1 The EIC Accelerator Project
The EIC Accelerator program, part of the European Innovation Council (EIC), is a funding initiative designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe, particularly in the DeepTech sector. This program aims to foster the development and scaling of high-impact technologies and innovations that have the potential to disrupt existing markets or create entirely new ones.Funding Structure
The EIC Accelerator provides a blended finance model that combines grants and equity investment, making it particularly attractive for startups. The grant component can reach up to €2.5 million, aimed at supporting the early stages of product development, market validation, and scaling efforts. This grant is non-dilutive, allowing companies to retain full ownership while leveraging the financial support for their innovation efforts.
In addition to the grant, the EIC Accelerator offers equity financing, which can amount to up to €15 million until 2024. Since 2025, this equity investment has been capped at €10 million. This equity component is designed to provide additional funding to help startups scale their operations and attract further investments from private sectors, thus bolstering their overall financial health and sustainability.
Purpose and Impact
The EIC Accelerator serves a crucial role in the European startup ecosystem by bridging the funding gap that many high-tech startups face during their initial growth phases. By providing both grant and equity funding, the program enables companies to reduce their dependency on traditional financing routes, which can be challenging and time-consuming for early-stage innovators.
This dual approach not only supports the development of groundbreaking technologies but also encourages collaboration between public and private sectors, fostering an environment where innovative ideas can thrive. The EIC Accelerator emphasizes the importance of scaling up impactful innovations, thereby enhancing Europe’s global competitiveness in technology and innovation.
XELTIS BV and the HeartRestore Project
One notable winner of the EIC Accelerator is XELTIS BV, a Netherlands-based company that focuses on developing next-generation medical devices. Their project, known as HeartRestore, aims to create heart bypass grafts that can naturally restore cardiovascular function. This innovative approach holds the potential to significantly transform cardiac surgery and treatment methodologies.
Project Overview: HeartRestore
HeartRestore leverages advanced biotechnology to produce heart bypass grafts designed to integrate with the patient's own tissues. The grafts are made from a unique polymer that promotes natural healing and regeneration, thereby reducing the risks associated with traditional synthetic grafts, which may lead to complications such as thrombosis or graft failure.
Technology Basics and Background
The underlying technology of HeartRestore is based on the principles of tissue engineering and regenerative medicine. Traditional bypass grafts, often made from synthetic materials, can fail to integrate with the body, leading to long-term complications. In contrast, XELTIS's approach involves the use of a biodegradable polymer scaffold that not only supports the physical structure needed for blood flow but also encourages the body to regenerate its own tissue around the graft.
This innovative technology is designed to facilitate the healing process by providing a biocompatible environment that can be gradually replaced by the patient’s own cells, ultimately resulting in a fully functional blood vessel. By focusing on natural restoration, XELTIS aims to improve patient outcomes, reduce the need for long-term medication, and lower healthcare costs associated with complications from conventional grafting techniques.
In summary, the EIC Accelerator program plays a pivotal role in nurturing innovative startups like XELTIS BV, providing them with the necessary funding to develop groundbreaking technologies such as HeartRestore. This initiative not only empowers companies to scale but also significantly contributes to advancements in the healthcare sector, particularly in improving cardiovascular treatments. For more information about XELTIS and their innovative projects, visit their website at xeltis.com.
2 The Funding Rounds
Xeltis BV: Funding and Financing Overview Since EIC Accelerator Award (Netherlands, October 6, 2021)
Financing Raised
Funding Rounds: Timing and Amounts
| Date | Round | Amount Raised | Key Investors |
|---|---|---|---|
| Dec 2021 | EIC Accelerator | €15 million (€2.5M grant + €12.5M equity) | European Innovation Council (EIC) Fund |
| Feb 21, 2023 | Series D2 | €32 million | Grand Pharma, DaVita Venture Group, EQT Life Sciences, Invest-NL & others |
| Aug 14/15, 2023 | Series D2 Extension | Additional €12.5 million | European Innovation Council (EIC) Fund |
| By Aug 15, 2023 | Total for Series D2 | €44.5 million | As above |
- In December 2021 after its successful EIC Accelerator application and interview process in October that year, Xeltis secured a combined package of €15 million from the EIC—comprised of a €2.5M grant and a €12.5M equity investment.
- The formal announcement of the Series D2 round occurred on February 21–23, 2023 with an initial close at €32 million backed by leading international investors.
- By mid-August 2023 an additional €12.5 million was contributed by the EIC Fund as part of a final close for this round; thus bringing aggregate proceeds to €44.5 million for Series D2.
Investor Information
Major institutional investors include: - DaVita Venture Group
- EQT Life Sciences
- Kurma Partners
- VI Partners
- Ysios Capital
- Grand Pharma Group
- Invest-NL
- European Innovation Council (EIC) Fund
These investors have supported both product development and pivotal clinical trials for Xeltis’ vascular implants since late 2021.
Company Valuations
There is no explicit public disclosure regarding company valuation figures during these rounds within available sources.
Exit Events: IPOs or Acquisitions
As of April 23rd, 2025: No initial public offering (IPO), buyout or acquisition involving Xeltis BV has been reported. The most recent major event involves progression to secure a further potential investment (€10 million under evaluation as part of the new “STEP Scale-Up” call by EIC announced April 8th/April 8th–April 8th/April 8th — subject to final award committee decision). No indication exists that an exit event is imminent or completed.
Summary Table: Recent Major Funding Rounds
| Date | Round | Amount |
|---|---|---|
| Dec 21 | Grant + Equity | €15M |
| (Feb–Aug)’23 Series D₂ €44.5M | ||
| (Upcoming) STEP Scale-Up Call ~€10M pending |
<em class="publication">(Pending award decision as of April 8th/Apr 8th/Apr 23rd)
No IPO or acquisition events are reported up through April 23rd, ²⁰²⁵.
Sources
- Xeltis secures additional €12.5 mn from European Innovation Council Fund in final close of D₂ financing
- Xeltis raises €32 mn to drive clinical development
- Xeltis successfully passes evaluation phase for €10mn investment from European Innovation Council
- PRNewswire – XELTIS passes evaluation phase for STEP Scale Up funding
- GlobeNewswire – Final close details on series D₂ funding
- BioWorld – Details on $34m polymer implant development round
3 The Press Releases
Xeltis BV: Post-EIC Accelerator Funding Developments (2021–2023)Following its EIC Accelerator funding, Xeltis BV has advanced its restorative cardiovascular implant technology through clinical milestones, strategic partnerships, and significant financing rounds. Below are key developments from press releases and updates on xeltis.com:
Funding & Financial Growth
- Series D2 Financing: In February 2023, Xeltis raised €32 million in equity funding to progress pivotal trials for its aXess hemodialysis graft and other cardiovascular devices. The round included Grand Pharma, DaVita Venture Group, EQT Life Sciences, and Invest-NL.
- EIC Fund Extension: By August 2023, the Series D2 round closed at €44.5 million after securing an additional €12.5 million from the European Innovation Council (EIC) Fund.
- Grand Pharma Partnership: In August 2022, Grand Pharma committed €15 million as part of the Series D2 round and secured exclusive rights to commercialize aXess in Greater China.
Technology & Clinical Progress
- Endogenous Tissue Restoration (ETR): Xeltis’ proprietary polymer implants trigger natural tissue regeneration for vessels and valves. Key applications include:
- aXess™: A hemodialysis vascular access graft undergoing pivotal trials with promising early human data.
- Pulmonary Valve & CABG Devices: Clinical programs targeting heart valve replacement and coronary artery bypass grafts.
Strategic Collaborations
- DaVita Venture Group Involvement: The U.S.-based investor joined the Series D2 round to support global commercialization of aXess for chronic kidney disease patients.
- Licensing Agreements: Grand Pharma’s licensing deal covers development and production of hemodialysis products in Greater China using Xeltis’ ETR platform[^^4][^^9].
Team & Operations Expansion
- Leadership Updates: CEO Eliane Schutte and CFO Alexander Goemans continue leading global operations from Eindhoven (Netherlands) and U.S. offices[^^7].
- Clinical Development Focus: Bill Brunnett (Director of Clinical Development) emphasized advancing restorative valve technology during trials[^^7].
Regulatory & Commercial Milestones*
- Pivotal Trials Advancement: aXess is positioned as the first synthetic graft designed to restore native vessels long-term[^^1].
- Patent Portfolio: While specific patents are undisclosed in press releases, Xeltis describes its ETR platform as proprietary, with applications across multiple cardiovascular indications[^^6].
Sources Used
-News & Events - Xeltis
-€32 Million Series D2 Announcement (Feb 2023)
-Grand Pharma Investment Press Release
-EIC Fund Extension Announcement
-Careers Page - Team Details
-TU/e News Coverage
-S-GE Financing Report
4 The Technology Advancements
Xeltis BV, a medtech company based in the Netherlands, specializes in developing transformative vascular implants using a proprietary Endogenous Tissue Restoration (ETR) technology platform. This platform enables implants that are gradually replaced by the patient’s own living tissue, aiming to restore natural cardiovascular function and reduce complications such as thrombosis, stenosis, calcification, and infection.Current Capabilities
- Xeltis focuses on artificial vessels and valves for major life-threatening diseases.
- Their technology leverages Nobel prize-winning polymer science to create biodegradable nanofiber implants that stimulate the body’s own tissue regeneration.
- Applications include hemodialysis vascular access (aXess), coronary artery bypass grafts, pulmonary heart valves, and peripheral arterial disease.
- Their devices are designed to reduce reinterventions and improve long-term outcomes compared to current synthetic or biological replacements.
Advancements Since Receiving EIC Accelerator Funding on October 6, 2021
Funding Milestones and Investment
- In December 2021 (shortly after the funding date), Xeltis secured €15 million from the EIC Accelerator program (€2.5 million grant + €12.5 million equity investment).
- By early 2023 they completed a Series D2 funding round raising €32 million aimed at accelerating clinical development of their restorative cardiovascular devices.
- In August 2023 this was extended with an additional €12.5 million from the European Innovation Council Fund pushing total Series D2 financing to €44.5 million.
Technology Improvements & New Features
- The company has advanced its lead product aXess—an implantable vascular graft for hemodialysis patients with chronic kidney disease.
- The aXess device uses their endogenous tissue restoration polymer that is gradually absorbed while enabling formation of new living blood vessels inside patients over time.
- Xeltis is also progressing its coronary artery bypass graft program leveraging similar regenerative implant technology.
Market Demonstrations: Clinical Trials & Presentations
- Over 180 patients have been implanted with Xeltis’ devices; more than 20 have been followed for five years post implantation demonstrating durability of restoration.
- More than 150 patients have received the aXess vascular access conduit specifically.
Clinical Trial Progression:
- Primary endpoint results expected Q2/2025
- First market approval anticipated by early/mid 2026
- This trial is crucial toward CE marking and commercial launch preparation efforts led by newly appointed Chief Technology Officer Rob Eyers.
Clinical leaders involved highlight how this restorative approach addresses unmet needs like fistula non-maturation without reverting to catheters or multiple surgeries thus improving patient quality-of-life during dialysis treatment.
Patents & Scientific Publications
While explicit details regarding new patents filed or whitepapers published since funding were not directly cited in available sources, the company emphasizes strong scientific backing rooted in Nobel-winning chemistry research, and references ongoing robust preclinical and clinical evidence supporting low infection rates, no stenosis occurrences, and consistent natural healing processes observed over multiple years post implantation across broad patient groups. This suggests active intellectual property management aligned with regulatory submissions.
Summary
Since receiving EIC Accelerator funding on October 6th, 2021:
- Xeltis has substantially progressed its innovative cardiovascular implant technology via extensive fundraising totaling over €44M including significant support from EIC Funds.
- It has improved its flagship product aXess through clinical development phases moving from first-in-human trials into large-scale pivotal trials enrolling numerous European centers.
- Demonstrated promising preliminary clinical outcomes validating safety/performance claims critical for future market authorization.
Overall capabilities reflect an advanced stage medtech firm pioneering regenerative cardiovascular implants now positioned imminently close to regulatory approval milestones poised for commercial entry within next one-two years.
Sources:
Xeltis raises €32m to drive clinical development
Xeltis About
XELTIS lands €32m investment
XELTIS’ AXESS receives additional EIC fund
XELTIS Technology Overview
EIC Fund extension announcement
Pivotal EU trial completion Jan. '25 news
5 The Partnerships and Customers
Xeltis BV, a Netherlands-based medtech company specializing in transformative vascular implants using its proprietary endogenous tissue restoration (ETR) platform, has established several significant partnerships and customer relationships since winning the EIC Accelerator funding in October 2021.Key Partnerships and Customers
Nature of New Relationships
The core new relationship with Grand Pharma is both financial—through equity investment—and commercial via licensing rights in Greater China for the aXess device family. The purpose is to leverage local expertise to accelerate market entry into one of the largest healthcare markets globally while enabling scaling through localized production capabilities.
DaVita brings domain-specific clinical knowledge focused on dialysis patient care which complements Xeltis’ technology-driven approach by validating clinical utility and helping optimize product-market fit.
Market Positioning Impact
These partnerships position Xeltis strongly within global cardiovascular implant markets by:
- Providing access to lucrative Asian markets via exclusive licensing agreements.
- Enhancing credibility through association with established healthcare companies like DaVita.
- Securing substantial capital injections facilitating accelerated clinical trials (e.g., pivotal EU trial enrollment completion) aiming at regulatory approvals expected around 2026.
This multi-faceted backing enhances their ability to compete internationally against traditional vascular device providers by offering innovative regenerative implant solutions.
Technology Advancement & Scaling Support
The collaboration with Grand Pharma enables localized development scale-up essential for meeting regional demand while adhering to regulatory requirements specific to China.
DaVita’s involvement enriches R&D direction through real-world dialysis practice insights ensuring that technological advancements directly address unmet medical needs encountered by patients undergoing hemodialysis treatment.
Collectively these relationships underpin ongoing clinical programs beyond hemodialysis grafts into areas such as pulmonary valve replacement and coronary artery bypass grafts using their polymer-based restorative implants — broadening therapeutic scope supported by robust financing raised (€32 million plus €12.5 million additional EIC funds).
Summary
Since securing EIC Accelerator funding in late 2021:
- Major Partner: Grand Pharmaceutical Group Ltd — exclusive licensee for Greater China; invested €15M.
- Strategic Investor/Partner: DaVita Venture Group — supports kidney care innovation clinically.
- Other Investors: EQT Life Sciences et al., providing capital & life science domain expertise.
- New Relationships Purpose: Commercial expansion into Asia; enhanced scaling & production; advanced R&D validation via real-world patient insights.
- Market Positioning: Strengthened global footprint especially in Asia-Pacific; enhanced credibility & resource base focused on disruptive restorative cardiovascular devices.
- Technology Advancement: Accelerated clinical trials progressing toward market approval; expanded pipeline beyond initial indications leveraging investor-partner synergies.
These developments collectively enable Xeltis BV not only to scale operations but also refine its cutting-edge endogenous tissue restoration technology platform towards transforming cardiovascular surgery outcomes worldwide.
Sources:
- About - Xeltis
- Xeltis raises €32 million...
- Xeltis secures additional €12.5 million from European Innovation Council Fund
- XELTIS expands Medical Advisory Board
- Press release about partnership with Grand Pharma
- EU pivotal trial enrollment completed
6 The Hiring and Company Growth
Xeltis BV, a medtech company based in the Netherlands specializing in restorative vascular implants, has demonstrated significant growth and strategic team development since winning the EIC Accelerator funding following their 2021 Step 3 interview. Here is a detailed overview of their hiring, team expansion, and management evolution:Team Growth and Current Headcount
- While specific current headcount figures are not publicly detailed, Xeltis describes itself as a "passionate and driven team" with expertise drawn from top universities and life science companies, indicating a specialized workforce that has expanded alongside its clinical development progress.
- The company’s major equity fundraise in early 2023 of €32 million was aimed at progressing pivotal clinical trials for their key cardiovascular implant products. This financial boost likely supported team growth across research & development (R&D), clinical operations, regulatory affairs, and commercial strategy functions.
Recent Key Hires
- A prominent recent addition to the leadership is Dr. Paulo Neves who joined as Chief Medical Officer in May 2022. Dr. Neves brings extensive cardiac surgery experience combined with deep medical device industry knowledge from previous roles at BioVentrix and others. His expertise supports both ongoing pivotal trials and future product pipeline expansion.
- The core executive team also includes Eliane Schutte as CEO (since 2018) who has led significant strategic expansion including fundraising efforts surpassing €70 million pre-2023 round.
Hiring Status
Impact of New Team Members on Company Growth
- With Dr. Paulo Neves joining as CMO bringing frontline surgical experience alongside medical device commercialization acumen directly informs clinical trial design optimization plus enhances physician engagement strategies critical for market adoption.
- The infusion of capital from the Series D2 round also implies parallel investment into scaling manufacturing capabilities as well as expanding regulatory teams needed to navigate multiple international markets including Greater China via licensing deals.
- These moves position Xeltis to accelerate transition from pivotal trials toward product approvals globally while preparing organizational infrastructure necessary for commercialization scale-up.
Management or Founding Team Changes
In summary, since receiving EIC Accelerator funding around late 2021:
- Xeltis has grown through critical hires like Chief Medical Officer Paulo Neves.
- They secured substantial capital injections (€32 million Series D2) fueling R&D scale-up.
- Their management remains stable with an experienced executive core guiding global clinical programs.
These developments enable Xeltis to strengthen its position advancing transformative endogenous tissue restoration implants toward widespread patient access worldwide while preparing organizational capacity for future scaling needs.
Sources
7 The Media Features and Publications
Xeltis BV: Overview and Recent Developments
Xeltis BV, a Netherlands-based company, received the EIC Accelerator funding in October 2021. The company specializes in developing transformative vascular implants that enable the natural creation of living and long-lasting tissue. This technology is based on the Endogenous Tissue Restoration (ETR) platform, which aims to address major life-threatening diseases by reducing risks associated with traditional implants, such as thrombosis, stenosis, calcification, and infection.
Media Features and Publications
Xeltis has been featured in several publications for its innovative approach to vascular implants. The company's first-in-human (FIH) aXess conduit trial results have been published in the Journal of Vascular Access, highlighting promising six-month data. Additionally, Xeltis' pulmonary valve conduit has been discussed in a publication focusing on early outcomes and design modifications. The European Investment Bank has also highlighted Xeltis' technology as part of its project appraisal process.
Podcasts and Interviews
While specific podcasts or interviews featuring the Xeltis team are not readily available, individuals associated with the company, such as Adrian Trömel, have shared their experiences working on next-generation heart valves.
Conference and Fair Participation
Xeltis actively participates in various medical and scientific conferences, presenting its groundbreaking ETR technology. However, specific details on recent conference visits or fair participations are not available in the provided sources.
Involvement in Events
Xeltis is involved in advancing cardiovascular therapy through its participation in clinical trials and research collaborations. The company's focus on patient-centric solutions is evident in its ongoing trials, which aim to improve standards of care for vascular surgery patients.
Sources:
- Publications Archives - Xeltis
- Xeltis: Home
- About - Xeltis
- A Novel Restorative Pulmonary Valve Conduit
- XELTIS (EGF VD)
- Adrian Trömel
Do you need EIC Accelerator support?
Here is a list of the key service options for the EIC Accelerator:
Full Writing Service
All proposal sections are written by Stephan Segler, PhD.
Advisory Service
You write in-house but receive 1-on-1 support, templates, instructions, and reviews of all documents.
AI Writer & Training
A high-quality AI writer for EIC Accelerator Step 1 and a comprehensive Training program for Steps 1 and 2 including all templates and instructions.