EIC Accelerator invests €285M in deeptech startups — several are from CEE

European Innovation Council has selected 42 companies to receive funding following the final 2023 EIC Accelerator cut-off in November. Among selected startups are Bulgarian Smart Farm Robotix, Finnish IQM Finland, Slovakian Powerful medical, and more.

• The EIC Accelerator offers startups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million or more. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors, and ecosystem actors.
• Companies can submit their ideas to the EIC Accelerator at any time. They are evaluated within 4-6 weeks. Since launching EIC in 2021, over ten thousand startups have submitted their ideas. The next batch of EIC Accelerator is scheduled on 13 March 2024.

About the fresh EIC Accelerator program

242 companies were interviewed by investors and entrepreneurs out of a total of 1083 full proposals submitted. 42 selected companies will together receive up to €285 million in funding. Most of them (62%) will receive the blended finance option, which is a combination of grants and equity investments.

17% of the total proposals were submitted by companies with female CEOs. The applicants come from 39 different countries, with the highest number of participants coming from Germany, France, and Israel. 14% of applications originate from widening countries.

CEE startups to receive the support:

• IQM Finland, an Espoo-based developer of industrial-grade quantum computers with error correction and mitigation capabilities;
• SpinDrive Oy, Finland’s startups that provides design, prototyping and serial production of active magnetic bearings (AMBs) for Original Equipment Manufacturers (OEM);
• Basemark Oy, a Finland-based automotive software and service company specializing in Augmented Reality & ADAS visualizations and HMI graphics for software-defined vehicles;
• VEXLUM Oy, Finland’s laser company making narrow-linewidth VECSELs for Quantum Technology applications;
• Powerful medical, a Slovakian medtech startup that offers an application for more accurate heart attack diagnosis;
• Smart Farm Robotix, a Sofia-based company that develops 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.

Most companies are going to receive grant financing within the next 2-3 months, while the first investments will be made within two months, depending on the urgency of the companies’ needs.