The European Innovation Council (EIC) Accelerator program stands as a system of support for startups and Small- and Medium-Sized Enterprises (SMEs) across Europe, aiming to fuel innovation and technological advancement. With its latest results published on February 28th, 2024, the EIC Accelerator has once again demonstrated its commitment to fostering groundbreaking projects with a total budget allocation of €285 million. This analysis delves into the distribution of grants and blended financing, the success rates across different stages, and the geographical spread of the winning companies.
Funding Breakdown: A Closer Look at the Allocation
In the latest funding cycle, the EIC Accelerator has supported 42 companies, showcasing a diverse range of financing options tailored to meet the varied needs of Europe's innovators. The distribution of funding types is as follows:
- Grant First: 12 companies (29%) were awarded grants as an initial funding step, highlighting the EIC's flexibility in supporting early-stage innovations.
- Blended Finance: Dominating the funding landscape, 26 companies (62%) received blended finance, combining grants and equity to provide a robust backing for ventures ready to scale up.
- Equity Only: A single company (2%) secured equity financing, underscoring the EIC's role in taking a stake in promising enterprises.
- Grant Only: 3 companies (7%) received grants without the equity component, focusing on projects with specific needs that can be met with direct funding.
The Path to Success: Analyzing the Success Rates
The EIC Accelerator's selection process is rigorous, designed to identify projects with the highest potential impact. The success rates at each stage of the application process are as follows:
- Step 1: Approximately 70% of applicants pass this initial stage, though exact figures are not disclosed.
- Step 2: Only 22% of projects make it through, reflecting the increasing scrutiny applications undergo.
- Step 3: The final step sees a further narrowing, with a 17% success rate.
- Combined Success Rates: The cumulative success rate for applicants passing through Steps 2 and 3 is a mere 3.9%, while the overall success rate across all three stages is approximately 2.7%.
Geographical Diversity: A Pan-European Impact
The latest round of funding has benefited companies from 15 different countries, showcasing the EIC Accelerator's pan-European reach. Germany leads the pack with 7 companies funded, followed closely by France with 6, and Spain and Sweden each with 5. Other countries with successful applicants include Finland (4), Italy (3), Israel (2), Netherlands (2), Norway (2), and several others with one company each, demonstrating the EIC's commitment to fostering innovation across the continent.
Conclusion
The EIC Accelerator's latest funding results highlight the program's critical role in supporting the European innovation ecosystem. With a total budget of €285 million, the program has backed 42 companies across a wide range of sectors and countries, underlining the diversity and potential of Europe's technological landscape. As the EIC Accelerator continues to evolve, its impact on fostering groundbreaking projects and scaling up SMEs is undeniable, making it a cornerstone of Europe's innovation policy.
With meticulous attention to supporting diverse financing needs, rigorous selection processes, and a commitment to geographical inclusivity, the EIC Accelerator is paving the way for a more innovative and resilient Europe. As we look forward to future rounds of funding, the results from February 2024 serve as a testament to the vibrant entrepreneurial spirit that thrives across the continent.
Funding Data
Type of Funding
- Grant first: 12 companies (29%)
- Blended finance: 26 companies (62%)
- Equity only: 1 company (2%)
- Grant only: 3 companies (7%)
- Total: 42 Companies
Budget
- Total Budget: €285 million
Cut-Off Date and Results
- EIC Accelerator Step 2 cutoff date: November 8th 2023
- Publication of results: February 28th 2024
Success Rates
- Step 1: (approximately 70% since results are not published)
- Step 2: 22%
- Step 3: 17%
- Step 2 & Step 3 combined: 3.9%
- Step 1 & Step 2 & Step 3 combined: (approximately 2.7%)
Funded Countries
There are 15 different countries among the funded companies.
- Germany: 7 companies
- France: 6 companies
- Spain: 5 companies
- Sweden: 5 companies
- Finland: 4 companies
- Italy: 3 companies
- Israel: 2 companies
- Netherlands: 2 companies
- Norway: 2 companies
- Belgium: 1 company
- Bulgaria: 1 company
- Denmark: 1 company
- Ireland: 1 company
- Portugal: 1 company
- Slovakia: 1 company
All 42 EIC Accelerator Winners from November 8th 2023
| Company | Acronym | Description | Country | Year |
|---|---|---|---|---|
| D-CRBN BV | D-CRBN | Plasma-based point-source CCU technology to recycle CO2 into added value chemicals to decarbonize hard- to-abate industries | Belgium | 2023 |
| Smart Farm Robotix OOD | RoboAIweeder | A fully autonomous solar-powered lightweight weeding robot, using AI for plant recognition, precision contact and contactless weeding methods suited for hard soils, hilly terrains and arid climates. | Bulgaria | 2023 |
| Golden Devices GmbH | ACTIVATING | Additive Manufactured Automotive Antenna for Autonomous Driving | Germany | 2023 |
| UniverCell Holding GmbH | C2C-CSA | Customized 21700 cylindrical cells for special applications | Germany | 2023 |
| FERROELECTRIC MEMORY GMBH | Fe-NVRAM | Solving the scaling challenge of the memory industry: high-speed, low-complexity and low-cost non-volatile ferroelectric memory (Fe-NVRAM) made in EU | Germany | 2023 |
| QUBEDOT GMBH | iSMILE | iSMILE - integrated scalable microLED engines | Germany | 2023 |
| Lumoview Building Analytics GmbH | LumoGen1 | Pioneering automated building digitisation with Lumoview for empowered decision-making in energy- efficient building renovation | Germany | 2023 |
| Omegga GmbH | Omegga | The world's first low-cost in-ovo sexing solution to finally end chick culling | Germany | 2023 |
| O11 biomedical GmbH | RESPILIQ | RESPILIQ - enteral CO2 absorption for the therapy of hypercapnic lung failure | Germany | 2023 |
| HYME STORAGE APS | HYSE | HYdroxide Salt Energy Storage Innovation | Denmark | 2023 |
| AptaTargets, S.L. | ApTOLL | ApTOLL: An innovative neuroprotectant to reduce brain damage in Acute Ischemic Stroke (AIS) | Spain | 2023 |
| FASTBASE SOLUTIONS SOCIEDAD LIMITADA | IOO - Improving IO | IOO: a novel assay to predict patient response to immune checkpoint inhibitors, optimising patient stratification to these therapies and tripling solid tumour patient outcomes in immuno-oncology. | Spain | 2023 |
| LUXQUANTA TECHNOLOGIES SL | MIQRO | Scalable Quantum Cryptography for Ultra-secure Communications in Metropolitan Networks | Spain | 2023 |
| PLEXIGRID SOCIEDAD LIMITADA | Plexigrid | Plexigrid: Plexar Operated Grids | Spain | 2023 |
| ALIAS ROBOTICS S.L. | RIS | REVOLUTIONISING INDUSTRIAL ROBOTICS WITH THE NEXT GENERATION ROBOT-SPECIFIC AI-POWERED SECURITY PLATFORM | Spain | 2023 |
| IQM FINLAND OY | BIGQEC | Building industrial-grade quantum computers with error correction and mitigation capabilities | Finland | 2023 |
| SpinDrive Oy | MAGMA X100 | The smallest, most affordable and efficient active magnetic bearings for ultra-high-speed applications | Finland | 2023 |
| Basemark Oy | Rocksolid AR | Making Driving Safer with Augmented reality | Finland | 2023 |
| VEXLUM OY | SEMIQLEAP | Novel Semiconductor Lasers for the Industrial Quantum Leap | Finland | 2023 |
| Look Up Space | ATLAS2 | Acceleration Towards LEO Automatic Space Safety | France | 2023 |
| Defacto Technologies SAS | EmpoSoC | A Paradigm Change for System-on-Chip Design to Enable Higher Performance with Lower Time-to-Market and Cost | France | 2023 |
| ION-X | HYPERION | The Most Efficient Space Propulsion Ever Put in Space | France | 2023 |
| Qfluidics | QFLUIDICS | The first non-clogging continuous flow reactor technology | France | 2023 |
| Pertinent eco-solutions | VERANO | Groundbreaking biocontrol solutions for a resilient agriculture | France | 2023 |
| Womed SAS | WOMED | WOMED: an innovative intrauterine biodegradable polymer-based drug-delivery platform | France | 2023 |
| MBRYONICS LIMITED | StarCom OISL | StarCom Optical Inter-Satellite Link. | Ireland | 2023 |
| NECTIN THERAPEUTICS | NTX1088 | First-in-class anti-PVR mAb NTX1088 - a novel oncology drug that unlocks the power of human immune system and revolutionizes cancer care | Israel | 2023 |
| Novelrad | NVCD | Minimally invasive suturing for vascular bore closure and heart defect repair | Israel | 2023 |
| BETAGLUE TECHNOLOGIES S.P.A. | BAT-90 | A Novel ‘Radiotherapy from Within’ Platform Technology for the Targeted Treatment of Solid Tumours Called ‘BAT-90’ | Italy | 2023 |
| MOI COMPOSITES SRL | CFM4Industry | Continuous Fiber Manufacturing for Industry | Italy | 2023 |
| SILK BIOMATERIALS SRL | KLISBio | Silk fibroin tissue grafting for peripheral nerve repair | Italy | 2023 |
| FLASC B.V. | FLASC HPES | A novel Renewable Energy Storage System tailored for Offshore Applications | Netherlands | 2023 |
| SALVIA BIOELECTRONICS BV | ReLife | A new life for people with severe disabling cluster headache: Neuromodulation therapy using safe, minimally- invasive simultaneous stimulation at the front and back of the head | Netherlands | 2023 |
| DoMore Diagnostics AS | Histotype Px | Precision biomarker based on digital pathology and artificial intelligence to guide fast and cost-effective personalized treatment decision support for colorectal cancer patients | Norway | 2023 |
| Ocean Visuals AS | OWL | Hyper-Spectral Laser Induced Fluorescence LiDAR to detect Submerged Oil over Water in real-time on a molecular level. | Norway | 2023 |
| DELOX - INVESTIGACAO, PROCESSOS E EQUIPAMENTOS CIENTIFICOS, LDA | DeloxAir | Delox Air - Continuous air bio-decontamination compatible with human presence | Portugal | 2023 |
| Cellfion AB | CNF Membrane | Development and manufacturing of forest-based membranes for electrochemical energy devices | Sweden | 2023 |
| Compular AB | COMPULAR | Advanced Simulation Software With Patented Method Optimised For Battery Development | Sweden | 2023 |
| Millow AB | MEATLOW | Innovative patented dry fermentation technology for cost-effective and highly nutritious production of hybrid mycelium-plant meat analogues | Sweden | 2023 |
| GEDEA BIOTECH AB | pHyph | Breakthrough dual-action OTC tablet for treatment and prevention of both bacterial and fungal vaginitis | Sweden | 2023 |
| QLUCORE AB | QIandQD | The first IVDR-approved commercial software solutions for AI-powered RNA-based companion and precision cancer diagnostics of acute myeloid leukaemia and bladder cancer | Sweden | 2023 |
| POWERFUL MEDICAL s. r. o. | OMI AI ECG Model | OMI AI ECG Model - application for more accurate heart attack diagnosis | Slovakia | 2023 |
