1 The EIC Accelerator Project
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and start-ups, particularly in the DeepTech sector. The program aims to foster innovation and scale-up high-risk, high-potential projects that can lead to significant economic and societal impacts across Europe. The EIC Accelerator offers blended finance, which combines grants and equity investments, ensuring that innovative companies can secure the necessary funding to advance their projects and reach commercial viability.The funding available through the EIC Accelerator comprises two components: a grant of up to €2.5 million and equity financing that has seen varying limits over the years. Until 2024, companies can receive equity investments of up to €15 million. Since 2025, this limit has been adjusted to a maximum of €10 million. The blend of grant and equity financing allows companies not only to mitigate risk through non-dilutive funding but also to gain access to substantial capital that can catalyze growth and scalability in competitive markets.
The EIC Accelerator plays a crucial role in the European startup ecosystem by providing targeted support for DeepTech innovations. It acts as a bridge for companies to access private sector funding by enhancing their credibility and reducing perceived risks associated with investing in high-tech startups. This support is particularly valuable for companies operating in complex fields such as biotechnology, advanced materials, and other high-tech industries, where traditional financing avenues may be limited.
An exemplary winner of the EIC Accelerator is PLAS-FREE LTD, which was awarded funding for their project, ClearPlasma. Submitted on October 6, 2021, as part of the Step 2 proposal, PLAS-FREE LTD successfully advanced to the Step 3 interview phase, ultimately securing support for their innovative technology.
ClearPlasma focuses on developing an advanced filtration system designed to enhance the coagulation properties of plasma units. This innovation is particularly critical for treating patients experiencing massive bleeding, such as those undergoing major surgeries or trauma care. The technology addresses a significant challenge in transfusion medicine, where the quality and efficacy of plasma can be compromised due to various factors, including storage conditions and the presence of contaminants.
The underlying technology of ClearPlasma involves a proprietary filtration process that optimally separates and purifies plasma components, ensuring that the resulting product maintains its functional integrity and coagulation capabilities. This is achieved through a combination of selective filtration techniques and innovative materials that are designed to operate efficiently within clinical settings. The system is engineered to be user-friendly, allowing healthcare providers to implement the filtration process seamlessly as part of patient care protocols.
PLAS-FREE LTD's ClearPlasma project exemplifies the type of high-impact innovation that the EIC Accelerator seeks to promote within the European market. By addressing critical healthcare needs and enhancing treatment outcomes, ClearPlasma not only represents a significant advancement in transfusion technology but also positions itself as a pivotal player in the ongoing evolution of medical treatment for patients facing life-threatening conditions. The EIC Accelerator’s support will enable PLAS-FREE LTD to further develop and commercialize this technology, ultimately contributing to improved patient care and outcomes across Europe and beyond.
For more information on PLAS-FREE LTD and the ClearPlasma project, visit their website at plas-free.com.
2 The Funding Rounds
Plas-Free Ltd: Financing and Funding Overview Since EIC Accelerator Award
Plas-Free Ltd, based in Israel, is a clinical-stage healthtech company specializing in blood purification devices. Below is a detailed overview of the company's financing, funding rounds, investors, timing and amounts of funding rounds, valuation insights, and any exit events since their successful EIC Accelerator application submitted on October 6, 2021.
Financing Raised
- Plas-Free has raised a total of approximately $2.63 million (USD) to date as disclosed by Startup Nation Finder.
- The most significant single round was $1.76 million.
Funding Rounds: Timing, Amounts & Stages
| Date | Round/Type | Amount | Investor(s)/Source |
|---|---|---|---|
| June 2020 | Grant | N/A | EIT Health |
| October 2021 | Grant (EIC Accelerator Step 3 win) | €1.3 million | European Innovation Council |
| December 2021–August 2022 | Mixed Grant + Investment | ~€1.8M grant + €2.1M equity investment (€3.9M total) | European Innovation Council |
| Last reported funding (Date undisclosed) | Series A | $1.76 million | Not publicly disclosed |
</em>The combined €3.9M package from the EIC included both non-dilutive grant funding (€1.8M) and an equity investment (€2.1M).
Total number of reported rounds: Four.
Investor Information
- Major public investors include:
- European Innovation Council (EIC), which provided both grant and direct equity investment.
- EIT Health for earlier-stage grant support.
- The full list of private investors remains undisclosed; at least two are noted on financial trackers but not named publicly.
Company Valuations
Exit Events: IPOs or Acquisitions
- As of April 23, 2025:
- There have been no announced IPOs (Initial Public Offerings).
- No buyout or acquisition events have been reported for Plas-Free Ltd.
The company continues to operate privately with its main financial growth driven by grants and early-stage investments focused on product development and commercialization within the medtech sector.
Summary Table
| Metric | Details |
|---|---|
| Total Funding Raised | ~$2.63 million USD |
| Number of Funding Rounds | Four |
| Key Investors | European Innovation Council (EIC), EIT Health |
| Largest Single Round | $1.76 million USD |
| Notable Grants | €3.9 million package from the EU's Horizon/EIC program |
| Public Valuation Data | Undisclosed |
| Exit Events | None as of April 23, 2025 |
Plas-Free’s strategy indicates ongoing focus on clinical validation with continued reliance on strategic public innovation funds rather than large-scale venture capital or private equity at this stage.
Sources
- Plas-Free Financials — Startup Nation Finder
- PlasFree company information — Hamburg Dealroom
- NEWS — Plas Free
3 The Press Releases
PLAS-FREE LTD is an Israeli clinical-stage HealthTech company specializing in innovative blood purification medical devices. Since winning the European Innovation Council (EIC) Accelerator funding on October 6, 2021, PLAS-FREE has made several significant advancements and announcements related to its technology, clinical studies, partnerships, and product development.Press Releases and Updates
Partnerships and Investments
No explicit new partnerships were detailed on their website or news section directly after their EIC award date; however, ongoing collaboration with European clinical partners can be inferred due to active trials registered at ClinicalTrials.gov involving ClearPlasma usage in gastrointestinal bleeding patients.
Team Updates & Patents
There are no specific public disclosures found regarding team expansions or patent grants following the EIC award in October 2021 within available press releases or blog posts on plas-free.com.
Summary of Corporate Communications Post-EIC Award
Since receiving the EIC Accelerator funding:
- PLAS-FREE has focused communications primarily around advancing its ClearPlasma technology into clinical testing stages.
- The company announced successful initiation of pivotal first-in-human studies addressing critical bleeding disorders.
- They continue emphasizing innovation addressing major global health challenges related to hemorrhagic mortality.
- Funding announcements highlight confidence by EU bodies toward commercialization readiness efforts.
Overall, PLAS-FREE's developments post-EIC funding concentrate on validating their proprietary filtration technologies clinically while preparing for broader market introduction aimed at reducing mortality associated with severe hemorrhages through safer transfusion products.
Sources
PLASFREE News PLASFREE Website - Technology Description Product Pipeline Overview European Innovation Council Success Story4 The Technology Advancements
Current Capabilities of PLAS-FREE LTD
PLAS-FREE LTD is a clinical-stage HealthTech company based in Israel, specializing in the development and commercialization of vital fluid absorbent devices for blood purification. One of its key products is the ClearPlasma device, an innovative filtration system designed to remove plasminogen and tissue plasminogen activator (tPA) from plasma units. This technology enhances the coagulation properties of plasma, particularly beneficial in treating patients with massive bleeding by reducing fibrinolysis.
Advancements Since EIC Accelerator Funding
Since receiving the EIC Accelerator funding in October 2021, PLAS-FREE LTD has made significant advancements:
- Clinical Trials and Studies: The company has initiated clinical studies for its ClearPlasma device. Notably, it has conducted a study examining its use in patients with upper gastrointestinal bleeding and is involved in a multi-center, international clinical trial assessing its safety and performance in patients undergoing coronary artery bypass or valve replacement surgeries.
- Funding and Grants: PLAS-FREE LTD received substantial funding from the European Union's Horizon 2020 program and additional grants, which have supported its research and development efforts.
Technology Improvements and Demonstrations
- ClearPlasma Device: The device has demonstrated its effectiveness in improving coagulation by removing plasminogen and tPA, leading to reduced bleeding in patients with massive bleeding. This has also resulted in lower treatment costs and improved outcomes.
- Market Demonstrations: The technology has been showcased at medical conferences and trade fairs, such as MEDICA, highlighting its potential in clinical settings.
Patents and Scientific Publications
- Intellectual Property: PLAS-FREE LTD has a strategic focus on protecting its intellectual property, with a portfolio of pending patents. However, specific details about new patents filed since the EIC funding are not publicly available.
- Clinical Trials and Studies Publications: While the company is actively engaged in clinical trials, there is no recent information on new scientific studies or whitepapers published since the funding.
Conclusion
PLAS-FREE LTD has made considerable progress in advancing its ClearPlasma technology, leveraging the EIC Accelerator funding to enhance its clinical research and development capabilities. The company's innovative approach to blood purification has shown promise in improving outcomes for patients with massive bleeding.
Sources
- Plas Free
- Czech-Israeli joint R&D call for proposals 2023 webinar
- A Pre-market, Multi-center, International, Double-blind, Randomized ...
- NEWS - Plas Free
- PlasFree – ClearPlasma
- EIC Accelerator winners and success rate (October 2021 call)
- INTELLECTUAL PROPERTY - Plas Free
- PLAS-FREE LTD of Nazareth at MEDICA 2024 in Düsseldorf
5 The Partnerships and Customers
Plas-Free Ltd. Partnerships and Market Positioning Post-EIC Accelerator Funding Since winning the EIC Accelerator grant in October 2021, Plas-Free Ltd. has focused on clinical validation and commercialization of its ClearPlasma™ technology while exploring strategic collaborations to enhance market penetration.Key Partnerships and Collaborations
- Czech Clinical Trials: Plas-Free conducted clinical studies in cardiac surgery units across Ostrava, Olomouc, and Hradec Kralove (Czech Republic) to validate ClearPlasma’s efficacy in reducing bleeding risks during transfusions. These trials aim to secure local grants for further studies, positioning the company as a leader in trauma-related hemorrhage prevention.
- Horizon 2020 Support: The company received Horizon 2020 funding (Grant Agreement No. 882231) for its ammonia-removing AAPC-300 device, highlighting EU-backed innovation in hepatic encephalopathy treatment.
Market Strategy
The EIC Accelerator funding enables Plas-Free to scale production of ClearPlasma™, which reduces plasma unit requirements by up to 45% during transfusions. By targeting critical care markets—particularly trauma and cardiac surgery—the company aims to reduce mortality rates linked to fibrinolysis while lowering healthcare costs.Technology Advancements Through Collaborations
Clinical partnerships provide real-world validation for ClearPlasma’s plasminogen removal mechanism, enhancing regulatory compliance and adoption in EU hospitals. The AAPC-300 device further diversifies its portfolio by addressing hyperammonemia, leveraging chemical affinity resin technology developed under Horizon 2020.Sources
- Plas Free: Blood Purification Specialist Focusing In Critical Care
- Czech-Israeli joint R&D call for proposals 2023 webinar (TA CR-IIA)
- PlasFree – ClearPlasma - Evolution Europe
6 The Hiring and Company Growth
Since receiving the EIC Accelerator funding in October 2021, Plas-Free Ltd, an Israeli medical device company specializing in blood purification technologies for critical care, has shown progress primarily through its product development and clinical stage activities. However, specific publicly available data on their team growth metrics such as current headcount, hiring status, or detailed recent hires is limited.Hiring and Team Growth
- The company was founded in 2017 and remains a private clinical-stage entity focused on innovative plasma filtration devices like ClearPlasma and AAPC-300.
- There is no explicit information found about current team size or how much the team has grown since their EIC Accelerator award.
- Their management team includes key positions such as CEO, CMO/Founder, COO, CFO, R&D manager along with several medical doctors who serve on their board or advisory roles.
- No public announcements were identified regarding recent major hires or new key positions filled after the funding.
- There are also no clear indications whether Plas-Free is actively recruiting new employees at this moment.
Implications of Team Composition for Future Growth
Though specific hiring details are unavailable:
- The presence of a multidisciplinary leadership including operational (COO), financial (CFO), research & development (R&D manager), clinical founders (MDs) suggests that Plas-Free maintains a balanced executive structure to scale product development and commercialize its technology effectively.
- Continued focus on innovation with EU Horizon 2020 grant backing indicates investment into technical expertise likely aligned with expanding capabilities to support regulatory approval processes and market entry strategies.
Management Changes
No public information indicates any major changes in the management or founding teams post-EIC Accelerator funding.
In summary, while detailed data regarding Plas-Free's headcount growth or recruitment activity after winning EIC Accelerator funding is not publicly accessible from available sources as of April 2025, the company sustains a structured leadership team poised for advancing its critical care blood purification solutions. The stable management composition supports scaling efforts as they progress towards broader commercialization.
Sources:
7 The Media Features and Publications
PLAS-FREE LTD: Media Presence, Publications, and Event Participation PLAS-FREE LTD, an Israeli clinical-stage HealthTech company specializing in blood purification devices, has maintained a focused presence in medical innovation circles since its 2017 founding. While direct media coverage is not extensively documented in publicly available sources, the company's activities and product developments provide insight into its engagement with industry stakeholders.Key Events and Engagements
- MEDICA 2024 Participation: PLAS-FREE exhibited at MEDICA 2024 in Düsseldorf, showcasing its ClearPlasma device for plasminogen removal from blood products. The conference profile emphasizes the device’s non-pyrogenic design and compatibility with existing transfusion systems.
- ICI Meeting Lecture: CEO Dr. Zeev Dvashi presented at the Innovations in Cardiovascular Interventions (ICI) forum, though specifics of the lecture content are not disclosed. This aligns with the company’s focus on critical care innovations like hyperammonemia management using its AAPC-300 device.
Technology Highlights
- ClearPlasma: A single-use filtration system targeting plasminogen to reduce bleeding complications during transfusions. Preclinical data suggest a 45% reduction in plasma unit requirements during severe bleeding episodes.
- AAPC-300: Designed for rapid ammonia removal (under 1.5 hours) to mitigate neurological damage in hepatic encephalopathy patients.
Funding and Development Timeline
The company received Horizon 2020 funding under grant agreement No. 882231 for plasma filtration technology development, though specific EIC Accelerator award details (submitted October 2021) are not explicitly cited in available materials. Post-2020 documentation highlights ISO13485 certification progress and planned clinical trials for U.S./European markets.Sources
- PLAS-FREE Official Website
- MEDICA 2024 Exhibitor Profile
- PlasFree Aug 2020 Technical Brief
- ICI Meeting Lectures List
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