1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator (previously known as the SME Instrument) is part of the European Innovation Council (EIC) and aims to support innovative small and medium-sized enterprises (SMEs) and startups in bringing their breakthrough ideas to market. The program is designed to help companies develop and scale their innovations, particularly in sectors characterized by high risks and high potential returns, such as DeepTech, health, and green technologies.

Funding Structure

The EIC Accelerator provides blended finance, which includes a combination of grants and equity investments:

Companies can receive grants of up to €2.5 million. This non-repayable funding is intended to cover costs related to the development of the innovation, such as research and development (R&D), prototyping, testing, and marketing efforts.

The equity component allows for funding of up to €15 million until 2024, after which the maximum equity investment will be €10 million. This funding is provided in exchange for equity in the company, helping to bolster the company’s balance sheet and enabling it to leverage additional private sector funding.

Purpose in the European Ecosystem

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by facilitating access to financing for innovative projects that may struggle to secure traditional funding due to their high-risk nature.

• Fostering Innovation: By supporting high-potential startups, the program encourages innovation across Europe, promoting the development of new technologies and solutions.
• Bridging the Funding Gap: The EIC Accelerator helps bridge the gap between early-stage funding (like seed funding) and later-stage investments, giving startups the necessary resources to reach critical milestones that attract private investors.

Role in Scaling and Funding

The EIC Accelerator is instrumental in helping companies scale by:

• Providing Validation: Winning an EIC Accelerator grant or equity investment serves as a strong signal of credibility to other investors. It validates the business model and technology, enhancing the company’s attractiveness to private sector funding.
• Networking and Expertise: The program offers access to a network of experts, investors, and other entrepreneurs, providing mentorship and guidance to help navigate the complexities of scaling a business.
• Market Entry Support: The EIC Accelerator assists companies in understanding market needs and dynamics, enabling them to tailor their products effectively and enter markets successfully.

EIC Accelerator Winner: Intelligent Implants Sweden AB

Company Overview

Intelligent Implants Sweden AB is a pioneering medical technology company focused on developing innovative solutions for spinal surgery. Their project, SmartFuse, represents a significant advancement in spinal fusion surgery.

Project Description: SmartFuse

SmartFuse is a groundbreaking project aimed at establishing a new gold standard for spinal fusion surgery, utilizing wireless technology to improve patient outcomes. The innovation seeks to enhance the effectiveness of spinal fusion procedures, which are commonly performed to treat various spinal conditions.

Technology Basics and Background

The Spinal Fusion Challenge

Spinal fusion is a surgical procedure used to connect two or more vertebrae in the spine, resulting in a single, solid bone. While effective, traditional methods have limitations, including:

• Complications: Risks of infection, inadequate fusion, and other postoperative complications.
• Monitoring: Difficulty in assessing the healing process post-surgery, which can delay recovery and lead to further issues.

SmartFuse Technology

SmartFuse incorporates advanced wireless technology to address these challenges:

Conclusion

The EIC Accelerator program serves as a vital mechanism for fostering innovation and growth within the European startup ecosystem, particularly for DeepTech companies like Intelligent Implants Sweden AB. With the SmartFuse project, the company is positioned to make significant strides in the field of spinal surgery, potentially improving patient outcomes and setting a new standard in medical technology. The blended funding support from the EIC Accelerator empowers them to scale their operations and enhance their market readiness, ultimately benefiting both the company and its patients.

2 The Funding Rounds

Intelligent Implants Sweden AB, a Swedish-Irish smart orthopaedics startup, has secured several funding rounds since receiving €4.5 million in blended financing from the European Innovation Council (EIC) Accelerator on June 16, 2021. (news.cision.com)

Funding Rounds:

Investor Information:

• SOSV: A global venture capital firm that participated in the October 2021 funding round. (pitchbook.com)
• Swedish Angel Investors: A group of individual investors who contributed €3 million in October 2021. (theventurecation.com)

Company Valuations:

Specific valuation figures for Intelligent Implants Sweden AB are not publicly disclosed. However, the company's total funding raised to date is approximately €7.5 million. (pitchbook.com)

As of April 17, 2025, there are no publicly available records of additional funding rounds or exit events for Intelligent Implants Sweden AB beyond the information provided above.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, Intelligent Implants Sweden AB has published several press releases detailing significant developments:

1. FDA Breakthrough Device Designation for SmartFuse® System (May 28, 2021): Intelligent Implants announced that its SmartFuse® system received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA). This designation aims to expedite the development and review of medical devices that offer more effective treatment for life-threatening or irreversibly debilitating diseases. The SmartFuse® system is designed to remotely stimulate, control, and monitor bone growth, with an initial focus on lumbar spinal fusions. (news.cision.com)

2. €4.5 Million Blended Financing from EIC Accelerator (October 14, 2021): The company secured €4.5 million in blended funding from the European Union's EIC Accelerator program. This funding is intended to accelerate the completion of clinical pilot trials and prepare for the pivotal study of the SmartFuse® system. The SmartFuse® technology aims to address the high failure rates in spinal fusion surgeries by providing a wirelessly enabled orthopedic platform that remotely stimulates, controls, and monitors bone growth. (news.cision.com)

3. Appointment of Benjamin A. Hertzog, Ph.D., as CEO (January 27, 2022): Intelligent Implants appointed Dr. Benjamin A. Hertzog as Chief Executive Officer. Dr. Hertzog brings over 20 years of experience in healthcare and life sciences, including leadership roles in medical device companies. His appointment is expected to guide the company through the next stages of clinical and commercial activities for the SmartFuse® system. (news.cision.com)

4. Progress Towards First Clinical Trials (November 22, 2023): The company reported being close to initiating its first clinical study, aiming to include between ten and twenty patients. The study will focus on evaluating the effectiveness of the SmartFuse® system in accelerating bone healing and improving patient outcomes in orthopedic surgeries. Intelligent Implants has been preparing for this milestone for nearly a decade and plans to introduce the solution initially in the North American market. (mynewsdesk.com)

5. Recognition in the 2022 Technology Awards: Intelligent Implants' SmartFuse CAGE™ was recognized as the "Most Innovative Intervertebral Spacer Product 2022" and received the "Award for Excellence in Lumbar Spinal Fusion Technology 2022" at the Technology Awards. This recognition highlights the company's innovative approach to accelerating bone healing and improving clinical outcomes in orthopedic procedures. (ghpnews.digital)

These developments underscore Intelligent Implants' commitment to advancing orthopedic treatments through innovative technologies and strategic leadership.

4 The Technology Advancements

Intelligent Implants Sweden AB is a Swedish-Irish medical technology company specializing in orthopedic implants designed to accelerate bone healing and improve patient outcomes. Their flagship product, the SmartFuse® system, is a wirelessly enabled orthopedic platform that remotely stimulates, controls, and monitors bone growth, particularly in spinal fusion surgeries. (news.cision.com)

Advancements Since EIC Accelerator Funding:

Since receiving €4.5 million in blended financing from the European Innovation Council (EIC) Accelerator on October 14, 2021, Intelligent Implants has made significant progress:

• Clinical Trial Preparations: As of November 22, 2023, the company was in the final stages of preparing for its first clinical study, aiming to include 10 to 20 patients. This study is designed to validate the efficacy of their technology in a clinical setting. (mynewsdesk.com)
• FDA Breakthrough Device Designation: In May 2021, prior to the EIC funding, the U.S. Food and Drug Administration (FDA) granted Breakthrough Device Designation to the SmartFuse system, recognizing its potential to provide more effective treatment for life-threatening conditions. (news.cision.com)

Technological Improvements and New Features:

Intelligent Implants has enhanced its technology by integrating wireless capabilities into their implants, allowing for remote monitoring and stimulation of bone growth. This innovation enables healthcare professionals to track healing progress in real-time without the need for frequent imaging, thereby improving patient care and reducing healthcare costs. (mynewsdesk.com)

Market Demonstrations:

The company has demonstrated its technology through extensive pre-clinical studies, including over three dozen chronic ovine (sheep) studies. These studies have shown that their implants can accelerate bone growth by three times and reduce fusion time by 50%. The upcoming clinical trials aim to further validate these findings in human subjects. (lifesciencemarketresearch.com)

Patents and Publications:

Intelligent Implants holds 16 issued patents across nine families, covering various aspects of their implant technology. These patents protect their innovations in wireless bone growth stimulation and monitoring. (lifesciencemarketresearch.com)

In summary, since receiving the EIC Accelerator funding in October 2021, Intelligent Implants has made substantial advancements in developing and preparing their SmartFuse system for clinical application, aiming to revolutionize orthopedic treatments with their innovative technology.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, Intelligent Implants Sweden AB has made significant strides in expanding its partnerships and customer base.

New Partners:

• SOSV: The company secured €7.5 million in funding from the EIC Accelerator, with participation from SOSV, a global venture capital firm. (rosenmaninstitute.org)
• Swedish Angel Investors: A group of Swedish angel investors also contributed to the funding round, providing additional support for the company's growth. (rosenmaninstitute.org)

New Customers:

Specific details about new customers acquired since the funding are not publicly disclosed.

Nature and Purpose of Relationships:

• SOSV: As a venture capital firm, SOSV's investment aims to support Intelligent Implants in advancing its SmartFuse® technology, facilitating its progression through clinical trials and towards commercialization. (rosenmaninstitute.org)
• Swedish Angel Investors: Their investment provides the company with the necessary capital to accelerate product development and market entry, particularly focusing on the U.S. market. (rosenmaninstitute.org)

Market Positioning:

The partnerships with SOSV and Swedish angel investors position Intelligent Implants to leverage substantial financial backing, enabling the company to enhance its product development and clinical trial efforts. This support is crucial for establishing a strong presence in the competitive orthopedic implant market, especially in the U.S., which is the world's largest market for such medical technologies. (rosenmaninstitute.org)

Technology Advancements and Scaling:

The funding from these partnerships is instrumental in advancing the SmartFuse® system, a wirelessly enabled orthopedic platform designed to remotely stimulate, control, and monitor bone growth. The capital will expedite the completion of clinical pilot trials and the preparation of pivotal studies, facilitating the scaling of the technology and its eventual commercialization. (news.cision.com)

In summary, the strategic partnerships and investments secured since June 2021 have significantly bolstered Intelligent Implants' capabilities, positioning the company for successful market entry and technological advancement in the orthopedic implant sector.

6 The Hiring and Company Growth

Intelligent Implants Sweden AB, a medical technology company specializing in electrotherapeutic devices for bone and tissue healing, received €4.5 million in funding from the European Innovation Council (EIC) Accelerator on June 16, 2021. (odtmag.com)

Current Team Size and Growth:

As of April 2023, Intelligent Implants has a dedicated team of 12 experts in various fields. (naringsliv.se) This indicates a reduction from the 17 employees reported in 2022, suggesting a 6% decrease in staff over the past year. (growjo.com)

Hiring Status and Recent Hires:

The company has been actively expanding its leadership team to support the development of its SmartFuse system. Notable additions include:

• Andy Forsberg: Appointed as Senior Vice President of Product Development in June 2022. Forsberg is a mechanical engineer and R&D expert with extensive experience in medical device commercialization. (axiliumcapital.se)
• Erik Holgersson: Joined as Director of Product Development in July 2022. (axiliumcapital.se)

These strategic hires are expected to enhance the company's product innovation capabilities, facilitating the successful development and commercialization of the SmartFuse system.

Impact of New Team Members:

The addition of experienced leaders like Forsberg and Holgersson is poised to accelerate product development, improve operational efficiency, and strengthen the company's position in the orthopedic implant market. Their expertise is crucial for navigating the complexities of medical device commercialization and ensuring the successful launch of new products.

Management and Founding Team Changes:

There are no publicly available reports indicating major changes in the management or founding team of Intelligent Implants since the EIC Accelerator funding in June 2021.

In summary, Intelligent Implants has strategically expanded its leadership team to bolster product development efforts, aiming to bring innovative orthopedic solutions to market.

7 The Media Features and Publications

Since receiving the EIC Accelerator funding on June 16, 2021, Intelligent Implants Sweden AB has been featured in various media outlets, participated in interviews, and engaged in events. Below is a summary of these activities:

Media Features:

• Affärstidningen Näringsliv (November 22, 2023): Highlighted the company's progress towards initiating its first clinical trials, emphasizing the innovative approach to accelerating bone healing through wireless electronic impulses. (mynewsdesk.com)
• Orthopedic Design Technology (January 26, 2022): Reported on the €4.5 million financing received from the EIC Accelerator, detailing the SmartFuse system's potential to revolutionize spinal fusion surgeries. (odtmag.com)
• BioSpectrum Asia (October 16, 2024): Discussed the rise of smart implants, featuring Intelligent Implants as a key player in developing technologies that integrate therapeutic and diagnostic capabilities. (biospectrumasia.com)

Interviews and Podcasts:

The MedTech Startup Podcast (March 11, 2024): CEO Benjamin A. Hertzog shared insights into the development of bioelectronic orthopedic implants, discussing technical challenges, regulatory hurdles, and the future of smart implants in patient care. (lifeblood.com)

Conferences and Events:

Specific details regarding the company's participation in conferences, fairs, presentations, or other events since June 16, 2021, are not readily available in the provided sources. For the most accurate and up-to-date information, it is recommended to visit the company's official website or contact them directly.

Involvement in Events:

Information about the company's involvement in events since June 16, 2021, is not specified in the available sources. For detailed information, please refer to the company's official communications or website.

For more information, you can visit Intelligent Implants' official website at intelligentimplants.co.