EIT Health-supported start-ups in Ireland

2nd May 2023

Posted In: Be In The Frame

EIT Health Ireland-UK, a co-location centre of EIT Health, which is part of the European Institute of Innovation and Technology, a body of the European Union, recently announced that 16 of the 90+ start-ups it has supported in Ireland to date secured €75.3M* in both public and private funding during 2022.

Each of the biotech, digital health, and MedTech start-ups has previously participated on an EIT Health business accelerator programme or been part of a pan-European innovation project facilitated by EIT Health.

Over 40% of the start-ups are female founded or co-founded, and over 60% are Alumni of the University of Galway’s BioInnovate Ireland Fellowship programme, that is co-funded by Enterprise Ireland.

EIT Health is Europe’s largest health innovation network. It provides pan-European training, public and private financing, mentorship programs, consortium building and collaboration opportunities to regional health ecosystems. Its network combines professionals, educators and learners, patients, clinicians, and entrepreneurs with the aim of creating healthier lives for patients in Europe.

Since its inception in 2015, EIT Health has supported 1,700+ health innovation start-ups in Europe with business acceleration opportunities, which have gone on to raise over €1B in investment to date. The portfolio of programmes offers start-ups a direct line to European markets, knowledge, finance, and stakeholders. EIT Health’s programmes have recently been shortlisted within the top five public / private business accelerators globally, by the UBI Global – Innovation For Business Incubators and Accelerators World Benchmark Study.

“Health innovation in Ireland is thriving, with an array of government-funded supports available and a vibrant investment scene. EIT Health Partners such as the University of Galway, through its BioInnovate Ireland programme, and Trinity College Dublin, enable the brightest minds in healthcare to develop their ideas on the journey for healthier lives for patients in Europe,” said Graham Armitage, Interim Managing Director at EIT Health Ireland-UK. 

“At EIT Health our accelerator programmes are designed to support this journey and help innovators scale their businesses into European markets, by arming them with the connections, knowledge, and market insights they need to succeed. I would encourage local start-ups here in Ireland that would like support with business plan development, and a platform to test and validate their solutions in European markets to apply.”

One company to receive recognition is Luminate Medical – 2022 winners of the EIT Health Catapult Audience Choice Award which closed a €5M investment round in May 2022 and secured funding from the Disruptive Technologies Innovation Fund in November 2022.

The start-up which aims to transform the lives of cancer patients by preventing chemotherapy-induced hair loss has developed a portable technology called “Lily”. After Luminate’s success at EIT Health’s Catapult pitching competition, its logo was displayed on New York’s Nasdaq Tower, along with a message of congratulations.

Barbara Oliveira, Co-Founder and CTO at Luminate, said during her acceptance speech, “I’m really proud that so many of you voted for us and believe in what we’re trying to achieve. I said before it’s a team effort and it really is. I can’t wait to take the team to visit New York as we celebrate this beautiful award. Thank you so much to everyone who voted, our mentors, and the team at Luminate.”

EIT Health is running a number of Bootcamps in MedTechRegulatory Pathways to Market, and Patient Innovation which are open to applicants until 31st May 2023.

*Source: dealroom.co

Image: EIT Health Catapult finalist ‘Luminate Medical’ celebrated by Nasdaq for winning the Alex Casta Audience Choice Award 2022.