EIC Accelerator June 2023 cut-off: who won, how they were selected and what it means

The European Innovation Council announced that 47 companies were chosen for support in the third EIC Accelerator cut-off of 2023. Funding combines grant awards and equity investments and totals nearly €350 million. The round underlines the EIC’s continuing focus on deep tech and engineering innovations and shows how the Accelerator blends public grant funding with venture style equity through the EIC Fund. The selection followed a rigorous process that included remote evaluations and live interviews by juries made up of investors and entrepreneurs.

Selection scale and process

The cut-off was competitive. Applicants first submit full proposals. For June 2023 there were 648 full proposals. From those, 140 companies were invited to interviews. Ultimately 47 companies were recommended for funding. The jury stage is a critical gate. Juries are composed of experienced investors and entrepreneurs who interview teams before the final funding decision.

Sector mix and highlighted winners

The June cut-off showed a strong performance by engineering and technology companies, which made up about 25 percent of winners. Health technology remained the largest single sector at roughly 30 percent. This is a notable balance because historically the Accelerator has had strong representation from health-related ventures. The geographical distribution covers 15 EU countries including four widening countries. The announcement singled out three companies and their projects as examples of the kind of deep tech supported.

Selected project snapshots

Axelera AI, the Netherlands, project Axelera Europa. The company is developing a combined hardware and software platform for AI at the edge. Edge AI solutions move inference and some training workloads closer to devices that collect data. The aim is to reduce latency and bandwidth use and to enable AI in locations that cannot rely on constant cloud connectivity.

Vsora, France, project Superchip. Vsora proposes a scalable, unified processor intended to accelerate workloads across edge AI, autonomous driving, generative AI and decentralised AIoT applications. The approach combines processor architecture and integration for diverse inference and control tasks.

Quside Technologies, Spain, project RPU. Quside develops randomness processing units based on quantum sources. These devices generate high quality entropy for cryptographic use and for randomized computing workloads where reliable randomness improves algorithmic performance or security.

Finance model and timelines

Nearly €350 million will be allocated to the 47 companies. A large majority, 68 percent, will receive blended finance. Blended finance in the EIC context means a grant component combined with equity investment provided by the EIC Fund. The announcement states that, in most cases, the grant tranche will be disbursed within two to three months and that the first decisions on equity investments will be taken within around two months. That timeline is an optimistic expectation because equity due diligence and legal closing often take longer in practice.

Wider programme mechanics and follow up support

Beyond the money, Accelerator winners gain access to Business Acceleration Services. These services include coaching, investor introductions, and access to corporate partners and other ecosystem actors. The EIC operates regular cut-offs and accepts proposals at any time with a remote evaluation of initial submissions occurring within approximately four weeks. Proposals that pass the initial threshold are invited to submit full applications for a cut-off review.

Fast Track and Plug In schemes

The June cut-off had more entries coming via the Plug In scheme. Fast Track and Plug In are mechanisms that let projects already supported by certain national or EU programmes bypass the Accelerator's short proposal stage and submit directly at full proposal stage. Fast Track is used by some EIT Knowledge and Innovation Communities and by EIC Pathfinder and Transition projects. Plug In is for projects put forward by certified national or regional innovation programmes.

What the announcement leaves unclear and caveats

The EIC press note provides headline numbers but omits some details that matter to observers and founders. It does not publish the split between grant and equity across the nearly €350 million. It also gives optimistic timelines for grant disbursement and investment decisions. In practice equity investments require extended due diligence and negotiation. The announcement also does not disclose longer term follow up metrics such as expected co investment leverage, projected job creation, or revenue milestones for the cohort.

The sectoral headline that engineering and tech firms made up 25 percent and that health tech accounted for about 30 percent is useful but does not show sub sector granularity. For example, chip and edge AI hardware projects face different capital intensity and time to market than many software or health device companies. Those differences affect how meaningful a single funding figure is for each company.

Policy and ecosystem context

The EIC Accelerator sits at the intersection of public innovation policy and venture finance. Its blended finance model is intended to de-risk cutting edge technologies enough to attract private capital. The Seal of Excellence and Plug In mechanisms are meant to connect national and regional funding sources to EU level selection. For widening countries, inclusion in EIC rounds can be an important signal of local ecosystem maturation. However, getting funds is only one step in scaling. Companies still need follow on private capital and market traction.

From a policy perspective, transparency on the ultimate distribution between grants and equity, co investment ratios, and follow on outcomes would improve accountability. It would also help clarify whether the EIC is primarily a bridge to private capital or a longer term public backer of strategically important technologies.

Takeaways and next steps

The June 2023 EIC Accelerator cut-off allocated almost €350 million to 47 companies after a competitive selection process. The round highlights strength in engineering and tech projects alongside health technologies. The blended finance model is being used for most winners, and the Seal of Excellence continues to be a tool for strong but unfunded proposals to find alternative financing. Observers and beneficiaries should watch how quickly the equity decisions are completed, how much private co investment is mobilised and how these firms progress toward commercial milestones.

For companies seeking EIC support the programme accepts proposals continuously and evaluates initial submissions in about four weeks. The EIC 2024 Work Programme was scheduled for adoption in December 2023 and it will set the next cut off dates and priority topics.

For the full list of selected companies and the EIC Accelerator data hub with details on supported firms consult the EIC website.