ONWARD raises USD 32M to further develop and commercialize their ARC therapy stimulating the spinal cord to restore movement
22.04.2021
The round was led by Invest-NL, the Dutch impact investor, and Olympic Investments, the private investment arm of the Onassis Foundation. Several additional new investors and all of ONWARD’s existing investors also participated in the financing, including leading medical technology investors LSP, INKEF Capital, Gimv, and Wellington Partners. We interviewed Vincent Delattre, VP Business Development & Co-Founder at ONWARD about the use of these new funds and his entrepreneurial path.
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ONWARD is a spin-off company from Professor Courtine’s laboratory at the École Polytechnique Fédérale de Lausanne (EPFL, Switzerland), with offices in Switzerland and the Netherlands. The Company is developing an Implantable Neuro-stimulation System (INS) with real-time motion feedback and uses training tools to rehabilitate patients suffering from neurological disorders such as spinal cord injury (SCI). The initial focus of ONWARD Medical will be paraplegic patients with incomplete SCI due to a lesion in the cervical or thoracic segments of the spinal cord.
“We are deeply committed to developing and commercializing research breakthroughs, bringing them out of the laboratory and into the clinic,” said Dave Marver, Chief Executive Officer of ONWARD. “This funding will enable ONWARD to sustain our quest to help people with spinal cord injury enjoy life in every way that matters to them.”
Vincent, how will the USD 32M investment led by INVEST-NL help achieve your vision?
Proceeds from the financing will be used to fund the continued development and commercialization of ONWARD’s ARC Therapy. The company plans to commercialize two technology platforms, an implantable system called ARC-IM and an external system called ARC-EX. Both platforms are designed to deliver targeted, programmed stimulation of the spinal cord to restore movement, independence, and health in people with spinal cord injury, ultimately improving their quality of life. ARC-IM and ARC-EX have each been awarded Breakthrough Device Designation by the FDA. ARC-EX is currently undergoing clinical trials in the U.S., Canada, UK, and Western Europe in a pivotal study called Up-LIFT.
You won Venture Kick in 2014. How did it help you lay the foundation for your growth and today's achievement?
ONWARD won the Venture Kick program in 2014, and this was a great training for the founding team. We learned strategies to translate our scientific vision into an attractive business opportunity for investors and attribute our success to learnings from this program.
You also participated in Venture Leaders Technology in 2014 and were selected on the TOP 100 Swiss Startup Award 5 years in a row from 2015 to 2020. How did it leverage your fundraising strategy?
ONWARD participated in the Venture Leaders Technology and TOP 100 Swiss Startups Awards. These early recognitions provided opportunities and opened doors. We were able to leverage our fundraising strategy due to the credibility and prestige of the Venture Leaders' name and are proud to be associated with the organization.
When, and what, was your inspiration to found ONWARD Medical?
In 2012, Professor Grégoire Courtine was advanced in his research and had enabled fully-paralyzed animals to walk again – an unprecedented result. We met during this phase of his research, while I was completing a PhD in neurophysiology studying the ability of the brain to create new connections. Driven by the dream to make this technology available for people with spinal cord injury, we teamed up to develop what is now ONWARD’s implantable system ARC-IM. In 2014, we created ONWARD to pursue this mission.
What is your advice for the potential Medtech, neuroscience, or robotics entrepreneurs launching companies in Switzerland today?
Scientists and engineers can sometimes be technology-driven. Before launching a new technology company, my advice is to ensure that the product will really serve the needs of those for whom it has been designed for. This is the ultimate goal that will lead to future success.
I recommend this very inspiring testimony from Prof. James Sulzer, a neurotech professor whose daughter suffered a traumatic brain injury.
“We are deeply committed to developing and commercializing research breakthroughs, bringing them out of the laboratory and into the clinic,” said Dave Marver, Chief Executive Officer of ONWARD. “This funding will enable ONWARD to sustain our quest to help people with spinal cord injury enjoy life in every way that matters to them.”Vincent, how will the USD 32M investment led by INVEST-NL help achieve your vision?Proceeds from the financing will be used to fund the continued development and commercialization of ONWARD’s ARC Therapy. The company plans to commercialize two technology platforms, an implantable system called ARC-IM and an external system called ARC-EX. Both platforms are designed to deliver targeted, programmed stimulation of the spinal cord to restore movement, independence, and health in people with spinal cord injury, ultimately improving their quality of life. ARC-IM and ARC-EX have each been awarded Breakthrough Device Designation by the FDA. ARC-EX is currently undergoing clinical trials in the U.S., Canada, UK, and Western Europe in a pivotal study called Up-LIFT.
You won Venture Kick in 2014. How did it help you lay the foundation for your growth and today's achievement?
ONWARD won the Venture Kick program in 2014, and this was a great training for the founding team. We learned strategies to translate our scientific vision into an attractive business opportunity for investors and attribute our success to learnings from this program.
You also participated in Venture Leaders Technology in 2014 and were selected on the TOP 100 Swiss Startup Award 5 years in a row from 2015 to 2020. How did it leverage your fundraising strategy?
ONWARD participated in the Venture Leaders Technology and TOP 100 Swiss Startups Awards. These early recognitions provided opportunities and opened doors. We were able to leverage our fundraising strategy due to the credibility and prestige of the Venture Leaders' name and are proud to be associated with the organization.
When, and what, was your inspiration to found ONWARD Medical?
In 2012, Professor Grégoire Courtine was advanced in his research and had enabled fully-paralyzed animals to walk again – an unprecedented result. We met during this phase of his research, while I was completing a PhD in neurophysiology studying the ability of the brain to create new connections. Driven by the dream to make this technology available for people with spinal cord injury, we teamed up to develop what is now ONWARD’s implantable system ARC-IM. In 2014, we created ONWARD to pursue this mission.
What is your advice for the potential Medtech, neuroscience, or robotics entrepreneurs launching companies in Switzerland today?
Scientists and engineers can sometimes be technology-driven. Before launching a new technology company, my advice is to ensure that the product will really serve the needs of those for whom it has been designed for. This is the ultimate goal that will lead to future success.
I recommend this very inspiring testimony from Prof. James Sulzer, a neurotech professor whose daughter suffered a traumatic brain injury.