1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program is a key initiative under the European Innovation Council (EIC) aimed at supporting small and medium-sized enterprises (SMEs) and startups that are seeking to scale their innovative products and services. The program primarily targets deep-tech companies and those with high-impact innovations that address pressing societal challenges. It provides significant financial assistance, comprising both grants and equity investments, to help companies transition from innovative ideas to market-ready products.
Funding Details
The EIC Accelerator offers funding in two forms: grants and equity investments.
Purpose in the Ecosystem
The EIC Accelerator plays a vital role in the European startup and deep-tech ecosystem by bridging the funding gap that many innovative companies face during their early stages. By providing substantial financial support and facilitating access to private investment, the program empowers startups to scale their operations effectively. Moreover, it fosters collaboration among various stakeholders, including investors, researchers, and business leaders, creating a robust environment for innovation.
Role in Scaling Companies
One of the primary objectives of the EIC Accelerator is to help companies achieve market readiness and scale efficiently. The program not only provides funding but also offers advisory services, mentorship, and access to a network of investors and industry experts. This comprehensive support system enables companies to develop their business strategies, refine their products, and ultimately attract additional private-sector funding. The EIC Accelerator thus acts as a catalyst for innovation, enhancing the competitiveness of European startups on a global scale.
Case Study: OSTOFORM LIMITED and FlowAssist Pouch
OSTOFORM LIMITED, based in Ireland, is a recipient of the EIC Accelerator funding for its project, the FlowAssist Pouch. This innovative product aims to significantly enhance the quality of life for ostomy pouch users by addressing common skin issues associated with ostomy appliances.
Project Overview: FlowAssist Pouch
The FlowAssist Pouch introduces novel design features that improve the management of ostomy conditions. Traditional ostomy pouches often lead to skin irritation and discomfort, which can adversely affect the user’s lifestyle. The FlowAssist Pouch employs advanced materials and engineering techniques to create a product that not only minimizes skin issues but also improves the overall user experience.
Technology Basics and Background
The technology behind the FlowAssist Pouch is rooted in a deep understanding of user needs and the challenges faced by ostomy patients. The pouch is designed with unique features that promote skin health, such as breathable materials that reduce moisture and irritation. Additionally, the innovative design facilitates better adhesion and comfort, allowing users to engage in daily activities more confidently.
Moreover, the FlowAssist Pouch incorporates feedback from healthcare professionals and patients, ensuring that the product is tailored to meet the specific requirements of its users. By focusing on both functionality and user experience, OSTOFORM LIMITED aims to redefine the standards for ostomy products in the market.
Conclusion
The EIC Accelerator program is a pivotal force in the European innovation landscape, providing essential support to startups like OSTOFORM LIMITED. Through its funding mechanisms and strategic guidance, the program fosters the growth of transformative technologies such as the FlowAssist Pouch, ultimately enhancing the quality of life for individuals with specific medical needs. As the program continues to evolve, it remains committed to empowering the next generation of innovative companies in Europe.
2 The Funding Rounds
# Ostoform Limited: Funding Journey and Financial GrowthOstoform Limited, an Irish medical device company based in Mullingar, Co. Westmeath, has successfully secured multiple funding rounds to support its growth and development. The company specializes in designing and manufacturing medical seals for ostomy patients, with products that significantly reduce the risk of skin complications and improve quality of life.
EIC Accelerator Funding
In June 2022, Ostoform was among the 75 companies selected from 986 applications in the highly competitive European Innovation Council (EIC) Accelerator Program. The company secured €2.5 million in grant funding through this program, announced on October 20, 2022. This funding was part of the June 15, 2022 cut-off of the EIC Accelerator, where only 7.61% of applications were successful.
The EIC Accelerator Program, part of the EU's Horizon Europe 2021-2027 Research and Innovation Programme, provides substantial financial support to high-potential, high-risk startups and SMEs developing deep-tech products capable of creating new markets or disrupting existing ones.
Complete Funding History
Ostoform's funding journey includes several significant rounds:
Investor Information
Ostoform has attracted a diverse range of investors:
- BGF: A capital investor that takes minority positions in growing businesses, led the €3 million equity investment round in October 2021. Following this transaction, Mark Sykes from BGF joined Ostoform's board.
- Enterprise Ireland: Supported Ostoform in multiple funding rounds, including the BGF-led equity investment.
- HBAN MedTech Angel Investment Syndicate: An early investor that first backed Ostoform as it spun out of the University of Limerick in 2018 and continued supporting the company in subsequent rounds.
- SOS Ventures: Participated in the €1.1 million private investment round.
- Ireland Strategic Investment Fund (ISIF): Indirectly supported Ostoform through its backing of BGF in Ireland.
- Irish Banks: Major Irish banks have supported BGF in Ireland, which in turn invested in Ostoform.
Company Valuation and Exit Events
There is no publicly available information regarding Ostoform's specific company valuation or any exit events such as IPOs, buyouts, or acquisitions. As of the available data, the company appears to be in a growth phase, focusing on expanding its product pipeline and international reach, particularly in the US market where its products are being distributed by Medline.
Total Funding
Based on the available information, Ostoform has raised approximately €9.3 million in total funding across various rounds:
- €1.1 million private investment
- €3 million BGF-led equity investment
- €2.7 million DTIF grant
- €2.5 million EIC Accelerator grant
This substantial funding has positioned Ostoform for continued growth and development of its innovative medical device solutions for ostomy patients.
- EIC Accelerator winners and statistics June 2022
- Three Enterprise Ireland Companies Secure €24m in Horizon Europe Funding
- BGF leads €3 million investment round into Mullingar-based Ostoform
- Ostoform Raises €3 million in Funding Round
- Ostoform Secures €1.1m in Private Investment
3 The Press Releases
Ostoform Limited: EIC Accelerator Funding and Recent Developments
Ostoform Limited, based in Ireland, has been a notable recipient of the European Innovation Council (EIC) Accelerator funding, reflecting its innovative approach to healthcare solutions. The company received €2.5 million in grant funding through this prestigious program in October 2022. Here are some key developments and partnerships from Ostoform since it received the EIC funding:
Funding and Innovations
- EIC Accelerator Funding: Ostoform was awarded €2.5 million to advance its patented innovation, FLOWASSIST, which significantly reduces skin complications for ostomy pouch users and extends the overall wear time of ostomy appliances.
- FLOWASSIST Innovations: The funding supports Ostoform's mission to make its technology more widely available and sustainable globally.
Partnerships and Contracts
- Premier, Inc. Agreement: Ostoform secured a Technology Breakthrough designation for FLOWASSIST with Premier, Inc., indicating its potential for significant clinical improvement.
- Vizient Innovative Technology Contract: Ostoform also received an Innovative Technology contract from Vizient, Inc., highlighting FLOWASSIST's innovative value in the healthcare sector.
- Medline Industries U.S. Distribution Agreement: Ostoform has a U.S. distribution agreement with Medline Industries, enhancing its market reach.
Team Updates
Press Releases and Updates
Ostoform publishes updates on its website, including news about funding, partnerships, and product developments. These updates highlight the company's growth and innovation in the healthcare sector.
Additional Funding
- Disruptive Technologies Innovation Fund: Ostoform and its partners received €2.67 million through this fund, further supporting its R&D efforts.
- €3 Million Equity Investment: Led by BGF, Ostoform raised €3 million in an equity investment round, demonstrating investor confidence in its technology.
Clinical Studies and Exhibitions
- Clinical Study Publication: Results of a clinical study on Ostoform's products were published in Advances in Skin & Wound Care, validating its clinical effectiveness.
- Exhibitions: Ostoform participated in notable medical conferences like WOCNext® 2022 and Medica 2021, showcasing its innovations.
4 The Technology Advancements
OSTOFORM LIMITED: Post-EIC Accelerator Funding Advancements and Market ProgressSince securing €2.5 million in non-dilutive grant funding through the European Innovation Council (EIC) Accelerator program in October 2022, Ostoform Limited has focused on scaling its FLOWASSIST technology and expanding market reach. Below is a detailed analysis of their advancements based on publicly available information:
Core Capabilities
Ostoform specializes in developing medical devices for ostomy patients, particularly focusing on preventing peristomal skin complications. Their flagship product, the Ostoform Seal with FLOWASSIST, combines absorbent and non-absorbent materials to divert acidic output away from the skin, reducing dermatitis risks. The technology targets ileostomy and urostomy patients, addressing a global market of ~1 million patients annually.Post-EIC Accelerator Developments
#### Technology Scaling The EIC funding enabled acceleration of FLOWASSIST’s production scalability and sustainability initiatives. While specific technical upgrades are not detailed publicly, ongoing collaborations—such as their May 2024 partnership with Ross Polymer Ltd and Technological University Shannon under Ireland’s Disruptive Technologies Innovation Fund—signal active R&D efforts to refine material science and manufacturing processes.Market Demonstrations & Commercialization
- Contract Wins: In 2023–2024, Ostoform secured an Innovative Technology contract from Vizient Inc., a major U.S. healthcare procurement organization, validating clinical efficacy for hospital adoption.
- Clinical Validation: Prior to 2022, studies showed a 45% reduction in skin complications using the Ostoform Seal, but no new trial results have been published post-EIC award. However, Health Innovation Hub Ireland (HIHI)-supported trials demonstrated “statistically significant” improvements in patient outcomes earlier.
Regulatory & Partnerships
- The product is reimbursed by Ireland’s HSE and distributed via U.S. partners like Medline Industries, though recent distribution expansions remain unspecified.
- Participation at events like WOCNext® 2022 highlights ongoing engagement with clinicians to promote adoption.
Intellectual Property & Research Outputs
No new patents or peer-reviewed studies are explicitly cited since October 2022. However:- Previous EU-funded projects (e.g., Horizon Europe) emphasized proprietary material combinations for ostomy care .
- Earlier clinical results were published in Advances in Skin & Wound Care, but no subsequent studies are mentioned post-EIC grant .
Sources Used:
- Ostoform Receives Innovative Technology Contract from Vizient
- Irish Company Ostoform Provides Solutions for Patients Post-Surgery (Archived URL fragment; full link unavailable)
-auto-corrected URL may require manual search for "Ostoflow" + HIHI]
-New Projects Sought for €500M Disruptive Technologies Fund
-Europa Project ID 858615
-Europa Project ID 807094
-Ostoform EIC Accelerator Announcement
-DevelopmentAid Profile
-Silicon Republic Funding Report
Note: Some URLs may require manual adjustment due to formatting constraints.
5 The Partnerships and Customers
OSTOFORM LIMITED: Strategic Partnerships and Market Positioning Post-EIC Accelerator FundingSince securing €2.5 million in non-dilutive grant funding through the European Innovation Council (EIC) Accelerator program in October 2022, Ostoform has expanded its partnerships and customer base to accelerate product development, enhance market reach, and improve patient outcomes for ostomy care. Below is an analysis of its collaborations and strategic positioning:
Key Partnerships & Customers
- Medline Industries: A major U.S. distributor of Ostoform's FLOWASSIST seals, enabling access to the critical American healthcare market.
- Rhodes Pharma StoCare: A UK partnership focused on introducing innovative ostomy care solutions with an emphasis on sustainability, including recyclable materials.
- Premier Inc.: Awarded a "Technology Breakthrough" designation for FLOWASSIST, granting visibility across Premier’s network of U.S. hospitals and providers.
- Vizient Inc.: Secured an Innovative Technology contract to supply FLOWASSIST products to Vizient’s member institutions, which include over 50% of U.S. healthcare providers.
- Disruptive Technologies Innovation Fund (DTIF) Consortium: Collaborating with Ross Polymers and Technological University Shannon (TUS) to develop a next-generation ostomy pouch aimed at reducing skin complications through advanced material science.
Nature & Purpose of Relationships
1. Commercial Expansion: Partnerships with Medline, Premier, and Vizient focus on scaling distribution in the U.S., leveraging their established networks to accelerate adoption.2. Sustainability-Driven Innovation: The Rhodes Pharma collaboration emphasizes eco-friendly product design, aligning with global trends toward reduced plastic waste in medical devices.3. R&D Advancements: Through DTIF funding (€2.7 million granted earlier), Ostoform is working with academic and industrial partners like TUS to enhance material durability and user comfort in ostomy pouches.
Market Positioning & Competitive Edge
By aligning with tier-1 distributors like Medline and Vizient, Ostoform has positioned itself as a premium provider of peristomal skin protection solutions globally. Its clinical validation—including studies demonstrating statistically significant reductions in skin complications—strengthens credibility among clinicians. The EIC Accelerator funding further validates its technological edge in addressing unmet needs for ileostomy patients.
Technology Advancements & Scaling Impact
Ostoform’s partnerships facilitate:- Faster Commercialization: Direct access to Medline’s supply chain accelerates deployment across U.S. hospitals^.
- Material Science Breakthroughs*: Collaboration with Ross Polymers aims to optimize polymer formulations for better adhesion under diverse stoma conditions[^.
- Sustainability Credentials*: Recyclable material adoption via Rhodes Pharma enhances brand differentiation in environmentally conscious markets like the UK/EU[^.
Sources
[BGF leads €3 million investment round into Mullingar-based Ostoform · Clinical Studies - Ostoform · Health Innovation Hub Ireland - Ostoform Case Study · Ostoform News · Rhodes Pharma Partnership · Ireland's DTIF Launch Announcement.6 The Hiring and Company Growth
OSTOFORM LIMITED: Post-EIC Accelerator Growth and Team DynamicsOstoform Limited, an Irish medical device company specializing in ostomy care innovations, has demonstrated steady growth since its 2016 founding. While specific hiring campaigns or recent job postings are not publicly disclosed, financial and operational data provide insights into their team structure and scaling efforts.
- Current Headcount: Employee numbers have fluctuated in recent years, with reports indicating between 3–9 employees depending on the year. The most recent data from December 2022 suggests a small but focused team.
- Team Growth Trajectory: Following their EU Horizon 2020 funding (SME Instrument Phase 2) and additional private investment of €1.1 million, the company expanded its manufacturing capabilities and clinical testing programs. However, explicit hiring figures post-2020 are not publicly available.
- Key Positions: Ostoform’s focus on bringing its FLOWASSIST-based products to market likely involves specialized roles in R&D, regulatory affairs, and production. Their latest CRO filings (December 2024) include mortgage/charge documents tied to potential infrastructure expansion, implying operational scaling that may require technical or managerial hires.
- Management Stability: Directors listed since incorporation remain active as of late 2023 filings, with no public indications of leadership changes. Mr Kelleher is identified as a long-standing director affiliated with multiple Irish companies.
- Future Scaling: The establishment of a full manufacturing line under the OSTOFORM project aligns with their goal to address a $725 million annual market for ostomy devices by improving production capacity. New team members would likely support commercialization efforts across EU and US markets post-regulatory approvals.
Sources
7 The Media Features and Publications
Ostoform Limited: Enhancing Ostomy Care through Innovation
Ostoform Limited, an Irish-based medical device company, has been making significant strides in improving the quality of life for ostomy patients since its establishment in October 2016. Following its success in securing €2.5 million in non-dilutive grant funding from the European Innovation Council (EIC) Accelerator Program in October 2022, Ostoform has continued to push the boundaries of stoma care innovation.
Media Features and Publications
Ostoform Limited has been featured in various publications and case studies, particularly highlighting its pioneering FLOWASSIST technology. This technology is clinically proven to reduce skin complications associated with ostomies, addressing a critical need for improved skin health among ostomy patients. The company's efforts have been documented in case studies by Health Innovation Hub Ireland (HIHI), showcasing its commitment to solving age-old problems in ostomy care.
Podcasts and Interviews
While there is no specific information available about podcasts or interviews conducted by Ostoform's team, their participation in conferences and publications suggests a strong focus on sharing clinical evidence and product insights.
Conference and Fair Visits
Ostoform has actively participated in several notable conferences, including WOCNext® 2022 and Medica 2021. These events provided platforms for showcasing its innovative products and engaging with the global medical community.
Involvement in Events
Following the EIC funding, Ostoform has maintained a robust presence in the medical device sector. The company was awarded innovative technology contracts by major healthcare organizations like Premier, Inc. and Vizient, Inc., further solidifying its position in the market.
Additional Funding and Partnerships
In addition to the EIC funding, Ostoform has secured other significant investments, including a €3 million equity investment led by BGF. The company is also part of a consortium that received €2.67 million through the Disruptive Technologies Innovation Fund.
Clinical Studies and Evidence
Ostoform's clinical studies have been published in reputable journals such as Advances in Skin & Wound Care, demonstrating the effectiveness of its FLOWASSIST technology in reducing leaks and improving skin health.
Sources
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