EIC Fund approves nearly €1 billion in deep tech investments in first year
- ›The European Innovation Council Fund approved almost €1 billion in deep tech investments since it began operations in September 2022.
- ›159 start-ups and SMEs had investment approvals in just over one year through the EIC Accelerator pipeline.
- ›71 companies completed co-investment processes and attracted co-investors at roughly three times the EIC Fund investment.
- ›The EIC Accelerator combines grants up to €2.5 million with equity investments typically from €0.5 million to €15 million or more.
- ›A recent Accelerator cut-off selected 47 additional companies for a further €349 million of EIC support including €236 million earmarked for investments.
EIC Fund reaches near €1 billion milestone in first year of operations
The European Innovation Council Fund reported that it has approved nearly €1 billion of venture investments in deep tech companies since it began operations in September 2022. The announcement, published by the Commission on 14 November 2023, frames the milestone as consolidation of the EIC's position as a major investor for European deep tech. The figure covers approvals made through the EIC Fund for companies selected under the EIC Accelerator programme.
Key numbers and what they mean
In just over a year of activity the EIC Fund had approvals for investments into 159 start-ups and small and medium sized enterprises. The programme combines grant awards with equity style investments and links applicants to business acceleration services. The EIC emphasises co-investment, saying that 71 companies have completed their process of securing co-investors and in those cases external capital amounted to roughly three times the EIC Fund contribution.
| Metric | Value reported |
| Approved investment value since Sept 2022 | Nearly €1 billion |
| Number of start-ups and SMEs with approved investments | 159 |
| Companies that secured co-investment after EIC approval | 71 |
| Reported co-investment multiple in completed cases | Approximately 3x EIC investment |
| Recent EIC Accelerator cut-off selections (30 October) | 47 companies worth €349 million of support, of which €236 million earmarked for investments |
| Typical grant support per project under Accelerator | Up to €2.5 million |
| Typical equity investment range from EIC Fund | €0.5 million to €15 million or more |
How the EIC Fund and Accelerator work
Selected portfolio examples and recent developments
The press release highlights several portfolio companies to illustrate the types of deep tech bets being supported. These examples show diversity in sectors ranging from quantum computing to surgical robotics and AI for health.
| Company | Country | Sector | Recent funding or development mentioned |
| Quandela | France | Quantum photonics | Reported to have secured €50 million from various investors for international expansion and industrial development |
| Microsure | The Netherlands | Robot assisted microsurgery | Reported to have secured €38 million to finalise development for clinical studies |
| Methinks | Spain | AI for acute stroke detection and management | Announced €2.5 million in convertible loans to prepare for an upcoming investment round |
Recent call activity and pipeline pressure
The EIC announced the results of an Accelerator cut-off on 30 October which added 47 companies to be supported with a combined envelope of €349 million. Of that amount €236 million is earmarked for investments through the EIC Fund. The statement also noted that more than 1000 companies submitted proposals for the last cut-off on 8 November and that those will enter the competitive selection phase.
Context within EU innovation policy
The EIC Fund and Accelerator form part of a broader agenda under the European Union to scale deep tech across the bloc. The New European Innovation Agenda, announced in 2022, named funding deep tech as a priority and the EIC Fund is one tool intended to reduce the so called valley of death between research and commercial scale up. The Commission and EISMEA also provide business acceleration services, coaching, and ecosystem linkages to supplement financing.
What to watch and caveats
The near €1 billion approval milestone is notable because it comes quickly after the Fund started active operations. However approvals do not equal cash in the bank and investment approvals can be conditional on further checks and on securing co-investors. The EIC reports a healthy co-investment ratio in completed cases but the broader success rate across all approved investments will depend on follow through by private partners. The EIC is selective and competitive which helps target scarce public funds but it also means many strong applications will be excluded. Independent evaluation of long term economic and technological impact will be important to judge whether public equity investments have supported sustained scaling rather than short term valuation bumps.
Where to find more information
The EIC and the European Commission publish material on the EIC Accelerator, the EIC Fund and the New European Innovation Agenda. Those sources provide details on application procedures, investment guidelines, the Fund governance structure and the EIC business acceleration services that accompany financial support.
For reporters and stakeholders, the original Commission announcement contains the full press release and named contacts for media queries. For companies seeking support the EIC work programme and the Funding and Tenders portal outline application windows and selection calendars.