Glycanostics receives prestigious European Innovation Council grant

In September, 40 Crowdberry investors, alongside the CB Growth ONE investment fund, invested in Slovak biotechnological company Glycanostics, providing capital worth €1 million. Glycanostics will now receive an additional €2 million from the European Council, becoming only the third Slovak company, after MultiplexDX and Sensoneo, to have received such a European Innovation Council grant.

Slovak biotechnological company Glycanostics announces it is one of 65 companies to be chosen in the pan-European EIC Accelerator Challenge out of more than 4,000 applicants. The company, which operates in the field of early cancer diagnosis, is the third in Slovakia’s history to receive such a European Innovation Council grant, worth almost €2 million. Glycanostics will use the funds to complete development of its diagnostic test for clinical validation, as well as patenting biomarkers to prepare the company for the CE registration process necessary for products traded on the EU Single Market. The news confirms the view of investors on the Crowdberry platform and the CB Growth ONE fund who, convinced by the potential of Glycanostics’ product and the exceptional team behind it, backed the company with a €1 million investment.

The EIC Accelerator is a European Innovation Council financial scheme and part of the Horizon Europe programme. Its goal is to support further development of ground-breaking innovative solutions by young companies and SMEs, with a substantial part of the programme focusing on strategic innovations in the field of healthcare, as well as digital technologies and projects supporting the goals of the European Green Deal. This year, the European Innovation Council has distributed €136 million in total amongst 65 European companies in the form of grants, including the one for Glycanostics. An additional €227 million is available to companies as direct investment from the EIC fund.

“As we communicated to the EIC jury, for us it is mainly a question of values. We have developed a disruptive technology that could help save the lives of millions around the world. At Glycanostics, we consider it our duty to make this innovation available to patients around the globe as quicky as possible. At the same time, we want to create new jobs with high added value in Slovakia and thus help skilled workers take part in shaping our future,” adds Kováčová.