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Slovakian Powerful Medical Secures €7.5M EIC Funding to Redefine Heart Diagnostics

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Image credit: Canva
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In a nutshell:

  • Slovakian Powerful Medical, a medical device manufacturer, received €7.5M in funding from the European Innovation Council and SMEs Executive Agency (EISMEA).
  • The grant and subsequent investment will be pivotal to fulfill their plans for commercialization, ensuring the highest level of clinical validation.
  • A new set of 42 companies has been selected to receive European Innovation Council (EIC) funding, combining grants and equity, following the final 2023 EIC Accelerator cut-off in November.

 

Their background story:

Powerful Medical aims to redefine the landscape of medical diagnostics with its AI-driven solutions. The company’s certified PMcardio platform focuses on upgrading the way cardiovascular diseases are detected, offering rapid and accurate diagnostics. 

Powerful Medical is dedicated to reducing the global impact of heart disease and elevating patient care standards worldwide. 

Previously, the company was supported by LifeX Ventures, Venture to Future Fund, a.s., Zero Gravity Capital, and CIVITTA.

 

In their own words:

“We are immensely grateful for the EIC’s recognition and support, which propels us closer to achieving our mission of saving lives on a global scale,” said Martin Herman, CEO of the company.

“The impact of our technology is not limited to the immediate treatment of heart attacks; it extends into the future well-being of patients. Our AI models in development focus on ECG-based screening for heart failure as early as asymptomatic patients presenting for a routine check-up to their GP and early recognition of sudden cardiac death predictors (such as Brugada and Hypertrophic Cardiomyopathy), ensuring patients have the best chance for a healthier, longer life,” shared Dr. Robert Herman, Chief Medical Officer at Powerful Medical.

 

Their next steps:

The €2.5 million grant, followed by a €5 million investment received from EIC, aims to facilitate their mission to revolutionize heart attack diagnostics. The investment fuels their goal to broaden their reach within the EU and expand into the US. Powerful Medical’s primary objective is to establish itself as a key player in transforming heart care with AI on a worldwide scale.

Read more:  Bulgaria’s Startup Landscape H1 2023 at a Glance: The Biggest Deals and Milestones

 

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https://therecursive.com/author/teodoraatanasova/

Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.