Optofluid Technologies receives Horizon 2020 SME Instrument Phase 1 funding to develop novel dialysis sensor

Estonian medical technology company Optofluid Technologies OÜ (OFT) was deemed successful in the “Personalized Health and Care” work programme with their project “On-Line DIAlysis Sensor” (OLDIAS).

OFT is developing a novel sensor for dialysis monitoring in order to improve the quality and efficiency of renal replacement therapy. In the framework of the SME Instrument OFT is looking to finalize the product design through clinical validation and introduce the novel solution to the market. During the first phase of the OLDIAS project OFT will compile a detailed business plan and a feasibility study including a freedom-to-operate analysis, market research, technological feasibility study and a commercialization strategy.

Invent Baltics helped OFT to compile the successful proposal based on their business idea. Invent Baltics´ consultants ensured that the proposal met all regulatory demands and fulfilled criteria for success of the specific programme. Invent Baltics also assisted and consulted OFT with the proposal submission procedures and in the following grant negotiations phase.

The SME Instrument is a funding instrument under the Horizon 2020 Research and Innovation program that supports innovative Small and Medium-sized Enterprises in Europe and associated countries. The instrument aims to fill the gaps in funding for research and innovation at early stages and thereby accelerate the exploitation of novel solutions to address key societal challenges or enabling technologies. The SME Instrument Phase 1 funding supports SMEs to cover the funding for initial feasibility assessment and business modelling for the novelty. Phase 2 funding is targeted to SMEs with particular focus on product development, demonstration activities and market replication. In 2015 and onwards, there will be a cut-off at the end of each quarter. The next cut-off date for Phase 1 and Phase 2 project proposals is March 18 and June 17, 2015. Invent Baltics OÜ provides initial consultancy regarding funding opportunities within the Horizon 2020 Research and Innovation program free of charge.