Investment & Fund Management
European Investment Fund Partner
Full Credential Description
Echolight, a medical technology company based in Lecce, Italy, faced significant challenges in the under-diagnosis of osteoporosis, a condition that can lead to increased fragility and fracture risk if not detected early. The existing diagnostic methods were outdated, relying on x-rays that posed risks of radiation exposure and lacked accuracy. To address these issues, Echolight developed the REMS (Radiofrequency Echographic Multi Spectrometry) technique, an innovative, patented solution that allows for radiation-free echographic examinations to diagnose osteoporosis quickly and effectively.
In 2016, Echolight sought investment to support the clinical validation of their technology and to enhance their marketing efforts while reducing production costs. They received funding from Panakés, a venture capital fund backed by the European Investment Fund (EIF) that specializes in medical companies. This investment enabled Echolight to hire scientists to conduct clinical studies across 15 hospitals in Europe, significantly advancing their research and development efforts.
The results of this collaboration have been promising. Echolight's technology not only improves the accuracy of osteoporosis screening but also facilitates early detection, which is crucial for effective prevention. The company aims to establish itself as the gold standard in osteoporosis diagnostics, ultimately improving patient quality of life and potentially reducing healthcare costs associated with late diagnoses.