1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and start-ups in their efforts to develop and scale innovative technologies. The program primarily focuses on high-risk, high-potential innovations, particularly in the DeepTech sector, which encompasses advanced technologies such as artificial intelligence, biotechnology, and advanced manufacturing.
Funding Structure
The EIC Accelerator offers a blended funding model that includes both grants and equity investments. The grant component can provide up to €2.5 million, aimed at financing the development of a prototype or conducting feasibility studies. This non-repayable funding is particularly beneficial for early-stage companies looking to validate their innovations without the immediate pressure of repayment.
In addition, the program includes an equity investment option. Until 2024, this investment can reach up to €15 million, while the limit will decrease to €10 million starting in 2025. This equity funding is crucial for companies that require significant capital to scale their operations, enter new markets, or enhance their product offerings. The EIC Accelerator aims to bridge the funding gap that often exists for innovative start-ups, thereby enabling them to attract further investments from private sector investors.
Purpose and Impact
The EIC Accelerator plays a vital role in fostering innovation within the European DeepTech and startup ecosystem. By providing substantial financial resources and support, the program helps companies overcome critical funding challenges that can stifle growth and innovation. The EIC Accelerator not only aids in scaling businesses but also enhances their attractiveness to private investors by validating their business models and technologies through rigorous evaluation processes.
Through its structured support, the EIC Accelerator aids in creating a vibrant ecosystem where innovative companies can thrive, contribute to economic growth, and bolster Europe’s position as a global leader in technology and innovation.
Case Study: LOCI Orthopaedics Limited and the InDx CMC Implant
Company Overview
LOCI Orthopaedics Limited, based in Ireland, is a company dedicated to advancing orthopedic treatment solutions. The firm focuses on developing innovative medical devices that address unmet clinical needs, particularly in the area of joint pain management.
Project Description: InDx CMC Implant
The InDx CMC Implant is LOCI Orthopaedics’ flagship project aimed at providing a novel treatment for thumb base joint arthritis, a condition that affects many individuals and can significantly impair quality of life. The implant is designed to alleviate pain and restore functionality in patients suffering from this debilitating condition.
Technology Basics and Background
The InDx CMC Implant represents a cutting-edge advancement in orthopedic implants. The implant utilizes a unique design that accommodates the complex biomechanics of the thumb joint. It aims to offer a minimally invasive solution that can be implanted with reduced surgical trauma and faster recovery times compared to traditional methods.
The technology underpinning the InDx CMC Implant incorporates advanced materials that promote biocompatibility and durability, ensuring long-term performance within the body. The innovation also focuses on optimizing implant placement and stability, reducing the risk of complications often associated with joint surgeries.
LOCI Orthopaedics is leveraging its expertise in orthopedic technologies to not only develop the InDx CMC Implant but also to conduct extensive preclinical and clinical evaluations to validate its safety and efficacy. The project has gained recognition for its potential to transform the treatment landscape for thumb base joint arthritis, providing patients with a reliable option for pain relief and improved joint function.
Conclusion
The EIC Accelerator program, with its robust funding structure and strategic support, is instrumental in nurturing innovative companies like LOCI Orthopaedics Limited. By offering a combination of grants and equity investment, the program empowers businesses to scale their operations, attract private investment, and ultimately enhance the quality of life for patients through groundbreaking medical technologies like the InDx CMC Implant. Through initiatives like this, the EIC Accelerator continues to strengthen the European innovation ecosystem, fostering the next generation of technological advancements.
2 The Funding Rounds
Financing Raised
Since winning the EIC Accelerator funding in March 2022, Loci Orthopaedics Limited has significantly increased its capital base. As of July 2024, the company has secured over €22 million in total grant and equity financing. This includes:
- A €2.5 million grant and a €5.6 million equity investment from the EIC Accelerator Programme awarded in June 2022, totaling €8.1 million.
- Additional funding rounds have brought their cumulative raised funds to more than €22 million by July 2024.
Funding Rounds: Timing, Amounts & Investors
Seed Round
EIC Accelerator Funding (June 2022)
- Grant: €2.5 million
- Equity: €5.6 million
- Investor: European Innovation Council (EIC) Fund.
Series A Round (Closed July 17, 2024)
- Amount Raised: €12.8 million ($13–14M equivalent)
- Status: Oversubscribed; largest medical technology fundraising in Ireland for 2024 and the largest orthopaedic fundraising for an indigenous Irish startup.
Lead Investors:
Co-investors:
- Johnson & Johnson Innovation JJDC Inc.
- European Innovation Council (EIC) Fund
Use of Proceeds
The latest round is directed towards expanding clinical programs, supporting further clinical investigations on Loci’s InDx Implant System for thumb base joint arthritis, compiling regulatory approval dossiers across multiple geographies, growing the team, and preparing for commercialisation efforts internationally.Company Valuation
No specific valuation figures have been publicly disclosed following any funding rounds up to May 2025.
Exit Events
As of May 2025:
There have been no reported exit events such as IPOs or acquisitions involving Loci Orthopaedics Limited.
Sources
Loci Orthopaedics Closes €12.8 Million Series A Financing Official Opening of New Office and Creation of 20 Additional Jobs - LOCI ORTHOPAEDICS Loci Orthopaedics Raises $13.9M to Advance Novel Orthopaedic System Loci raises €12.8M for thumb base arthritis implant - BioWorld Loci Orthopaedics gets J&J support in €12.8m fundraise - Silicon Republic Loci Orthopaedics Raises €12.8M in Series A Financing - FinSMEs Loci Orthopaedics Awarded €8. in Funding Galway-based L oci Ortho pa edics closes € funding round - Irish Times
3 The Press Releases
Loci Orthopaedics: Post-EIC Accelerator Funding Developments Galway-based medical device company Loci Orthopaedics, a 2022 EIC Accelerator winner, has advanced its mission to address thumb base joint arthritis through clinical and commercial milestones. Since securing funding, the company has focused on its InDx Implant System, an innovative solution designed to restore natural thumb movement for patients with osteoarthritis at the first carpometacarpal (CMC) joint.Key Developments
- Series A Financing: In July 2024, Loci closed an oversubscribed €12.8 million Series A round led by Seroba, with participation from Johnson & Johnson Innovation-JJDC and the EIC Fund. This follows earlier grants and equity financing totaling over €22 million.
- Clinical Progress: The Thumb Hemi-Arthroplasty with Natural Kinematics (THANKS) feasibility study completed patient enrollment in 2023, with preliminary results indicating improved pain relief and functionality. The implant mimics native biomechanics, addressing limitations of existing solutions prone to dislocation.
- Global Engagement: Loci presented data at major conferences in 2024–2025, including the American Society for Surgery of the Hand Annual Meeting (September 2024) and the IFSSH/IFSHT Triennial Congress (March 2025), highlighting its focus on global hand surgery innovation.
- Infrastructure Expansion: The company opened a new Galway office in July 2024, creating 20 jobs across engineering, regulatory affairs, and operations.
Technology Overview
The InDx Implant System targets thumb base joint arthritis—a condition affecting ~100 million globally—by combining evidence-based design with physiological optimization to restore natural motion. Its De Novo FDA classification underscores its novelty compared to existing implants.Sources
- Loci Orthopaedics Closes €12.8 Million Series A Financing
- Official Opening of New Office and Creation of 20 Additional Jobs
- Loci Orthopaedics Raises $13.9M for InDx Implant System
4 The Technology Advancements
Loci Orthopaedics Limited: Post-EIC Accelerator Funding Advancements Since securing €8.1 million in blended funding from the EIC Accelerator Programme in June 2022, Loci Orthopaedics has achieved significant milestones in clinical development, intellectual property, and commercialization efforts.Clinical Trial Progress
The company completed patient enrollment for a 15-patient clinical feasibility study of its InDx Implant System in October 2023. This study evaluated surgical implantation, postoperative pain reduction, grip strength restoration, and quality-of-life improvements for thumb base joint arthritis patients. Results are anticipated later this year. The Series A financing (€12.8 million; July 2024) will further support regulatory submissions (FDA/CE Mark) and expand clinical validation programs.Technological Enhancements & IP Expansion
Loci Orthopaedics now holds six U.S. patents for its InDx CMC implant system, including:- Core implant design (US 10,265,186)
- Biomechanical applications across joints (US 11,213,401)
- Post-trapeziectomy use cases (US 11,399,950)
Commercialization & Market Readiness
The InDx Implant System targets thumb base joint arthritis—a condition affecting ~100 million globally—by replicating natural joint biomechanics to reduce dislocation risks common with existing implants. Recent milestones include:- Job creation: Added 20 roles (R&D/QA/regulatory) during July 2024 office expansion
- Funding utilization: Series A proceeds allocated to clinical data generation and pre-commercial scale-up activities
No peer-reviewed studies are yet published from their trials; however preliminary results show promise in addressing unmet needs for less invasive surgical options.
Sources:
5 The Partnerships and Customers
Loci Orthopaedics Limited: Partnerships, Customers, and Market Positioning
Loci Orthopaedics, based in Ireland, is a medtech company specializing in orthopaedic technologies, particularly addressing unmet clinical needs in orthopaedic extremities. The company received significant funding from the European Innovation Council (EIC" class="inline-link" target="_blank" rel="noopener noreferrer">Clinical Feasibility Study Completion in 2022, which marked a pivotal moment in its growth trajectory.
Partnerships and Investors
- European Innovation Council (EIC) Fund: Loci Orthopaedics secured €8 million in grant and equity funding from the EIC in 2022, which has been instrumental in advancing its technological developments and clinical programs.
- Johnson & Johnson Innovation: Participated in the €12.8 million Series A financing round, providing strategic support for the company's InDx Implant System.
- Seroba: Led the Series A financing round, alongside JJDC and the EIC Fund, demonstrating strong investor confidence in Loci Orthopaedics' mission.
- NUI Galway: Collaborates with Loci Orthopaedics through an Enterprise Ireland-funded innovation partnership program focusing on 3D printing for medtech applications.
Customers
While specific customer names are not publicly disclosed, Loci Orthopaedics' products, such as the InDx Implant System, are designed to address thumb base joint arthritis, a condition affecting millions globally. The company aims to provide surgeons and patients with a less invasive and more effective treatment option, indicating a focus on serving healthcare providers and patients with orthopaedic needs.
New Relationships and Market Positioning
The recent partnerships and funding have positioned Loci Orthopaedics as a leader in orthopaedic innovation, particularly in addressing thumb base joint arthritis. These relationships will enhance its market presence by:
New Partners and Customers
As of the latest information, new partnerships have been established with investors such as Seroba and JJDC, alongside continued collaboration with existing partners like NUI Galway. There is no specific mention of new customers, but the company's focus on providing innovative solutions to healthcare providers suggests ongoing engagement with medical professionals and institutions.
Purpose of New Relationships
The purpose of these new relationships is to accelerate the development and commercialization of Loci Orthopaedics' innovative technologies, particularly the InDx Implant System. This includes leveraging strategic investments to enhance clinical research, regulatory compliance, and market entry strategies, ultimately improving the treatment options for patients with orthopaedic conditions.
How Relationships Will Help Loci Orthopaedics
These partnerships will significantly benefit Loci Orthopaedics by:
- Enhancing Technology Development: Access to advanced research facilities and expertise will refine its products, making them more competitive in the market.
- Scaling Operations: Financial backing from prominent investors will enable the company to expand its operations, enhance clinical trials, and prepare for regulatory submissions.
- Market Expansion: Strategic partnerships will facilitate entry into new markets, increasing the company's global presence and reach.
Sources
- Loci Orthopaedics
- Loci Orthopaedics Closes €12.8 Million Series A Financing
- Loci Orthopaedics Announces Completion of Patient Enrollment
- Loci Orthopaedics Develops Novel Technologies
- Loci Orthopaedics Secures $14m to Advance InDx Implant System
- Loci Orthopaedics Raises $13.9M to Advance New Orthopaedic System
- Loci Orthopaedics to Explore 3D Printing with NUI Galway
- Loci Orthopaedics Gets J&J Support in €12.8m Fundraise
- Loci Raises €12.8M for Thumb Base Arthritis Implant
6 The Hiring and Company Growth
Loci Orthopaedics Team Expansion and Growth Post-EIC Accelerator Funding Since securing €8 million in combined grant and equity funding from the European Innovation Council (EIC) Accelerator in 2022, Loci Orthopaedics has significantly expanded its team and operations. The Galway-based medtech company recently closed a €12.8 million Series A round in July 2024—the largest orthopaedic fundraising for an Irish startup—bringing total financing to over €22 million.Team Growth and Current Headcount
As of July 2024, Loci Orthopaedics employs 32 staff, following the creation of 20 new roles across research, quality management, regulatory affairs, and senior leadership. This represents a major scaling effort compared to pre-2024 levels.
Active Hiring Initiatives
The company is actively recruiting for specialized roles:
- Vice President of Clinical & Regulatory Affairs: To lead global regulatory strategy (FDA/MDR) and clinical trials.
- Senior R&D Engineers: Focused on product development for its InDx thumb implant system.
- Quality Systems Engineers: Ensuring compliance during scale-up to commercialization.
Strategic Impact of New Hires
The expanded team directly supports three objectives:
No changes to the founding team have been reported; co-founders Dr Brendan Boland (executive chair) and Gerry Clarke remain actively involved alongside CEO Barry Russell, who joined post-founding with extensive medtech commercialization experience.
Sources
- Loci Orthopaedics Closes €12.8 Million Series A Financing
- Loci Orthopaedics gets J&J support in €12.8m fundraise
- Loci Orthopaedics Official Website
- Official Opening of New Office & Creation of 20 Jobs
- Career Opportunities at Loci
Note: Some sources referenced are from the company’s official website or press releases cited in provided materials.
7 The Media Features and Publications
Media Features and Company Activity of Loci Orthopaedics Loci Orthopaedics Limited, an Irish medical device company specializing in orthopaedic technologies for extremities, has garnered significant media attention and industry participation since securing EIC Accelerator funding. Below is a detailed overview of their public engagements, publications, and events:Media Coverage
- Funding Milestone: In July 2024, the company announced an oversubscribed €12.8 million Series A financing round led by Seroba, Johnson & Johnson Innovation, and the European Innovation Council Fund. This marked Ireland's largest medical technology fundraising in 2024 and the largest ever for an indigenous orthopaedic startup.
- Job Creation: Concurrently with its Series A announcement, Loci revealed plans to create 20 high-skilled jobs in Galway, expanding its team to 32 employees.
Publications Mentioning Loci Orthopaedics
While specific third-party articles are limited in the provided data:- The Irish Times highlighted their €12.8 million funding round as a key development for Ireland's med-tech sector.
- RTE News reported on their job creation efforts and new Galway office opening.
Podcasts and Interviews
Conference Participation
- ASSH Annual Meeting (September 2024): Professor Filip Stockmans presented preliminary clinical results for Loci’s InDx Implant System at the International Wrist Investigators Workshop during this event in Minneapolis. The system targets thumb base joint arthritis—a condition affecting up to 100 million people globally.
- Upcoming IFSSH/IFSHT Congress (March 2025): While details remain sparse publicly, BusinessWire noted planned attendance at this triennial hand-care congress.
Key Events and Presentations
Loci emphasized its clinical progress at investor meetings post-Series A closing. Preliminary results from trials of the InDx System were described as "positive," with plans to expand regulatory submissions in the U.S. and EU markets backed by recent funding.Sources Used:
Here are all source URLs formatted as markdown links:- Loci Orthopaedics Closes €12.8 Million Series A Financing [BusinessWire] [Irish Times] [RTE]
- Since multiple URLs reference overlapping information across citations (, , , etc.), here is a consolidated list of unique sources cited above:
<strong class="list-title">Sources: </strong>1. <a href="https://jnjinnovation.com/news/press-releases/loci-orthopaedics-closes-128-million-series-a-financing" class="inline-link" target="_blank" rel="noopener noreferrer">Loci Closes €12.8M Series A</a>
<div class="numbered-item"><span class="item-number">2.</span> <a href="https://www.businesswire.com/news/home/20240916058737/en/Loci-Orthopaedics-to-Attend-79th-%20Annual-Meeting-of-the-American-Society-for-Surgery-of-the-Hand" class="inline-link" target="_blank" rel="noopener noreferrer">ASSH Conference Participation</a></div>
<div class="numbered-item"><span class="item-number">3.</span> [Irish Times Coverage](https://www.irishtimes.com/business/2024/07/17/galway-based-loci</div>
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