European Innovation Council Fund injects €331 million of equity into European deep-tech companies

The European Innovation Council Fund (EIC Fund) has taken 42 new investment decisions into deep-tech companies for a total of €331 million since the last announcement in November 2022. 13 companies have already signed their investment agreements. These are pioneering start-ups that are poised to bring breakthrough innovations to citizens and businesses: a new type of computer vision software and robotics technologies for orthopaedic surgeons; visual search technologies for businesses and industry applications; breast self-reconstruction with patients' own tissue; innovative photonics; improved food production with reduced emissions; and a first miniaturised universal gas analyser for all renewable gases.

This marks a significant progress, as the EIC Fund is now fully operational. Since the appointment of an external fund manager in September 2022, the EIC Fund has taken a total of 77 investment decisions for deep-tech companies, worth over €521 million, supporting high-risk start-ups to bring their innovative technologies to market and scale up in strategic areas for Europe.

The EIC Fund, the investment component of the EIC Accelerator, is an important source of funding for start-ups and small businesses in Europe. The equity investments, ranging from €500,000 to €15 million per company (more in justified cases), complement EIC Accelerator grant financing of up to €2.5 million. So far, under Horizon Europe, 269 out of 378 selected companies have signed their grant agreements. The EIC is now complying with the target set by the EIC Board to sign the grant agreements with selected companies within 4-5 months.