1 The EIC Accelerator Project

EIC Accelerator Program: A Comprehensive Overview

The European Innovation Council (EIC) Accelerator is a pivotal funding initiative designed to support small and medium-sized enterprises (SMEs) and startups in Europe, particularly those focused on deep technology innovation. This program offers a unique blend of financial support, encompassing both grants and equity investments, aimed at fostering the development and scaling of groundbreaking projects that address significant societal challenges.

Funding Structure of the EIC Accelerator

The EIC Accelerator provides substantial financial backing through two primary components: grants and equity investments. The grant portion can reach up to €2.5 million, which is intended to cover the costs associated with research and development, prototype development, and testing. This funding is particularly essential for early-stage innovators who require capital to advance their technologies from concept to market-ready products.

In addition to grants, the EIC Accelerator also offers equity investments. Until 2024, companies can receive up to €15 million in equity funding. However, this amount will be adjusted to a maximum of €10 million starting in 2025. This equity funding allows startups to leverage their projects further, providing the necessary resources to scale operations and penetrate the market more effectively. The EIC Accelerator’s blended finance approach—combining both grants and equity—ensures that recipients have the flexibility to allocate funds according to their specific needs.

Purpose and Impact on the European Ecosystem

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by targeting innovations that can drive significant advancements across various sectors, including health, energy, and technology. The program is designed to identify high-potential startups and help them navigate the complexities of bringing their innovations to market.

By providing financial support and facilitating access to expertise, the EIC Accelerator aims to reduce the barriers that often hinder the growth of deep tech companies. This support is vital in encouraging entrepreneurs to pursue ambitious projects that may otherwise lack sufficient funding or strategic guidance. The program not only aims to enhance the competitiveness of European startups but also seeks to position Europe as a leader in innovation on a global scale.

Supporting Scale and Private Funding

One of the critical roles of the EIC Accelerator is to assist companies in scaling their operations. The program provides both financial backing and strategic support to help startups transition from the initial phases of innovation to full-scale commercialization. This includes access to a network of investors, business mentors, and industry experts who can offer guidance on market entry strategies and operational scaling.

Moreover, the EIC Accelerator enhances the attractiveness of startups to private investors. By demonstrating that a company has received support from a prestigious program, startups can build credibility and leverage additional funding from venture capitalists and other private sector sources. This dual approach not only accelerates growth but also fosters a culture of collaboration between public and private sectors in the European innovation landscape.

Case Study: RUBYNANOMED, UNIPESSOAL LDA and the BRIGHT Project

RUBYNANOMED, UNIPESSOAL LDA, a Portuguese company, has emerged as a notable winner of the EIC Accelerator with its innovative project, BRIGHT. This project focuses on developing a state-of-the-art cancer diagnostic chip designed for patient stratification. The BRIGHT initiative aims to revolutionize how cancer diagnostics are conducted, making them more accurate and efficient.

Project Description and Objectives

The BRIGHT project is centered on creating a best-in-class diagnostic chip that will allow for precise patient stratification in cancer treatment. By employing advanced nanotechnology, the chip will facilitate the identification of specific biomarkers associated with different cancer types. This capability is crucial for tailoring treatment plans to individual patients, thereby improving clinical outcomes and reducing unnecessary treatments.

The project was submitted as a Step 2 proposal on June 16, 2021, and subsequently won in the Step 3 interview, marking a significant milestone for RUBYNANOMED in securing vital funding for further development.

Technology Background

The technology underpinning the BRIGHT project leverages cutting-edge advancements in nanomedicine and biosensing. Nanotechnology allows for the manipulation of materials at the molecular level, enabling the creation of highly sensitive diagnostic tools. The chip is designed to detect low-abundance biomarkers in a patient's biological samples, which is essential for early cancer detection.

Key components of the BRIGHT chip include nanoscale sensors that can interact with specific biomolecules, resulting in measurable signals that indicate the presence of cancer. This technology not only enhances diagnostic accuracy but also minimizes the invasiveness of cancer testing, offering a more patient-friendly approach to diagnosis.

By focusing on the integration of nanotechnology with traditional diagnostic methods, the BRIGHT project exemplifies the potential of deep tech innovations to transform healthcare. The combination of robust funding from the EIC Accelerator and the groundbreaking nature of the BRIGHT project positions RUBYNANOMED at the forefront of cancer diagnostics, with the potential to significantly improve patient outcomes and advance the field of personalized medicine.

In summary, the EIC Accelerator program serves as a vital catalyst for innovation in Europe, providing essential resources and support to startups like RUBYNANOMED. By facilitating the development of transformative technologies such as the BRIGHT cancer diagnostic chip, the program not only fosters individual company growth but also contributes to the broader advancement of the European DeepTech ecosystem.

2 The Funding Rounds

RUBYNANOMED, UNIPESSOAL LDA is a Portuguese innovative startup specializing in non-invasive cancer monitoring technology, notably their microfluidic device called RUBYchip® which isolates circulating tumor cells (CTCs) to aid oncologists in real-time cancer progression monitoring. The company received EIC Accelerator funding following its Step 2 proposal submission on June 16, 2021.

Financing Raised and Funding Rounds

• As of mid-2023, RUBYNANOMED has raised a total funding amount of approximately €3.6 million through various rounds including early venture capital and grants.
• Funding rounds include:
• Early VC round with Portugal Ventures providing around €100k in March 2021.
• Additional early VC funding worth about €1 million.
• Grants totaling around €2.5 million.

Timing and Amount of Funding Rounds

Date	Investor	Amount (€)	Round
Mar 2021	Portugal Ventures	~100,000	Early VC
N/A	Unknown	~1,000,000	Early VC
N/A	Unknown	~2,500,000	Grant

The precise dates for some funding events other than the March 2021 round are not publicly detailed.

Investor Information

• Key investor identified is Portugal Ventures who participated with early-stage venture capital backing.
• The European Innovation Council’s (EIC) Accelerator program provided significant grant and equity financing through the EIC Fund starting from their successful application after June 2021. This included support for clinical trials to certify RUBYchip as an in-vitro diagnostic tool for breast cancer metastases monitoring.

Company Valuation

Estimated enterprise valuation was between €4 million and €6 million as per Dealroom.co data from August 2023.

Funding or Exit Events Related to EIC Accelerator Program

• RUBYNANOMED was selected as one of the promising startups funded by the European Innovation Council's Accelerator program launched in March 2021 which combines grants with equity investments aimed at scaling deep-tech innovations across Europe.
• The company secured this competitive blended financing after a rigorous evaluation process that assessed market potential and scalability.
• EIC financing enabled them to advance clinical trials across multiple cancers involving several European hospitals; this phase aims to save substantial costs linked to ineffective metastatic treatments while improving patient outcomes across Europe.

In summary: RUBYNANOMED has successfully leveraged multiple early-stage investment rounds totaling roughly €3.6M including strategic grants and venture capital primarily from Portugal Ventures alongside substantial financial backing from the EU’s EIC Accelerator fund post-June 2021 submission. Their valuation stands at about €4–6M reflecting strong growth potential propelled by advanced oncology diagnostics technology development supported by ongoing clinical validation efforts.

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Sources

(Links are presented here for reference)

https://ecosystem.madrimasd.org/companies/ruby_nanomed
https://rubynanomed.com/rubynanomed/
https://inl.int/rubynanomed-eicfund/
https://eic.ec.europa.eu/news/eic-accelerator-71-companies-selected-most-competitive-funding-round-so-far-2025-02-17_en
https://app.dealroom.co/companies/ruby_nanomed

3 The Press Releases

RUBYnanomed, a Portuguese biotechnology startup specializing in non-invasive cancer diagnostics, has made significant strides since receiving the EIC Accelerator funding on June 16, 2021. The company has been actively involved in various initiatives, partnerships, and recognitions that underscore its commitment to advancing cancer monitoring technologies.

Technological Advancements and Partnerships

In September 2022, RUBYnanomed announced the BRIGHT project, co-funded by the European Innovation Council. This initiative focuses on developing the RUBYchip™, a microfluidic-based liquid biopsy device designed to isolate and analyze circulating tumor cells (CTCs) from blood samples. The RUBYchip™ aims to provide oncologists with a non-invasive tool for real-time monitoring of cancer progression, offering insights into phenotypic, genetic, and functional characteristics of CTCs. The project commenced on August 1, 2022, with an end date of July 31, 2024, and a total budget of €3,568,401.25, with a maximum grant amount of €2,497,880.88. (rubynanomed.com)

In November 2022, RUBYnanomed's three co-founders were recognized as finalists for the European Innovation Council's Women Innovators Prize. This accolade highlights their contributions to innovation and entrepreneurship in the biotechnology sector. (rubynanomed.com)

Awards and Recognitions

RUBYnanomed's RUBYchip™ received the Innovation Award at the 'Os Melhores & As Maiores do Portugal Tecnológico' awards in 2022. Organized by Exame Informática, this award acknowledges significant contributions to science and technology in Portugal. The RUBYchip™ is distinguished by its non-invasive nature, ease of use, and requirement for minimal blood samples, representing a novel approach to liquid biopsies and early detection of metastases. (inl.int)

Additionally, in April 2021, RUBYnanomed secured a €400,000 investment from Portugal Ventures, a leading venture capital firm in Portugal. This funding is intended to support the scaling and commercialization of their RUBYchip™ technology, facilitating its integration into clinical settings for enhanced cancer monitoring. (startupbraga.com)

Team and Leadership

The leadership team at RUBYnanomed comprises:

• Lorena Diéguez – Chief Executive Officer (CEO)
• Sara Abalde – Chief Technology Officer (CTO)
• Paulina Piairo – Chief Operating Officer (COO)

These leaders have been instrumental in driving the company's mission to revolutionize cancer diagnostics through innovative, non-invasive technologies. (rubynanomed.com)

Recent Developments

In January 2025, RUBYnanomed participated in the Net Zero Health Systems – Accelerating the Decarbonization of Patient Care program, an initiative by AstraZeneca in partnership with Startup Lisboa and Unicorn Factory Lisboa. This program focuses on developing technological solutions that contribute to the sustainability and decarbonization of healthcare systems. RUBYnanomed's involvement underscores its commitment to integrating environmental sustainability with healthcare innovation. (publico.pt)

Through these initiatives, partnerships, and recognitions, RUBYnanomed continues to advance its mission of providing oncologists with innovative tools for the real-time, non-invasive monitoring of cancer progression, thereby enhancing personalized treatment strategies and improving patient outcomes.

4 The Technology Advancements

RUBYnanomed, a Portuguese startup founded in 2018 as a spin-off from the International Iberian Nanotechnology Laboratory (INL), specializes in non-invasive cancer monitoring through its innovative device, the RUBYchip®. This microfluidic-based liquid biopsy tool isolates circulating tumor cells (CTCs) from blood samples, enabling oncologists to monitor cancer progression in real time with high sensitivity and selectivity. (portugalventures.pt)

Advancements Since EIC Accelerator Funding

In June 2021, RUBYnanomed received support from the European Innovation Council (EIC) Accelerator program, which provided €7 million to 65 European SMEs to accelerate the development of unique solutions in healthcare and biotechnology. (inl.int) Since then, the company has achieved several significant milestones:

• Clinical Trials and Market Demonstrations: RUBYnanomed has been conducting preclinical trials across five different types of cancer in eight European hospitals. These trials have demonstrated the technology's capability to detect metastatic progression up to a year before current imaging technologies. (inl.int) Additionally, the company has been involved in the BIOCELLPHE project under the EU Horizon 2020 program, focusing on scaling up the chip and developing an automated prototype. (rubynanomed.com)
• Technological Improvements and New Features: The company has been working on enhancing the RUBYchip®'s capabilities, including the development of an automated prototype and scaling up the chip technology. (rubynanomed.com) These advancements aim to improve the device's efficiency and applicability in clinical settings.
• Awards and Recognitions: RUBYnanomed has received several accolades, including the Exame Informática Award in 2022 and the European Innovation Council Women Innovators Prize in 2021. (portugalventures.pt) In 2024, the company won the Net Zero Health Systems Acceleration Program, recognizing its innovative approach to sustainable healthcare solutions. (publico.pt)
• Intellectual Property and Publications: The company has protected its intellectual property since 2016, ensuring the RUBYchip®'s unique technology is safeguarded. (publico.pt) While specific details about new patents or scientific publications post-2021 are not readily available, the ongoing clinical trials and project involvements suggest active research and development efforts.

RUBYnanomed's continuous advancements in technology, successful clinical demonstrations, and recognition through various awards underscore its commitment to revolutionizing cancer monitoring and personalized treatment strategies.

5 The Partnerships and Customers

RUBYnanomed, a Portuguese company founded in 2018, specializes in non-invasive cancer monitoring through its innovative RUBYchip® device. This microfluidic-based tool isolates circulating tumor cells (CTCs) from unprocessed whole blood, enabling oncologists to monitor cancer progression in real time. (rubynanomed.com)

Partnerships and Collaborations

Since its inception, RUBYnanomed has established several strategic partnerships to advance its technology and market presence:

• Connectem S.L.: In 2019, RUBYnanomed partnered with Connectem to demonstrate the HER2 biomarker in metastatic breast cancer (mBC). This collaboration aimed to showcase the RUBYchip®'s capability in detecting specific cancer markers, enhancing personalized treatment approaches. (rubynanomed.com)
• La Caixa Foundation: In 2020, RUBYnanomed received support from the La Caixa Foundation through the Caixa Impulse Consolidate funds. This funding was intended to develop an automated system for non-invasive cancer diagnosis, facilitating earlier detection and personalized therapy insights. (rubynanomed.com)
• European Innovation Council (EIC) Accelerator: In June 2021, RUBYnanomed was awarded the EIC Accelerator funding, co-funding the BRIGHT EU project. This initiative focuses on developing a best-in-class cancer diagnostic chip for patient stratification, aiming to revolutionize cancer monitoring and treatment strategies. (rubynanomed.com)
• Portugal Ventures: As an early-stage investor, Portugal Ventures has been involved with RUBYnanomed, providing financial support to help scale its innovative solutions in the healthcare sector. (portugalventures.pt)

Clinical Collaborations

RUBYnanomed has engaged with various clinical partners to validate and implement its technology:

• Centro Hospitalar Alto Ave: Collaborated to assess the RUBYchip®'s effectiveness in monitoring cancer progression.
• Servizo Galego de Saúde: Partnered to integrate RUBYnanomed's technology into the healthcare system for improved patient outcomes.
• Hospital de Santa Maria: Engaged in clinical trials to evaluate the RUBYchip®'s diagnostic capabilities.
• Santo António Hospital: Collaborated on research projects to enhance cancer detection methods.
• Istituti Clinici Scientifici: Worked together to advance personalized cancer therapies using RUBYnanomed's technology.
• IPO Porto: Partnered to implement RUBYnanomed's solutions in oncology departments.
• SERGAS-CHUS: Collaborated to integrate RUBYnanomed's diagnostic tools into clinical practice.
• UKC: Engaged in research to further develop RUBYnanomed's technology for broader applications.

Impact on Market Position and Technological Advancement

These partnerships have significantly bolstered RUBYnanomed's market position by:

• Enhancing Credibility: Collaborations with esteemed institutions and investors have validated RUBYnanomed's technology, fostering trust among healthcare professionals and patients.
• Accelerating Product Development: Financial support and clinical collaborations have expedited the refinement and scaling of the RUBYchip®, bringing it closer to widespread clinical adoption.
• Expanding Market Reach: Engagements with various healthcare providers have facilitated the integration of RUBYnanomed's solutions into diverse medical settings, broadening its impact.
• Advancing Personalized Medicine: Partnerships focused on patient stratification and personalized therapy have positioned RUBYnanomed at the forefront of precision oncology, offering tailored treatment insights.

Through these strategic alliances, RUBYnanomed continues to advance its mission of providing non-invasive, real-time cancer monitoring solutions, thereby improving patient outcomes and contributing to the evolution of cancer care.

6 The Hiring and Company Growth

RUBYnanomed, a Portuguese biotechnology startup founded in 2018 as a spin-off from the International Iberian Nanotechnology Laboratory (INL), specializes in non-invasive cancer monitoring through its innovative RUBYchip® device. This microfluidic-based liquid biopsy tool enables oncologists to detect and analyze circulating tumor cells (CTCs) in real-time, facilitating personalized treatment strategies. (inl.int)

Team Growth and Hiring Since EIC Accelerator Funding

Since receiving the EIC Accelerator funding on June 16, 2021, RUBYnanomed has demonstrated significant growth and strategic hiring to advance its mission. The current team comprises several key members:

• Lorena Diéguez – CEO
• Sara Abalde-Cela – CTO
• Paulina Piairo – COO
• Enrique Sánchez – CBO
• Natália Araújo – Administrative and Financial Officer
• Liliana Pires – Product Development Scientist
• Sandra Carvalho – Clinical Scientist
• Joana Fraga – Clinical Scientist
• Maria Madalena Silva – Junior Clinical Scientist
• Filipe Camarneiro – Product Development Engineer

While the exact current headcount is not publicly disclosed, the expansion of the team reflects RUBYnanomed's commitment to scaling its operations and enhancing its technological capabilities. (rubynanomed.com)

Current Hiring Status and Team Expansion

RUBYnanomed has been actively expanding its team to support ongoing projects and product development. In April 2021, the company secured a €400,000 investment from Portugal Ventures, which is expected to contribute to the maturation of their product and facilitate mass production of their prototype in compliance with ISO standards for medical devices. (bragatv.pt)

Recent Key Hires and Their Impact

The recent hiring of professionals such as Liliana Pires as Product Development Scientist and Filipe Camarneiro as Product Development Engineer indicates a strategic focus on advancing the RUBYchip® technology. These additions are poised to accelerate product development, enhance the device's capabilities, and expedite its market readiness, thereby positioning RUBYnanomed for significant growth in the healthcare sector.

Management and Founding Team Developments

As of the latest available information, there have been no major changes reported in RUBYnanomed's management or founding team. The leadership remains consistent, with Lorena Diéguez serving as CEO, Sara Abalde-Cela as CTO, and Paulina Piairo as COO, all of whom have been instrumental in driving the company's vision and growth.

Conclusion

Since receiving the EIC Accelerator funding in June 2021, RUBYnanomed has demonstrated substantial growth through strategic hiring and investment, particularly in product development and engineering roles. These efforts are expected to enhance the company's technological capabilities and accelerate the commercialization of its innovative RUBYchip® device, marking a significant advancement in non-invasive cancer monitoring.

7 The Media Features and Publications

RUBYnanomed, a Portuguese company specializing in non-invasive cancer diagnostics, has garnered significant attention across various media platforms, publications, and events since its inception.

Media Features and Publications

In November 2019, RUBYnanomed was recognized by the Royal Society of Chemistry as an emerging technology in health, receiving a £10,000 prize in the Health category. CEO Lorena Diéguez expressed gratitude for the recognition, highlighting its importance during the company's search for investors. (rubynanomed.com)

In April 2023, the Portuguese news outlet O Minho reported on RUBYnanomed's development of a microfluidic device designed to detect and isolate cancer cells from blood samples. This innovation aims to enhance diagnostic precision and speed, potentially improving outcomes for approximately 700,000 cancer patients across Europe. (ominho.pt)

Podcasts and Interviews

RUBYnanomed's CEO, Lorena Diéguez, was featured on the "Start Up the Science" podcast by the Innovation Network for Advanced Materials (INAM) in May 2013. During the interview, she discussed the RUBYchip™, a microfluidic device designed to revolutionize early cancer detection and assist medical professionals in preventing metastasis. (rubynanomed.com)

Conference and Fair Participation

In May 2021, RUBYnanomed was selected as part of the 2021 IGNITE Cohort by MassMEDIC, the Massachusetts Medical Device Industry Council. This program recognizes innovative medtech startups, providing them with resources and mentorship to accelerate their growth. (rubynanomed.com)

Involvement in Events

In April 2021, RUBYnanomed received an investment of €400,000 from Portugal Ventures, a prominent Portuguese venture capital firm. This funding aims to support the commercialization of their diagnostic device, with plans to reach 700,000 cancer patients across Europe by 2025. (ominho.pt)

These highlights underscore RUBYnanomed's commitment to advancing cancer diagnostics and its active engagement in the scientific and entrepreneurial communities.