The European Innovation Council (EIC) has marked a significant fundraising achievement with its member companies, making headlines with newly announced figures. During the EIC Scaling Club Ambition Forum in Riga, it was revealed that 120 deep-tech scale-ups part of this community have collectively raised over €1.2 billion in funding. Axelera AI, a notable participant, was highlighted for this effort, emphasized their record funding of €61.6M in 2025. This data provides insight into the efforts and successes of European startups in the context of a rapidly evolving innovation landscape.
In similar news on tech investments, there have been comparisons between EIC-backed firms and startups elsewhere, such as in the United States or Asia. European startups often face more hurdles due to varying regulations and market dynamics across countries in the region. However, the support from initiatives like the EIC Scaling Club is showing results, offering a competitive edge with significant financial backing compared to prior years.
What is the EIC Scaling Club?
The EIC Scaling Club is a platform established to promote growth among its 120 European deep-tech startup members. This entity collaborates with various stakeholders, including investors, corporate innovators, and industry leaders. The initiative, funded by the EIC and operated in partnership with organizations such as Tech Tour and Bpifrance, assists its members over a planned two-year course.
Two main groups joined the EIC Scaling Club: the first in April 2024, experiencing a funding increase of 58.27%, and another six months later, which saw a 27.7% rise in team sizes. This structured enrollment is crucial for tracking and tailoring support for different stages of growth among the members.
How are funds distributed among sectors?
The EIC identifies Next-Gen Computing, Renewable Energies, and Smart Mobility as the most funded sectors. Next-Gen Computing leads with €447.1M raised. Renewable Energies and Smart Mobility follow with €220.7M and €133.8M respectively, illustrating focus areas poised for further development and investment in Europe.
Recent funding recipients include notable names like Axelera AI and Multiverse Computing. Axelera AI’s advancements in edge AI solutions were supported by €61.6M in 2025, which follows a €58.6M funding round the previous year. On a different front, Multiverse Computing attracted €189M in June 2025, highlighting the significant focus on technological and quantum advancements across various industries.
Speaking at the event, Stéphane Ouaki emphasized,
“Europe’s deep tech ecosystem has hit a new milestone: The EIC Scaling Club companies have together raised more than €1.2 billion since joining the action.”
These fundraising milestones not only signify financial progress but also reflect strategic moves towards securing Europe’s place in technologies critical for future advancements.
Networking events under the EIC Scaling Club initiative are integral, with biannual gatherings such as the Ambition Forum allowing for valuable engagement opportunities. The latest meeting in Riga, Latvia, exemplifies the dynamic interaction between technology developers, funding bodies, and ecosystem participants.
Reflecting on the landscape, Egita Aizsilniece-Ibema, said,
“To develop deep tech technologies in Europe, both public and private funding have to work together in a format that is most appropriate for the time, as well as for the specific company.”
This implies a tailored approach is essential for capitalizing on innovation potential.
Continued focus on encouraging synergy between public and private sectors is vital for sustaining growth in Europe’s deep-tech sphere. The investments secured display a promising surge in potential and knowledge-based economy, paving the way for transformative technologies. Looking ahead, these trends are expected to enhance competitiveness globally and bolster sustainability in tech innovation.
