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9 Irish SMEs to get EU funding to help bring their top-class projects to market
The EU Commission is providing funding to 9 innovative Irish SMES to help bring their innovations to the market faster.
Three of the Irish SMEs are receiving funding under the SME Instrument Phase 1 while one is receiving funding under the SME Instrument Phase 2. The remaining 5 Irish SMEs are receiving funding under the Fast Track to Innovation strands of the European Innovation Council. Ireland is the 6th most successful country under this particular round of Fast Track to Innovation funding with five Irish participants out of a total of 60.
The 9 Irish SMEs are:
- Omnispirant Ltd of Clonmel is to receive SME Instrument Phase 1 funding for its ReSpire project (Respirable Advanced Therapeutics for Cystic Fibrosis & other Lung Diseases)
- Geowox of Dublin is to receive SME Instrument Phase 1 funding for its Geowox COMP project (Quick, cost-effective and accurate residential property valuations for the European mortgage lender market)
- QPQ Ltd of Leixlip is to receive SME Instrument Phase 1 funding for its QuidProQuo project (True digitalisation of all transactional administration in the trade value chain through smart legal contracts)
- Signum Surgical Ltd of Galway is being awarded SME Instrument Phase 2 funding for its BioHealx project (a solution to anal fistula disease)
- Valitacell Ltd of Dublin is receiving Fast Track to Innovation funding to develop its ILCA project (Intelligent Live Cell Analysis [iLCA] to transform disease management through faster, and more regulatory robust, discovery, manufacture and monitoring of biologic drugs & cell therapies)
- Loci Orthopaedics of Galway (coordinator) and Medvie Ltd (partner) of Dublin are receiving Fast Track to Innovation funding for their InDx project (an innovative implant that restores natural motion to patients with thumb base joint arthritis)
- Mayo Healthcare (coordinator) and Slainte Beoga Teoranta (partner) are to receive Fast Track to Innovation funding for their RumenShield Dairy project (a Non-Medicated Feed Additive to Improve Milk Yield in Dairy Cows)
Under Phase 1 of the SME Instrument, SMEs receive €50.000 to draft a business plan plus free coaching and business acceleration services.
Under Phase 2, SMEs can expect to receive between €0.5 million and €2.5 million to finance innovation activities such as demonstration, testing, piloting and scaling up plus 12 days of free business coaching and business acceleration services.
Under the Fast Track to Innovation scheme, projects receive around €2 million each plus access to free business coaching and acceleration services. The scheme is for relatively mature ground-breaking technologies, concepts and business models that are close to market.
More information is available here.