Pharrowtech and the EIC Accelerator: Bankrupt Four Months In

Pharrowtech, founded in Leuven in 2019 as a spin-off of the Belgian research centre imec, designed chips and antennas for millimetre-wave wireless links in the unlicensed 60 GHz band, aimed at fixed wireless broadband as a cheaper alternative to fibre, and at consumer devices. The EIC selected it at the March 2024 cut-off for SWIFT, "Next-Gen Wireless Chip and Antenna Tech for Wi-Fi 8", with an EU contribution of €2,490,416, according to CORDIS. The project started on 1 January 2025 and was due to run to December 2026. CORDIS records that it was "terminated on 16 July 2025".

In between, Pharrowtech went bankrupt. The Belgian company register lists the opening of bankruptcy proceedings on 15 April 2025, according to the Crossroads Bank for Enterprises. "The reason for the bankruptcy is insufficient commercial traction in the FWA market," chief executive and co-founder Wim Van Thillo told Bits&Chips, adding that despite successful field trials, order intake was too small and growing too slowly "to justify further investment in the current difficult funding climate". No results report for the EIC project exists.

Where Pharrowtech Stands Now

The company is in bankruptcy. In November 2025 about a dozen former employees restarted operations in Leuven as Pharrics, led by Van Thillo and owned by the Taiwanese chipmaker Realtek Semiconductor, continuing chip, antenna and packaging design for mm-wave and radio frequencies, according to Bits&Chips. The expertise built with Belgian and EU support now sits in a Taiwanese-owned company.

The Technology: Gigabit Links Without Cables

Millimetre-wave radio carries very high data rates over short distances with narrow beams, which requires specialised chips and antennas. Pharrowtech focused on fixed wireless access for broadband operators. The EIC project would have extended its chip and antenna technology towards Wi-Fi 8, the next generation of wireless networking standards.

What the EIC Award Promised, and What the Record Shows

Nothing from SWIFT was delivered publicly. The company's filed accounts for 2023, deposited at the National Bank of Belgium, showed a €17.5 million loss, with equity falling from €20.4 million to €2.9 million. They were filed in 2024, the year the EIC selected the company. Whether the EIC assessed those accounts, and how much of the grant was paid before termination, is not public.

1. Wi-Fi 8 chip and antennaNot deliveredProject terminated.
2. Company survivalFailedBankrupt April 2025.
3. Commercial tractionToo lowCEO statement.
4. Grant money recoveredUnknownNot disclosed.

The Money

Pharrowtech raised a €15 million Series A in May 2022, according to a company release. Its accounts show equity rising to €20.4 million in 2022 and collapsing in 2023, according to its filings at the National Bank of Belgium. No accounts were filed for 2024. The EIC Fund made no announced investment.

What Cannot Be Checked

Why Europe Should Care

Pharrowtech was a product of imec, one of Europe's leading chip research centres, and received Belgian venture capital and EU backing. Its team and know-how ended up under Taiwanese ownership. The case shows the risk of the EIC selecting companies whose balance sheets are already weak.

The Verdict

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