The Munich-based medtech startup Smart4Diagnostics (S4DX) has just announced additional funding of €2.5 million from the new EIC Accelerator. The project is scheduled to start on 1 April 2020 and it is envisioned to support further growth and market launch of their product in 2020.
The Smart4Diagnostics team was brought together by EIT Health’s Wild Card programme in 2018 over the idea to digitize the entire blood sampling procedure. Molecular biology PhD, Dr Yannick Timo Böge, software engineer, Julia Flototto, regulatory affairs expert Hans Maria Heÿn and orthopaedic and traumatology specialist, Malte Dancker have been developing a digital solution to support the process of blood sampling and to seamlessly record and ensure the quality of the blood sample up to its lab analysis. As winners of the Wild Card programme, the team successfully secured €2m investment and set off to create a new standard in diagnostics. One year later, the startup was accepted into the EIT Health Gold Track Program, a mentorship programme designed to nurture start-ups with great potential.
The startup’s flagship product is a real time monitoring solution for medical diagnostics, enabling a digital process monitoring and quality assurance in real-time from the time point of blood collection at the doctor’s office until sample arrival in the lab. Unlike current manual processes of taking blood, the data is collected and instantly reported into the laboratory whilst the patient is still present. This brings multiple benefits for the parties involved: increased efficiency and lab-turnaround time for the labs, reliable data for decision-making and reduced costs for the healthcare professionals and trustworthy diagnostic results for the patients.
About the EIC Accelerator
The EIC Accelerator (formerly known as SME instrument) is part of the pilot project of the European Innovation Council (EIC), which supports high-risk, high-potential small and medium-sized enterprises and innovators to help them develop and bring onto the market new innovative products, services and business models that could drive economic growth. The EIC pilot offers free coaching, business acceleration services and mentoring, in addition to funding ranging between €0.5 and €2.5 million in the form of grants.