Feb. 28, 2024 — Powerful Medical, a pioneering medical device manufacturer, proudly announces being selected to receive a €2.5 million grant and a follow-on €5 million investment from the European Innovation Council (EIC). Chosen from over one thousand applicants, Powerful Medical stands out as a driver of innovation focused on transforming the field of cardiovascular diagnostics.
European Innovation Council (EIC): A Catalyst for Breakthrough Innovations
The European Innovation Council (EIC) is a key initiative under the EU’s Horizon Europe program, designed to identify, develop, and scale up high-impact innovations across Europe. With a significant budget of €10.1 billion, the EIC focuses on supporting pioneering projects from their inception to market maturity.
Objectives and Support
The EIC is dedicated to:
- Early-Stage Research: Funding transformative research with the potential for groundbreaking advancements.
- Proof of Concept and Technology Transfer: Providing resources to validate innovative ideas and facilitate their transition from the lab to the market.
- Start-Up and SME Financing: Offering financial support to emerging companies, enabling them to grow and compete on a global scale.
Governance and Implementation
The EIC’s strategic direction is guided by an independent board comprising leading figures from the innovation ecosystem, including entrepreneurs, researchers, investors, and corporate executives. This board ensures that the EIC remains aligned with the needs and opportunities within the innovation landscape.
By nurturing cutting-edge technologies and visionary start-ups, the EIC plays a pivotal role in strengthening Europe’s position as a global leader in innovation.
Medical Secures €7.5M in Funding from European Innovation Council (EIC)
Powerful Medical leads the battle against cardiovascular diseases, the number one cause of death worldwide, with heart attacks accounting for the majority of these fatalities. The company’s flagship AI-powered ECG interpretation platform, PMcardio, is setting a new standard in cardiac diagnostics, enabling healthcare professionals to detect acute heart attacks, also known as occlusion myocardial infarction, along with 38 other cardiac abnormalities at the first point of contact. The certified medical device analyzes any image of a 12-lead ECG and compares it against millions of previous patient records, enabling early and precise diagnosis—a critical gap in current healthcare practices.
The secured European Innovation Council funding underscores the impact of Powerful Medical’s work, highlighting its potential to substantially reduce the burden of cardiovascular diseases on a global scale. The grant and subsequent investment will be pivotal to fulfill the company’s ambitious plans for commercialization fueled by evidence from planned prospective randomized controlled trials ensuring the highest level of clinical validation.
“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 Powerful Medical. “This investment fuels our ambition to broaden our reach within the EU and pioneer entry into the US, a journey supported by early believers like Life Extension Ventures, Venture to Future Fund (backed by European Investment Bank), Zero Gravity Capital, and our partners at Civitta.”
Despite general reservations about the use of AI in healthcare, Powerful Medical’s data-driven, methodical approach is set to redefine care coordination within the healthcare system. The integration of PMcardio into existing hospital workflows streamlines the triage process with an AI-augmented patient assessment pathway and enables prompt interventions for those with the most acute conditions, leading to improved outcomes and increased efficiency for institutions.
“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,” states Dr. Robert Herman, Chief Medical Officer at Powerful Medical.
Backed by the European Innovation Council, Powerful Medical is escalating its clinical validation efforts and expanding its footprint throughout Europe. Awaiting FDA approval and with ongoing pilots in the US, the company is strategically positioning itself for an expansive global reach. Their commitment to innovation and improving patient care establishes Powerful Medical as a key player in transforming heart care with AI on a worldwide scale.
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About Powerful Medical
Powerful Medical is redefining the landscape of medical diagnostics with its AI-driven solutions. The company’s certified PMcardio platform revolutionizes the way cardiovascular diseases are detected, offering rapid and accurate diagnostics that pave the way for timely and effective treatment. Backed by a team of experts in AI, medicine, and technology, Powerful Medical is committed to reducing the global impact of heart disease and elevating patient care standards worldwide.
For more information on Powerful Medical’s groundbreaking initiatives and partnership or investment opportunities, please contact media@powerfulmedical.com.
