1 The EIC Accelerator Project

The EIC Accelerator program stands as a crucial component within the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs), particularly those engaged in deep-tech and innovative solutions. This program provides funding to startups and scale-ups with high potential for growth and innovation, particularly in sectors such as biotechnology, information technology, and advanced manufacturing.

Funding Overview

The EIC Accelerator offers two primary forms of financial support: grants and equity financing.

Purpose of the EIC Accelerator

The EIC Accelerator aims to foster innovation and entrepreneurship within the European deep-tech ecosystem. By providing critical financial resources and support, the program seeks to bridge the gap between early-stage research and market deployment. This is particularly relevant for startups and SMEs that often struggle to access sufficient funding from private investors due to perceived risks associated with innovative and unproven technologies.

The program also plays a pivotal role in helping companies scale by facilitating connections with private sector investors, enhancing visibility, and providing access to strategic partners. By doing so, the EIC Accelerator not only supports individual companies but also contributes to the overall competitiveness and innovation landscape within Europe.

QLUCORE AB and the QIandQD Project

QLUCORE AB, a Swedish company, emerged as a notable winner of the EIC Accelerator program with its project titled QIandQD. Submitted on November 8, 2023, the project focuses on developing the first IVDR-approved commercial software solutions for AI-powered RNA-based companion and precision cancer diagnostics, specifically targeting acute myeloid leukaemia (AML) and bladder cancer.

Project Description

The QIandQD project aims to revolutionize cancer diagnostics through advanced artificial intelligence and RNA sequencing technologies. The software developed by QLUCORE will enable healthcare professionals to provide more accurate and personalized treatment plans for patients suffering from AML and bladder cancer. By leveraging AI algorithms to analyze complex RNA data, the software will facilitate early detection, better prognostication, and tailored therapeutic strategies, ultimately improving patient outcomes.

Technology Background

The technology underlying the QIandQD project is grounded in the integration of artificial intelligence with RNA-based diagnostics. RNA sequencing has emerged as a powerful tool in understanding the molecular underpinnings of cancer. By analyzing the expression profiles of RNA molecules, researchers can identify specific biomarkers associated with different cancer types.

AI algorithms can process vast amounts of RNA sequencing data, finding patterns and correlations that are not easily detectable through traditional analytical methods. This enables more precise classifications of cancer subtypes, which is critical for the development of personalized medicine approaches. The IVDR (In Vitro Diagnostic Regulation) approval indicates that the software meets rigorous standards for safety and effectiveness, ensuring it can be reliably used in clinical settings.

Conclusion

The EIC Accelerator program plays an instrumental role in nurturing innovative companies like QLUCORE AB, providing essential funding and support to bring groundbreaking technologies to market. The QIandQD project exemplifies how AI and RNA diagnostics can transform cancer care, showcasing the potential of deep-tech innovations to enhance healthcare outcomes. As the European landscape continues to evolve, programs like the EIC Accelerator will remain vital in fostering innovation and supporting the next generation of impactful technologies.

2 The Funding Rounds

# Qlucore AB: EIC Accelerator Funding and Financial Overview

Qlucore AB, a Swedish AI software company specializing in bioinformatics and cancer diagnostics, secured a significant grant from the European Innovation Council (EIC) Accelerator program following the November 8, 2023 cut-off date. The company has developed software that enables deeper insights into complex data, with applications in both research and clinical cancer diagnostics.

EIC Accelerator Funding

Qlucore was selected for funding in the EIC Accelerator program following the November 8, 2023 cut-off date, with results published on February 28, 2024. The company received a grant of €2.5 million (approximately 27 MSEK) to advance personalized cancer treatment. This funding is specifically aimed at developing and launching CE-marked software for clinical cancer diagnostics, with an initial focus on acute myeloid leukemia (AML) and bladder cancer.

The EIC Accelerator program is highly competitive, with only 42 companies selected for funding in this particular round, representing a combined success rate of approximately 3.9% for Steps 2 and 3 of the application process. The total budget allocation for this funding round was €285 million.

Previous Funding Rounds

Prior to the EIC Accelerator grant, Qlucore secured significant private investment:

• In March 2021, Qlucore completed a pre-IPO private placement, raising SEK 30 million (USD 3.5 million) to accelerate sales activities and expand their technical team. This funding round was led by Eiffel Investment Group, a French asset management firm, along with select long-term strategic institutional and private investors. The pre-IPO was conducted at a price of SEK 420.00 per share.
• As of the latest available data, Qlucore's total funding amounts to approximately €6.3 million, which includes the EIC Accelerator grant.

Company Valuation

As of May 2025, Qlucore AB has:

• Market capitalization: SEK 20.95 million
• Enterprise value: SEK 4.50 million
• Price-to-Sales (PS) Ratio: 0.81
• Price-to-Book (PB) Ratio: 0.32

The company's stock price has decreased by 30.82% over the past 52 weeks, with a beta of 0.40, indicating lower price volatility compared to the market average.

Investor Information

Ownership structure of Qlucore AB includes: - Insider ownership: 26.16%

• Institutional ownership: 32.69%
• Float (freely tradable shares): 2.58 million shares out of 4.03 million total outstanding shares

The Board and management of Qlucore participated in the 2021 pre-IPO private placement, demonstrating their confidence in the company's future.

Financial Performance

For the most recent reporting period, Qlucore AB reported:

• Revenue: SEK 26.00 million
• Operating income: SEK -21.63 million
• Net income: SEK -20.91 million
• Loss per share: SEK -5.19

Future Outlook

Qlucore is focusing on expanding its cancer diagnostics business, which the company anticipates will see the biggest growth in the future. The three-year EIC Accelerator grant will support the development and launch of CE-marked software for clinical cancer diagnostics, specifically targeting AML and bladder cancer initially.

The company also aims to establish collaborations with pharmaceutical companies in companion diagnostics (CDx), potentially opening additional revenue streams. The next estimated earnings date for Qlucore is February 28, 2025.

Sources: - EIT Health - Qlucore company information

• Qlucore - Collaborations and Partners
• Qlucore secures SEK 30 million for international expansion%20for%20international%20expansion.pdf)
• Qlucore AB Statistics & Valuation Metrics
• Unveiling the Latest EIC Accelerator Results

3 The Press Releases

QLUCORE AB's EIC Accelerator Funding and Project Developments QLUCORE AB, a Sweden-based innovator in AI-driven cancer diagnostics, secured a €2.5 million grant through the EIC Accelerator program following the November 8, 2023, cut-off. The funding supports the development of CE-marked software solutions for RNA-based companion diagnostics targeting acute myeloid leukemia (AML) and bladder cancer.

Key Project Details

• Objective: Launch IVDR-compliant software for clinical laboratories in Europe (phase one) and expand to the U.S. market later.
• Technology: AI-powered RNA-seq analysis to classify cancers using gene fusions and expression signatures.
• Regulatory Compliance: Builds on Qlucore’s existing IVDR-approved BCP-ALL solution for acute lymphoblastic leukemia.

The three-year project includes collaboration with pharmaceutical companies to develop companion diagnostics (CDx) tools alongside therapeutic products. CEO Carl-Johan Ivarsson emphasized that the grant validates their strategic focus on RNA-based precision medicine and strengthens their market position.

Funding Impact
The non-dilutive grant accelerates product development while minimizing equity dilution. GAEU Consulting assisted Qlucore’s successful application, highlighting rigorous preparation for the competitive process (3.9% combined success rate for Steps 2–3).

---

Sources

• Qlucore starts project after receiving prestigious EU grant
• GAEU Consulting's Client Qlucore secures €2.5M from EIC Accelerator

| EIC Accelerator-Nov 8 2023 Cut Off PDF

4 The Technology Advancements

Qlucore AB: Current Capabilities and Advancements

Qlucore AB, a Swedish bioinformatics company, specializes in visualization-based solutions for precision medicine, focusing on cancer diagnostics. Since receiving the EIC Accelerator funding in late 2023, Qlucore has made significant advancements in its technology and business strategy.

Current Capabilities

Qlucore offers innovative software solutions like Qlucore Diagnostics, which combines machine learning with gene expression and gene fusion analysis. This technology enables the classification of cancer subgroups, enhancing diagnostics and personalized treatment options. Qlucore Insights supports additional disease models, positioning the company at the forefront of RNA-seq based clinical diagnostics.

Advancements Since EIC Funding

Demonstrations and Trials

While specific details on demonstrators, pilots, or clinical trials are not extensively documented, Qlucore's focus on preparing for the launch of its products for clinical use indicates ongoing engagement with potential customers and clinical settings. The company's solutions have been recognized for their potential to improve cancer diagnostics, suggesting active involvement in clinical environments.

New Patents, Studies, or Whitepapers

There is no recent information available on new patents filed by Qlucore AB since the EIC funding. However, the company's participation in EU-funded projects, such as the one for cardiovascular disease prevention, highlights its involvement in scientific research beyond its immediate focus on cancer diagnostics.

---

Sources: - Qlucore

• Qlucore Moves Closer to IVDR Certification of Dx Software for Leukemia Testing
• QLUCORE: Delayed CE approval suggests upcoming need for ...
• Qlucore starts project after receiving prestigious EU grant to advance personalized cancer treatment
• INTERIM REPORT - MFN.se
• Qlucore starts project after receiving prestigious EU grant to advance personalized cancer treatment
• GAEU Consulting’s Client Qlucore secures €2.5M from EIC Accelerator Horizon Europe

5 The Partnerships and Customers

Qlucore AB's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Sweden-based Qlucore AB, a leader in AI-driven bioinformatics software, has solidified its market presence through strategic collaborations and regulatory advancements following its €2.5 million EIC Accelerator grant in 2023 for precision oncology diagnostics.

Key Partnerships and Customers

• Clarivate (MetaCore): Enhances discovery research by integrating Qlucore Omics Explorer’s visualization tools with MetaCore’s pathway analysis capabilities.
• Nebion (Genevestigator): Enables cross-platform gene expression analysis, improving data interpretation for academic and pharmaceutical researchers.
• BSI (British Standards Institution): Acts as the Notified Body for CE-IVDR certification of Qlucore Diagnostics, targeting pediatric leukemia initially.
• Pharmaceutical Alliances: While specific names remain undisclosed, Qlucore collaborates with "large pharma companies" to develop companion diagnostics (CDx) using machine learning classifiers.

New Developments and Regulatory Roadmap

The company is advancing four disease-specific models under its Qlucore Insights platform: acute myeloid leukemia (AML), bladder cancer, breast cancer, and acute lymphoblastic leukemia (ALL). CE marking for Qlucore Diagnostics is now anticipated by February 2025 after delays due to IVDR compliance complexities.

Market Positioning and Technological Impact

These relationships accelerate clinical adoption of AI-powered diagnostics while ensuring compliance with stringent EU regulations. The EIC-funded focus on AML and bladder cancer positions Qlucore as a key player in personalized oncology solutions. By integrating partner ecosystems like Clarivate’s MetaCore, the company reduces time-to-insight for researchers—critical for scaling diagnostic applications globally.

---

Sources Used:

• Collaborations and Partners - Qlucore
• Year End Report 2022 - MFN.se
• CE-Marked Diagnostic Test Announcement

6 The Hiring and Company Growth

Qlucore AB: Team Growth and Expansion After EIC Accelerator Funding

Qlucore AB, a Swedish company specializing in bioinformatics and precision diagnostics, received EIC Accelerator funding in November 2023. This funding has likely supported the company's strategic growth initiatives.

Current Headcount and Team Size

As of April 2024, Qlucore AB had 22 employees, marking a 4.76% increase from the previous year. However, there is conflicting information suggesting Qlucore might have more employees, potentially indicating different data sources or updates.

Hiring and Team Growth

Qlucore has been expanding its team, with a recent increase in employee count by one from the previous year. The company's growth is also reflected in its strategic moves, such as expanding its U.S. sales team to penetrate the North American market. However, specific details on whether Qlucore is currently hiring are not available.

Key Positions and Recent Hires

While specific key positions recently hired by Qlucore are not detailed, the company's expansion into the U.S. market suggests strategic hiring to support its international growth objectives.

Impact of New Team Members

New team members, particularly those involved in expanding Qlucore's presence in North America, are crucial for scaling the company's diagnostics solutions and achieving growth targets. Qlucore aims to break even by Q4 2025, indicating a focus on leveraging new talent to enhance profitability.

Management and Founding Team Changes

There is no specific information available regarding any major changes in Qlucore's management or founding team since receiving the EIC Accelerator funding.

Future Outlook

Qlucore projects a 12–15% sales growth for the full year 2025, reflecting its ambitions to strengthen its position in precision diagnostics and companion diagnostics. The company's focus on scaling diagnostics solutions and its expansion into new markets are key strategies for future growth and profitability.

Sources

• Qlucore AB
• Qlucore AB Employees
• Qlucore's Q3 2025 Earnings Call
• Qlucore Overview

7 The Media Features and Publications

Media Features and Publications Qlucore AB has been prominently featured in industry-specific media outlets, particularly for its advancements in precision diagnostics and cancer research. Dagens PS, a Swedish financial publication, highlighted the company’s AI-based cancer diagnostics[^dn1] and its role in improving pediatric leukemia treatment through a Swedish-Danish research project[^dn2]. Bio IT World covered Qlucore’s participation in a major EU project to prevent cardiovascular diseases[^bi1], while GenomeWeb reported on its expansion into bladder cancer diagnostics via a partnership with Lund University[^gw1]. The company’s SEK 30 million (USD 3.5M) funding round for international expansion was detailed by Digital DI[^dd1] and reaffirmed in their press release[^ql5].

---

Conference Participation and Events
Qlucore actively engages with the scientific community through conferences and investor presentations. In May 2024, the company hosted a presentation detailing its year-end report (May 2023–April 2024)[^ms7], followed by an interim report webinar scheduled for January–May 2025[^nas9]. While specific conference proceedings are not explicitly listed, Qlucore’s press releases emphasize collaborations with institutions like Uppsala University Hospital, which adopted their AI-based Qlucore Insights platform for precision diagnostics development[^bi4].

---

Podcasts or Interviews
No direct references to podcasts or CEO interviews were identified in available sources. However, CEO Carl-Johan Ivarsson is frequently quoted in press releases discussing strategic milestones, including the EIC Accelerator grant award announcement in June 2024 for advancing personalized AML and bladder cancer treatments[^bi6].

---

Sources

• Dagens PS: Analys: Prisvärt snabbväxande cancerbolag [Page includes multiple Dagens PS articles]
• Bio IT World: Qlucore software used in new project to prevent cardiovascular diseases
• GenomeWeb: Qlucore Expands Into Bladder Cancer Diagnostics With Lund University Partnership
• Digital DI: Qlucore secures SEK 30 million (USD 3.5 m) for international expansion%20for%20international%20expansion.pdf)
• Bio IT World: Uppsala University Hospital chooses AI-based Qlucore Insights
• Bio IT World: EIC Accelerator Grant Announcement

> Note: Additional citations are aggregated from Qlucare's published articles page (here), but specific URLs per article are not individually listed on their site. Full text of externally published articles may require access via original publisher platforms (e.g., GenomeWeb).