1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a pivotal funding initiative under the European Innovation Council (EIC) aimed at supporting groundbreaking innovations and fostering the growth of deep-tech startups across Europe. It specifically targets small and medium-sized enterprises (SMEs) and startups that are developing high-risk, high-impact innovations that can significantly enhance the European economy. The program provides a unique blend of funding options, including grants and equity investments, designed to facilitate the scaling of promising technologies and business models.

Funding Structure

The EIC Accelerator offers a dual funding mechanism known as blended finance, which combines grants and equity investments.

Grant Component

The grant portion can provide up to €2.5 million to cover costs associated with the development and commercialization of innovative products or services. This funding is intended to alleviate financial risks during the early stages of development, allowing companies to focus on research, prototyping, and market validation.

Equity Component

In addition to grants, the EIC Accelerator offers equity investments up to €15 million until 2024, and up to €10 million starting in 2025. This funding is essential for companies looking to scale operations, enhance production capacity, and expand into new markets. The equity stakes often come with favorable terms, allowing startups to retain considerable ownership while still gaining access to substantial capital.

Purpose and Role in the Ecosystem

The EIC Accelerator serves a crucial function within the European startup ecosystem, particularly in the deep-tech sector. By providing substantial financial support, the program enables innovative companies to bridge the funding gap that often exists between early-stage development and market entry. The EIC Accelerator also plays a strategic role in linking these startups with private investors, facilitating additional funding opportunities and partnerships that can expedite growth.

Moreover, the EIC Accelerator aims to foster an environment of innovation and entrepreneurship, driving forward European technological advancements and enhancing global competitiveness. By prioritizing projects with significant societal impact, the program aligns with broader European goals in areas such as healthcare, sustainability, and digital transformation.

Case Study: Luminate Medical Limited and Project LILY

Luminate Medical Limited, based in Ireland, emerged as a winner of the EIC Accelerator in March 2023 for its project LILY. This project is centered around a groundbreaking technology designed to prevent chemotherapy-induced hair loss, addressing a significant concern faced by cancer patients.

Project LILY Overview

LILY aims to develop a novel solution that mitigates one of the most distressing side effects of chemotherapy—hair loss. The emotional and psychological impact of losing one's hair can be profound, often affecting a patient's self-esteem and overall quality of life. By employing innovative technology, LILY seeks to provide a non-invasive and effective method to retain hair during chemotherapy treatments.

Technology Background

The foundation of the LILY project is rooted in advanced biotechnology and material science. The technology involves a specialized device that applies localized cooling to the scalp during chemotherapy sessions. This cooling mechanism is designed to constrict blood vessels in the scalp, effectively reducing the amount of chemotherapy drugs that reach hair follicles. By minimizing exposure to these toxic agents, the device aims to preserve hair growth and alleviate the psychological burden associated with hair loss in cancer patients.

The development of LILY draws from extensive research on cryotherapy and its effects on biological tissues. This innovative approach not only addresses an important patient need but also aligns with current trends in personalized medicine, where treatments are tailored to enhance patient experiences and outcomes.

Conclusion

The EIC Accelerator program is a vital component of the European innovation landscape, providing essential funding and support for startups tackling complex challenges. Luminate Medical Limited, through its LILY project, exemplifies how targeted funding can lead to transformative solutions in healthcare. By harnessing advanced technology to prevent chemotherapy-induced hair loss, LILY not only improves the quality of life for cancer patients but also reinforces the importance of innovation in the medical field. As the EIC Accelerator continues to support such initiatives, it bolsters Europe’s position as a leader in technological advancements and entrepreneurship.

2 The Funding Rounds

Financing Raised and Funding Rounds

Since receiving EIC Accelerator funding in March 2023, Luminate Medical Limited (Ireland) has experienced significant growth in financing. The company’s total funds raised now exceed $27 million, combining private investment rounds and grant funding from sources including the European Union’s EIC Accelerator and Enterprise Ireland’s Disruptive Technology Innovation Fund.

Breakdown of Funding Rounds

Seed/Initial Grants (pre-2022):

Luminate Medical secured more than $5 million in a combination of early-stage investments and grant financing prior to its Series A round.

Series A:

• May 2022: Raised approximately $5 million in seed/early-stage investment.
• September 2024: Secured $15 million as an initial Series A round led by ARTIS Ventures. Other participants included Metaplanet, Lachy Groom, 8VC, SciFounders, Faber, healthcare executives from Dexcom, among others.
• Purpose: Accelerate product development for chemotherapy side-effect mitigation devices; support first-in-patient clinical trials; scale production for U.S. market entry.
• Company headcount grew rapidly following this infusion.

Series A Extension:

• December 2024: Closed an additional $2.5 million as a Series A extension led by Atlantic Bridge with participation from Finn Murphy (Nebular), Steve Pacelli (former CEO of Dexcom), Faber and other angels.
• This brought the total raised in the Series A round to $17.5 million.
• Announced alongside commencement of clinical trials in the United States.

Timing and Amounts Table

Date	Round	Amount Raised	Lead/Notable Investors
May 2022	Early Stage / Seed	~$5M	Not specified
Sep 2024	Series A	$15M	ARTIS Ventures
Dec 2024	Series A Extension	$2.5M	Atlantic Bridge

Total private investor capital exceeds $20M; combined with grants/grant-equivalent funds from EU/EIC Accelerator & Enterprise Ireland brings total above ~$27M.

Investor Information

Luminate Medical's investor base is international and includes both institutional VCs and high-profile angels:

• Lead Investors:
• ARTIS Ventures
• Atlantic Bridge
• Other Institutional Participants:
• Metaplanet
• Lachy Groom
• 8VC
• SciFounders
• Faber (repeat participant)
• Angel & Industry Investors:
• Steve Pacelli (ex-Dexcom COO)
• Finn Murphy (Nebular)

The company also benefits significantly from non-dilutive grants:

• EIC Accelerator Fund (EU)
• Enterprise Ireland Disruptive Technology Innovation Fund

These investors provide both financial resources and domain expertise—crucial as Luminate expands into US clinical trials.

Company Valuations

No explicit post-money valuations have been publicly disclosed across major sources reviewed up to May 2025. However, given standard industry practices at this stage—especially considering a recent cumulative raise surpassing USD$27m over multiple rounds—the implied valuation would typically be several multiples higher depending on dilution terms negotiated with major investors during the large Series A rounds.

Exit Events

As of May 2025:

There are no reports or announcements regarding IPOs, buyouts or acquisitions involving Luminate Medical Limited.

The company's focus remains on scaling product development for home-based cancer care technologies and advancing through extensive U.S.-based clinical trials ahead of planned commercial launches.

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Sources

• Luminate Medical raises USD 15M to accelerate innovative cancer care technology
• Luminate Medical secures additional $2.5M to advance cancer care
• Luminate Medical – CB Insights

-Revolutionizing Cancer Care: Luminate Medical Secures $17.5M in series a funding -Galway MedTech Luminate Rises Additional Funding -Luminate Medical – Funding History Parsers VC

3 The Press Releases

Luminate Medical Limited: Post-EIC Accelerator Funding Developments Galway-based Luminate Medical, a University of Galway spin-out, secured EIC Accelerator funding in 2023 as part of a cohort of four Irish medtech firms awarded up to €18 million combined under Horizon Europe's program. The company specializes in wearable medical devices designed to mitigate chemotherapy-induced side effects, particularly hair loss and peripheral neuropathy.

Following its EIC funding win, Luminate announced a $15 million Series A round in September 2024 led by ARTIS Ventures, with participation from Metaplanet, Lachy Groom, 8VC, and healthcare executives from companies like Dexcom. This brought its total financing to over $25 million, including prior grants from Enterprise Ireland’s Disruptive Technology Innovation Fund and earlier equity raises.

Technology & Clinical Progress
Luminate’s flagship product is Lily, a portable device targeting chemotherapy-induced alopecia. The company has advanced toward first-in-patient clinical trials using the recent funding and plans large-scale U.S. trials ahead of FDA approval. Its technology aims to enable at-home use, reducing treatment interruptions caused by side effects.

Team Expansion & Partnerships
The Series A funding will support hiring 30 additional staff at its Galway headquarters by 2025. Co-founded in 2018 by CEO Aaron Hannon (formerly of Boston Scientific), Dr. Barbara Oliveira (biomedical engineer), and Professor Martin O’Halloran (researcher), the team has grown from three founders to 14 employees pre-2024 expansion. Enterprise Ireland remains a key partner through Horizon Europe navigation support, while EIT Health facilitated visibility via its Catapult competition in New York (2022).

No press releases or blog posts were identified on luminatemed.com/ due to limited accessible data about the website’s content. Public updates derive primarily from third-party announcements regarding funding milestones or clinical trial timelines. Patent filings related to Lily or neuropathy devices are not detailed in available sources but may align with proprietary developments cited in investor materials.

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Sources

• Four Irish start-ups win funding at Horizon Europe's 2023 EIC Accelerator
• €18m funding win for four Enterprise Ireland client companies
• Galway medtech company among winners of €18m funding
• Luminate Medical raises $15m to accelerate cancer care tech

4 The Technology Advancements

Luminate Medical Limited: Post-EIC Accelerator Funding Advancements Since securing EIC Accelerator funding in mid-2023 as part of a €18 million Horizon Europe award shared among four Irish companies, Luminate Medical has accelerated its mission to mitigate chemotherapy side effects through wearable medical devices. The Galway-based company, spun out from the University of Galway in 2018, has focused on scaling clinical validation and market expansion for its technologies.

Technology Development and Features
Luminate’s flagship product, Lily, is a portable compression therapy device designed to prevent chemotherapy-induced hair loss. Concurrently, the company developed Lilac, targeting peripheral neuropathy—a nerve damage condition affecting ~68% of chemotherapy patients[^luminate-site]. Both devices aim to enable at-home cancer care by reducing treatment complications requiring clinical supervision. Post-2023 funding advancements include preparations for large-scale U.S. clinical trials and production scaling ahead of a planned 2025 U.S. market launch.

Clinical and Market Demonstrations
First-in-patient trials for Lily and Lilac demonstrated efficacy in preventing hair loss and neuropathy, prompting investor confidence in subsequent Series A raises totaling $17.5 million (including a December 2024 extension). The company initiated U.S.-based clinical trials in late 2024 to validate device performance across broader patient cohorts, though specific trial results remain unpublished publicly.

Intellectual Property and Scientific Outputs
While recent patent filings or whitepapers are not explicitly disclosed in available materials, Luminate’s progress is evidenced by regulatory milestones such as FDA trial preparations and international recognition (e.g., EIT Health Catapult Award 2022). The company’s focus on proprietary compression therapy mechanisms suggests ongoing IP development aligned with its product pipeline expansion into remote monitoring solutions.

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Sources

• Luminate Medical raises USD 15M to accelerate innovative cancer care technology
• Luminate Raises $15 Million Series A after Successful Clinical Trials
• Revolutionizing Cancer Care: Luminate Medical Secures $17.5M in Series A Funding

5 The Partnerships and Customers

Luminate Medical Limited: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing EIC Accelerator funding (exact award date unspecified in available records but referenced in growth milestones), Luminate Medical has expanded its collaborative network to advance its mission of reducing cancer treatment side effects. Below are key partnerships, customers, and market impacts based on recent developments:

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Partnerships and Collaborations

• Gentian Health, University of Galway, Trinity College Dublin:
• Nature: Consortium partnership for the €6.4M DTIF-funded Lotus project.
• Purpose: Develop a smart system for safe at-home administration of low-risk anti-cancer therapies.
• Impact: Combines academic research (University of Galway’s medical electronics expertise), clinical insights (Gentian Health), and engineering innovation to decentralize cancer care.
• Enterprise Ireland and EIT Health:
• Grants: Multiple awards from Enterprise Ireland’s Disruptive Technology Innovation Fund (DTIF) for Lily and Lilac devices.
• Program Participation: Winner of EIT Health Catapult Audience Choice Award (2022), enhancing visibility in European medtech networks.
• Y Combinator Alumni Network:
• Graduated from Y Combinator’s S21 batch (2021), connecting the company to Silicon Valley investors like Elkstone Capital and Artis Ventures.

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Customer Engagement

While specific customer names remain undisclosed due to confidentiality norms in clinical trials:

Clinical Trial Partners: Lily device tested at sites including Galway-based hospitals under collaborations with oncology clinics. Luminate aims to engage FDA-cleared providers post-trial completion.

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Market Positioning Through New Relationships

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Technological Advancements via Collaborations

• _Lily Device Optimization_: Clinical trial data from EU/U.S. sites informs iterative design improvements for hair-loss prevention wearables. The portable design eliminates clinic-bound scalp cooling systems currently used by competitors like Paxman Cooling Systems™️ .
• _Lotus Platform Integration_: Combines IoT-enabled drug delivery with real-time side-effect tracking through partnerships with software developers embedded within the DTIF consortium.

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Sources:

• Irish startup Luminate Medical picks up €4.7 million | EU Startups | June 27, 2022
• Luminate raises $2.5m | Irish Times | December 04, 2024
• Ireland's Luminate Medical shines with $5 million | Tech.eu | June 27, 2022

6 The Hiring and Company Growth

Luminate Medical's Team Growth and Hiring Strategy Post-EIC Accelerator Galway-based Luminate Medical, which won EIT Health Catapult recognition in 2022 and secured Series A funding in late 2024, has demonstrated significant team expansion since its founding. The company’s headcount reached 36 employees as of late 2024, up from 16 team members reported in mid-2023 and 14 employees cited earlier that year. This rapid growth aligns with its $15M Series A raise in September 2024, which included plans to add 30 new positions at its Galway headquarters.

While specific recent hires remain undisclosed, the company emphasizes roles focused on clinical research, engineering, and scaling production for its Lily (chemotherapy-induced hair loss prevention) and Lilac (neuropathy mitigation) devices. New team members are critical to advancing first-in-patient trials for Lilac and preparing for U.S. market entry by 2025.

The founding trio—CEO Aaron Hannon, CTO Dr. Barbara Oliveira, and Professor Martin O’Halloran—remain actively leading the company without reported management changes. Their focus on wearable medical technology has attracted investors like ARTIS Ventures and Metaplanet, enabling a pipeline targeting lymphedema, fertility preservation, and early menopause linked to cancer therapies.

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Sources

• Luminate Medical - Y Combinator
• Luminate Medical raises $15m to support cancer patients at home
• Luminate Medical Secures $15M to Advance Cancer Care Innovations
• Luminatemed.com
• Illuminating quality of life during cancer care

7 The Media Features and Publications

Media Features and Publications

Luminate Medical Limited, a medical device company from Ireland, has been featured in various media outlets for its innovative approach to preventing side effects of cancer treatment. Key publications include EU-Startups, which reported on the company's funding rounds, and TechCrunch, which highlighted Luminate's technology for preventing hair loss during chemotherapy. Additionally, The Irish Times mentioned Luminate's recent funding to advance its cancer care products.

Content from Publications

Publications have emphasized Luminate Medical's mission to improve cancer treatment by reducing side effects such as hair loss and peripheral neuropathy. Their products, like Lily and Lilac, are designed to make cancer treatment more manageable for patients, enabling them to stay on their treatment plans longer. The company's commitment to patient-centered healthcare has been a focus of these publications.

Podcasts and Interviews

Aaron Hannon, CEO of Luminate Medical, participated in a spotlight interview at the LSI USA '23 Emerging Medtech Summit. In the interview, he discussed the company's approach to addressing cancer treatment side effects, including the development of wearable devices like Lily for hair loss prevention. Hannon highlighted the consumer-oriented design of Luminate's products, which aim to simplify treatment processes for patients.

Conference and Fair Visits

Luminate Medical has been active in the medtech innovation ecosystem, participating in events like the LSI USA '23 Emerging Medtech Summit. These platforms allow the company to showcase its technologies and collaborate with researchers and industry leaders to advance cancer care.

Event Involvement

The company's involvement in events focuses on showcasing its innovative devices and discussing future developments in cancer treatment. Luminate Medical benefits from being part of the innovation ecosystem around the University of Galway, providing access to top researchers and resources.

Sources

• Luminate Medical
• Luminate Medical - CB Insights
• Luminate Medical - About
• Luminate Medical - Y Combinator
• Aaron Hannon, Luminate Medical - Spotlight Interview | LSI USA '23