Checking up on digital health venture funding: discover 4 EIC-funded innovations raising in 2020
Venture capital investors poured €1.7 billion into European healthcare startups during the first quarter of 2020. According to PitchBook’s European Venture Report Q1 2020, the first three months of the year constituted the fourth-strongest quarter ever in terms of total deal value in Europe, with a special focus on Europe’s healthcare ecosystem. Several technology-integrated solutions in the health sector have closed venture capital funding rounds and attracted investment amid COVID-19 outbreak. Here are 4 EIC-funded innovations raising in Digital Health VC funding.
€2.8 million to monitor cyanide safety
CyanoGuard is a fast-growing chemtech startup dedicated to shaping the future of cyanide detection, monitoring and optimization. Its next-generation cyanide monitoring solutions are used in gold mining, food safety and medical applications. In April, the EIC-funded company announced a new funding round of €2.8 million led by Wingman Ventures with the participation of BlueOcean Ventures. With the newly raised capital from this seed round, CyanoGuard plans to accelerate its go-to-market strategy in the global mining industry.
“These funds enable us to scale our ground-breaking monitoring solutions and roll them out to gold mines around the world. I am excited about the positive impact that our digital, AI-based technology has on the global gold mining industry as well as the local communities and the environment”, added Benedikt Kirchgässler, Co-founder and CEO of CyanoGuard.”
EU Contribution: 2.219.643 €
€1 Million for certified health app in the field of inhalation therapy
VisionHealth is developing a certified medical device to improve inhalation treatment for respiratory diseases. The health app Kata® can show asthma and Chronic Obstructive Pulmonary Disease (COPD) patients how to inhale correctly in a simple and understandable way. Last month, the company announced the successful financing of €1 million led by investor Dr. Georg Matheis. The EIC beneficiary will use the funds for market launch and future growth.
EU Contribution: 50.000 €
Smart chip for fertility secured CHF1 Million
When it comes to the success of fertility treatment, assess the viability of embryos before implantation can make all the difference. Annaida has developed EmbryoSpin, a new sensor that allows hospitals to predict the viability of an embryo, producing results in just one hour. Last month, the EIC-funded company completed its first fundraising round, securing 1 million Swiss francs. The goal of the current funding is to validate the device’s safety and to run preclinical trials to define biomarkers for embryo viability.
EU Contribution: 50.000 €
Oxford-based medical software raised $36 Million
Perspectum, a medical software company that provides non-invasive technology for identifying and monitoring multiple diseases, announced the completion of a $36M financing from Blue Venture Fund, HealthQuest Capital, Oxford Science Innovation, Puhua Capital, and the University of Oxford. The company’s first diagnostic product (LiverMultiScan) uses software to extract quantitative data from current MRI scans to aid with the detection of chronic liver disease. The funding will drive the commercialization of LiverMultiScan for clinical use, expand the CRO business as well as develop additional products for biliary disease, diabetes and cancer for both clinical and CRO applications.
“We are excited to have Blue Venture Fund and HealthQuest Capital as lead investors in this financing. Blue Venture Fund’s invaluable insight in navigating reimbursement and coverage decisions, and HealthQuest’s experience ramping growth stage healthcare companies and specific experience in clinical diagnostics and clinical trial services will be enormously beneficial to our business.”, said Dr Rajarshi Banerjee, Founder and Chief Executive Officer of Perspectum.
EU Contribution: 3.460.487 €
Are you a private investor seeking to invest in future breakthrough innovation, together with the European Innovation Council (EIC)? An EIC Fund is currently being set-up to manage the equity investment, offering the opportunity for private investors to co-fund in highly innovative companies.
Co-investing in companies carefully selected by the European Innovation Council (EIC) is a great investment opportunity as well as an opportunity to support breakthrough, market-creating innovations across Europe and beyond.
If you are interested in finding out, please send an e-mail to RTD-EIC-FUND-INVESTORS@ec.europa.eu for further information.