EIC Accelerator - Who made it through the last funding call?

The results of the first EIC Accelerator Call 2024 were eagerly awaited. A total of 969 applicants submitted a full proposal by the 13 March deadline. Competition was fierce this time too. 347 companies were invited to Brussels for a pitch interview and presented their deep tech innovation and business model to a jury of experienced entrepreneurs and investors. In the end, the jury selected the 68 best companies, which will now receive attractive funding from the popular funding instrument.

A total of around EUR 411 million was committed to the selected start-ups and SMEs, of which EUR 165 million was in the form of grants and almost EUR 245 million in the form of equity. Almost all of the selected companies opted for the mixed financing option, where they receive grants of up to EUR 2.5 million and equity of up to EUR 15 million. The equity investment is made through the EIC fund, which brings in other investors so that the total investment is often more than three times the EIC investment on average.

Geographically, the companies selected by the independent jury come from a total of 17 countries, with 5 applications approved from associated EU countries. In addition, 21% of the deeptech companies are run by women.

This selection round will support the most promising innovations from a wide range of fields. These include projects in quantum computing, optics, biotechnology, bio-economy, AI, environmental technologies, etc. We have collected a few examples for you.

• VAXDYN SL, a Spanish biotech start-up, has developed a novel vaccine platform against antimicrobial resistance, which is a global health threat.
• Mifundo OÜ, an Estonian company, has developed a unique AI and data platform. This has created a technology layer for the cross-border exchange of credit histories via a single API.
• Die DCUBED - Deployables Cubed GmbH is a German start-up from Germering. DCUBED impressed the EIC jury with the first solar system manufactured in space, which enables extremely cost-efficient power generation for small satellites and in-orbit servicing.

The overview of all funding projects from the EIC Accelerator selection round March 2024 can be found on the website of the European Innovation Council (EIC).

A further 273 applications that were positively assessed by the EIC panel but did not receive sufficient funding were awarded a Seal of Excellence. The Seal is designed to help businesses apply for other funding, for example from the Recovery and Resilience Fund and the European Regional Development Fund.

This call also saw an increase in the number of companies that emerged from the plug-in programme. This programme enables funding bodies that manage certified national or regional programmes to recommend projects from their portfolio directly for the full application phase of the EIC Accelerator.

Background on the EIC Accelerator

The EIC Accelerator is a highly attractive funding instrument of the European Innovation Council (EIC). Deep-tech start-ups and SMEs receive funding of up to €2.5 million combined with equity of up to €15 million. In addition, companies funded by the EIC Accelerator will have access to a wide range of business acceleration services. For example, applicants receive coaching and mentoring as well as invitations to regular conferences and matchmaking events.

Want to apply for the EIC Accelerator?

Since the official launch of the EIC Accelerator funding programme, 12,000 start-ups have applied for funding. The application process for the EIC Accelerator is a three-stage programme. The first step is to submit an outline with a pitch deck and video. If the outline hits the mark in terms of excellence, socio-economic and environmental impact and risk, you will be invited to submit a full proposal by the deadline. There are usually two full proposal deadlines per year, one in spring and one in autumn. The next deadline for full proposals is 3 October 2024. Once you have completed the second stage of the application process, you will be invited to a pitch interview in Brussels. The jury will then decide whether your project idea is eligible for EIC funding.

We would like to congratulate all 68 selected applicants on their EIC funding and are delighted to have supported a winner from Germany through the application process!

Are you interested in applying for funding and/or equity from the EIC Accelerator? We are at your disposal for all three application steps. Simply contact us and book your no-obligation consultation now!