Over €10 million in EU funding for 5 Irish SMEs
The EU's scientific research fund has just announced funding for five small Irish companies with big ideas to get to market:
- DP DesignPro Ltd of Abbeyfeale (Limerick): New, affordable and reliable HydroKinetic turbines that can exploit the huge potential of clean, predictable energy in the world’s rivers, canals and estuaries (project name: DP Renewables).
- Luxcel Biosciences in Cork: Advanced Solutions for High Sensitivity Metabolism and Toxicity Assays (project name: MetaTox-HS).
- Axonista Ltd of Dublin: A smart video app for smart devices (project name: Ediflo Pro).
- Slainte Beoga Teor of Galway: A non-antibiotic antimicrobial treatment for Bovine Mastitis (project name: PanaMast).
- Altratech of Shannon: A portable battery-operated kit for the quick detection of the HIV virus (project name: Easiviral).
The five Irish SMEs will receive EU grants of up to 2.5 million each from the Horizon 2020 SME Instrument Phase 2 funding announced today. The funding is for innovative small firms to get ideas from the lab to the market and help generate growth and jobs in Europe.
Each of the projects will receive up to €2.5 million to finance innovation activities. Thanks to the funding, the selected SMEs can finance innovation activities like demonstration, testing, piloting, scaling up and miniaturisation, in addition to developing a mature business plan for their product. The companies involved in the projects will also benefit from 12 days of business coaching.
This brings to 26 the total number of Irish SMEs to be granted Phase 2 funding under the SME Instrument since its launch in 2014 (see graph below).
The European Commission received 1534 project proposals by 18 January 2017, the first cut-off date for Phase 2 in 2017. Since the launch of the programme on 1st January 2014, 641 SMEs have been selected for funding under Phase 2.
Funding under Phase 2 of the instrument allows companies to invest in innovation activities such as demonstration, testing, piloting, scaling up and miniaturisation, in addition to developing a mature business plan for their product. The companies will also benefit from 12 days of business coaching. Most projects are proposed by a single SME but some companies team-up to elaborate a project.
The next cut-off for SME Instrument Phase 2 is on 6 April 2017.