Picture credit: Deftpower
The European Fee (EC) introduced on Monday, October 30, that it has chosen 47 firms to obtain European Innovation Council (EIC) funding, following the third 2023 EIC Accelerator cut-off in June.
In accordance with EIC, engineering and tech-based firms carried out strongly, accounting for 25 per cent of the chosen firms, which is near the historically robust efficiency of well being tech firms that make up 30 per cent of the overall.
The businesses spanning 15 international locations had been chosen in a extremely aggressive course of during which 140 firms had been interviewed by juries of skilled traders and entrepreneurs out of 648 full proposals submitted.
The 47 chosen firms will collectively obtain almost €350M of funding.
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A big majority of chosen firms (68 per cent) will obtain a blended finance choice, which is a mix of grants and fairness investments.
The fairness investments shall be made by way of the EIC Fund.
Generally, the businesses will obtain the grant financing throughout the subsequent two to a few months, whereas the primary funding selections shall be made inside two months.
Moreover, 91 purposes that had been evaluated remotely and met all the necessities however weren’t beneficial for funding will obtain a Seal of Excellence.
It’ll assist them safe funding from various sources such because the Restoration and Resilience Funds or European Regional Growth Funds.
EIC Accelerator
The EIC Accelerator programme helps particular person Small and Medium Enterprises (SMEs), notably startups and spin-out firms, to develop and scale ground-breaking improvements.
The programme provides startups and SMEs grants of as much as €2.5M mixed with fairness investments by way of the EIC Fund starting from €0.5M to €15M.
As well as, EIC-selected firms additionally obtain teaching, mentoring, entry to traders and corporates, and different alternatives.
The subsequent cut-off for EIC Accelerator full proposals shall be introduced within the EIC 2024 Work Programme, scheduled to be adopted in December 2023.
We’ve got listed some progressive initiatives and corporations from the Netherlands chosen within the present cut-off. You possibly can take a look at your complete checklist right here.
Axelera AI
Founder/s: Fabrizio Del Maffeo and Evangelos Eleftheriou
Beneficial finance sort: Blended finance
Axelera AI gives Metis AI platform – a holistic {hardware} and software program answer for AI interference on the edge – enabling pc imaginative and prescient purposes to develop into extra accessible, highly effective and person pleasant.
ChainCraft
Founder/s: Niels van Stralen
Beneficial finance sort: Grant first
ChainCraft develops and exploits proprietary fermentation processes to provide biochemicals from natural waste. ChainCraft makes use of an creative fermentation technique to exchange fossil and palm oil-based compounds with round chemical compounds comprised of meals waste.
Skytree
Founder/s: Max Beaumont
Beneficial finance sort: Blended finance
Skytree makes use of direct air seize (DAC) know-how to reap CO2 from the encircling air.
The DAC core know-how from Skytree collects CO2 from ambient air onsite, filters it utilizing a proprietary technique, after which shops it in pressurised buffer tanks the place it may be accessed and utilized by any firm that always requires concentrated CO2.
Deftpower
Founder/s: Jacob Van Zonneveld, Marc Diks and Remco Tjeerdsma
Beneficial finance sort: Grant first
Deftpower is an AI supported SaaS-platform for EV Charging enabling individuals to entry a number of charging stations and offering a compelling buyer expertise for EV drivers.
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