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News article14 October 2021Representation in Ireland

Five Irish companies get EU funding to develop ground-breaking innovations

The European Commission's European Innovation Council has selected 5 Irish companies among 65 innovative start-ups and SMEs to receive €363 million of funding for breakthrough innovations.

Researcher looking through microscope

Each company will receive a combination of grant financing and equity investment of up to €17 million to develop and scale up their ground-breaking innovations in healthcare, digital technologies, energy, biotechnology, space and other. This is the first batch of companies that will be funded under the fully-fledged European Innovation Council (EIC) Accelerator.

The companies were selected following a new two-step process, introduced under Horizon Europe. Applications are rigorously assessed by external experts and followed by an interview with a jury of experienced investors and entrepreneurs.

The selected Irish companies develop innovations in the fields of medicine and robotics.

The 65 successful companies are established in 16 countries. The demand for equity financing through the new EIC Fund was particularly high, with 60 out of the 65 companies. This means that €227 million out of the total €363 million are expected to be in the form of investment component.
 

Details

Publication date
14 October 2021
Author
Representation in Ireland

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