EIC Accelerator selects 32 deep tech start-ups with record share of women leaders and nearly €196 million in combined funding
- ›The European Innovation Council selected 32 companies in the first 2023 EIC Accelerator cut-off to receive a mix of grants and equity worth close to €196 million.
- ›Forty percent of selected teams (13 of 32) include a female CEO, CTO or CSO, the highest share reported by the EIC to date.
- ›Selection was competitive: 159 interviewees from 476 applicants, and 126 additional high-scoring proposals received a Seal of Excellence.
- ›Blended finance remains the dominant recommendation at 53 percent while grant-first recommendations rose to 38 percent and grant-only fell to 9 percent.
- ›A separate cut-off closed on 22 March with 551 full proposals requesting more than €3.3 billion and evaluations now underway.
- ›The EIC Fund continues to make investment decisions on earlier cohorts and has taken 93 investment decisions totaling €574.7 million to date.
EIC Accelerator round: 32 deep tech start-ups selected, women in leadership hit record share
The European Innovation Council announced on 29 March 2023 that 32 deep tech start-ups have been recommended for funding through the EIC Accelerator following the January cut-off. The package combines grant support and equity investments channelled via the EIC Fund and amounts to nearly €196 million in aggregate. The cohort spans 14 countries and includes a higher than usual share of teams led by women in senior technical or executive roles.
Selection snapshot and key numbers
| Metric | Value | Notes |
| Companies selected | 32 | From the Accelerator Open call, January 2023 cut-off |
| Total recommended funding | ≈€196 million | Combination of grants and equity investments via the EIC Fund |
| Share with female CEO/CTO/CSO | 40% (13 of 32) | Highest share reported by EIC to date |
| Applicants interviewed | 159 | Shortlisted from 476 full applicants |
| Full applications in January cut-off | 476 | Open call only, excludes Challenge calls |
| Seal of Excellence awards | 126 | Proposals that met criteria at remote evaluation but were not recommended for funding |
| Geographical spread | 14 countries | 94% of recommended funding for beneficiaries in EU Member States; 17% for widening country applicants |
| Finance recommendation split | Blended 53% / Grant-first 38% / Grant-only 9% | Trend shows rising grant-first recommendations |
How the EIC Accelerator operates
Selected projects: technical scope and practical challenges
The EIC list highlights a range of deep tech directions: quantum algorithms, advanced nano-coatings for hydrogen technologies, and medical device material innovation. Each category offers commercial promise but also specific scaleup hurdles that are worth unpacking.
Selection process, pipeline and next steps
The January cut-off involved remote evaluation followed by live interviews. Of 476 applicants for the Open topic, 159 were invited to interviews and 32 were recommended for funding. The majority of selected companies will receive grant payments within two to three months and initial investment decisions are expected within roughly two months. Jury recommendations and EIC Fund decisions are separate steps and the timing for equity deployment depends on due diligence and investment governance.
Proposals that pass remote evaluation but are not funded receive a Seal of Excellence. That label is intended to help recipients access alternative financing, including from Recovery and Resilience Funds and the European Regional Development Fund. In this round 126 applications received that Seal.
EIC Fund activity and management context
Equity investments are made through the EIC Fund. The EIC Fund has been working through investments for companies selected in previous rounds and reports having taken 93 investment decisions worth €574.7 million at the time of announcement. The Fund operates alongside the EIC Accelerator grant and the Innovation Council ecosystem and has been structured to channel public equity into high risk, deep tech companies to catalyse additional private capital.
Women in deep tech and EIC measures
The EIC highlighted that 40 percent of this cohort are led by women in CEO, CTO or CSO roles. This figure is notable given persistent gender gaps in deep tech and venture financing. The EIC runs several initiatives to promote women entrepreneurs including WomenTechEU, the European Prize for Women Innovators and the EIC Women Leadership Programme.
Implications and cautionary perspective
The EIC Accelerator remains one of the most visible EU instruments for deep tech scaling, pairing grants with public equity and acceleration services. The near €196 million package for 32 companies is substantial. At the same time, readers should keep in mind that selection is only the start. Translating EIC funding into market impact depends on commercial validation, regulatory approvals where relevant, manufacturing scale up and successful co-investment by private partners. Reporting impressive headline figures is not the same as demonstrating long term commercial or social outcomes.
Practical next steps for selected companies and applicants
Where to find more information
The EIC posts lists of selected projects and project details in its data hub and publishes general information about the Accelerator, the EIC Fund and specific women-targeted initiatives on the EIC and EISMEA websites. Prospective applicants should consult the EIC Accelerator work programme for eligibility rules and upcoming cut-off dates. The next full proposal cut-offs in 2023 were scheduled for 7 June and 4 October.
In short, this January cohort underscores the EIC’s continued role in underwriting risky deep tech bets at scale while also signalling incremental progress on gender representation. The ultimate test for the programme remains whether a higher proportion of portfolio companies systematically convert EIC support into durable commercial and societal outcomes.