EIC selects 78 startups for Accelerator funding as Fund moves to operational mode

Brussels, December 19th 2022

Summary

›The European Innovation Council selected 78 start-ups and SMEs in the 5 October 2022 EIC Accelerator cut-off
›Selected companies can receive up to a combined EUR 470 million in grants and equity, with individual awards up to EUR 17.5 million
›Blended finance remains the dominant option at 57 percent of selected cases while grant first and grant only account for 27 and 16 percent respectively
›The EIC Fund has become fully operational and an external fund manager will take investment decisions under an AIF structure
›The EIC opens over EUR 1.6 billion in funding for 2023, including EUR 1.13 billion for the Accelerator and EUR 525 million for strategic technology challenges

EIC selects 78 high potential start-ups and SMEs as Accelerator and Fund reach new operational phase

On 19 December 2022 the European Innovation Council announced that 78 start-ups and small and medium sized companies were selected in the latest EIC Accelerator cut off. These companies were chosen from the pool of applicants who submitted full applications to the 5 October 2022 deadline. The award package for this cohort can total up to €470 million in a combination of grants and equity. The EIC Fund is now operational and equity investments for successful applicants will be channelled through it.

Selection figures and headline statistics

The selection followed a competitive two stage process. Over 1,000 start ups and SMEs submitted full applications for the October cut off and about 240 of those were invited to interviews with juries composed of experienced investors and entrepreneurs. The 78 selected firms are spread across 17 countries and 15 percent are led by female chief executives. Each successful company may receive grants and or equity up to a ceiling of €17.5 million depending on financing needs and fit with EIC rules.

Metric	Figure
Full applications to 5 October cut off	1,092
Companies interviewed	240
Companies selected in this cut off	78
Total potential funding for selected companies	Up to EUR 470 million
Maximum support per company	Up to EUR 17.5 million (grants and/or equity)
Geographical spread	17 countries
Share of companies with female CEO	15 percent
Funding type distribution among selected companies	Blended finance 57 percent, Grant first 27 percent, Grant only 16 percent

Blended finance, grant first and grant only explained:Blended finance means a package that mixes a non refundable grant with equity investment from the EIC Fund. Grant first refers to proposals where a grant is initially provided and a later equity decision may follow depending on project developments. Grant only means pure grant funding without an EIC equity component. The Accelerator offers grants up to €2.5 million and the EIC Fund can make equity investments in the order of €0.5 million to €15 million depending on the project.

Selected projects and technology highlights

The cohort includes a mix of deep tech and applied innovations. Project scopes range from medical devices and advanced materials to energy storage and electric aircraft. Below are representative examples mentioned by the EIC and further contextual picks from the published list of 78 companies.

Company	Country	Project / Technology	Funding type indicated
Inbrain Neuroelectronics SL	Spain	Egnite: graphene based neural implants with AI driven single cell resolution sensing and adaptive responses for personalised neurological therapies	Blended finance
Releaf Paper SAS	France	Leaves based fibre technology for sustainable paper and packaging	Blended finance
Energy Dome SPA	Italy	CO2 Battery: long duration energy storage using a closed thermodynamic loop with CO2 as working fluid	Blended finance
Maeve Aerospace B.V.	Netherlands	Maeve 01: development of a 44 seat all electric commuter aircraft	Blended finance
CARMAT	France	Aeson total artificial heart for end stage heart failure	Blended finance
CorWave	France	Next generation implantable heart pump	Equity only

What the EIC Accelerator and EIC Fund offer

EIC Accelerator core terms:The Accelerator combines grants for innovation activities up to €2.5 million with equity financing provided by the EIC Fund. Equity investments through the EIC Fund range typically from €0.5 million up to €15 million. The programme also provides Business Acceleration Services that offer coaching, mentorship and access to corporate and investor networks.

The EIC accepts ideas on a continuous basis. For concepts that meet the EIC criteria on excellence, impact and risk the process invites full applications in time for regular cut off dates. Since the EIC Accelerator launched in March 2021 the programme has received thousands of expressions of interest and applications. The EIC reports more than 6,500 short submissions and over 3,330 full applications since start up.

EIC programme element	2023 allocation or detail
Total EIC funding opportunities in 2023	Over EUR 1.6 billion
EIC Accelerator envelope 2023	EUR 1.13 billion
Budget for strategic technology challenges	EUR 525 million
Next cut offs for full applications in 2023	11 January, 22 March, 7 June, 4 October

Strategic areas receiving targeted support in 2023:The €525 million of challenge funding focuses on next generation technologies that align with EU strategic priorities. Areas include biomarkers for cancer, pandemic management technologies including decontamination, energy storage, New European Bauhaus related innovations, quantum and semiconductor components, resilient agriculture, and space technologies and services.

EIC Fund operationalisation and governance changes

The EIC Fund has been restructured and is now operating with an external fund manager. The Fund functions as an Alternative Investment Fund and investment decisions are to be taken by an appointed Fund Manager in compliance with the AIFM Directive. The external manager model is meant to separate investment decision making from the grant administration and to align the Fund with the regulatory framework for EU based investment vehicles.

How the Fund decision process works in practice:Selection for equity starts from companies identified in the EIC Accelerator evaluation. The European Investment Bank performs due diligence and the external Fund Manager finalises investment decisions in line with EIC Fund Investment Guidelines. The move to an AIF model requires an AIF manager to implement investments and fiduciary duties. This structure is intended to professionalise equity decisions and to enable co investment with private investors.

In September 2022 the Commission confirmed the appointment of an external fund manager and said early investment decisions would follow after completion of due diligence. The EIC also reported progress on grant contracting with a rise in signed grant agreements from 100 to 150 in a short period. To speed grant payments the Commission signalled it would stop requiring College level approval for EIC Accelerator funding as a general rule. The Commission plans to shift the Fund from direct to indirect management to conform with the legal base and to achieve a sustainable operating model.

Critical perspective and implications for policy and founders

The EIC Accelerator and Fund represent arguably the largest concentrated public deep tech financing effort in Europe. That scale brings both opportunity and risk. For founders the combined grant and equity approach can de risk early development while opening doors to follow on private capital. For policy makers the challenge is to ensure public money crowds in private finance and does not create distortions or governance blind spots.

Points of scrutiny:First, speed and predictability matter for start ups. The EIC has signalled improvements to accelerate grant payments, but the equity pipeline has faced delays while the Fund was being structured. Second, selection transparency and geographic balance merit attention. The selected 78 companies span 17 countries but that still leaves many member states under represented. Third, diversity outcomes remain weak with just 15 percent of companies led by female CEOs in this cohort. Fourth, blended finance dominance shifts risk onto a public equity vehicle which must demonstrate effective leverage of private follow on investment. Finally, governance choices such as using an AIFM are sensible from a regulatory perspective but will require strong controls to avoid conflicts of interest and to ensure public objectives are preserved alongside commercial return expectations.

The EIC has a stated goal of helping Europe develop strategic technologies and scale deep tech companies. To meet that aim the Commission will need to show not only that it selects promising science and engineering, but also that it delivers timely capital, clear metrics for impact and durable co investment with private markets. Monitoring outcomes beyond selection counts will be important, including follow on funding, market adoption, and whether public funds enabled European strategic autonomy in key technology domains.

What founders should know next

Companies can apply at any time and submit full applications to the regular cut offs. For applicants, the main practical points are to prepare for a two stage evaluation process with a remote assessment and then an interview, to consider whether blended finance or grant first fits their capital plan, and to make use of the Business Acceleration Services. Start ups should also be prepared for due diligence if an equity component is envisaged and for potential sharing of data with EIC partner actors such as National Contact Points or co investors if they consent to those disclosures.

The next cut off dates are 11 January 2023, 22 March 2023, 7 June 2023 and 4 October 2023. For more details, applicants should consult the EIC Accelerator pages and the 2023 EIC work programme which sets out thematic challenge funding and procedural details.

Bottom line

The EIC selection of 78 companies shows continued deployment of EU instruments to back deep tech across health, energy, materials and aerospace. The full operationalisation of the EIC Fund is a pivotal step that should unlock equity allocations alongside grants. However the impact will depend on execution, speed of investments, rigour of due diligence, and the Fund s ability to attract private co investors while maintaining transparency and public interest safeguards.

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