Brussels: Azalea Vision, a Belgian healthtech innovator, announced its selection for the European Innovation Council (EIC) Accelerator, a prestigious European Union (EU) programme designed to support breakthrough, market-creating deep tech initiatives.
According to BERNAMA News Agency, Azalea Vision stands out as the sole Belgian company in this funding round, securing up to 7.5 million euros in support. This includes a non-dilutive grant of 2.5 million euros and a planned equity investment of five million euros from the EIC Fund, aimed at advancing its medical-grade smart contact lens platform into clinical development. Currently, the exchange rate is 1 Euro to RM4.64.
"This is one of the toughest funding programmes in the world to win, and it validates everything we have been building, our technology, our vision, and the size of the market in front of us," remarked Andr©s Vasquez Quintero, Azalea Vision co-founder and chief technology officer, in a statement. He emphasized that their technical validation is nearly complete, and the platform is operational. The award will provide the resources needed for clinical proof, with a focus on conducting trials from Europe and expediting the process.
The EIC Accelerator is part of the EU's Horizon Europe programme and aims to identify start-ups with the highest potential to create or disrupt global markets. Notably, less than five per cent of applicants succeed through its rigorous expert and jury reviews. The EIC Fund's equity investment, combined with the grant, demonstrates a strong vote of confidence in Azalea Vision's technology, vision, and market potential while simultaneously lowering the risk for private co-investors. Azalea Vision ranked among the highest-scoring applicants and has already embarked on the funded programme.
The funding will facilitate both the clinical development and the final engineering stages necessary to deliver the platform to patients. With the core platform functionality already established and technical validation nearing completion, the EIC award accelerates Azalea Vision's transition from proven technology to a certified medical product.
Following the EIC endorsement, Azalea Vision has initiated discussions with strategic and financial investors across Europe and the United States to co-invest alongside the EIC Fund in its forthcoming financing round.