Ukrainian startup Raccoon.World picks up grant worth €660k
Ukrainian startup Raccoon.World will receive €660,000 of funding from the EU program Fast Track to Innovation. It was reported to AIN.UA by representatives of the company.
The money will be spent on the further development of the platform, clinical trials, and certification of the renewed product.
The startup helps people recover from injuries and neurological diseases without visiting a rehabilitation center. Raccoon.World collaborates with physical rehabilitation facilities and insurance companies and provides its digital platform, which allows patients to rehabilitate remotely after injuries and surgeries.
Raccoon.Recovery’s digital platform allows physical therapy professionals to build the whole treatment course online – from examining the patient’s condition to creating a course with gamified exercises and monitoring progress. Raccoon.World provides sensors to track the patient’s movements during exercises (or the patient can use their own smartphone instead).
The startup’s services became especially relevant during the COVID-19 pandemic.
What is FTI?
The Fast Track to Innovation (FTI) is now a central part of the European Innovation Council (EIC) pilot, that focuses on fundamentally new, breakthrough products, services, processes or business models that open up new markets.
The FTI grant supports applicants by covering 60% of the budget for a specific project within the company activity and can be spent mostly on R&D tasks. Under the terms of the program, Raccoon.World will receive money in four tranches within two years. The amount of the tranche depends on the goals under the project development plan.