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Six innovative Irish SMEs to receive European Innovation Council funding
Six Irish SMEs have been selected for funding under the European Innovation Council (EIC) pilot in the latest funding round. Four Irish SMEs were selected for EIC Accelerator funding while one was selected for Fast Track to Innovation funding. A sixth Irish SME is a partner in a Spanish-led project. Each of these projects will receive between €0.5 and €3 million. With this funding and extra business acceleration support, they will be able to finance their close-to-market innovation activities and get on the market faster.
The SMEs to receive EIC Accelerator funding are as follows:
- Galway-based Atrian Medical Ltd for their Neuron-AFib project - a cardiac autonomic modulation to treat Atrial Fibrillation
- Tullow-based T.E. Laboratories Ltd for their H20Mon project – an in-situ Total Nutrient Analyser System for Natural Waters
- Limerick-based Pinpoint Innovations Ltd for their Tracworx project - a data analytics tool that makes it possible to establish bottlenecks in patient flow
- Dublin-based PILOT Photonics for their PICOMB project - a new type of laser known as an Optical Comb that can be produced with a lower cost, footprint and power consumption but increased performance and capacity.
The SMEs to receive EIC Fast Track to Innovation (FTI) funding are:
- UTRCI - lead partner in the MASTECS project (Multicore Analysis Service and Tools for Embedded Critical Systems)
- BlueAcre Technology - partner in the HUMANeye project (Implantable titanium net to combat pathological corneal shape deformations) led by Fundación IMO (Spain)
In total, the European Commission is awarding €33.2 million in FTI funding to 14 innovative projects, involving 56 partners in 19 countries. The selected projects will receive around €2 million each.
Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Each of the companies receiving funding through the European Innovation Council is offering a solution to a problem that affects the daily lives of Europeans, be it in the area of health, environment, energy and more. I am delighted to see that the European Innovation Council is already delivering on its promise of supporting innovators with the vision and ability of bringing about positive change in the world".
The EIC Accelerator and the Fast Track to Innovation are a central part of the European Innovation Council (EIC) pilot, targeting radically new, breakthrough products, services, processes or business models that open up new markets. Between 2018 and 2020, the EIC pilot will provide nearly €3 billion to breakthrough, market-creating innovations, under Horizon 2020 – the EU’s multi-annual Research and Innovation Programme. From now on, the EIC Accelerator (ex SME Instrument Phase 2) will offer optional equity investment in addition to a grant. Innovative companies can apply for a grant only or up to €17.5 million in-combined grant and equity financing to scale-up quickly and effectively. The grants available will be between € 0.5 and 2.5 million and equity investment can amount up to €15 million. The next cut-off date for EIC Accelerator (grant only and blended finance) and Fast Track to Innovation are respectively on 09 October 2019 and 22 October 2019.