EIC-backed scaleups in 2022: who reached unicorn and centaur valuations and what it means
- ›By mid 2022 the EIC Accelerator portfolio included 11 unicorns and 112 centaurs with a combined valuation around €40 billion.
- ›EIC-backed unicorns span supply chain software, electric vehicle engineering, green hydrogen, insect protein and healthtech.
- ›Health, digital and green technologies dominate the high-valuation segment of the EIC portfolio.
- ›Valuations reported are private market snapshots and can change rapidly. EIC support is catalytic but typically complemented by large follow-on private investment.
EIC-backed unicorns and centaurs in 2022
In 2022 the European Innovation Council's Accelerator portfolio included a notable number of high-value scaleups. The EIC reported 11 companies valued at more than €1 billion each and 112 companies valued above €100 million. The combined valuation of the EIC-backed companies was stated as roughly €40 billion. The group of high-value companies crosses several sectors but is concentrated in healthcare, digital technologies and green energy and industry.
Definitions and the EIC's role
The labels used across the innovation ecosystem can be shorthand but they matter. 'Unicorn' traditionally refers to private companies valued above €1 billion. The EIC Community also uses 'centaur' to indicate firms valued above €100 million. Those thresholds reflect private market valuations, often derived from late stage funding rounds and secondary transactions.
Who the EIC-backed unicorns were in the 2022 portfolio
The EIC Community listed the companies in its portfolio that had reached unicorn status by 2022 and in earlier recent years. They come from sectors such as information and communication technologies, engineering and health. Below is a consolidated presentation of those named in the EIC material.
| Company | Valuation (as reported) | Sector | Technology focus and notes |
| RELEX OY | €5,500 million | Information and Communication Technology | Unified supply chain and retail planning platform using AI/ML to optimise forecasting, replenishment and allocation. Reported to reach unicorn status after a funding round in February 2022. |
| Rimac Automobili | €2,200 million | Engineering and Technology | Designs and produces high-performance electric vehicle components and systems. Known for high-power battery and electric drivetrain technologies for performance cars. |
| Nel Hydrogen | €2,000 million | Energy | Developer of electrolyser technology and hydrogen fuelling solutions across production, distribution and refuelling for fuel cell vehicles. |
| Innovafeed | €1,000 million | Food / Agri-biotech | Insect protein producer using Hermetia illucens larvae for animal feed. Emphasises industrial symbiosis and on-site valorisation of agro-byproducts. |
| SWORD Health | €2,000 million (reported in 2022 list) | Health / Digital Health | Digital musculoskeletal care platform offering virtual therapy and clinician-led remote programmes. Note: different reports have cited valuations in the €1.6 billion range following a Series D. |
| Verbit | over €2,000 million | Engineering and Technology | Voice AI for captioning and transcription combining proprietary ASR and large professional captioner workforce. |
| AlphaSense OY | €1,700 million | Engineering and Technology | AI-based market and knowledge search platform for analysts and investment professionals using advanced natural language processing. |
| HAILO | €1,000 million | Information and Communication Technology | Silicon IP and AI accelerators for edge devices, targeting efficient neural network inference at low power and small form factors. |
| CELLINK (now part of BICO) | €3,000 million | Health / Biotech | Bioprinting pioneer that commercialised universal bioinks and 3D cell cultivation systems for pharmaceutical research and therapeutics development. |
| BioArctic | €2,700 million | Health / Biotech | Biopharma company focused on neurodegenerative disease treatments, including Alzheimer’s, with clinical-stage therapeutics. |
| INFARM | over €1,000 million | Vertical farming / Agri-tech | Modular urban vertical farming systems relying on data-driven environmental control. Reported to have shifted business focus outside Europe according to press reports. |
Technical concepts in brief
Centaurs and sectoral trends
The EIC counted 112 centaurs in 2022. Across that group the strongest representation came from health, digital technologies and green or climate-related innovations. That pattern mirrors broader European investment flows where healthcare and climate tech attracted significant venture capital in the early 2020s.
The EIC Community presented infographics of centaurs by sector in its reporting. These higher valuation companies include firms working on medical devices, biotech, AI software, advanced materials, energy storage, renewables and agriculture technology.
Why these lists matter, and why to be cautious
High valuations signal investor confidence, scaling potential and often heavy follow-on capital. For the EU innovation ecosystem such exits and private investments are important evidence that public backing, including EIC grants and equity, can be catalytic.
Nevertheless a few caveats are worth stating. First, private valuations are volatile and vary by source. Second, the path from scaleup to sustainable industrial business depends on regulatory approvals, supply chain scale, unit economics and international market access. Third, many deep tech businesses remain capital intensive and subject to changing macro conditions that affect late-stage funding.
Implications for policy and investors
For policymakers the headline numbers reinforce the argument that targeted public support can strengthen Europe's capacity to produce globally competitive deep tech firms. For investors these companies represent high potential but also concentrated risk. Due diligence should account for technology readiness, regulatory pathways and capital needs.
For entrepreneurs and regional innovation actors the presence of EIC-supported unicorns and centaurs provides positive examples of scaling and international fundraising. However success stories should not obscure the many firms that require multiple funding rounds and years to establish durable business models.
Where to find more detailed data
The EIC Impact Report for 2022 provides fuller context on the Accelerator portfolio and the funding trajectories of its companies. The EIC Community pages host the original lists and company profiles. Readers should consult company filings and independent market reporting for the most recent valuation updates and financing details.
Disclaimer: the valuations and company details in this article are taken from EIC Community reporting and public sources cited there. They are presented to inform readers and do not represent an endorsement by the European Commission or any other organisation.