Seventy-five promising start-ups and SMEs have been selected in the largest funding round so far under the pilot phase of the European Innovation Council (EIC) Accelerator.
As a major novelty, 39 of these companies are set to receive both a grant and a direct equity investment. Among the companies selected is Hiberband, who is creating the first global Internet of Things network using low-cost low-orbit satellites, Chrysalix Technologies, a university spin-off producing sustainable fuel using organic material and BrainQ, who is developing AI-powered technologies to transform the lives of patients with severe brain injuries.
This is the first time that this “blended finance” has been offered, and allows a much higher level of funding (up to €17.5 million per company) to accelerate the growth of European companies with ground-breaking innovations. The Commission has also signed an agreement with the European Investment Bank Group to set up a dedicated EIC Fund to manage the equity investment.