Finapp, founded in 2018 by physicists from the University of Padua, makes probes that count neutrons created when cosmic rays hit the atmosphere; water in soil and snow absorbs those neutrons, so the count reveals how much water lies below, across hectares and without touching the ground. It was selected in the EIC Accelerator's March 2023 cut-off and received an EU grant of €2.08 million for a €2.97 million project that ran from August 2023 to July 2025, according to CORDIS. The aim was to scale up production of a smaller, cheaper probe and extend it to agriculture and to finding leaks in water pipes.
The final report says Finapp fitted the probe with silicon photomultipliers to make it smaller and sturdier, added AI noise reduction, field-tested the new generation with early adopters, launched two portals, Fin4Crop for irrigation and Fin4Leaks for water utilities, and signed an agreement with irrigation-equipment maker Bauer, according to the CORDIS reporting page. It claims leak detection that takes a third less time and costs half as much as the best existing methods. In 2025 Finapp closed an €8.64 million Series A led by the agrifood fund Linfa of Riello Investimenti, according to Finapp.
Company file
- Legal entity
- Finapp S.p.A., VAT 04600140232, Montegrotto Terme
- Origin
- University of Padua, nuclear physics
- Series A investors
- Linfa (Riello Investimenti), MITO Technology, Crédit Agricole Italia, Tech4Planet
- Partner named
- Bauer (irrigation systems)
- Platforms
- Fin4Crop, Fin4Leaks
- Staff
- 25-49, register band
- EIC funding
- Grant first
Where Finapp Stands Now
Finapp's revenue rose from €723,544 in 2023 to €945,000 in 2024 and €1.64 million in 2025, when it posted a net loss of €74,109 after two years of small profits, according to filings summarised by RegistroAziende, which puts staff at 25 to 49. The company has converted from a limited company to a joint-stock company. Its website says 750 probes are installed in more than 25 countries, and claims 1.7 billion litres of water conserved.
"At present, we are able to reduce the time required for leak detection by one-third and the cost by half compared to the best existing market solutions."
Finapp, final report to the EICThe Technology: Particle Physics in the Field
Cosmic-ray neutron sensing was a complex and expensive research technology, the report says. Finapp's probe is compact and passive, reads water content over a large area and in depth, and sends data to the cloud. The same principle measures water in snowpack, which matters for hydropower and water supply, and wet ground around buried pipes, which reveals leaks. The water-saving and emissions figures on the website are the company's own estimates.
What the EIC Award Promised, and What the Record Shows
The award promised a smaller, cheaper probe made at scale, and products for farms and water networks. The report documents each step, and both portals are live. Revenue growth and the Series A support the report's account. Absolute sales remain modest for a company that has raised over €10 million in public and private money.
- SiPM probeDeliveredField-tested, per report.
- Agriculture platformDeliveredFin4Crop, Bauer deal.
- Leak detection platformDeliveredFin4Leaks launched.
- Commercial growthDeliveredRevenue +73% in 2025.
The Money
The EU paid 70% of the project. The Series A was four times the EIC grant and brought in MITO Technology, Crédit Agricole Italia and Tech4Planet alongside the lead investor. Finapp's 2025 loss was small relative to its revenue, which shows a lean company, but revenue of €1.64 million must grow much faster to justify the new capital.
What Cannot Be Checked
Questions for the EIC
How many probes were sold during the project, what the Bauer agreement is worth, and whether the leak-detection claims have been verified by any water utility are not public.
Why Europe Should Care
Farmers need to know when and how much to irrigate, and water utilities need to find leaks quickly. A tool that shows how much water is in a field or where a pipe leaks, without digging, can save water and money. Finapp turned research physics into a product with EIC help and has attracted private investors to scale it.
What the award promised
A cheaper, smaller probe made at scale, with platforms for agriculture and leak detection.
What the record shows
A new probe, two live platforms, a Series A and revenue up 73% in 2025.
The Verdict
Delivered and growing
Finapp did what the EIC funded and won private backing. It is still a small business; the next test is whether sales scale with the new money.
Finapp and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
