1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program is part of the European Innovation Council (EIC) and is designed to support small and medium-sized enterprises (SMEs) and startups with innovative and high-risk projects, particularly in the deep tech sector. It aims to bridge the gap between research and the market by providing funding and support to scale up innovative ideas into market-ready products.
Funding Structure
The EIC Accelerator offers two types of funding:
Purpose of the EIC Accelerator
The EIC Accelerator plays a crucial role in the European deep tech and startup ecosystem by:
- Supporting Innovation: It focuses on high-risk, high-reward innovations that have the potential to create significant economic impact and address societal challenges.
- Fostering Entrepreneurship: By providing financial support and mentorship, the EIC encourages entrepreneurship and helps startups navigate the complexities of bringing innovative solutions to market.
- Enhancing Competitiveness: The program aims to strengthen the competitiveness of European companies on a global scale, ensuring Europe remains at the forefront of technological advancements.
Role in Scaling and Private Funding
The EIC Accelerator not only provides financial support but also plays a pivotal role in helping companies scale and secure additional funding from private sectors by:
- Networking Opportunities: EIC Accelerator winners gain access to a vast network of investors, industry experts, and potential partners, which can facilitate further investments.
- Credibility and Visibility: Being an EIC Accelerator winner enhances a company's credibility, making it more attractive to private investors.
- Tailored Support: The program offers personalized coaching and guidance, helping companies refine their business models and strategies to attract investment effectively.
EIC Accelerator Winner: SquareMind and Project SWAN
Company Name: SquareMind
Project Acronym: SWAN
Description: SWAN aims to blitzscale the early detection of skin cancer using innovative technology.
Funding Type: Grant first
Website: squaremind.io
Country: France
Cut-off Date: June 16, 2021
Project Overview
SquareMind's SWAN project focuses on revolutionizing how skin cancer is detected, aiming for rapid scalability. The project leverages advanced technology to improve diagnostic accuracy and accessibility, ultimately aiming to save lives through early detection.
Technology Basics and Background
The SWAN project likely employs a combination of artificial intelligence (AI), machine learning (ML), and advanced imaging technologies to enhance skin cancer detection. Here are the technological foundations that could be involved:
Conclusion
The EIC Accelerator program stands as a vital pillar in supporting innovative startups like SquareMind, particularly in the deep tech field. The combination of grant and equity funding, along with strategic support, enables companies to tackle pressing challenges like skin cancer detection effectively, ultimately benefiting society as a whole.
2 The Funding Rounds
Since receiving the EIC Accelerator grant on June 16, 2021, SquareMind, a French healthtech company specializing in autonomous medical robots, has secured additional funding to support its growth and technological advancements.Funding Rounds:
- June 2021: SquareMind was awarded a €2.5 million grant from the European Innovation Council (EIC) Accelerator program. This grant aimed to accelerate the development of their full-body skin imaging technology for dermatology. (squaremind.com)
- February 2021: Prior to the EIC grant, SquareMind raised an undisclosed amount in an early-stage venture capital round. Investors included Id4 Ventures, Entrepreneur First, Calm/Storm Ventures, and several business angels. (parsers.vc)
Investor Information:
SquareMind has attracted investment from several notable entities:
- Id4 Ventures: A venture capital firm that participated in the February 2021 funding round. (parsers.vc)
- Entrepreneur First: A global talent investor that also invested in the February 2021 round. (parsers.vc)
- Calm/Storm Ventures: A venture capital firm supporting SquareMind since the February 2021 funding round. (parsers.vc)
- Bpifrance: The French public investment bank has been a supporter of SquareMind, providing funding through various programs. (healthtechalpha.com)
Company Valuations:
Specific valuation figures for SquareMind are not publicly disclosed. However, the company's funding history indicates a positive trajectory, with increasing support from both public and private investors. The €2.5 million EIC Accelerator grant and investments from venture capital firms suggest a growing valuation, reflecting confidence in SquareMind's innovative approach to healthcare technology.
Additional Information:
SquareMind's mission is to develop autonomous robots that assist healthcare professionals, aiming to save lives and improve patient care. Their technology focuses on full-body skin imaging to aid in the detection and monitoring of skin cancer. The company has been recognized with awards such as the EIC Accelerator, I-Lab, and Innov'Up, highlighting its innovative contributions to the healthtech sector. (squaremind.com)
As of the latest available information, SquareMind continues to advance its technological developments and expand its presence in the healthcare industry.
3 The Press Releases
Since receiving the €2.5 million grant from the European Innovation Council (EIC) Accelerator Innovation Program on June 16, 2021, SquareMind has not publicly announced any additional press releases. The EIC Accelerator grant was awarded to accelerate the development of their full-body skin imaging technology for dermatology. (squaremind.com)SquareMind's patent portfolio comprises 18 patents, indicating ongoing innovation in their field. (discovery.patsnap.com) However, specific details about recent partnerships, technology advancements, team updates, or new patents have not been publicly disclosed.
For the most current information, you may visit SquareMind's official website at squaremind.io or their news section at squaremind.com/en/news.
4 The Technology Advancements
SquareMind, founded in 2019 and headquartered in Paris, France, specializes in developing robotic medical equipment designed to enhance non-invasive healthcare procedures. Their primary focus is on skin cancer detection, utilizing 3D reconstruction software for full-body mapping to assist physicians in monitoring mole growth using off-the-shelf robots. (pitchbook.com)Advancements Since EIC Accelerator Funding:
In June 2021, SquareMind was awarded a €2.5 million grant from the European Innovation Council (EIC) Accelerator Innovation Program, a highly competitive funding scheme for deep-tech startups. (squaremind.com) This funding aimed to accelerate the development of their full-body skin imaging technology for dermatology.
Since receiving the EIC Accelerator funding, SquareMind has made significant progress in several areas:
- Technology Improvement and New Features: The company has developed a prototype of their full-body skin imaging system, which autonomously navigates around the human body in real-time, creating a high-resolution body map in approximately five minutes. This system tracks mole evolution and assesses risk profiles over time using artificial intelligence. (ventureradar.com)
- Market Demonstrations: SquareMind has planned five pilot programs with leading hospitals to demonstrate the capabilities of their technology. These pilots aim to showcase the system's effectiveness in real-world clinical settings. (ventureradar.com)
- Intellectual Property and Publications: The company holds a total of 18 patents, reflecting their commitment to innovation in the field. Recent patent filings include methods for generating differential markers on representations of human body portions and processes for constructing images from variable focal length optical devices. (discovery.patsnap.com)
SquareMind's advancements since the EIC Accelerator funding underscore their dedication to revolutionizing skin cancer detection through innovative technology and strategic collaborations.
5 The Partnerships and Customers
SquareMind, a French company specializing in autonomous medical robots for skin cancer detection, received a €2.5 million grant from the European Innovation Council (EIC) Accelerator program on June 16, 2021. (squaremind.com) This funding aimed to accelerate the development of their full-body skin imaging technology.New Partnerships and Customers:
As of April 16, 2025, there is no publicly available information detailing specific new partnerships or customers that SquareMind has acquired since receiving the EIC Accelerator funding. The company's official website and recent news updates do not provide additional insights into their business developments post-funding. (squaremind.com)
Nature and Purpose of Relationships:
While specific details are not available, the EIC Accelerator funding was intended to support SquareMind in scaling their innovative skin imaging technology. Such funding typically facilitates collaborations with healthcare providers, research institutions, and technology partners to enhance product development and market reach.
Market Positioning:
The EIC Accelerator grant positions SquareMind as a leader in the field of dermatology, particularly in the early detection of skin cancer. By developing autonomous robots capable of full-body skin imaging, SquareMind aims to improve diagnostic accuracy and efficiency, potentially transforming dermatological practices.
Technology Advancements and Scaling:
The funding is expected to enable SquareMind to advance their technology by integrating artificial intelligence with robotic systems for comprehensive skin assessments. This technological progression could lead to scalable solutions in dermatology, allowing for widespread adoption of their imaging systems across various healthcare settings.
In summary, while specific details about new partnerships or customers are not publicly disclosed, the EIC Accelerator funding has likely played a crucial role in advancing SquareMind's technological capabilities and positioning them for growth in the medical imaging market.
6 The Hiring and Company Growth
SquareMind, a Paris-based startup specializing in autonomous medical robots for dermatology, received a €2.5 million grant from the European Innovation Council (EIC) Accelerator program on June 16, 2021. (squaremind.com) This funding aimed to accelerate the development of their full-body skin imaging technology for early skin cancer detection.Current Team Size and Hiring Status:
As of the latest available data, SquareMind employs between 11 and 50 people. (startup-map.berlin) However, specific details about their current headcount and whether they are actively hiring are not publicly disclosed.
Growth and Recent Hires:
While precise information on team growth and recent hires is limited, the EIC Accelerator grant was intended to bolster SquareMind's research and development efforts, potentially leading to team expansion. (squaremind.com) The company has also been recognized with national and international innovation awards, such as the EIC Accelerator, I-Lab, and Innov'Up, indicating a positive trajectory.
Impact of New Team Members:
The addition of new team members, particularly in research and development, would likely enhance SquareMind's capacity to refine and deploy its skin imaging technology, thereby accelerating the availability of their solution to healthcare professionals.
Management Changes:
There is no publicly available information regarding major changes in SquareMind's management or founding team since the EIC Accelerator funding.
In summary, while specific details about SquareMind's team growth and hiring activities post-funding are scarce, the EIC Accelerator grant and subsequent recognitions suggest a period of development and potential expansion for the company.
7 The Media Features and Publications
Since receiving the €2.5 million grant from the European Innovation Council (EIC) Accelerator on June 16, 2021, SquareMind, a French company specializing in full-body skin imaging for dermatology, has been featured in several media outlets. Below is a summary of their media coverage, publications mentioning the company, podcasts or interviews featuring their team, conference participations, and event involvements since that date.Media Features:
- SquareMind's Official Announcement: The company announced its EIC Accelerator grant on its official website, highlighting its selection among 65 companies from over 2,000 applicants. (squaremind.com)
- Id4 Ventures Coverage: Id4 Ventures reported on SquareMind's achievement, emphasizing the company's innovative approach to oncology and its selection for the EIC Accelerator grant. (id4.vc)
- The Smart City Journal: This publication included SquareMind in a list of companies selected for the EIC Accelerator, noting the funding and investment opportunities provided to these deep-tech startups. (thesmartcityjournal.com)
Publications Mentioning SquareMind:
- Startup Map Berlin: This platform provides information about SquareMind, detailing its mission to develop autonomous robots for healthcare professionals and its funding history, including the EIC Accelerator grant. (startup-map.berlin)
- The Smart City Journal: As mentioned above, this journal featured SquareMind in its coverage of EIC Accelerator beneficiaries. (thesmartcityjournal.com)
Podcasts or Interviews Featuring SquareMind:
As of the available information, there are no specific podcasts or interviews featuring SquareMind's team since June 16, 2021.
Conference and Fair Participations:
Event Involvements:
Please note that while this information provides an overview of SquareMind's media presence and event participations since June 16, 2021, there may be additional coverage and involvements not captured in the available sources.