The European Innovation Council (EIC) has approved financial support for 71 startups and small to medium-sized enterprises (SMEs) from various industries following its October 2024 Accelerator cut-off. These firms were selected from over 1,200 proposals, with 431 reaching the jury interview phase. The funding, which combines grants and equity investments, aims to accelerate innovation in sectors such as artificial intelligence, biotechnology, and space technology. The EIC’s selection process remains highly competitive, reflecting the increasing demand for funding among deep-tech startups.
Past funding rounds under the EIC Accelerator program have demonstrated a steady increase in both the number of applications and the total financial support provided. Since its inception in 2021 as part of Horizon Europe, the initiative has grown in scale, with previous rounds allocating significant resources to key technological advancements. The latest funding allocation continues this trend, further fostering innovation across Europe.
How is the funding distributed?
The financial package includes up to €161 million in grants and around €226 million in equity investments, managed through the EIC Fund. While most companies will receive blended finance combining grants and equity, 10 firms opted for grant-only funding, and five selected equity-only support. The EIC Fund also plays a role in attracting additional private investment, increasing the total available capital for selected companies.
Which companies received funding?
Among the 71 funded companies, 15 are based in Germany, covering diverse fields such as AI, quantum computing, and biotech. Examples include ATMOS Space Cargo, which develops space logistics technology, Nature Robots, which focuses on AI-driven agricultural solutions, and Codasip, specializing in RISC-V-based processor solutions. Other companies, such as BioThrust, LiveEO, and MyoPax, are working on advancements in bioreactors, satellite data analysis, and regenerative muscle therapies, respectively.
The EIC has also granted a ‘Seal of Excellence’ to 330 additional companies, allowing them to seek alternative funding from sources like the Recovery and Resilience Funds and European Regional Development Funds. This recognition helps firms access further investment opportunities beyond the EIC’s financial scope.
Women hold leadership positions such as CEO, CSO, or CTO in 21 percent of the funded companies, reflecting ongoing efforts towards gender diversity in the technology and innovation sectors. The EIC also continues to support its selected firms beyond funding by providing access to Business Acceleration Services, which facilitate networking and collaboration with investors, corporate partners, and industry experts.
The EIC’s approach to financing deep-tech startups aligns with broader European Union initiatives to strengthen the continent’s position in cutting-edge technology. The next funding round is scheduled for March 2025 under the EIC’s 2025 work program, offering further opportunities for startups to secure financial support.
Financial support programs such as the EIC Accelerator play a crucial role in Europe’s innovation ecosystem by enabling startups to bring advanced technologies to market. The combination of grants and equity investment helps address funding gaps for high-risk ventures, particularly in science-driven industries. Companies that receive EIC funding benefit not only from financial backing but also from increased visibility and credibility, which can attract additional investment from private sources. As European startups continue to compete globally, initiatives like this provide essential resources to help them scale and develop cutting-edge solutions.
