ESPOO, Finland, July 1st 2022. Finnish bioinformatics software company Euformatics has been awarded a grant from the European Commission’s Recovery and Resilience Facility to study, research and develop advanced software algorithms and workflows for clinical diagnostics of cancer and rare diseases. The funding also covers the development of an interlaboratory quality control system that will enable groups of NGS labs to compare and validate their pipelines on a collaboration platform.
The Recovery and Resilience Facility (RRF) is the key instrument at the heart of NextGenerationEU to help the EU emerge stronger and more resilient from the COVID-19 pandemic. It allows the Commission to raise funds to help Member States implement reforms and investments that are in line with the EU’s priorities and that address the challenges identified in country-specific recommendations under the European Semester framework of economic and social policy coordination. It makes available €723.8 billion in loans (€385.8 billion) and grants (€338 billion) for that purpose.
Majority of the RRF funding is allocated to the green transition but other areas such as healthcare and digital transformation allowed Euformatics to participate to the competitive process of applying funding. Business Finland acted as the national level evaluator for the selection process and concluded that the Euformatics project should be awarded funding.
Kimmo Koponen, Account Lead at Business Finland comments on the selection process: “We went through a rigorous process of almost three months from application submission to awarding the grants according to European Commission funding requirements. We received lots of high-quality applications from a variety of companies ranging from small start-ups to publicly listed ones and evaluated Euformatics to be among the select few that have the potential to make a significant impact in future healthcare through accelerating the transition to precision medicine.”
For Euformatics, this project marks a major milestone in our ability to participate and get funding from the European Union. In 2018 we were awarded funding from a 14 million euro GEMMA project for researching autism spectrum disorder. Earlier this year we were selected by a EU-funded consortium of leading central European hospitals to design and develop NGS oncology workflows.
“We are very happy and grateful for all the support that Business Finland has given us during the past few years when we have expanded our footprint and reach globally. This research funding enables us to plan our development roadmap and offering in the long term so that the products will be based on a solid scientific foundation. We look forward to working with both industry and academic partners to showcase the results during the next several years.”, explains Tommi Kaasalainen, Euformatics CEO.
To find out more about Euformatics, please go to our website www.euformatics.com. More about Business Finland at www.businessfinland.fi and about Recovery and Resilience Facility at https://ec.europa.eu/info/business-economy-euro/recovery-coronavirus/recovery-and-resilience-facility_en