RCS - Arxum GmbH - Arxum GmbH Launching Acceleration Project

Adecco AGAnnouncement

28/07/2022 18:30

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RNS Number : 1531U  Arxum GmbH  28 July 2022

Arxum GmbH Launching EIC Financed Acceleration Project for Compliance
Digitisation in the Pharma Sector

The European Innovation Council (EIC) has selected Arxum as one of the few
beneficiaries of the EIC acceleration program. On July 5th 2022 Arxum and
European Innovation Council and SMEs Executive Agency (EISMEA) signed the
grant agreement in order to bring Arxum's blockchain-based compliance
digitisation solution to life science laboratories on a European scale. The
project matches several of the EU's strategic areas of interest.

The EIC is Europe's flagship innovation programme to identify, develop and
scale up breakthrough technologies and game changing innovations. The EIC has
been established under the EU Horizon Europe programme with a budget of
€10.1 billion to support game changing innovations throughout the lifecycle
from early stage research, to proof of concept, technology transfer, and the
financing and scale up of start-ups and SMEs. Arxum GmbH from Kaiserslautern,
Germany, has introduced an innovative solution based on blockchain technology
in order to digitally secure data integrity and to reduce paper-based efforts
in life science laboratories. Arxum is rolling out this solution to tackle
patient safety and laboratory efficiency in an industry domain which is dearly
looking for effective digitisation solutions.

The EIC provides Arxum with a grant of EUR 1.5 million for the development
of further features. In a second phase a VC investment with a matching fund by
the EIC is to follow. Arxum will use the funds to broaden the application's
market fit and to create customer value to the laboratory sector.

About the project:

The Blockchain-based Laboratory Operations Control System (BLOCS) aims at
monitoring the analyses performed on a laboratory software and at detecting
whether the raw data have been altered by anomalies resulting from protocol
errors or actions that do not comply with GxP rules. BLOCS records in real
time the events that occur on the files from the lab software and sends them
to a smart contract on a blockchain. Any deviation is reported and triggers
configurable alarms. The strength of this approach lies in the trust provided
by the Smart-Contract running on the blockchain: it contains the business
logic that decides whether the latest event impacts the validity of a
laboratory analysis performed. There is no way to bypass this GxP-relevant
business logic or to override the history on the blockchain.

See https://eic.easme-web.eu/?b=898139491

 

 

Issuer: Arxum GmbH

Key word(s): Information technology

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