During the project period, Nanosynex continued improving the already excellent performance of its existing prototype, including an in-house study on clinical samples, which showed promising validation data. The company conducted in-depth market analysis and risk assessment by gathering information on competitors and using existing marketing tools (e.g. SWOT analysis) in order to refine its strategy and business model. This analysis allowed the company to identify key potential partners, better define the initial targeted market and geographical segmentation, therefore contributing to reduce business risks.
During the project period, Nanosynex attended several specialized conferences (e.g. MEDICA fair in Germany), increasing its network by getting additional engagement from stakeholders and potential customers who showed high excitement and willingness to strongly supported the project as shown by the additional recommendations and letters of support we received.
The company performed a full operational, technological and financial analysis to refine its strategic business focus and development of milestones throughout and after this project completion. This analysis, together with the excellent validation data obtained during the SME H2020 phase 1 period, contributed to Nanosynex successful fundraising of ~€867K ($1M) in seed investment from a private family office specialized in Life Sciences and frontier tech, that can follow up for next round of investment, and to securing an additional prestigious innovation grant from the Israel Innovation Authority, to support the next steps to commercialisation.