Graphext: An EIC Accelerator Story of No-Code Data Analytics

Most companies collect far more data than their analysts can make sense of, and the tools split in two: dashboards for business users and code notebooks for data scientists. Graphext, founded by Victoriano Izquierdo and Miguel Cantón, set out to close that gap with a browser platform that clusters and maps a dataset automatically, so a marketer or researcher can find patterns without writing code. In the EU's 3 April 2019 cut-off its Spanish company, Graphext Labs SL of Granada, won a grant from the EIC SME Instrument Phase 2, the Horizon 2020 forerunner of the EIC Accelerator. The EU contributed €1,743,525 to a €2,490,750 project, according to CORDIS. The Commission's list names Graphext Labs SL as the project's only beneficiary.

Seven years later the product exists and is still sold, and the company raised a $4.6 million seed round in 2023. It is also no longer a Spanish company. In July 2023 Graphext Labs SL transferred its registered seat to the US state of Delaware and became Graphext, Inc., according to a notice signed by both founders in the Official Gazette of the Spanish Commercial Register (BORME). The targets it gave the EU, including a €10 million company by 2022 and more than 100 jobs, have no public trace.

A Spanish Grant Winner, Now a US Corporation

The Spanish company's history is short and public. Graphext Labs SL was incorporated on 31 March 2015 and registered in Valencia, with the two founders as joint directors from April 2015; it raised its share capital to €3,879.83 in July 2016 and moved its seat to Avenida de Andalucía in Granada in August 2016, according to the BORME entries collected by DatosCif and Empresia. The Valencia start was no accident: in March 2015 Graphext was one of seven start-ups chosen for Plug and Play Spain's sixth accelerator batch in Valencia, described then as a platform for building "vertical knowledge networks from digital feeds".

On 22 May 2023 the Granada register provisionally closed the company's sheet so that it could transfer its domicile to Delaware. On 12 July 2023 the founders announced that the company had been registered with the Delaware Secretary of State under number 7484315 as "Graphext, Inc.", with a registered address in Dover, according to the BORME notice; Empresia lists both entries. This was a cross-border transfer of the same legal person, not a sale or a liquidation. The company now runs its Spanish business through a branch: the legal notice of graphext.com names "Graphext Inc Sucursal en España", tax number W0279624A, at Calle de Arlabán 7 in Madrid, and Infoempresa lists the branch as active.

The company is active. Graphext's public GitHub organisation had code pushed in October 2026, including "cuery", a tool for running prompts over tabular data, and its documentation site was updated in September 2026. The same GitHub account also hosts landing pages for Datoflow, a social listening service marked "launching soon", and for Datogato, described as an AI search marketing agency in Madrid. Whether these are Graphext products or side projects is not stated anywhere public.

The record does not agree on when Graphext was founded. The Spanish register gives 31 March 2015; investor Hoxton Ventures gives 2017; the company's own about page says it was established in 2019 in Madrid, after the founders ran a social media analytics start-up called Contexto for four years. Read together, Contexto appears to be the earlier product of the same Spanish company, whose registered purpose was the statistical analysis of "online information and social networks"; no source states that directly.

The Technology: Clustering Before the Dashboard

Conventional business intelligence tools such as dashboards answer questions an analyst already knows to ask. Graphext's approach, as described in its CORDIS objective, takes "a network and statistical approach": it applies unsupervised learning to a whole dataset, groups similar rows into clusters, and draws them as a network map that users filter and compare. The final EU report says it uses "dimensional reduction to automatically segment data and display patterns and insights based on statistical significance for users without any coding". Today's website adds an AI chat, sentiment extraction from text and AI data enrichment, and lists research, customer experience, advertising, data quality and cybersecurity as uses.

The competition is crowded. Big BI suites have added their own clustering and AI assistants, and notebook tools have become easier for non-programmers. Graphext's claimed edge is speed on messy, text-heavy data. Hoxton Ventures partner Charles Seely said his fund invested because of Graphext's "ability to process huge amounts of data extremely rapidly", Tech.eu reported. No independent benchmark against rival tools was found.

What the EU Project Promised, and What the Record Shows

GRAPHEXT was the company's second EU grant for the same platform. In 2018 the EU paid €50,000 of a €71,429 SME Instrument Phase 1 feasibility study that ran from June to November 2018, according to CORDIS. The Phase 2 project ran from 1 November 2019 to 31 January 2022 and is closed; nothing on CORDIS shows an extension or a change of end date.

The project's published report, for the period to 31 January 2022, sets out the goals: four large-scale validation pilots in four EU countries and sectors (B2B software, consumer goods, consultancy and transportation), "a € 10 million company by 2022", more than 100 highly qualified jobs, and sales of "approximately 110 M€ in 2025". Under work performed and results it gives one line: "A detailed roadmap for Graphext 2020-2021 has been developed." CORDIS lists no deliverables or publications. The pilots are not named anywhere public.

1. No-code analytics platform on the marketDeliveredSold as SaaS; the company claims 13,000+ users.
2. Four validation pilots in four EU countriesNot shownNo pilot customer or country announced.
3. A €10 million company by 2022Not achievedSpanish filings show annual sales under €500,000.
4. More than 100 qualified jobsNot shownNo staff count public; 7 people named on the website.
5. About €110M sales in 2025UnverifiedNo accounts public since the move to Delaware.

The sales figure comes from the Spanish register. Empresia lists 2021 as the last year of accounts that Graphext Labs SL deposited and puts its annual turnover below €500,000; it does not say which year that figure covers, and the accounts themselves are behind a paywall. A US corporation does not file public accounts, so no later revenue can be checked. A business directory, Britopian, states revenue of "around $2.7 million" in 2024 but cites no source; it is not confirmed here.

The Private Money

On 13 June 2023 Graphext announced a $4.6 million seed round led by Hoxton Ventures, with SaxeCap and Trajectory Ventures, Tech.eu reported; Hoxton Ventures lists the company in its Hoxton III fund with a 2023 investment. The round came a month after the Granada register began the transfer to Delaware, a common step for European start-ups courting US investors, though neither the company nor its investors has said why it moved.

Earlier money is less well documented. Nordic9 reported a €870,000 round backed by K Fund and Tiny VC on 21 April 2019, weeks after the EIC cut-off; no second source for that round was found. CB Insights counts $8.1 million raised from about 20 investors, while the company's about page says "€7M+ raised". Neither figure separates EU grants from equity. The award was grant only, and Graphext does not appear in the EIC Fund's portfolio.

Why It Matters for Europe

The EU's Digital Decade programme commits to "ensuring small businesses and industry can access data and adopt digital technologies (including cloud, data analytics and Artificial Intelligence)", according to the European Commission. A tool that lets non-programmers analyse data fits that aim squarely, and Graphext built one with EU support from Granada, a city far from Europe's usual software hubs. The other side of the story is ownership: the EU-funded company is now a Delaware corporation, with its European operations run through a branch. That does not break any public rule, but it shows how easily an EU-grown software company moves its legal home to the US once private investors arrive.

The Verdict

Graphext and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.