Nicolab and the EIC Accelerator: AI for Faster Stroke Care

Nicolab, founded in Amsterdam in 2015 by researchers from the MR CLEAN stroke trial and now led by CEO Michael Macilquham, sells StrokeViewer, software that analyses stroke scans with AI and shares them with specialists. Its EIC project, StrokeFlow, set out to end stroke care's "one size fits all" approach, in which physicians "go in blind" at every intervention because they have no information about the clot, according to CORDIS.

The European Innovation Council granted €2,235,810 towards a €3.20 million project from March 2023 to February 2025. The final report says Nicolab developed a "digital biopsy" algorithm to characterise clots from standard CT scans, gaining "critical insights into its performance" and "a clear path for the continued refinement required for a final, regulatory-approved product". It built an AI model to estimate brain perfusion from routine scans without dedicated perfusion imaging, integrated AI visualisations into the angiography suite and built a scalable cloud platform. It describes the result as "near-market" and "regulatory-ready". StrokeViewer itself predates the EIC award; it was cleared by the FDA in 2020, the company says.

Where Nicolab Stands Now

In July 2026 the Australian broker Reach Markets presented Nicolab to investors as an "Australian medtech company" setting its sights on an ASX listing in 2027, deployed in more than 150 hospitals with 30 more being implemented across 12 countries and supporting over 70,000 suspected stroke patients in 2025, Reach Markets said. Philips resells the product and has taken equity. The company expects more than $40 million in annual recurring revenue within two and a half years, according to the same pitch. In December 2025 Nicolab became a launch partner of the Harrison.ai platform, and in August 2026 it signed with Carahsoft to sell to the US public sector, according to its announcements.

The Technology: Reading Stroke Scans in Seconds

For every minute a stroke goes untreated, patients lose an average of 22 healthy days of life, the report says. Nicolab's software analyses CT and MRI scans to flag clots and sends images to specialists on any device. The EIC project aimed to go further: telling doctors what the clot is made of, and estimating perfusion without scans many hospitals lack, so that treatment can be tailored.

What the EIC Project Promised, and What CORDIS Shows

The project aimed to deliver personalised treatment decisions from standard scans. The report documents new algorithms and platform work but says the clot analysis still needs refinement before regulatory approval. Whether the perfusion model or digital biopsy has since been cleared or put into StrokeViewer is not public. CORDIS lists the project as closed.

1. Digital clot biopsyPartialNeeds refinement.
2. Perfusion from routine scansDeliveredAI model built.
3. Angio-suite integrationDeliveredPer report.
4. Regulatory approval of new AIUnverifiedNot announced.

The Money

Nicolab raised AU$13 million in 2021 in a pre-IPO round led by Canaccord Genuity Australia. Its revenue, its current corporate structure between the Netherlands and Australia, and the terms of the planned listing are not public. The EIC award was a grant, with no EIC Fund equity announced.

What Cannot Be Checked

Why Europe Should Care

Nicolab grew out of a Dutch trial that changed stroke treatment worldwide, and it says all its technology is developed in Amsterdam. The EIC funded its next generation of algorithms. Its growth capital, management and planned stock market listing now point to Australia.

The Verdict

Nicolab and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.