1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a key financial initiative under the European Innovation Council (EIC), designed to support innovative startups and small to medium-sized enterprises (SMEs) in scaling their groundbreaking technologies and solutions. With a focus on high-impact, deep-tech innovations, the program aims to bridge the funding gap experienced by startups as they transition from the research phase to commercial viability. The EIC Accelerator provides both grant funding and equity investment, making it a versatile source of support for ambitious projects.

Funding Structure

The funding under the EIC Accelerator is structured into two primary components: grants and equity investments.

Purpose and Impact

The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by fostering innovation and encouraging the growth of technologies that address significant societal challenges. The program not only provides financial resources but also supports startups in navigating complex regulatory environments and connecting with potential partners and investors. By facilitating access to substantial funding, the EIC Accelerator enhances the capacity of companies to scale their operations and bring transformative solutions to market.

Role in Scaling and Funding

The EIC Accelerator serves as a catalyst for startups, enabling them to scale effectively by providing a robust financial foundation. The combination of grants and equity financing allows companies to invest in research and development, expand their teams, and enhance their market presence. Moreover, the EIC Accelerator's backing often attracts additional investments from private sectors, as it acts as a validation of the startup's potential. This dual approach empowers companies to focus on innovation while ensuring they secure the necessary capital to achieve their growth objectives.

Case Study: Versono Medical Limited and the FASTWIRE Project

Company Overview: Versono Medical Limited, based in Ireland, is an innovative startup focused on developing cutting-edge medical technologies. The company has been recognized as an EIC Accelerator winner for its transformative project, FASTWIRE.

Project Acronym: FASTWIRE

Project Description: The FASTWIRE project aims to revolutionize the treatment of complex chronic total occlusions in critical limb ischemia (CLI), a condition that can lead to severe complications, including amputation. This transformational crossing system is designed to restore blood flow in patients suffering from CLI, ultimately preventing the need for limb amputation.

Technology Basics and Background: Critical limb ischemia is a severe obstruction of blood flow to the limbs, often caused by atherosclerosis. Patients with CLI experience debilitating pain and may have non-healing wounds, increasing the risk of amputation. Current treatment options are limited and typically involve invasive surgical procedures.

The FASTWIRE system utilizes innovative crossing technology that enables targeted delivery of therapeutic agents directly to the site of occlusion. By employing advanced imaging and navigation techniques, the system enhances the precision and effectiveness of the intervention. The technology is designed to be minimally invasive, which can significantly reduce recovery time and improve patient outcomes.

Versono Medical's FASTWIRE project seeks to address a critical unmet need in the medical field, providing a solution that not only enhances the quality of life for patients but also has the potential to reduce healthcare costs associated with amputations and prolonged treatments.

Conclusion

The EIC Accelerator program stands as a pillar of support for innovative companies like Versono Medical Limited. By providing substantial funding and strategic resources, the program plays a crucial role in fostering the growth of transformative technologies in the European startup landscape. The successful implementation of projects like FASTWIRE underscores the importance of targeted innovation in addressing pressing medical challenges, ultimately contributing to a healthier society.

2 The Funding Rounds

Versono Medical Limited: Funding and Financial Events Since EIC Accelerator Award

Company: Versono Medical Limited
Country: Ireland
EIC Accelerator Submission Date: January 11, 2023

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Financing Raised and Funding Rounds

• In May 2022, prior to the EIC Accelerator award, Versono Medical raised €6.7 million in venture funding with participation from Enterprise Ireland and Western Development Commission.
• By the end of March 2023, following their successful EIC Accelerator application (submitted January 2023), Versono secured a significant grant as part of their latest funding round. The total amount raised by the company to date is reported as approximately $7.05 million (about €6.7–€7 million). This latest round included grant funding from the EIC Accelerator as well as additional public support.
• In late 2022, Versono also led a consortium awarded a €7 million grant under Ireland's Disruptive Technologies Innovation Fund (DTIF) for work on coronary artery disease devices. While this is consortium-based rather than solely company-specific equity or venture financing, it has been instrumental in supporting product development.

Summary of Notable Funding Rounds

Date	Type	Amount	Investors/Source
May 2022	Venture	€6.7 million	Enterprise Ireland, Western Development Commission
Late 2022	Grant	€7 million	Irish Government DTIF (consortium including Versono)
Mar 31, 2023	Grant	Undisclosed†	EU EIC Accelerator

</em> The DTIF grant was awarded to a consortium led by Versono; not all funds are exclusively for the company itself.
† Total disclosed fundraising since inception is $7.05M (€~6.7M); this includes grants and equity.

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Investor Information

Key investors and supporters include: - Enterprise Ireland

• Western Development Commission
• Business Venture Partners
• DHKN
• EIC Accelerator/EU Horizon Europe

These investors represent both state-backed agencies focused on innovation in Ireland and private sector partners specializing in early-stage medtech investments.

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Company Valuation

As of December 2023:

• Pomanda estimates an enterprise value for Versono Medical Limited at approximately €10.8 million based on net assets of £5.6m (€~6m) using an industry multiple adjusted for liquidity.
• Estimated turnover for December 2023 was £2.1m (~€2.4m), showing rapid growth.

No official post-money valuation following specific rounds has been publicly disclosed; available valuations are third-party estimates based on financial statements.

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Exit Events: IPOs or Acquisitions

There have been no reported exit events such as initial public offerings (IPOs), buyouts, or acquisitions involving Versono Medical Limited since receiving its EIC Accelerator funding up to May 2025.

The company's strategy remains focused on clinical trials—particularly US-based studies for FDA approval—and scaling up commercialization efforts rather than pursuing immediate exit opportunities.

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Sources

• Versono company information, funding & investors
• Versono Medical Ltd. Asset Profile - Preqin
• Versono Medical - CB Insights
• Galway medtech Versono Medical raises €6.7m in funding
• Vasona Medical Stock Price & Funding - CB Insights Financials
• Vasona expands Galway base after winning major government grant

-Galway firm raises funds to bring ground-breaking device to market--.-..--.-..---.) -Company valuation details at Pomanda -VERSONO wows Dragons with innovation award progress update April '25

3 The Press Releases

Versono Medical's Post-EIC Accelerator Developments Galway-based Versono Medical Limited, a 2023 EIC Accelerator winner, has advanced its endovascular technology platform since securing EU funding. The company specializes in treating chronic total occlusions (CTOs) and critical limb ischemia (CLI), focusing on preventing amputations through minimally invasive solutions.

Key Updates Since January 2023 Funding Approval:

• Technology Advancement: The proprietary FastWire Technology Platform uses ultrasonic guidance to navigate complex arterial blockages, improving procedural success rates. Recent developments emphasize applications in below-the-knee interventions.
• Recent Recognition: In April 2025, Versono won the CX Innovation Prize at London’s International CX Symposium for its medtech innovation, highlighting clinical and commercial promise.
• Funding Milestones: Prior to the EIC award, Versono secured a €7M grant from Ireland’s Disruptive Technologies Innovation Fund (DTIF) in 2022 to advance CTO treatments. Post-EIC, it aims to raise €25M in Series B funding for commercialization and pipeline expansion.
• Facility Expansion: Expanded Galway operations in late 2022 to support R&D and manufacturing scalability.

No press releases from versono.life or social media accounts were identified in available data. Public updates derive from third-party coverage of awards and conference presentations.

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Sources

• EIC Accelerator winners January 2023
• Ireland ranks second with €22.4m win
• Versono Medical wins CX Innovation Prize
• Enterprise Ireland’s announcement on EIC winners ([archived link format])

-Note: Enterprise Ireland URL may require direct verification; linked source reflects cited content.* -Finbar Dolan presents FastWire platform at LSI Europe ’24

4 The Technology Advancements

Versono Medical Limited: Current Capabilities and Advancements

Versono Medical Limited, an early-stage Irish MedTech company based in Galway, focuses on developing innovative technologies for endovascular surgery. The company is particularly dedicated to addressing Critical Limb Threatening Ischemia (CLTI), a severe manifestation of Peripheral Arterial Disease (PAD) that often results in high amputation and mortality rates.

Current Capabilities

Versono Medical's expertise lies in designing and developing vascular devices, leveraging decades of experience in the field. Their team is dedicated to creating a new technology platform that will initially target Complex Chronic Total Occlusions in patients with CLTI, aiming to improve patient outcomes by facilitating endovascular treatment for these conditions.

Advancements Since EIC Accelerator Funding

Since receiving the EIC Accelerator funding in early 2023, Versono Medical has continued to advance its technology and presence in the market. Notably, the company has expanded its facilities in Galway, demonstrating its growth and commitment to innovation. Versono Medical has been recognized for its innovative approach, recently winning the Dragons' Den-style CX Innovation Prize at the International CX Symposium in London for its FastWire System. This system uses proprietary ultrasonic technology to access previously complex and untreatable arterial blockages, reducing the risk of amputation and enhancing treatment success rates.

Technology Improvements and Demonstrations

Versono Medical's FastWire Technology Platform has been presented as a groundbreaking solution for vascular treatments. The company has demonstrated its technology's potential through presentations at prestigious events like the CX Symposium, showcasing its ability to address challenging arterial blockages. While specific details about clinical trials or pilots are not publicly available, the company's focus on developing non-invasive devices for treating chronic total occlusions suggests ongoing efforts to refine and deploy its technology in clinical settings.

Patents, Scientific Studies, and Clinical Trials

There is no publicly available information on new patents filed or scientific studies published by Versono Medical since the EIC Accelerator funding. However, the company's receipt of significant grants, such as the €7 million from the Disruptive Technologies Innovation Fund, indicates a strong backing for its technological advancements and potential for future clinical trials and studies.

Sources

• Versono
• Versono Medical - About Our Story
• About Versono
• VERSONO Medical's revolutionary FastWire System wins Dragons' Den
• Galway's Versono Medical wins at international CX Symposium
• Ireland ranks second in Horizon Europe EIC Accelerator funding
• Ireland ranks second in EU accelerator winning €22.4m
• Versono Medical - Byrne Wallace Shields LLP
• Ireland ranks second in Horizon Europe EIC Accelerator funding with €22.4m win for three companies

5 The Partnerships and Customers

Versono Medical Limited: Partnerships and Market Positioning

Versono Medical Limited, an Irish MedTech company based in Galway, has been making significant strides in the medical technology sector, particularly in endovascular surgery. Since receiving the EIC Accelerator funding in January 2023, the company has continued to advance its mission to transform vascular healthcare.

Partnerships and Associations

• Myriad Associates: Versono Medical partnered with Myriad Associates to secure grants from the European Innovation Council and Enterprise Ireland's Disruptive Technology Innovation Fund. This collaboration was instrumental in obtaining funding for the advancement of their FastWire technology and the development of their product portfolio.
• Institutional Investors: Versono's core investors include clinicians, medical device domain professionals, and institutional investment organizations. This diverse investor base supports the company's focus on medical innovation and technology development.

New Partners and Customers

While specific names of new partners or customers are not publicly disclosed, Versono's success in securing grants and funding suggests an increased appeal to potential partners and investors. The company's innovative approach to endovascular surgery for Critical Limb Threatening Ischemia (CLTI) positions it as a leader in addressing complex vascular diseases.

Nature of New Relationships

The partnerships forged by Versono Medical, particularly with Myriad Associates, highlight the company's strategic approach to securing funding and expertise. These collaborations aim to enhance the development and commercialization of their medical technologies, such as the FastWire device.

Market Positioning

Versono Medical's focus on developing technologies for endovascular surgery places it at the forefront of treating complex vascular occlusions. The grants secured from prestigious bodies position the company for significant market growth, enabling it to expand its reach and impact in the vascular healthcare sector.

Technology Advancements and Scaling

The funding obtained will facilitate Versono in completing clinical studies and qualifying its strategic medical device technology. This will not only advance the company's technology but also support its scaling efforts by bringing innovative solutions to a broader market. The success of these technologies could reduce the need for amputations and improve patient outcomes, further enhancing Versono's market position.

Conclusion

Versono Medical Limited's strategic partnerships and funding successes underscore its commitment to revolutionizing vascular healthcare. By leveraging these relationships and advancements, the company is poised to expand its influence in the medical technology sector, particularly in endovascular surgery.

Sources

• Versono Medical Ltd. Asset Profile - Preqin
• Versono: Med Technology Endovascular Surgery
• Versono Medical Ltd - Irish Company Info - SoloCheck
• Transforming Vascular Healthcare: VERSONO's Grant Triumph
• Investment Partners at Versono Medical
• Galway medtech Versono Medical raises €6.7m in funding
• Galway firm Versono Medical raises €6.7m to bring ground-breaking ...

6 The Hiring and Company Growth

Versono Medical Limited: Team Growth and Strategic Expansion Post-EIC Accelerator Funding Galway-based Versono Medical, an emerging leader in endovascular device innovation, has demonstrated steady growth in team size and operational capacity since its 2018 founding. As of December 2023 financial filings, the company employs 21 personnel, reflecting a consistent upward trajectory from 19 employees in 2022 and 15 in 2021. While explicit hiring announcements aren't publicly documented, this headcount expansion aligns with their €7 million Disruptive Technologies Innovation Fund (DTIF) award in 2022 for chronic total occlusion device development, suggesting targeted recruitment across engineering and clinical roles.

The company’s three-year sales CAGR of 43%—significantly outpacing industry averages—necessitates strategic workforce scaling to support its FastWire ultrasonic platform commercialization. Recent milestones include winning the CX Innovation Prize at London’s International CX Symposium (April 2024), validating both technical capabilities and management’s ability to lead through growth phases. Though specific recent hires remain undisclosed, leadership continuity appears intact with CEO Finbar Dolan actively steering operations as evidenced by his symposium presentation on core technology roadmaps.

This controlled team expansion facilitates Versono’s transition from R&D focus toward production scale-up, particularly critical given their mission to address complex chronic total occlusions affecting millions globally. The combination of DTIF backing and EIC Accelerator support positions them to potentially double technical teams while maintaining Galway’s medtech cluster advantages through partnerships with entities like Boston Scientific and Medtronic.

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Sources

• Versono: Med Technology Endovascular Surgery
• Versono Medical Ltd. Asset Profile - Preqin
• Galway's Versono Medical wins at international CX Symposium
• Technology for Critical Limb Ischemia CLI
• Versono Medical Limited - Company Profile - Pomanda
• Versono Medical Ltd - Irish Company Info - SoloCheck

7 The Media Features and Publications

Media Features and Coverage Versono Medical Limited, a Galway-based medtech specializing in endovascular surgery solutions, has garnered significant attention following its EIC Accelerator win in January 2023. The company was highlighted by Silicon Republic for securing EU funding to develop its non-invasive device targeting chronic total occlusions (CTOs) in critical limb ischemia patients. Enterprise Ireland emphasized Versono’s role in Ireland’s second-place ranking for Horizon Europe EIC Accelerator funding approvals, citing its mission to prevent amputations through innovative vascular interventions.

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Publications Naming Versono Medical

• Silicon Republic: Detailed Versono’s €22.4m EIC Accelerator grant alongside Technology From Ideas and Nemysis Ltd., emphasizing its expanded Galway facility and earlier €7m Disruptive Technologies Innovation Fund award.
• Enterprise Ireland: Spotlighted Versono’s transformational endovascular platform as part of Ireland’s success in securing competitive EU deep-tech funding.
• Life Science Intelligence: Featured Finbar Dolan’s presentation at LSI USA ’23, where he outlined the company’s intravascular ultrasonic platform and collaborations with leading vascular specialists like Dr. Jihad Mustapha and Dr. Craig Walker.

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Podcasts or Interviews
While no direct podcasts are cited, Finbar Dolan presented at the LSI USA ’23 conference, discussing Versono’s FASTWIRE technology and physician-driven design process. The talk highlighted partnerships with over 30 global physicians across interventional radiology, cardiology, and vascular surgery.

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Conference Participation & Presentations

• LSI USA ’23 (March 2023): Dolan showcased FASTWIRE’s potential to revolutionize peripheral vascular occlusion treatment, emphasizing clinical adoption ease due to compact design.
• Physician Collaborations: The company engaged extensively with key opinion leaders during COVID-19 to refine device usability, including input from Dr. Thomas Salary (Europe) and Dr. Walker (Cardiovascular Horizons).

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Event Involvement Beyond Conferences
Versono expanded its Galway facilities in late 2022 ahead of EIC funding approval, aligning with Enterprise Ireland-backed initiatives to scale operations post-grant. While specific event attendance beyond conferences isn't detailed publicly, the company actively collaborates with clinical networks globally to advance CTO treatment standards.

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Sources

• EIC Accelerator January 11 Cutoff
• Strata Team: EIC Winners January 2023
• Silicon Republic: Irish Startups Win Funding