Europe invests €227 Million in Tech Firms Directly

Each business in the EIC accelerator programme receives a combination of grant funding and equity investment of up to €17 million to develop and scale-up technology in the areas of healthcare, digital technologies, energy, biotechnology, space, and other fields. 

A total of €227 million in equity was awarded to 60 of the 65 enterprises, with the remaining €136 million in grants. This is the first round of startups to receive funding from the European Innovation Council (EIC) Accelerator after a pilot programme. The EIC is now examining a fresh round of firms with a total of 1098. 

Up Mem, a company based in France that develops Processing in Memory (PIM) devices, is one of the companies involved.  The company stated that the EIC support will allow their PIM technology to drastically reduce the energy and hardware footprint of digital services and data centres. 

UPMEM will be able to expand its staff from 24 people locally in Grenoble and Paris or remotely in European countries by the end of 2023 thanks to a €2.5 million grant and up to €15 million in equity. Our semiconductor architects, software engineers, and commercial team will design, manufacture, and market tomorrow’s intelligent memory. They’ll build a new software ecosystem that takes advantage of UPMEM PIM’s unparalleled programming accessibility and scalability. 

Plant-e in Belgium is creating a plant-powered energy harvesting system for IoT systems, whereas Minima processor in Finland is developing a low-power processor. 

Oledcomm in Sweden is developing LED-based LiFi communications technology for spacecraft and aerospace applications, while Wi-Charge is working on a wireless power system that overcomes current limitations by allowing charging devices over the air with a range of 10 metres and available power 100 times that of batteries. 

In addition, the scheme is supporting quantum startups Alice and Bob in France, which is developing a new type of self-correcting quantum hardware for the world’s first fault-tolerant commercial quantum computers, and Sparrow Quantum in Denmark, which is developing single-photon sources for photonic quantum computers. 

This year, under Horizon Europe, a new start-up-friendly application process was launched, in which companies can submit their ideas at any time for a quick assessment. Successful candidates will be given free business coaching to help them construct a thorough application. 

The complete applications are then examined every three months at established cut-off dates. Since March, over 4,000 start-ups and SMEs have submitted their ideas, with 801 submitting full applications by the first cut-off date of June 16, 2021, and 1098 submitting full applications by the second cut-off date of October 6, both of which are currently being evaluated. The findings of the second batch of EIC Accelerator businesses will be released by the end of the year, with the next deadline set for early 2022.