully owned subsidiary of INBRAIN, Innervia Bioelectronics works closely with Merck KGaA to develop intelligent neural platforms for peripheral nerve applications. This collaboration focuses on chronic diseases such as inflammatory and metabolic disorders.
- imec.xpand: INBRAIN received funding from imec.xpand as part of its $50 million Series B financing round. imec.xpand will support INBRAIN in scaling its graphene-based interfaces for commercial production.
- Other Investors: New investors in the Series B round include the EIC Fund, Fond ICO Next Tech, CDTI-Innvierte, and Avançsa. Existing investors such as Asabys Partners, Aliath Bioventures, and Vsquared also participated.
Nature and Purpose of New Relationships
These partnerships are designed to enhance INBRAIN's capabilities in developing graphene-based BCI technologies. The collaboration with Merck KGaA helps in expanding the therapeutic applications of INBRAIN's platform, particularly in areas like Parkinson's disease and other neurological disorders. The partnership with imec.xpand is focused on scaling the production of graphene interfaces, enabling INBRAIN to accelerate its clinical trials and bring the technology to a broader market.
Positioning in the Market
These relationships position INBRAIN Neuroelectronics SL as a leader in the development of advanced neurotechnologies. By leveraging graphene's unique properties, INBRAIN is poised to redefine how neurological disorders are treated with more precise and adaptable therapeutics.
Technology Advancements and Scaling
The partnerships will significantly aid INBRAIN in advancing its technology and scaling its operations. The funding from investors like imec.xpand will support the commercialization of graphene interfaces, while collaborations with Merck KGaA will enhance the clinical development and application of INBRAIN's platform across various therapeutic areas. Additionally, the involvement of entities such as the EIC Fund underscores the company's potential for innovation and growth, further solidifying its position in the neurotechnology sector.
Sources
- INBRAIN Neuroelectronics
- INBRAIN Neuroelectronics Raises $50M Series B to Advance Graphene-Based Brain-Computer Interface Technology
- Inbrain Neuroelectronics SL - Drug pipelines, Patents, Clinical trials
- INBRAIN Neuroelectronics named by investors as one of the medical device startups to watch in 2023
- Merck and Inbrain Neuroelectronics to collaborate on next generation of graphene-based bioelectronic therapies for targeted treatment of chronic diseases
- Inbrain raises $50M to advance clinical trials for BCI technology
- INBRAIN Neuroelectronics announces FDA Breakthrough Device designation for its graphene-based intelligent network modulation platform
- INBRAIN Neuroelectronics Announces FDA Breakthrough Device Designation for its graphene-based intelligent network modulation platform
6 The Hiring and Company Growth
INBRAIN Neuroelectronics SL: Team Growth and Scaling Strategy Post-EIC Accelerator FundingSince securing EIC Accelerator funding in October 2022, INBRAIN Neuroelectronics has accelerated its growth trajectory, particularly following a recent $50 million Series B round in October 2024. While specific hiring timelines post-2022 are not detailed in public records, the company’s team expansion is evident through its current structure and funding utilization.
Current Headcount and Team Composition
As of 2024, INBRAIN employs 60 professionals from 20 countries, reflecting a diverse workforce with expertise spanning materials science, neurotechnology, and AI-driven neural modulation. Leadership includes CEO Carolina Aguilar (formerly Medtronic), CTO Jurriaan Bakker (ex-ONWARD), CSO Jose Garrido (ICREA Professor), and clinical affairs head Dan Gnansia (ex-Oticon Medical).Growth Trajectory and Hiring Activity
The $50 million Series B funding will directly support team expansion, alongside clinical trials and AI-platform development. While specific new hires are not named publicly, the company emphasizes scaling its "highly experienced" neurotech team to advance its graphene-based brain-computer interface (BCI) platform. Key areas for growth likely include:- AI/ML engineering: To refine biomarker-decoding algorithms for personalized therapy.
- Clinical operations: To manage ongoing trials for Parkinson’s disease and peripheral nerve applications.
- Manufacturing specialists: For scaling production of ultra-thin graphene implants (~10 micrometers thick).
Strategic Impact of New Hires
Recent recruitment efforts aim to bolster INBRAIN’s position as a leader in precision neurology. The expanded team will drive:No major changes in management or founding teams have been reported since 2020; leadership remains stable under co-founders Aguilar, Garrido, Kostas Kostarelos (University of Manchester), and Anton Guimerà (CSIC).
Sources
7 The Media Features and Publications
Overview of INBRAIN Neuroelectronics SL
INBRAIN Neuroelectronics SL, based in Spain, is a pioneering company in the field of brain-computer interfaces (BCIs) using graphene technology. Since receiving the EIC Accelerator funding on October 5, 2022, the company has made significant advancements in neurotechnology.
Media Features and Publications
INBRAIN Neuroelectronics has been featured in several publications for its groundbreaking work. Notably, the company announced the world's first human procedure using a graphene-based brain-computer interface at Salford Royal Hospital in Manchester, UK. This achievement highlights the potential of graphene in precision neurology, particularly in distinguishing between healthy and cancerous brain tissue during surgeries.
The company also raised $50 million in a Series B funding round to advance its graphene-based BCI technology. This funding will support ongoing clinical trials and further develop its AI-driven platform for treating neurological disorders.
Content from Publications
Publications have emphasized INBRAIN's innovative approach to BCI technology, leveraging graphene's unique properties for more precise and adaptable neurological treatments. The company's technology has been praised for its potential to redefine the treatment of neurological disorders, offering high-resolution neural decoding and modulation.
Podcasts and Interviews
Carolina Aguilar, CEO and Co-Founder of INBRAIN Neuroelectronics, has shared insights on building winning teams and navigating the MedTech industry in various interviews.
Conference and Fair Visits
While specific details about conference visits are not readily available, INBRAIN's involvement in the Graphene Flagship project and collaborations with entities like imec.xpand suggest active participation in scientific and technological events focused on graphene and neurotechnology.
Involvement in Events
INBRAIN's collaboration with leading institutions and participation in funding initiatives underscore its active role in advancing neurotechnology and contributing to global events and discussions on graphene-based BCI applications.
Conclusion
Since receiving the EIC Accelerator funding, INBRAIN Neuroelectronics has continued to push the boundaries of neurotechnology with its graphene-based innovations, garnering significant attention in the scientific and financial communities.
- INBRAIN Neuroelectronics Raises $50M Series B to Advance Graphene-Based Brain-Computer Interface Technology
- INBRAIN Neuroelectronics achieves the world's first application of a graphene brain-computer interface in a human patient
- INBRAIN Neuroelectronics Raises $50M Series B to Advance Graphene-Based Brain-Computer Interface Technology
- InBrain Neuroelectronics raises $50M Series B to support BCI
- INBRAIN Neuroelectronics Raises $50M Series B to Advance Graphene-Based Brain-Computer Interface Technology
- Carolina Aguilar | How to build winning teams
- 2022 Annual Report
- inbrain-neuroelectronics.com
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