Advances in materials science can significantly boost nanotechnology-based information and biomedical applications. Magnetoelectric (ME) composites constitute a unique class of materials that can simultaneously respond to external magnetic and electric stimuli. The scope of the EU-funded MAGNUS project is to overcome certain technical drawbacks associated with state-of-the-art ME composites by fabrication of new material architectures, with a variable mechanical strain along their length, which can respond more efficiently to magnetic and electric fields. The resultant materials can be exploited in bone tissue engineering and for generating functionally-graded magnetic recording media.