How EFSI benefits SMEs in Europe - CERSA case study: Exovite (Spain), Healthcare; ICT

Exovite is an SME dedicated to the development of technological innovation in tools and medical procedures. From their headquarters in Zaragoza, Exovite have developed an innovative comprehensive system for immobilization and rehabilitation in the field of traumatology and musculoskeletal treatments.

The system uses new technologies such as 3D-scanners and 3D-printers to produce light, durable ergonomic splints for the affected limb. Through dedicated software on the patient’s smart-phone and an electro-stimulator attached to the splint, doctors are able to design and initiate rehabilitation exercises and monitor progress remotely, without the need for frequent visits to the clinic. Treatment can start earlier, with the limb still immobilised, and from the comfort of the patient’s own home, thus preventing loss of muscle-mass and slashing the average recovery time for broken bones from 10 to 7 weeks.

Exovite aims to optimize resources in medical treatment, but also to improve the quality of life of users of the system – both doctors and patients. This system is already in use in seven hospitals across Spain and the company is looking to expand to Israel, the USA and beyond.

From the start-up phase, Exovite has been entirely dependent on investments in research and development for the various products that make up this comprehensive system. The company has grown rapidly over the course of the past year, going from eight persons to twenty. To support this growth, Exovite sought support in the form of a loan guaranteed by CERSA, as well as EIF thanks to the Investment Plan for Europe.

This EU initiative, aiming at generating new investments by supporting small and medium-sized enterprises across Europe, allowed Exovite to hire four new employees and take the business to the next level. Luis Monzon, Chief Operating Officer, explains: “At the time, we were all part-timers. With this financial support, we were able to start working on the project full-time.”

Yet Exovite, a recipient of no fewer than 12 international awards, is still just taking off: “By the end of 2016, we will be moving to new, larger offices. We have just hired someone to focus exclusively on managing sales and marketing, and soon we plan to be installing new-technology 3D printers in clinics that will produce the splints in 5 minutes instead of the current 7 hours.” Watch this space.

Company: Exovite (Spain)

Type of business: Advertising technology company; ICT

EIF financing: InnovFin SMEG, EFSI

Financial intermediary: CERSA

For further information about EIF intermediaries in Spain, please refer to: http://www.eif.org/what_we_do/where/es