In an effort to support innovation and drive technological advancements, the European Innovation Council (EIC) has announced the selection of 51 companies to receive funding through its Accelerator program. This second 2023 EIC Accelerator cut-off, held in March, attracted a remarkable 551 full proposals, out of which 139 companies were interviewed by expert juries. The selected companies will collectively receive €260 million in a combination of grants and equity investments, with the latter being facilitated through the EIC Fund.
The chosen companies represent a diverse range of sectors and come from 17 different countries. Notably, nearly 30% of the selected companies are led by female CEOs, CTOs, or CSOs, emphasizing the EIC’s commitment to promoting gender diversity in entrepreneurship and innovation.
Among the projects that will receive support is Subra a/s from Denmark, which aims to make superconducting power grids a viable solution for Europe. Twinsity from Germany has developed an AI-based inspection system that enhances the operational safety of critical infrastructure within minutes. SGPR.tech from Poland focuses on providing comprehensive subsurface information of urban areas through its project WIDMO cities. Cephalgo from France introduces an innovative emotion recognition system for real-time patient monitoring in psychiatry, and Mu-G Knowledge Management BV from the Netherlands offers an automated insect control platform called PATS to eradicate pests.
The EIC Accelerator program stands as a pillar of the Horizon Europe initiative, supporting start-ups and SMEs that possess game-changing ideas and the ambition to scale up their operations. By bridging the gap between private investment and high-risk ventures, the program aims to bring innovation and economic growth across Europe and beyond.
The EIC Accelerator offers a combination of grant funding and direct investment, tailoring its support to the specific needs of each project. Grant funding of up to €2.5 million is available for innovation activities (TRL 5-8) to be completed within 24 months. Companies aiming to reach TRL 8 at the project’s end and continue further development without EIC support can receive grant-only funding. Alternatively, companies reaching TRL 8 can apply for dilutive equity to reach TRL 9.
For market deployment (TRL 9), the EIC Accelerator provides direct investment of up to €15 million, following the “patient capital” principle with a long-term perspective of 7-10 years. This can be in the form of blended finance, combining non-dilutive grant funding for innovation activities (TRL 5-8) with dilutive equity for market deployment (TRL 9), or as an investment-only option for mid-cap companies and those that have received grant-only funding.
The EIC Accelerator program also encompasses specific challenges aligned with predefined topics, as well as an open category for proposals in any field of technology. Access to tailor-made Business Acceleration Services further enhances the support provided to selected companies, enabling them to leverage investments, access global partners, receive expert coaching and mentoring, and tap into the innovation ecosystem. The selection process for the EIC Accelerator involves three steps: writing a short proposal, submission of a full proposal, and a face-to-face interview with the EIC Jury. The successful completion of each step enables companies to progress to the next stage of the program.
The European Innovation Council (EIC) Accelerator continues to demonstrate its commitment to fostering innovation and supporting the growth of ventures. By providing a combination of grants and equity investments, the EIC is empowering these selected companies to drive positive change across various sectors. As these innovative projects take flight, their potential impact on industries, economies, and societies becomes increasingly apparent. With each funding round, the EIC Accelerator showcases its vital role in shaping a brighter future fuelled by innovation, entrepreneurship, and collaboration.