Cellevate and the EIC Accelerator: Launched, Barely Selling
Cellevate, based in Lund, makes microcarriers, the supports on which cells grow in bioreactors to produce biologic drugs, gene therapy vectors and vaccines. Its carriers are made from cellulose nanofibers. Its EIC project reported "a 3.1-fold increase in AAV9 vector yield compared to current standards", a vector used in gene therapy, and 19 times more stem cells within eight days.
The European Innovation Council granted €2,485,858 towards a €3.6 million project from October 2022 to September 2024, and the EIC Fund joined Industrifonden and Onsight Ventures in a SEK 39 million seed round in October 2023. The final report counted "40+ customers in final discussions and 7 product quotes", a launch planned for November 2024 and a €15 million Series A for mid-2025. The product launched in November 2024, as planned. Cellevate's accounts on Allabolag show net sales of SEK 62,000 in 2024 and SEK 41,000 in 2025, and a 2025 net loss of SEK 37.7 million.
Company file
- Legal entity
- Cellevate AB, org. 556964-8438, Lund
- CEO
- Laura Chirica
- Product
- Cellevat3d nanofiber microcarriers; Cellevat3d VAX for vaccines
- Investors
- Industrifonden, EIC Fund, Onsight Ventures, Almi Invest
- First EIC project
- SBMP-microcarrier, 1 Oct 2022 to 30 Sep 2024, closed
- Second EIC award
- Cellevat3d-VAX, October 2025 cut-off, equity only
Where Cellevate Stands Now
The planned €15 million Series A did not appear. Instead, in February 2026, Cellevate closed a SEK 21.3 million round from existing shareholders and new investors including Almi Invest. The same month the EIC selected it for negotiations on an equity investment for its vaccine product, one of 61 companies chosen. The company's equity had fallen to SEK 8.9 million at the end of 2025.
The record
Two EIC selections, a launch and almost no sales
Cellevate launched its nanofiber microcarriers in November 2024. A planned €15M Series A became a SEK 21.3M round, and the EIC selected it again in 2026 for equity.
- Mar 2022EIC Accelerator cut-offNanofiber microcarriers for making biologic drugsblended finance
- Oct 2022EIC project startsScale-up from TRL 5 to 9€2.49M grant
- Oct 2023Seed roundIndustrifonden, EIC Fund and Onsight VenturesSEK 39M
- Sep 2024EIC project ends40+ customers in discussion; 7 quotes; €15M Series A planned for mid-2025
- Nov 2024Product launchCellevat3d nanofiber cell culture systems
- Oct 2025Vaccine product launchCellevat3d VAX
- Feb 2026EIC selection againNegotiations for EIC Fund equityequity only
- Feb 2026Funding roundExisting shareholders and Almi InvestSEK 21.3M
CORDIS, Cellevate and Allabolag.
"We are proud to be one of 61 companies selected by the EIC following a highly competitive process."
Laura Chirica, CEO, Cellevate, February 2026The Technology: More Surface for Cells
The report says the project took the product from technology readiness level 5 to 9, met all four milestones, expanded collaborations from 4 to 31 partners and filed two patent applications, for stem cell culture and AAV production. In October 2025 the company launched Cellevat3d VAX for viral vaccine production.
The accounts
Net sales near zero, losses rising
SEK thousands, from Swedish filed accounts. Net sales are what customers paid.
Allabolag, Cellevate AB (556964-8438).
What the EIC Project Promised, and What CORDIS Shows
The first EIC project
The EU paid 70% of a €3.6M project
SBMP-microcarrier ran from October 2022 to September 2024.
CORDIS project 190187799. Values in € millions.
The project was to optimise the carriers and deploy them on the market. Technically it did: higher yields, a launch and dozens of partners. Commercially, the accounts show net sales of SEK 62,000 in 2024 and SEK 41,000 in 2025, against the "40+ customers in final discussions and 7 product quotes" the report counted.
- Higher yieldsReported3.1x AAV9 yield.
- Market launchDeliveredNovember 2024.
- Customer salesNegligibleSEK 41k in 2025.
- €15M Series ANot raisedSEK 21.3M instead.
The Money
Cellevate's net loss grew from SEK 8.1 million in 2023 to SEK 21.4 million in 2024 and SEK 37.7 million in 2025. Its other operating income fell from SEK 21.4 million in 2024 to SEK 4.2 million in 2025, after the EIC grant ended. Equity dropped from SEK 46.5 million to SEK 8.9 million in 2025.
The balance sheet
Equity drained in 2025
Book equity at year end, SEK thousands. The SEK 21.3M round closed in February 2026, after these figures.
Allabolag, Cellevate AB.
What Cannot Be Checked
Questions for the EIC
Why the EIC Fund is considering a second investment when sales after launch were almost nil, how much it would invest, and how many of the 40 prospective customers have bought anything are not public.
Why Europe Should Care
The EIC has already given Cellevate a grant and equity, and is negotiating more. The company's own accounts show a product that has not yet found paying customers in volume.
What the project promised
A market-ready nanofiber microcarrier, deployed commercially, with a €15 million Series A to follow.
What the record shows
A 2024 launch, SEK 41,000 in 2025 sales, a SEK 37.7 million loss, a smaller round and a second EIC selection.
The Verdict
A launch with almost no sales
Cellevate did the science and launched as planned. A year later its customers had paid it almost nothing, and the EIC is weighing whether to put in more money.
Cellevate and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
Industry
HealthLife science tools
- Focus
- Reagents and consumables
- Technologies
- Bioprocessing
- Nanomaterials
- Keywords
- Microcarriers
- Gene therapy manufacturing
- Vaccine production
- Stem cell culture
- Nanofibres