1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program is an initiative under the European Innovation Council (EIC) designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. Its primary goal is to foster the development and scaling of groundbreaking technologies and solutions, particularly in the DeepTech sector, which encompasses advanced technologies that require substantial research and development efforts. The EIC Accelerator provides financial support through a blend of grants and equity investments, catering to the diverse funding needs of emerging companies.
Funding Structure
The EIC Accelerator offers a unique funding structure that includes a grant component and an equity investment component:
Purpose in the European Ecosystem
The EIC Accelerator plays a pivotal role in enhancing the European startup ecosystem by bridging the gap between innovative ideas and market readiness. It aims to empower companies to transition from the research phase to commercial viability, ensuring that groundbreaking technologies can reach the market efficiently. By providing substantial financial backing, the EIC Accelerator encourages collaboration between startups and private investors, fostering a vibrant environment for innovation and technological advancement.
Role in Scaling Companies
The EIC Accelerator not only provides financial resources but also offers strategic support, mentorship, and networking opportunities. This holistic approach assists companies in refining their business models, enhancing their market strategies, and connecting them with potential investors and partners. By facilitating access to private funding sources, the EIC Accelerator helps startups build credibility and attract additional investments, which are crucial for long-term sustainability and growth.
Case Study: NICO-LAB BV and StrokeFlow
Company Overview: NICO-LAB BV, based in the Netherlands, is a recipient of the EIC Accelerator funding, having submitted a Step 2 proposal and subsequently winning in the Step 3 interview in October 2022. The company focuses on developing innovative solutions for healthcare, particularly in the realm of stroke treatment.
Project Acronym: StrokeFlow
Project Description: StrokeFlow aims to empower healthcare professionals to deliver timely and appropriate treatment for every stroke patient. The project harnesses advanced technology to improve decision-making processes in stroke management, ensuring that patients receive the right treatment promptly.
Technology Basics and Background
StrokeFlow leverages a combination of artificial intelligence (AI) and real-time data analytics to assist physicians in diagnosing and treating stroke patients. The technology employs sophisticated algorithms to analyze patient data and medical imaging, facilitating rapid assessments and identifying optimal treatment pathways.
Key Components:
Conclusion
The EIC Accelerator program significantly contributes to the European DeepTech landscape by supporting innovative companies like NICO-LAB BV and their transformative projects such as StrokeFlow. By providing substantial grant and equity funding, alongside strategic support, the EIC Accelerator empowers startups to scale their operations and deliver impactful solutions that address critical healthcare challenges. The advancements brought forth by StrokeFlow exemplify the potential of technology to enhance patient outcomes and revolutionize stroke management.
2 The Funding Rounds
Nicolab BV: Financing and Funding Events Since EIC Accelerator Win
Company: Nicolab BV
Country: Netherlands
EIC Accelerator Submission Date: October 5, 2022
Financing Raised & Funding Rounds
- Pre-IPO Investment Round (June 2021):
- Amount: AU$13 million
- Lead Investor: Canaccord Genuity Australia
- Purpose: Accelerate development of AI solutions and international growth
- Other Participants: A-list Australian institutional funds and family offices.
- Strategic Investment by Philips (September 2022):
- Amount: AU$6.45 million (at a price of AU$1.00 per share)
- Nature of Investment: Strategic partnership, including a shared product roadmap for a new combined offering.
- NLC Health Impact Fund Investment (Reported March 2024):
- NLC Health Ventures invested in Nicolab as part of their broader strategy to support healthtech ventures. Specific investment amounts were not disclosed for this particular round, but the fund has made strategic investments in AI-based healthcare innovators like Nicolab.
Timing and Amounts of Key Funding Rounds
| Date | Type/Stage | Amount Raised | Lead/Key Investors |
|---|---|---|---|
| June 30, 2021 | Pre-IPO Round | AU$13 million | Canaccord Genuity Australia + others |
| September 30, 2022 | Strategic Partnership | AU$6.45 million | Philips |
| Early-mid 2024 | Venture Fund Investment | Not disclosed | NLC Health Impact Fund |
</em>Exact date and amount not publicly specified; reported as part of NLC’s ongoing investments.
Investor Information
- Canaccord Genuity Australia: Led the major pre-IPO round.
- Philips: Strategic investor with an equity stake; partnership includes co-development on offerings leveraging both companies' strengths.
- Australian Institutional Funds & Family Offices: Participated in the pre-IPO round.
- NLC Health Ventures / NLC Health Impact Fund: Invested as part of its portfolio expansion into digital health innovations.
Company Valuation Details
Publicly available sources do not specify explicit post-money or pre-money valuations for each funding event. However:
There is no indication that company valuations associated with these rounds have been publicly disclosed beyond these details.
Exit Events (IPO/Buyout/M&A)
As of May 2025:
The most recent major financing events are the strategic investment from Philips and venture backing from NLC; both position the company for continued growth but do not indicate an imminent exit event such as IPO or M&A.
Summary Table – Key Funding Events Since EIC Accelerator Submission
| Event | Date | Amount |
|---|---|---|
| Pre-IPO Round | June 30, 2021 | AU$13M |
| Strategic Partnership | Sept 30, 2022 | AU$6.45M |
| Venture Backing | Reported March 24 | Undisclosed |
Investment by NLC Health Impact Fund announced in early March 2024.
No public IPO or acquisition event has occurred up to May 01, 2025.
Sources: Nicolab raises AU$13 million in pre-IPO investment round PrimaryMarkets – Nicolab Dutch healthtech venture builder NLC accelerates fundraising Techleap.nl – Finder profile EIT Climate KIC Startup Profile
3 The Press Releases
Nicolab’s EIC Accelerator Win and Recent Developments Nicolab (operating as NICO-LAB BV), a Netherlands-based stroke care innovator, secured funding through the October 2022 EIC Accelerator cut-off. The company was among 78 winners selected from over 1,000 applicants, receiving grant support to advance its AI-driven stroke diagnostic solutions.Key Updates and Partnerships
- StrokeViewer Platform: Nicolab’s FDA-cleared StrokeViewer LVO uses AI to detect large vessel occlusions (LVOs) in stroke patients via cloud-based CT analysis. The tool alerts physicians in real time, reducing treatment delays.
- Leadership: CEO Merel Boers, recognized for her technical and entrepreneurial expertise in medical imaging, has overseen the company’s expansion into European and U.S. markets. She also serves on TrianecT’s advisory board alongside healthcare leaders.
- Queensland Health Collaboration: Nicolab recently secured a standing offer arrangement with Queensland Health (Australia) to deploy StrokeViewer across 36 hospitals—the largest AI-powered stroke imaging rollout in Australia.
- Wellumio Partnership: In April 2025, Nicolab signed an MOU with Wellumio to integrate its portable MRI technology (Axana) with StrokeViewer. This aims to enhance point-of-care diagnostics for regional and remote areas.
While specific patent details or new blog posts from nicolab.com are not publicly disclosed in the provided sources, the company emphasizes its focus on accelerating stroke treatment workflows through AI and telehealth innovations.
Sources
- EIC Accelerator winners October 2022
- Nicolab’s EIC grant announcement
- StrokeViewer FDA clearance
- Merel Boers advisory role
4 The Technology Advancements
Nicolab's Post-EIC Accelerator Advancements in Stroke Care TechnologyNicolab BV (operating as Nicolab), a Netherlands-based MedTech company specializing in AI-driven stroke care solutions, has demonstrated significant progress since securing EIC Accelerator funding in February 2023 (announced date; exact award timing aligns with their 2022 application cycle). Key developments include:
Technological Enhancements
- MR Perfusion Integration: Nicolab expanded its StrokeViewer platform to incorporate MR perfusion imaging, enabling clinicians to access critical blood-flow data for improved decision-making in stroke cases.
- Portable MRI Collaboration: A strategic partnership with Wellumio aims to integrate the Axana portable MRI device with StrokeViewer, targeting faster field diagnosis and streamlined emergency workflows.
- AI Accuracy Validation: A UK-based assessment of StrokeViewer demonstrated promising results for large vessel occlusion (LVO) detection, supporting its adoption in thrombectomy services.
Market Demonstrations & Clinical Impact
- ESOC 2025 Participation: Nicolab will showcase StrokeViewer’s AI capabilities at the European Stroke Organisation Conference (21–23 May 2025) alongside Philips, emphasizing workflow optimization and clinical decision support.
- UMBRELLA Project Involvement: The company contributes to this EU initiative enhancing stroke care through AI-driven diagnostics and treatment protocols.
- Global Distribution Expansion: Through partnerships like Veritas Healthcare Solutions, Nicolab now offers StrokeViewer across broader regions via established medical networks.
Scientific Output & Regulatory Compliance
- Peer-Reviewed Publications: Collaborations with Lahey Hospital yielded a Journal of Neurointerventional Surgery study on machine learning’s ability to predict clot characteristics from imaging data.
- Regulatory Milestones: Compliance with EU/UK Medical Device Regulations (MDR) ensures adherence to stringent safety standards for StrokeViewer’s deployment.
While recent patent filings are not explicitly detailed publicly, ongoing R&D efforts under the EIC grant focus on workflow automation and diagnostic accuracy. The absence of new clinical trial announcements suggests current validations rely on retrospective or real-world data partnerships.
Sources
Nicolab News | ESOC 2025 Participation | Wellumio Collaboration | UK Thrombectomy Study | UMBRELLA Project | Veritas Partnership | MR Perfusion Update | MDR Compliance Announcement| Note: Specific subpages under nicoLab.com contain overlapping announcements; primary URLs are provided.
5 The Partnerships and Customers
NICO-LAB BV's Strategic Partnerships and Market Positioning NICO-LAB BV, a Netherlands-based MedTech company specializing in AI-driven stroke care solutions, has strategically aligned with key industry players to enhance its technological capabilities and market reach. Below is an analysis of its partnerships, customer relationships, and growth strategies based on recent developments:Key Partnerships
- Nature: A multi-faceted collaboration integrating NICO-LAB’s StrokeViewer platform with Philips’ stroke care technologies.
- Purpose: To optimize end-to-end stroke workflows by combining AI-powered imaging analysis (StrokeViewer) with Philips’ Azurion Angio suite and SmartCT 3D visualization tools. This addresses delays in treatment by enabling real-time data sharing between primary and intervention centers.
- Market Impact: Positions NICO-LAB as a leader in interoperable stroke care solutions within integrated hospital ecosystems.
Technology Advancements Through Partnerships
- AI Integration: The Philips partnership accelerates adoption of StrokeViewer’s LVO detection algorithms into existing imaging workflows, reducing diagnostic time for large vessel occlusions.
- Cloud Infrastructure: Collaborative development with Philips enhances interoperability, enabling seamless data exchange between hospitals—critical for telestroke networks and decentralized care models.
Scaling Strategies
- Geographic Expansion: Targeting Australia through Titan-linked initiatives while strengthening EU presence via the Philips alliance. Recent FDA clearances (e.g., StrokeViewer Perfusion) suggest growing U.S. market activity.
- Sales Momentum: Increased investment in commercial teams to capitalize on rising global demand for AI-driven acute care solutions, particularly post-EIC Accelerator funding (2022)[].
Future Outlook
NICO-LAB’s partnerships focus on embedding its AI tools into established medical ecosystems, ensuring scalability without direct competition against larger MedTech firms. By prioritizing interoperability—as seen with Philips—the company mitigates adoption barriers while aligning with value-based healthcare trends emphasizing speed-to-treatment metrics.Sources: While specific EIC Accelerator-related outcomes are not publicly detailed post-October 2022 cutoff date provided by the user, recent activities indicate sustained growth through strategic alliances:
- Nicolab Makes Leadership Transition | Nicolab (2023)
- Partnership With Royal Philips | Nicolab (Ongoing)
- FDA Clearance for StrokeViewer Perfusion | FDA (2023)
- NWR Virtual Healthcare Conference Presentation | YouTube (2024)
</em> Publicly available data does not explicitly link EIC Accelerator funds to specific partnerships post-submission.
6 The Hiring and Company Growth
NICO-LAB BV: Team Growth and Developments
NICO-LAB BV, a Netherlands-based company, has been a prominent player in the healthcare industry, particularly in stroke diagnosis and treatment. Since winning the EIC Accelerator funding on October 5, 2022, the company has continued to grow and enhance its position in the market.
Hiring and Team Growth
While specific details about the current headcount are not publicly available, Nicolab has been expanding its team with key appointments. One notable change is the appointment of Michael Macilquham as the Chief Executive Officer, which occurred in November 2023. This transition reflects Nicolab's strategy to accelerate growth through strong leadership and technological innovation.
Current Team Size
The exact size of Nicolab's team is not disclosed, but it includes a diverse group of researchers, developers, and medical specialists, which suggests a comprehensive approach to addressing stroke care challenges.
Hiring Status
There is no explicit information available on whether Nicolab is currently hiring. However, the company's growth trajectory and strategic leadership changes suggest ongoing efforts to enhance its capabilities and expand its team.
Growth and Expansion
Nicolab's growth is driven by its innovative solutions, such as the StrokeViewer platform, which has shown promising results in improving stroke diagnosis and treatment workflows. The integration of AI technology and collaborations with other healthcare innovators, like Wellumio, further highlight the company's commitment to growth and innovation.
Key Positions and Recent Hires
Michael Macilquham's appointment as CEO is a significant hire, bringing a strong background in healthcare technology and leadership experience from Siemens Healthineers. This appointment underscores Nicolab's focus on strategic growth and technology integration.
Impact of New Team Members
New team members, particularly those in leadership positions, will be crucial in helping Nicolab scale by providing strategic direction and operational expertise. These additions will enhance the company's ability to develop and deploy innovative solutions in stroke care, aligning with its mission to improve clinical decision-making and patient outcomes.
Management and Founding Team Changes
In addition to Michael Macilquham's appointment as CEO, Merel Boers continues to play a pivotal role as the founder and director. Her expertise in medical technology and image analysis in stroke has been instrumental in shaping the company's vision and direction.
Sources:
- Nicolab Homepage
- Our Team - Nicolab
- Nicolab - Products, Competitors, Financials, Employees
- Nicolab Makes Leadership Transition as Company Accelerates Growth
7 The Media Features and Publications
NICO-LAB BV (operating as Nicolab) Media and Engagement ProfileNicolab, headquartered in Amsterdam with operational ties to Australia, has emerged as a leader in AI-driven stroke care solutions. While specific details about its EIC Accelerator win in October 2022 are not publicly disclosed in the available sources, the company’s public-facing activities since then highlight significant milestones:
Media Features & Publications
- StrokeViewer FDA Clearance: Nicolab announced U.S. FDA 510(k) clearance for its CT Perfusion algorithm integrated into StrokeViewer®, emphasizing its role in rapid stroke diagnosis.
- Collaborative Research: The company partnered with Titan Neuroscience Research Australia to advance neurotechnology, and joined the UMBRELLA project to improve European stroke care workflows using AI.
- Industry Recognition: EIT Climate-KIC featured Nicolab’s StrokeViewer® as a groundbreaking tool for stroke diagnosis, highlighting CEO Merel Boers’ leadership.
Podcasts & Interviews
No specific podcasts or interviews were identified within the provided materials. However, CEO Michael Macilquham and board appointee Frans van Belle have been prominently featured in press releases regarding strategic leadership changes.Conferences & Events
- Clinical Integration Showcases: Nicolab entered reference-site agreements with Gold Coast Health (Australia) to deploy StrokeViewer®, demonstrating real-world clinical impact.
- Regulatory Milestones: The company achieved EU/UK Medical Device Regulation compliance for StrokeViewer®, underscoring its commitment to standardized stroke care technology.
Sources
- Homepage - Nicolab
- EIT Climate KIC Profile
- U.S. FDA Clearance Announcement
- UMBRELLA Project Participation
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