- The EIC Accelerator selected 68 deep-tech start-ups for funding in the latest round, providing a total of €411 million in funding, with a blend of grants and equity investments.
- The selected companies will benefit from a combination of grants and equity investments, with 96% receiving the full blended finance option.
- The companies have a diverse geographical spread across 17 countries, with 21% of them led by women.
- Companies that did not receive funding will be awarded a Seal of Excellence to help them secure alternative sources of funding.
- The EIC Accelerator offers start-ups grants of up to €2.5 million combined with equity investments ranging from €0.5 to €15 million, along with Business Acceleration Services.
The Rise of Deep-Tech Start-ups in EIC Accelerator
Deep-tech start-ups are gaining significant momentum in the entrepreneurial landscape, with the recent funding round by the European Innovation Council (EIC) showcasing the potential and growth of these innovative companies. In the latest funding round, the EIC selected 68 deep-tech start-ups for funding, combining grants and equity, in a highly competitive process that highlighted the cutting-edge solutions and technologies being developed in the deep-tech sector.
The Selection Process and Funding Details
The selection process for the EIC Accelerator funding round was rigorous, with a total of 969 companies submitting full proposals. Out of these, 347 companies were interviewed by juries comprising experienced investors and entrepreneurs. The jury then meticulously selected the 68 best companies to receive funding, emphasizing the strength of their technological innovation, market potential, and scalability.
Together, the selected deep-tech start-ups are set to receive an estimated €411 million in funding, with up to €165 million allocated in grants and an estimated €245 million in equity investments. Notably, almost all selected companies (96%) will benefit from the full blended finance option, which combines grants and equity investments to fuel their growth and development. The equity investments will be facilitated through the EIC Fund, the dedicated investment arm of the EIC that collaborates with other investors to amplify the impact of the funding provided.
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Geographical Diversity and Innovation Highlights
The 68 selected deep-tech start-ups represent a diverse range of countries, with a geographical spread spanning 17 nations. Notably, five proposals hailed from widening countries, showcasing the EIC’s commitment to fostering innovation across Europe. Furthermore, 21% of the selected companies are led by women, underscoring the importance of diversity and inclusion in the tech entrepreneurship ecosystem.
These selected companies cover a wide spectrum of innovative solutions, from cutting-edge technologies to disruptive business models. Through the support provided by the EIC Accelerator, these companies will have the opportunity to accelerate their growth and scale their impact on a global scale. Some of the innovative companies that will receive support include [mention specific examples here].
Future Opportunities and Application Process
The EIC Accelerator continues to be a catalyst for deep-tech start-ups, offering 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 selected projects benefit from a range of Business Acceleration Services that provide access to expertise, corporates, investors, and ecosystem actors, further enhancing their chances of success.
For start-ups and SMEs looking to tap into the EIC Accelerator, the application process is streamlined and efficient. Companies can submit their ideas at any time, with evaluations typically completed within 6-8 weeks. For ideas that meet the EIC criteria for excellence, impact, and risk-level, companies are invited to prepare full applications for submission during the regular cut-off dates.
Looking ahead, the next cut-off for EIC Accelerator full proposals is scheduled for 3 October 2024, presenting a new opportunity for deep-tech start-ups to secure funding and support for their groundbreaking innovations. With over twelve thousand start-ups having already submitted ideas since the EIC launch in 2021, the EIC Accelerator is poised to continue driving innovation and growth in the deep-tech sector.
The recent funding round by the EIC Accelerator underscores the growing significance of deep-tech start-ups in shaping the future of technology and innovation. By providing a platform for funding, support, and networking, the EIC Accelerator plays a pivotal role in empowering these visionary companies to bring their groundbreaking ideas to fruition and make a lasting impact on the global tech ecosystem.
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