European Innovation Council’s €1 Billion boost aims to supporting deep tech ventures

The European Innovation Council (EIC) has approved €1 billion in venture funding for deep tech enterprises within its inaugural year. As a component of Horizon Europe, the EIC Fund was established to fortify groundbreaking advancements, supporting 159 startups and SMEs through the EIC Accelerator initiative.

Additionally, the EIC recently announced backing for 47 more companies, totalling €349 million, elevating the total supported by the EIC Accelerator to 493. This endeavour, offering grants of up to €2.5 million combined with equity investments, aims to bridge the financial divide for disruptive technologies while promoting collaborative investments and subsequent funding possibilities.

These investments do not just provide financial support; they also grant access to business acceleration services, partnerships, and market prospects. Companies like Quandela, trailblazing in quantum photonics, and Microsure, pioneering robot-assisted micro-surgery, secured substantial funding facilitating their global expansion and product enhancement. MeThinks AI, specializing in AI-powered acute stroke patient care, secured €2.5 million in convertible loans for their upcoming investment cycle.

Why does this matter?

The new fund is in line with the policy shift of the Union to modernize its existing legal, regulatory, and financial tools while actively championing European values in areas like data protection, cybersecurity, and ethically developed AI.