The European Commission selected 74 innovative companies from 18 countries under the first 2022 cut-off of EIC Accelerator. The companies will receive up to EUR 382 million of funding in a combination of grants and investments and each company will receive grants and/or equity investments, depending on their needs, up to EUR 17.5 million.
12% of the selected companies originate from Horizon Europe “widening countries” which are catching up in their levels of research and innovation performance. The selection confirms the high demand for EIC equity investments with 61 of the 74 companies requesting equity investments or grant first option. In most cases, the companies will receive the grant financing within the next two to three months, while the finalisation of the equity investment is expected during the autumn.
The companies that will receive support for their innovative projects in the transport sector are:
- Hyper Poland – with Magrail project which brings frictionless mobility (levitating trains) to conventional tracks
- Kvasir Technologies IVS (Denmark) – with a project on novel biofuel platform for maritime transport
- Xenomatix (Belgium) – with Unlocking LiDAR technology for European OEMS: For a future of smart and safe Traffic and Mobility project
- Seventh Sense (Estonia) – which will develop independent mobility to the blind and visually impaired using wearable remote touch sensing technology
“The new wave of innovation is currently led by deep tech start-ups that target societal challenges. I am happy to see so many of them applying to the EIC, in particular from countries that are catching up in their levels of research and innovation performance,” Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said.
The companies were selected from over 1000 start-ups and SMEs that submitted a full application for funding, of which 266 were interviewed by juries of experienced investors and entrepreneurs. Most of the companies invited to the jury interviews and who were not selected for funding, will be awarded a Seal of Excellence and access to services to help them find alternative sources of funding.
The EIC Accelerator supports SMEs and start-ups to develop and scaleup game-changing innovations with up to EUR 2.5 million combined with equity investments through the EIC Fund ranging from EUR 0.5 to EUR 15 million. In addition, EIC selected companies receive coaching, mentoring, access to investors and corporates, and many other opportunities as part of the EIC community. Since its launch in March 2021, over 6,000 start-ups and SMEs have sent their ideas and almost 3000 have submitted full applications.