Polish startup Nevomo receives €17.5M from EIC accelerator program
Nevomo, a Warsaw-based magrail system developer, has received €2.5 million from the EIC accelerator program. This funding will be expanded with an additional equity component of up to €15 million from the EIC fund, MamStartup reports.
- Nevomo was founded in 2017 by Katarzyna Foljanty, Paweł Radziszewski, Przemek Paczek, and Łukasz Mielczarek. It develops technology for a magrail system, a passive magnetic levitation train operating on existing railway tracks at speeds up to 550 kph.
- Nevomo’s hybrid solution allows for the functionality of both the magrail system and conventional trains on the same tracks. This can be subsequently transformed into a vacuum system, hyperrail, with a top speed of 600 kph on existing tracks.
- The European Innovation Council (EIC) made the investment. It’s established in March 2021 by the European Commission to help small and medium-sized enterprises develop and scale up innovations.
“EIC financing will allow us to accelerate our work on testing and developing our breakthrough technology, which we hope will soon change the face of the transport industry,”Daniel Minx, Head of Finance at Nevomo, comments on the funding.
- In June 2021, Nevomo raised nearly €1.23 million in equity crowdfunding. And in December 2020, it received an undisclosed amount of funding from the Hütter Private Equity.
- The company presented the magrail technology in 2019. Preparation for the first full-size tests on the track in Nowa Sarzyna began in the summer of 2021. In early 2022, Nevomo completed railroad infrastructure and began installing magrail components on Europe’s longest magnetic test track.
- The startup will use the proceeds to further develop and improve its technology.