1 The EIC Accelerator Project

The EIC Accelerator program is a key initiative under the European Innovation Council aimed at supporting small and medium-sized enterprises (SMEs) and startups, particularly those engaged in deep-tech innovations. Its primary purpose is to foster the development and commercialization of groundbreaking technologies and solutions that can bring significant societal and economic impact across Europe. The program provides substantial funding opportunities, which encompass both grants and equity investments, designed to help innovative businesses scale effectively and access the necessary resources to thrive in competitive markets.

Funding Structure

The EIC Accelerator offers a dual funding structure:

Purpose and Role in the Ecosystem

The EIC Accelerator serves a pivotal role in the European deep-tech and startup ecosystem by bridging the funding gap that often exists for innovative companies. Many startups face challenges in securing sufficient financial backing from private investors, particularly during the early stages of their development. The EIC Accelerator not only provides essential funding but also acts as a catalyst for attracting further investment from venture capitalists and other private sector players. By validating the potential of innovative projects through its rigorous selection process, the EIC Accelerator enhances the credibility of recipient companies, making them more appealing to investors.

Selio Medical Ltd and the Selio System Project

Company Overview

Selio Medical Ltd, based in Ireland, is a pioneering company focused on developing advanced medical technologies aimed at improving patient outcomes in various clinical settings. The company’s innovative approach has garnered recognition in the healthcare sector, particularly in the area of interventional procedures.

Project Description: Selio System

Selio Medical's project, known as the Selio System, aims to revolutionize the prevention of pneumothorax during lung biopsy procedures by developing a novel needle tract sealant system. Pneumothorax, which refers to the presence of air in the pleural space, can occur as a complication during lung biopsies, leading to significant clinical concerns. The Selio System seeks to mitigate this risk through the application of a proprietary sealant that effectively seals the needle tract, thereby enhancing patient safety and reducing the incidence of this complication.

Technology Basics and Background

The Selio System is built around an innovative needle tract sealant technology designed to be used during lung biopsies. The technology is based on biocompatible materials that can form a stable seal upon contact with bodily tissues. This sealant is engineered to work in conjunction with standard biopsy procedures, allowing healthcare professionals to integrate it seamlessly into existing workflows without requiring significant changes to current practices.

The underlying technology leverages principles from advanced biomaterials science, focusing on achieving optimal adhesion and stability while minimizing inflammation and other adverse reactions. The sealant is designed to be user-friendly, facilitating quick application during the biopsy procedure, ultimately enhancing the overall efficiency of the intervention.

The Selio System represents a significant advancement in the field of interventional pulmonology, aiming to improve patient safety and outcomes while reducing the healthcare burden associated with pneumothorax complications. The project has garnered considerable attention and support, culminating in Selio Medical Ltd’s successful application for the EIC Accelerator funding, which they submitted on March 23, 2022, during the Step 2 proposal phase, followed by a successful Step 3 interview.

In summary, the EIC Accelerator program plays a crucial role in fostering innovation within the European startup ecosystem, exemplified by Selio Medical Ltd and its Selio System project, which aims to address critical challenges in medical procedures through cutting-edge technology.

2 The Funding Rounds

Selio Medical Ltd (Ireland): EIC Accelerator Funding & Subsequent Financing Events

Selio Medical Ltd, based in Dublin, Ireland, is a medtech spinout from Trinity College Dublin focused on transforming lung biopsy procedures with its proprietary Selio Sealant System. The company has been recognized for innovation and received support from several European and Irish funding initiatives.

Major Financing Raised Since EIC Accelerator Award

• EIC Accelerator Grant (March 2022 Call)
• Timing: Announced June–July 2022 following the March 23, 2022 cut-off.
• Amount: €2.5 million
• Nature: Grant funding under the European Innovation Council’s (EIC) Horizon Europe framework.
• Purpose: Support technical development, team expansion in Ireland, regulatory approval processes in Europe and USA, and prepare for market launch.

Historical Funding Rounds

• EIT Health Headstart/Proof-of-Concept Award (2017)
• Provided initial proof-of-concept funds to advance device development.
• MedTech Innovator Competition Finalist Prize (2017)
• Received USD $25,000 as a finalist out of over 600 international companies.
• Enterprise Ireland Commercialisation Fund (2017)
• Early commercialisation funding prior to incorporation as an independent company.

Investor Information

• Equity Stakeholder: Merit Medical Systems Inc.
• In October 2019, Merit Medical Systems acquired approximately a 19.5% equity stake in Selio Medical Ltd., marking significant institutional investment from an established US-based medical device leader.
• No further details on additional venture capital or private equity investors are publicly documented since the EIC funding round.

Company Valuation Insights

There is no public disclosure of explicit post-money valuations for specific rounds involving Selio Medical; this is typical for early-stage private Irish start-ups unless disclosed during large-scale fundraising or IPO preparation. However:

• The EIC Accelerator often grants up to €2.5M alongside potential equity investments (sometimes at valuations negotiated case by case). For Selio Medical specifically, only grant funding has been confirmed.
• The strategic investment by Merit Medical underscores third-party validation but does not include valuation figures.

Exit Events: IPOs & Acquisitions

As of April 30, 2025:

• There have been no reports or announcements regarding an initial public offering (IPO), acquisition/buyout event involving Selio Medical Ltd..
• The company remains privately held with ongoing product development toward regulatory approval and commercialization phases.

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Summary Table: Key Financing Events

Date	Type	Amount	Investor(s)/Source	Notes
July/June ’22	EIC Accelerator	€2.5 million	European Innovation Council	Non-dilutive grant; supports technical/regulatory work.
Oct ’19	Equity Investment	Not disclosed	Merit Medical Systems Inc.	~19.5% ownership acquired by major medtech firm
July ’17	Proof-of-concept	Not disclosed (€10k typical)	EIT Health Headstart	Early-stage prototype work
Sept/Oct ’17	Competition Prize	USD $25K	MedTech Innovator	International pitch competition award

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Conclusion

Since winning the March 2022 cut-off round of the EIC Accelerator (€2.5M), Selio Medical has continued developing its innovative lung biopsy platform with significant non-dilutive EU backing and earlier strategic investment from Merit Medical Systems Inc., holding roughly one-fifth of company equity since late 2019. No subsequent exit events or public listings have occurred as of April 30, 2025.

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Sources: - Selio Medical awarded €2.5M EIC Accelerator funding

• SelioMedical.com – News
• Irish companies bag €23m from highly competitive EU accelerator
• SelioMedical Headstart Winner profile – EIT Health
• Merit Medical SEC Filing Q1 2021 – Investment reference

3 The Press Releases

Selio Medical Advances Lung Biopsy Technology with EIC Accelerator Funding Dublin-based Selio Medical, a Trinity College Dublin spin-out, secured €2.5 million in March 2022 through the European Innovation Council (EIC) Accelerator to advance its pneumothorax-preventing technology for lung biopsies. This funding supports technical development and team expansion as the company prepares for regulatory approvals and market launch.

Key Developments Post-Funding

• Technology: The Selio Sealant System uses a biodegradable hydrogel to pre-seal needle access routes during lung biopsies, preventing pneumothorax—a complication affecting 1 in 3 patients globally. The device integrates with existing biopsy workflows and has undergone rigorous pre-clinical testing.
• Regulatory Progress: Selio is pursuing FDA and CE mark approvals, with plans for clinical trials following successful animal studies.
• Team Growth: Co-founders Colm McGarvey and Garrett Ryan (BioInnovate Ireland alumni) are scaling operations in Ireland, leveraging local medtech expertise.

Recognition & Partnerships

• Awards: Honored at the 2021 Ireland-France Business Awards (Rising Star) and named among Ireland’s "Hot 100 Start-ups".
• Collaborations: Engaged with EIT Health’s network for clinical testing guidance and reimbursement strategies in Europe.

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Sources

• Selio Medical – Medical Device Innovation
• Selio Medical Company Profile - MedTech Innovator
• EIT Health: Selio Headstart Winner
• EIT Health: €2.5M EIC Funding Announcement

+ Additional relevant sources from search results included above.

4 The Technology Advancements

Selio Medical Ltd: Current Capabilities and Advancements

Selio Medical Ltd, based in Ireland, is a medical device innovation company focused on developing novel solutions for lung cancer patients. The company's flagship technology is the Selio Sealant System, a single-use, prophylactic device designed to prevent pneumothorax (collapsed lung) during lung biopsy procedures.

Current Capabilities

• Technology Overview: The Selio Sealant System integrates a percutaneous delivery needle with a novel biodegradable hydrogel sealant. This system pre-seals the needle access route into the lung before biopsy, significantly reducing the risk of pneumothorax. This approach allows patients to safely return home on the same day as their procedure, improving quality of care and reducing healthcare costs.
• Clinical Impact: By preventing pneumothorax, Selio's technology can save healthcare systems substantial costs. Approximately 1 in 3 patients undergoing lung biopsy experience pneumothorax, leading to extended hospital stays and increased costs. Selio's solution aims to reduce these costs significantly.

Advancements Since EIC Accelerator Funding (March 2022)

Since receiving €2.5 million in funding from the European Innovation Council's Accelerator in March 2022, Selio Medical has made significant advancements:

• Technical Development: The funding has supported the optimization of the Selio device's design and manufacturing process. This includes completing pre-clinical and usability studies, biocompatibility testing, and sterilization validation necessary for regulatory approval.
• Regulatory Progress: Selio is preparing and submitting regulatory approval documentation for both European and U.S. markets. This is crucial for launching the device commercially and expanding its reach globally.
• Team Expansion: The funding has enabled Selio to grow its team in Ireland, accelerating the development and commercialization of its technology.

New Features and Demonstrations

• Clinical Trials and Demonstrations: While specific details on recent clinical trials or market demonstrations since the funding are not available, Selio has previously conducted successful pre-clinical studies. The company is focused on moving towards full-scale commercialization and clinical use following regulatory approvals.
• Patents and Publications: Selio has filed multiple patents across strategic markets, indicating ongoing innovation and intellectual property development.

Future Plans and Impact

As Selio Medical continues to refine its technology and navigate regulatory processes, it is well-positioned to transform lung biopsy procedures by reducing complications and improving patient outcomes. This aligns with broader healthcare goals, such as Europe's Beating Cancer Plan, by enhancing early detection and treatment capabilities.

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Sources: - Selio Medical – Medical Device Innovation

• Development and commercialisation of a novel needle tract sealant
• Funding of €58.8 million announced for diverse and potentially life changing projects
• Selio Medical Limited
• Selio Medical Company Profile - MedTech Innovator
• Selio Medical awarded €2.5M EIC Accelerator funding
• Selio Medical, Headstart/Proof-of-Concept Winner 2017
• Irish companies bag €23m from highly competitive EU accelerator
• Four Enterprise Ireland Supported Companies Secure €23m in European Innovation Council Accelerator Call

5 The Partnerships and Customers

Selio Medical Ltd: Partnerships and Advancements Since EIC Accelerator Funding

Selio Medical Ltd, based in Ireland, received €2.5 million in funding from the European Innovation Council's (EIC) Accelerator program in March 2022. This funding was crucial for the development and market preparation of their innovative Selio Sealant System, designed to prevent pneumothorax during lung biopsies. Here's an overview of the company's partnerships and advancements since receiving this funding.

Partnerships and Associations

• EIT Health: Selio Medical has been supported by EIT Health, which has provided valuable funding, training, mentorship, and networking opportunities. This support has been instrumental in progressing their growth strategy and innovation projects.
• Trinity College Dublin: As a spin-out from Trinity College Dublin, Selio Medical has benefited from academic and research collaborations. This affiliation has enhanced their technology development and commercialization efforts.
• Enterprise Ireland and the European Innovation Council (EIC): These organizations have provided significant financial and strategic support to Selio Medical, enabling them to grow their team and advance their technology.

New Partners and Customers

Currently, there is no specific information available on new partners or customers for Selio Medical Ltd. However, their association with EIT Health and the EIC Accelerator has positioned them within a strong network of European healthcare innovators, which could facilitate future partnerships.

Nature of Relationships and Market Position

The relationships with EIT Health and the EIC have enhanced Selio Medical's position in the market by validating their technology and providing access to networks and financial opportunities. These partnerships are crucial for scaling and advancing their medical device technology, particularly in the European market.

Technology Advancements and Scaling

The funding from the EIC Accelerator has enabled Selio Medical to focus on technical development, leading to regulatory approvals in Europe and the USA. The company plans to proceed with full-scale commercialization and clinical use of the Selio Sealant System. This device has the potential to significantly reduce healthcare costs by preventing pneumothorax, a common complication during lung biopsies, thereby improving patient care and reducing hospital stays.

Conclusion

Selio Medical Ltd's partnerships with organizations like EIT Health and the European Innovation Council have been pivotal in advancing their technology and market position. While specific new partners or customers are not detailed, their existing network provides a strong foundation for future collaborations and market growth.

Sources: - Selio Medical – Medical Device Innovation

• Funding of €58.8 million announced for diverse and potentially life-changing disruptive technology projects
• Irish medtechs backed by EIT Health raised €75.3m in 2022
• Selio Medical awarded €2.5M EIC Accelerator funding - EIT Health

6 The Hiring and Company Growth

Selio Medical Ltd: Growth and Team Development

Since receiving the EIC Accelerator funding in March 2022, Selio Medical Ltd, based in Ireland, has experienced significant growth and developments in its team.

Team Size and Growth

As of the latest available data, Selio Medical Ltd has between 11 and 50 employees. This indicates a modest but strategic team size, which is typical for innovative medical device companies aiming to scale efficiently.

Hiring and Current Positions

Selio Medical is actively hiring, with available positions including Principal Engineer, Senior Research and Development Engineer, Operations Manager, and Process Development Technician/Engineer. This indicates a focus on expanding its technical capabilities and operational capacity.

Recent Hiring and Team Expansion

Although specific details about recent hires are not disclosed, the company's job listings suggest an emphasis on enhancing engineering and operational capabilities. This expansion is crucial for further developing their platform technology, particularly the Selio Sealant System, designed to improve lung cancer patient outcomes by preventing pneumothorax complications during biopsies.

Impact of New Team Members

The addition of new team members is expected to enhance Selio Medical's ability to scale and grow. These hires will contribute to refining its technology, increasing production efficiency, and expanding its market presence. By bolstering its engineering and operational teams, Selio Medical positions itself for increased innovation and competitiveness in the medical device sector.

Management and Founding Team

The founding team, consisting of Colm McGarvey and Dr. Garrett Ryan, has remained consistent since the company's inception. There are no reported changes in the management structure following the EIC Accelerator funding. Both founders have extensive experience in the medical device industry, with Dr. Ryan specializing in device development and commercialization, and Colm McGarvey bringing commercial expertise.

Growth Since Funding

The EIC Accelerator funding has likely supported Selio Medical's expansion into a new facility in Dublin, allowing for team growth and further development of its unique pneumothorax protection technology. This strategic relocation and expansion signify a significant step forward in the company's mission to improve outcomes for lung cancer patients worldwide.

Sources

• Selio Medical – Medical Device Innovation
• Selio Medical Limited - Company Profile - Pomanda
• Selio Medical Limited - Development Aid

7 The Media Features and Publications

Media Features and Public Recognition Selio Medical Ltd has garnered significant media attention and industry recognition for its innovative pneumothorax prevention technology. The company was prominently featured in a MedTech Strategist interview series, where co-founder Colm McGarvey detailed the development of their prophylactic lung biopsy device aimed at reducing collapsed lung complications. Their participation in EIT Health programs, including winning the 2017 Headstart/Proof-of-Concept Award, was highlighted by EIT Health as a key milestone in their early commercialization efforts.

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Publications and Industry Coverage
Multiple publications have emphasized Selio’s clinical and economic impact:

• CORDIS EU Research Results outlined the Selio System’s role in addressing pneumothorax risks, projecting annual healthcare savings of €1.5B globally through reduced hospitalizations.
• SSPC.ie highlighted Selio’s hydrogel-based sealant technology, emphasizing its potential to transform lung biopsy safety standards.
• Engineers Ireland featured a 2022 webinar by McGarvey discussing the device’s design philosophy and regulatory pathway.

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Podcasts and Interviews
Selio’s leadership has actively engaged in media outreach:

• MedTech Strategist’s Meet the Innovators Series (Episode 5) showcased McGarvey explaining how their “smart-needle” technology pre-seals biopsy tracts to prevent air leaks.
• The company frequently references its origins from the BioInnovate Ireland Fellowship Programme, where founders identified pneumothorax as a critical unmet need during clinical immersion.

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Conference Participation and Presentations
Selio has presented at high-profile industry events:

• Medtech Innovator Accelerator (2017): Named winner among 600+ global startups after pitching in San Jose, California.
• EIT Health UK-Ireland Summit (2017): Secured funding at Oxford University following training on regulatory strategy and investor pitching].
• National Science Foundation I-Corps Program (2017): Completed an intensive customer-discovery accelerator at Georgia Tech, Atlanta—a rare achievement for non-U.S. companies at the time].

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Sources Used

```markdown -MedTech Strategist Interview with Colm McGarvey [Episode 6 also referenced but direct link unavailable] -CORDIS EU Project Report -SSPC Hydrogel Characterization Article -[EIT Health Selio Award Announcement](https://www.eit.europa.eu/news-events/news/eit-health-uk-ireland