European Innovation Council Impact Report 2025
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Commissioner's Foreword: Ekaterina ZAHARIEVA
European Commissioner for Startups, Research and Innovation
The recent reports by Mario Draghi, Enrico Letta and Manuel Heitor send a clear message: Europe needs to increase its competitiveness and achieve technological sovereignty in key sectors of the economy. The European Innovation Council (EIC) is crucial in this and has already proved to be a game-changer.
This Impact Report shines a spotlight on the EIC’s achievements so far and highlights its vital role in supporting Europe’s next generation of high risk and disruptive innovations, at all stages of maturity. Its impact ranges from generating a pipeline of over 1 350 unique innovations, to supporting over 700 startups and SMEs across 30 countries, crowding in over EUR 2.6 billion of additional investment and leveraging over 3 euros of investment for every euro we invest through the EIC.
Still, too many of Europe’s most promising technology companies are acquired or relocated outside Europe, mainly due to a lack of large financing rounds. But work is underway to change this. The EIC’s Strategic Technologies for Europe Platform (STEP) will provide investments of up to EUR 30 million, which in turn will catalyse investment rounds above EUR 100 million, with the aim of scaling up critical technology companies in digital, biotech and clean tech.
Furthermore, with the establishment of the Trusted Investors Network, we have assembled a cohort of over 100 investors from across Europe – mainly private venture capital funds, but also public investment banks and others – who collectively represent over EUR 100 billion of assets. These investors have committed to working with the EIC to help companies grow in Europe.
These developments have not come a moment too soon. In the coming months the members of the College including myself will work with Member States and the Parliament to define the future EU budget and its priorities. We must channel our resources to meet common challenges where taxpayers’ money brings the highest added value.
President von der Leyen made clear in her Political Guidelines and in my mission letter that a key step in this journey will be to expand the EIC. My first months as Commissioner have only strengthened my resolve to do so. The forthcoming EU Startup and Scaleup Strategy will be a key milestone, making it simpler, cheaper and faster for European startups to grow.
At these crucial moments for Europe’s future, I invite you to reflect on the EIC’s achievements as we strive to build on this success. In an uncertain world, I believe an expanded EIC is key to our future competitiveness and strategic autonomy in critical technologies.
EXECUTIVE SUMMARY
This report provides an overview of the impacts delivered by the innovators funded by the European Innovation Council (EIC), a EUR 10 billion programme of the European Union launched in 2021 to identify, support and scale-up breakthrough technologies and deep-tech start-ups.
It focuses on the Horizon Europe EIC portfolio of over 700 start-ups, 400 advanced research projects, and 180 translation projects funded in the period 2021–2024 inclusive. The report also assesses the longer-term impacts of an “extended EIC portfolio”, which includes projects and companies funded under the Pilot phase of the EIC with ca. 800 start-ups and SMEs from 2018 to 2020 and 400 technology projects from 2014 to 2020.
Since its launch in 2021, the EIC has allocated over EUR 6 billion in support and:
Established the EIC Fund as one of the largest deep tech investors in Europe with:
- Over 150 completed investment rounds in start-ups and SMEs including over 60 in 2024.
- Over EUR 1.6 billion in co-investment from other, primarily private investors, corresponding to over EUR 3 of additional investment for each EURO of direct investment through the EIC Fund.
- Investments alongside over 600 VCs, corporates and strategic investors, including the 25 largest VCs in Europe.
- A Trusted Investor Network (TIN) with over 100 investors, to accelerate co-investments and build a deep tech investor community.
Built leading portfolios of start-ups and technologies in all the critical technology areas identified for Europe’s future competitiveness and economic security, including:
- EUR 850 million for quantum and semiconductors – contributing to the Chips Act.
- EUR 725 million for developing or applying artificial intelligence.
- EUR 700 million for energy generation and storage solutions.
- EUR 625 million for biotechnology and biomanufacturing in areas including industrial biotechnology, agrifood biotech and healthcare biotech.
- EUR 500 million for advanced materials.
- EUR 300 million for space technologies.
Supported the best innovators, male and female, from all European countries:
- 30% women-led companies supported in 2024 (female CEO/CTO/CSO).
- EIC supported start-ups and SMEs in 30 countries.
- Over 20% female research project coordinators and participants in 2024.
Looking back over a longer time period of the extended EIC portfolio, key impacts include:
- Investments of over EUR 1 billion into 272 unique companies with over EUR 2.6 billion of additional investment mobilised since the launch of the EIC Fund in 2020.
- Companies averaging over 50% employment growth and 55% revenue growth in the two years following EIC support.
- 80% of equity investments catalysed by the EIC involve a non-domestic investor, with a majority of these seeing flows of investment across Europe/countries associated to the programme.
- Portfolio companies attracting over EUR 12 billion of additional investments, primarily from venture capital, with a prevalence of cross border capital.
- Over 70 companies achieving ‘centaur’ valuations (above EUR 100 million), including six with a valuation above EUR 500 million.
- Over 1 350 unique innovations from EIC Pathfinder and Transition projects, with 75% assessed as market creating or targeting an emerging market.
- Over 100 start-ups established or in the process of being established to commercialise results of EIC Pathfinder and Transition projects.
- 1 000 EIC companies and projects matched to corporates, procurers and potential investors resulting in over 230 signed deals.
THE EUROPEAN INNOVATION COUNCIL AT A GLANCE
The European Innovation Council (EIC) is a flagship initiative of the European Commission striving to turn disruptive European science into groundbreaking commercial propositions and accelerate the scale-up of game-changing innovations.
With a budget of over EUR 10 billion under the Horizon Europe Programme (2021–2027), it seeks to position Europe as a global leader in the current wave of deep tech innovation: innovation that is rooted in cutting edge science, technology and engineering.
The EIC provides integrated support at all stages of technological maturity for innovators across Europe and looks to ensure that we turn excellent European deep tech research into innovations and also industrialise and deploy radical deep tech innovations at scale.
Support from idea generation by researchers through to their commercialisation and market entry by start-ups and SMEs is delivered through three core schemes.
- The EIC Pathfinder for early-stage research on breakthrough / game-changing technologies.
- The EIC Transition for transforming research results into innovation opportunities.
- The EIC Accelerator for individual start-ups and SMEs to develop and scale-up breakthrough innovations through a unique mix of grant funding and direct investment through the EIC Fund.
Support from the EIC also goes beyond funding. The EIC fosters an innovative ecosystem that supports companies and projects with tailor-made Business Acceleration Services, including to find opportunities with large corporates, specialist infrastructures, and access to public procurement, to help increase the impact and likelihood of market entry and scaling of EIC funded innovations.
The EIC has also developed a model of Programme Management, informed by best practice elsewhere including ARPA in the US. The approach leverages the scientific background, understanding of markets and networks of the Programme Managers to enable the EIC to both identify emerging trends and inform future activities. This has resulted in a proactive management approach integrating three elements:
- The selection of a portfolio of projects that share common research and innovation objectives to achieve the aims of Challenge competitions.
- The development of a Strategic Plan with the Programme Managers highlighting joint activities that can span collaboration on research through to engagement with key stakeholders such as regulators, investors and corporates.
- Implementation and evolution of the strategic plan based on new evidence and insights to provide optimal support to the projects and to accelerate the transition from research to market.
CASE STUDY:Heiko BRÜNING, CEO and co-founder QubeDot. QubeDot, founded in 2019, and its iSMILE project focused on the development of integrated scalable microLED engines is the first idea to complete the journey across all instruments of the EIC. The original ChipScope project consortium secured funding in 2016 under Pathfinder to explore the potential of gallium nitride-based microLEDs. Success led to Transition support in 2020. As part of Transition, QubeDot performed comprehensive market research and built a large network of interested end-users, identifying the need to set up semiconductor cleanroom facilities. Accelerator funding will help develop solutions for applications such as augmented reality glasses and sophisticated measuring solutions. In the first stage of expansion, the company aims to produce roughly 1 000 wafers per year, with each wafer containing 80 to 100 million LEDs.
QubeDot
A NOTE FROM THE EIC BOARD PRESIDENT
The EIC is now a well-oiled machine that has proven itself essential for the EU’s deep tech innovation ecosystem, addressing pressing societal needs, while improving the competitiveness of Europe by helping innovators through the valley of death.
The EIC has a pan-European reach, attracting over 10 000 of Europe’s best start-ups and innovators, and taking early-stage risks in nearly 600 research projects and over 700 start-ups and SMEs that would otherwise remain unfunded or under-funded. However, the wider policy environment in which it operates has become increasingly volatile, with impulses from conflicts close to Europe, the global competition for artificial intelligence, and the pressing imperative of climate change, including a scramble for sustainable energy, green materials and food security.
Our response to this is to ensure an approach that provides a timely response to these emerging policy imperatives while enduring with the principle of focusing on and supporting the innovator’s journey. This has enabled the EIC to tap into all elements of its toolkit and build a critical mass of support that has also crowded in essential private investment into key areas such as AI, biotech, clean tech and quantum technologies to ensure that Europe can, as Mario Draghi report on EU competitiveness called for, close the innovation gap with the US and China, in advanced technologies which will be critical for our future competitiveness and strategic autonomy.
Michiel Scheffer, EIC Board President.
Accelerating deep tech innovation
The EIC Accelerator supports start-ups and SMEs that have the ambition and commitment to scale, but require substantial funding, where the risks involved are too high for private investors alone to invest. Support is provided in the form of non-dilutive grant funding and dilutive direct investment, via the EIC Fund, as appropriate.
KEY IMPACTS
- Single application for grant and equity. Due diligence by EIB followed by investment decision by fund manager.
- Supports deep tech ideas with potential to scale in global markets.
- Covers all technology fields, with targeted funding also available to address particular challenges.
- Access to Business Acceleration Services.
- Open to start-ups and SMEs.
- Grants of up to EUR 2.5 m + Equity of up to EUR 10 m.
FIGURE 1: EIC Accelerator.
Over 1 500 companies have been supported since the launch of the EIC Pilot in 2018. These companies hold ca. 6 000 active patents and have, in the first two years following the receipt of EIC support, seen growth in employment and operating revenue.
FIGURE 2: Overview of the Accelerator portfolio of projects under Horizon Europe.
FIGURE 3: Active patents by Cooperative Patent Classification (CPC) code.
Third party data points to these companies going on to raise over EUR 12 billion in investments (including investment by the EIC Fund) in the period following their selection for support by the EIC. Fundraising levels appear stable in the last three years, but 2024 saw a significant increase in the amounts invested through larger rounds (above EUR 40 million).
These investments have come from across the globe including some notable flow of capital across borders within Europe.
FIGURE 4: Investment into EIC companies following entry into the programme.
FIGURE 5: Investments into EIC companies by sector.
FIGURE 6: Source of investment by country.
CASE STUDY:Milie TAING, CEO and founder at Lili.ai. Lili.ai was created in 2016 based on personal experience where I had to analyse eighteen years of emails to understand why three projects were late. Today, Lili.ai is the leader in natural language processing applied to large scale projects and works with prestigious partners like Oracle. We analyse daily unstructured documents for ‘weak signal’ detection of risks of delay. Doing so demands joint investments: public funds to drive R&D and early proof-of-concepts for industry-grade safety, and private capital to scale the solution. The EIC has been instrumental in providing both money and advice in support of company growth.
Lili.ai
FIGURE 7: Investor profile.
The resulting portfolio has a valuation of over EUR 30 billion, which includes over 70 companies with centaur valuations, including six with valuations above EUR 500 million.
FIGURE 8: Company distribution by valuation.
Investing in deep tech start-ups and SMEs
The investment arm of the EIC, the EIC Fund, has invested over EUR 1 billion in the start-ups and SMEs selected through the EIC Accelerator evaluation process - the average age of these companies at the time of selection was six years, with an average of ca. 15 employees at this time.
The EIC Fund syndicates and leverages the domain knowledge and expertise of specialised funds and has to date co-invested with nearly 500 VCs, over 30 government and sovereign funds and 120 corporate/strategic investors, alongside several hundred business angels, individuals and founders, among others. Over 80% of the deals catalysed by the EIC involve at least one non-domestic investor, with a majority of these involving cross-border flows of investment within Europe/countries associated to the programme. This is close to double (43.4%) the European average for such flows.
FIGURE 9: EIC Fund investment distribution by key sectors.
FIGURE 10: Country of origin of VCs, government and sovereign funds, and corporate/strategic co-investing with the EIC.
CASE STUDY:Dr Brendan BOLAND, Loci Orthopaedics, Executive Chairperson and co-founder. Loci Orthopaedics develops novel technologies to address major unmet clinical needs in orthopaedic medicine. Receiving the EIC Accelerator grant provided much needed capital to progress development through key milestones, enabling the company to secure major private equity investment. This validation was further endorsed by the EIC Fund’s equity investment, and the company is continuing to grow.
Loci Orthopaedics
| INVESTOR NAME | NUMBER OF UNIQUE INVESTMENTS | INVESTORS HQ |
|---|---|---|
| BPI France | 16 | France |
| Invest-NL | 8 | Netherlands |
| Enterprise Ireland | 8 | Republic of Ireland |
| CDP VENTURE CAPITAL | 7 | Italy |
| Centro para el Desarrollo Tecnológico Industrial | 7 | Spain |
| Quantonation | 6 | France |
| High-Tech Gruenderfonds | 6 | Germany |
| B2Venture | 6 | Switzerland |
| Verve Ventures | 6 | Switzerland |
| Credit Agricole | 6 | France |
| Innovacom (Paris) | 5 | France |
| Supernova Invest | 5 | France |
| Liftt SpA | 5 | Italy |
| Mp Pensjon Pk | 5 | Norway |
| BNP Paribas Developpement | 4 | France |
| Credit Mutuel Equity | 4 | France |
| Bayern Kapital | 4 | Germany |
| TRUMPF Venture | 4 | Germany |
| UnternehmerTUM | 4 | Germany |
| Panakes Partners | 4 | Italy |
| Denmark's Export and Investment Fund (EIFO) | 3 | Denmark |
| imec.xpand | 3 | Belgium |
| Noshaq | 3 | Belgium |
| United Bankers | 3 | Finland |
| 360 CAPITAL PARTNERS SAS | 3 | France |
The VCs co-investing alongside the EIC include the 25 biggest VCs in Europe, whether measured in terms of number of investments performed over the past five years or the assets under management.
CASE STUDY:Elaine COUGHLAN, Founder and Managing Partner at Atlantic Bridge, a European deep tech VC Fund with over EUR 1.3 billion assets under management. Having long term strategic investment partners is essential when investing in deep tech portfolio companies. The EIC is such a partner and, as a result, Atlantic Bridge have co-invested with the EIC Fund. Due to the high-performance threshold of the EIC and their expertise, it gives confidence to smaller and generalist investors to co-invest in deep tech. The EIC Trusted Investor Network is a valuable piece of infrastructure in Europe that helps accelerate the scaling of European deep tech companies.
Atlantic Bridge
Since its establishment in 2020, the EIC Fund has:
- Signed 384 investment agreements and invested in 272 companies with approved investments worth over EUR 1 billion.
- Catalysed funding rounds worth an average of ca. EUR 16 million under Horizon Europe.
- Crowded in over EUR 2.6 billion of additional investment since the launch of the EIC Fund in 2020 with over EUR 3 of additional equity investment leveraged for every EURO of investment through the EIC Fund.
- Facilitated cross border flow of investment with 80% of companies receiving support from non-domestic, primarily European, investors.
- Provided equity for over 70% of the companies with the remainder receiving SAFE notes or convertible loans.
The scale of activity points to the EIC becoming one of the most active European deep tech investors in the last 24 months:
| INVESTOR | COUNTRY | NUMBER OF DEALS | LATEST FUND SIZE |
|---|---|---|---|
| BPI France | France | 397 | €400 m |
| SFC Capital | United Kingdom | 274 | ~€100 m |
| EIC Fund | EU | 174 | €2.7 bn |
| High Tech Grunderfonds | Germany | 148 | €660 m |
| ENISA | Spain | 113 | €98.5 m |
2024 also saw the launch of the Trusted Investors Network (TIN), which will play a pivotal role in supporting deep tech innovation. With a pool of over EUR 100 billion in assets under management, the network is uniquely positioned to support Europe’s most promising companies as they scale and reach new markets.
CASE STUDY:Ana CASACA, Galp Global Director of Innovation. The recent engagement between the EIC and Galp, as part of the EIC Corporate Partnership Programme, was a transformative experience. Hosting 15 EIC-funded start-ups and scaleups from 11 countries at Galp’s Lisbon Headquarters connected pioneering start-ups with high-level decision-makers. From hydrogen breakthroughs to cutting-edge energy storage, the solutions aligned with Galp’s decarbonisation goals, demonstrating how start-ups and corporates can collaborate to accelerate the transition toward a more resilient energy system.
GALP
Business Acceleration
CASE STUDY:Carsten CORINO, Founder of SunOyster Systems. SunOyster Systems GmbH (SOS) develops innovative solar technologies for electricity and heat. In July 2024, with great support from the EIC, we presented at the Galp Innovation Day in Lisbon. SunOyster’s lightweight modules are ideal for load-restricted roofs, including petrol station roofs. Without EIC funding we probably would not have made it through the ‘valley of death’, and the EIC corporate day helped us engage with a big corporate for our product portfolio. Hardware is hard, and public bodies promoting cleantech are crucial.
SunOyster Systems
The EIC’s Business Acceleration Services connect portfolio companies and researchers with corporates, investors, buyers, accelerators and venture builders among many others.
The Corporate Partnership Programme connects EIC-funded innovators with large corporates to collaborate and develop new business models and opportunities. Beneficiaries obtain scale, resources, sales channels, connections and new business opportunities, while corporates can identify emerging technologies.
CASE STUDY:Daniel VERA MANERO, Chief Marketing Officer at Mysphera. The EIC Innovation Procurement Programme assisted Mysphera in submitting an offer in the Dynamo Pre-Commercial Procurement with a group of buyer hospitals to develop solutions that contribute to the resilience of the healthcare systems. EIC support was instrumental in accelerating R&D, refining AI-driven predictive analytics, expanding internationally, and facilitating strategic partnerships with healthcare providers.
Mysphera
The co-investment support programme helps EIC beneficiaries become investor ready and access investors through pitching events. It has a database of more than 800 investors, including VCs and business angels.
CASE STUDY:Giovanni TESORIERE, CEO at Liftt. Liftt collaborated with the EIC to enhance deep-tech scouting and expand its network of European investors. The EIC’s tools and Investor Days facilitated the identification of high-potential start-ups, resulting in six EIC-backed companies joining the LIFTT portfolio. This collaboration has been a key driver of innovation, expanding our portfolio and contributing to a dynamic European deep-tech ecosystem.
LIFTT
CASE STUDY:Kurt STOKBRO, CEO at Sparrow Quantum ApS. Sparrow Quantum is a spin-out from Professor Peter Lodahl’s research group at the Niels Bohr Institute, specialising in advancing light-matter interfaces for optical quantum technologies. EIC support led to private investments in a pre-seed round of EUR 4 million in 2023 and growth from five to 30 employees since 2022. The EIC’s Business Acceleration Services helped connect with investors.
Sparrow Quantum ApS
The EIC Scaling Club launched in 2024 is an EIC-funded curated community where scale-up support is provided to 120 deep-tech companies from the EIC portfolio and beyond to help them grow into European tech champions.
CASE STUDY:Luka AMBROZIC, CCO, CFO and Member of Board of Directors, Elaphe. Elaphe develops in-wheel motors and software to simplify EV architecture, reduce costs and energy consumption, and enhance safety and performance. The EIC has helped Elaphe through mentorship programmes, notably the EIC Scaling Club, and via the EIC International Trade Fairs Programme, creating awareness in key markets and facilitating customer and partner conversations.
Elaphe
Tech2Market aims to help researchers and innovators from EIC Pathfinder and Transition projects in their transition from lab to market, with services spanning Entrepreneurship and Venture Building.
Ecosystem Partnerships link beneficiaries to incubation, acceleration, growth and scale-up services with sectoral insights and market knowledge provided by leading ecosystem players.
The EIC also offers internationalisation services, bringing innovators to trade fairs within and outside Europe and offering soft-landing support in the United States.
Priming the next generation of start-ups
EIC Transition, introduced under Horizon Europe, provides up to EUR 2.5 million to enable innovative researchers, spinouts and SMEs to exploit promising deep tech research results, demonstrate and mature the technology and at the same time develop and refine their business plans for specific applications and look towards commercialisation.
KEY FACTS:Over 1 000 companies and projects matched to corporates, procurers and potential investors; 230 concluded deals with investors, corporates, procurers and business partners; nearly 400 jobs created; EUR 362 million of investment raised through investor outreach.
- Possible follow-up via Accelerator.
- Access to Business Acceleration Services.
- Single beneficiary or consortia.
- Open to all fields, with targeted funding for particular challenges (eligibility varies).
FIGURE 12: EIC Transition.
The scheme has played a critical role in valorising the outputs of early-stage research supported under the EIC and other parts of the Framework Programme, including the European Research Council (ERC).
CASE STUDY:Dr. Ana Belén GONZÁLEZ GUERRERO, VP of Business Development, iPronics. iPronics is based on outputs of an ERC Advanced Grant and Proof of Concept award that laid foundations for a Field Programmable Photonic Gate Array (FPPGA). EIC Transition support was secured in 2022. EIC support was pivotal in developing and commercialising the iPronics SmartLight Processor, shipped to over 20 customers. With EIC Accelerator backing, the company is now scaling production to meet AI’s demand for efficient technologies. Coaching support helped refine positioning and value proposition.
iPronics
183 projects have been funded to date under Horizon Europe, with the majority involving a commercial partner.
FIGURE 13: Overview of the Transition portfolio of projects under Horizon Europe.
CASE STUDY:Eva MARTÍN FIERRO, Innovation and Product Manager at RoCCQeT (Qilimanjaro Quantum Tech). Qilimanjaro builds application-specific quantum devices using superconducting flux qubits and a co-design approach. EIC Transition support under the RoCCQeT project has been fundamental in developing layers of the quantum computing stack from hardware to personalised algorithms.
Independent analysis based on the Innovation Radar methodology, assessing a subset of 103 projects including 13 funded under a Pilot action under Horizon 2020, points to 276 innovations with over 75% of these either market creating or targeting an emerging market for which there is a growing demand with few solutions.
KEY FACTS:Nearly half the projects, 90, originate from ERC Proof of Concept projects; 43% of supported ideas come from EIC Pathfinder (or predecessor programmes); 13% of innovations have a clear potential to create new markets; 62% are targeting emerging markets; 19 start-ups have been established or are in process with 31 others likely to be established (a further 40% of all participants are SMEs); over 100 patents have been registered; 152 innovations are being supported through fund raising or plan to do so; licensing activities are underway or planned for 79 innovations.
Supporting technology breakthroughs
The EIC Pathfinder, focused on support for groundbreaking research at low TRLs, has to date supported 402 early-stage high-risk, high-gain inter and transdisciplinary projects under Horizon Europe (2021–24).
A mix of open and challenge-based calls ensures the EIC can identify and support technologies emerging from the science base that could create new value propositions and/or disrupt existing markets. Focus is on inter-disciplinarity and the visionary nature of technologies.
According to independent analysis based on the Innovation Radar methodology, when including results from predecessor programmes under Horizon 2020 and based only on their final review, 300 completed research projects have generated over 1 100 innovations. Over 75% of these are either market creating or are targeting an emerging market for which there is a growing demand with few solutions.
- 88 start-ups have either been established or are in the process of being established, with over 100 others likely to be established.
- Nearly 400 patents have been registered by completed projects.
- 24% of Pathfinder project innovations have a clear potential to create new markets.
- Over 50% are targeting emerging markets.
- Over 200 innovations are being supported through fund raising or plan to do so.
- Licensing activities are underway or planned for nearly 200 innovations.
EIC PATHFINDER – HOW IT WORKS: Supports high-risk and high-impact research on future and emerging technologies. Access to EIC coaching, mentoring and networking to crystallise the potential of research results. Open to all fields, with targeted funding for particular challenges. Grants of up to EUR 3–4 m for trans-national collaborative projects. Possible follow-up funding through EIC Transition activities and EIC Accelerator.
FIGURE 14: EIC Pathfinder. FIGURE 15: Overview of the Pathfinder portfolio of projects under Horizon Europe.
CASE STUDY:Arttu LUUKANEN, Senior Vice President, Solar Foods. Solar Foods industrialised a sustainable method of producing food using renewable electricity and CO2 captured from the atmosphere, centred on a hydrogen oxidising bacterium producing Solein via gas fermentation. The EIC-funded HYDROCOW project expands the spectrum of food products producible with this method. Being part of the EIC’s CO2 and Nitrogen valorisation portfolio adds value and enabled new consortia. Significant public and private investments are crucial to scale this ‘new potato’ for humankind.
Solar Foods
Supporting Women Innovators
The EIC continues to actively promote and support the role of women entrepreneurs and researchers to boost Europe’s innovation capacity. This includes prioritisation of women CEOs invited to EIC Accelerator interviews and dedicated initiatives including Women TechEU and the Women Leadership Programme.
- 30% of companies supported in the EIC Accelerator in 2024 – 42 in total – are women led (female CEO/CTO/CSO), with the overall portfolio featuring 134 women-led companies (19%).
- 23% women coordinators of Transition projects.
- 24% women coordinators of Pathfinder projects.
8 of the 2021/22 cohort of Women TechEU beneficiaries have secured support through the EIC Accelerator with one achieving Centaur status.
CASE STUDY:Anca MARCU, CFO and Member of Board of Directors, AMSIMCEL. AMSIMCEL develops HyperPV, a physical verification tool that accelerates verification of AI and advanced chip designs by at least 20x. EIC support is helping finalise optimisation for production, integration in EDA ecosystems, and pilot testing. The EIC has supported fundraising through sector-specific pitching events and invaluable introductions, while coaching from a seasoned semiconductor expert strengthened go-to-market.
AMSIMCEL
EIC PORTFOLIO
Since the beginning of Horizon Europe in 2021 over EUR 6 billion has been provided through the EIC in support of:
- 402 EIC Pathfinder research projects on emerging technologies, involving over 2 000 European and international partners.
- 183 EIC Transition projects to create spinouts and commercial opportunities from research results.
- 706 start-ups and SMEs under the EIC Accelerator.
- These EIC supported companies and projects cover all countries of the European Union and beyond.
FIGURE 16: EIC Beneficiaries by Country.
Digital, Industry and Space
Advanced Manufacturing and Materials
Advanced manufacturing and materials are key underpinning technologies that contribute to the competitiveness, resilience, and strategic autonomy of European industries. The demand for novel materials and manufacturing processes is expected to grow in support of key policy agendas, such as the development and deployment of green technologies, and the EIC has to date provided EUR 500 million to support over 90 projects in this sector under Horizon Europe.
FIGURE 17: EIC Horizon Europe portfolio broken down by instrument and primary sector. FIGURE 18: Number of EIC projects developing Advanced Manufacturing and Materials by technology area.
Technologies within this sector also underpin developments across other sectors. This is evidenced by support directed towards advanced materials integral to sectors such as quantum, advanced computing and semiconductors, medical technologies and energy.
SPOTLIGHT ON MID TO LONG-TERM AND SYSTEMS INTEGRATED ENERGY STORAGE. The Mid-to-long-term and systems integrated energy storage portfolio develops breakthrough solutions for thermal, mechanical, chemical and electrochemical storage to optimise processes and system integration opportunities, while minimising or avoiding the use of critical raw materials.
FIGURE 19: Integration of advanced materials developments across primary sectors.
PROGRAMME MANAGER INSIGHT:PAOLO BONDAVALLI, EIC Programme Manager for advanced materials for energy. My role is to develop a vision on how advanced materials may change the energy sector. This has been implemented through Pathfinder portfolios focused on mid to long-term energy storage and clean and efficient cooling, and by connecting companies to funding, stakeholders and partners.
CASE STUDY:Stefan SPIRK, CEO of Ecolyte GmbH. Ecolyte develops next generation stationary energy storage based on renewable materials. The Programme Manager supported us with contacts, funding opportunities, and advice, and established a Junior Scientist forum that fosters collaboration and new ideas in the portfolio.
Ecolyte
AI, Data & ICT
The EU aspires to be the global leader in responsible Artificial Intelligence (AI). The EIC supports AI at all stages of technology maturity, including an early-stage Pathfinder Awareness Inside Challenge and a current Accelerator Challenge on the use of Generative AI across key application domains.
The EIC portfolio for this sector features over 70 projects in receipt of EUR 300 million in funding. In total, over EUR 725 million supports companies and projects developing AI tools and their applications across sectors.
FIGURE 20: Number of EIC projects developing AI, Data and ICT by technology area. FIGURE 21: AI projects mapped against primary sectors.
SPOTLIGHT ON AWARENESS INSIDE. The mission is to explore enriching future Generative AI systems with functions associated with consciousness and/or awareness aligned with European values and ethics, enabling more reliable, safe, and trustworthy systems.
PROGRAMME MANAGER INSIGHT:Hedi Karray, EIC Programme Manager for Artificial Intelligence. I focus on strengthening exploitation strategies by establishing a working group for start-ups and showcasing portfolio start-ups globally, demonstrating the potential of European innovation in AI.
CASE STUDY:DAVIDE BACCIU, Professor of Machine Learning, University of Pisa, EMERGE project coordinator. EMERGE develops a framework combining philosophy, mathematics, and AI to explore how collaborative awareness can emerge among simple artificial entities. Thanks to EIC support, EMERGE has launched two start-ups with pre-seed funding and benefited from networking opportunities.
EMERGE
Quantum, Advanced Computing & Semiconductors
The European Chips Act seeks to strengthen Europe’s technological leadership. The EIC contributes over EUR 850 million for semiconductor and quantum technologies, nearly EUR 600 million of which targets start-ups and SMEs under the Accelerator.
FIGURE 22: Number of EIC projects developing Quantum, Advanced Computing and Semiconductors technologies.
SPOTLIGHT ON DNA-BASED DIGITAL DATA STORAGE. Current digital storage technologies face sustainability limits. DNA promises dramatically higher information density and millennia-long stability. This portfolio explores scalable and reliable high-throughput DNA data storage approaches.
PROGRAMME MANAGER INSIGHT:ISABEL OBIETA, EIC Programme Manager for Sustainable Semiconductors. We worked with the European Patent Office (EPO) on an IP cartography to position innovations in the DNA digital data storage landscape, supporting optimum routes to exploitation.
CASE STUDY:Jérôme CHARMET, HES-SO, coordinator of the DNAMIC project. We develop an autonomous microfactory for long-term DNA data storage. The Programme Manager fostered interactions within the DigNA portfolio and coordinated collaboration with the EPO to develop a patent landscape, informing IP strategies and exploitation.
DNAMIC
EPO INSIGHT:Lluís GIMENO-FABRA, European Patent Office. Working with the EIC on DNA Digital Storage to generate patent intelligence has been of mutual benefit, helping shape understanding of an emerging, inter-linked field.
SPOTLIGHT ON ACCESS TO FINANCE FOR QUANTUM START-UPS AND SMEs. The EIC de-risks private investments, making it Europe’s largest public investor in quantum start-ups, attracting strong private interest.
PROGRAMME MANAGER INSIGHT:SAMIRA NIK, EIC Programme Manager for Quantum Tech and Electronics. We help portfolio companies connect with investors and provide expert advice on IP strategy, standardisation, and public procurement.
CASE STUDY:CHLOÉ POISBEAU, COO, Alice & Bob. Alice & Bob is building the first useful quantum computer powered by cat qubits. Since joining the EIC Accelerator in 2021, the programme has offered financial support and networking opportunities, helping to grow and scale.
Alice & Bob
Space
The space sector plays a key role in Europe’s security and economic future, with reliable and autonomous access to space a central priority. The EIC has supported nearly 50 projects in the sector spanning all TRLs.
FIGURE 23: Number of EIC projects developing Space technologies.
SPOTLIGHT ON SPACE. The EIC launched challenge competitions to support in-space solar energy harvesting and technologies for debris removal, in-space mobility, and de-orbiting solutions.
PROGRAMME MANAGER INSIGHT:STELLA TKATCHOVA, EIC Programme Manager for Space systems & technologies. We initiate early commercialisation activities and collaborate with DG DEFIS to facilitate flight qualification of space hardware, including IOD/IOV launches.
CASE STUDY:Pr. GONZALO SÁNCHEZ-ARRIAGA, Universidad Carlos III de Madrid, E.T. PACK Project coordinator. Thanks to EIC Pathfinder E.T. PACK reached TRL4. Under EIC Transition we are preparing a flight-ready autonomous deorbit device, and founded PERSE Space to commercialise EDT propulsion systems. The EIC and Programme Manager provided funding, advice and visibility.
E.T. PACK
Green
Agriculture and Food
The EU’s Farm to Fork Strategy aims to improve food systems. EIC-funded deep tech solutions improve resource efficiency, reduce emissions, and support fair livelihoods for primary producers on a sustainable path. The portfolio spans nearly 80 projects across all TRLs.
FIGURE 24: Number of EIC projects developing Agriculture and Food technologies.
SPOTLIGHT ON NOVEL TECHNOLOGIES FOR RESILIENT AND SUSTAINABLE FOOD SUPPLY CHAINS. Breakthrough innovations include environmentally friendly fertilisation, innovative crop protection, diversification of crops and land use, and novel tillage and irrigation technologies. Some approaches decouple food production from soil and environmental conditions.
PROGRAMME MANAGER INSIGHT:IVAN STEFANIC, EIC Programme Manager for food chain technologies, novel & sustainable food. For the 3P-Tec results on CORDIS portfolio, I worked with the consortium to explore opportunities beyond the original scope, investigate applications in additional crops, and redefine the business model. Additional support enabled scientific innovation and business development, opening new opportunities across a wide range of crops.
CASE STUDY:RITA GROSS-HARDT, University of Bremen, 3P-Tec EIC Transition project coordinator. At 3P-Tec results on CORDIS we capitalise on our discovery that plant egg cells can fuse two sperm-producing offspring with three parents. This bypasses hybridisation barriers and shortens time-to-market of climate-adapted seed varieties. The EIC’s Tech to Market Programme has been instrumental in guiding our journey to market readiness.
3P-Tec
Built Environment
Achieving the “Fit for 55” goal of at least 55% GHG reduction by 2030 requires a radical transformation of the built environment. Since 2023 the EIC launched initiatives leveraging novel materials, digital technologies and design practices to develop radical solutions.
FIGURE 25: Number of EIC projects developing technologies related to the Built Environment.
SPOTLIGHT ON LOW CARBON CONSTRUCTION. The built environment accounts for ~40% of global CO2 emissions. EIC Pathfinder portfolios target efficient construction and development of low to carbon-negative cement.
PROGRAMME MANAGER INSIGHT:FRANC MOUWEN, EIC Programme Manager for architecture engineering construction technologies. I help start-ups navigate strict regulations and secure finance, facilitate corporate partnerships, and drive policy dialogue to unlock funding for FOAK plants and project financing.
CASE STUDY – FlexiForm:MARIANA POPESCU, Assistant Professor Digital Fabrication, FlexiForm project coordinator. FlexiForm aims to reduce embodied carbon using 3D knitted textile formworks. The Programme Manager’s proactive networking connected us with industry partners and researchers, fostering collaboration and market implementation.
CASE STUDY – MATERRUP:JULIE NEUVILLE, Chairwoman of MATERRUP. MATERRUP manufactures a low-carbon cement based on uncalcined clay sourced exclusively from waste. The Programme Manager supported technical, business and strategic aspects and facilitated corporate engagement, helping us scale from one factory to deploying 10 factories in Europe.
Climate & Environmental Tech
The European Green Deal aims to make Europe the world’s first climate-neutral continent. The EIC has supported over 75 projects spanning GHG reduction, resource efficiency, and alternatives to critical raw materials.
CASE STUDY:FABIANA FANTINEL, CEO and co-founder CO2BioClean. Our concept is to use CO2 emissions to make biodegradable polymers (PHA) that can substitute plastics without leaving microplastics. We opened a pilot plant in 2024 and are testing in sectors including agriculture, cosmetics, and packaging. The EIC’s investment validated our project and expanded our investor network through its events.
CO2BioClean
FIGURE 26: Number of EIC projects developing technologies related to the Climate and Environment.
Energy
The European Green Deal focuses on a reliable and affordable energy supply, an integrated and digitalised energy market, and energy efficiency. The EIC is advancing novel approaches in heating and cooling, energy storage, and renewable molecules technologies, including hydrogen and CO2 valorisation.
The portfolio includes over 100 projects, with nearly EUR 200 million for batteries and supercapacitors, and around EUR 150 million for hydrogen-related technologies.
FIGURE 27: Number of EIC projects developing Energy technologies.
SPOTLIGHT ON RENEWABLE HYDROGEN, FUELS AND CHEMICALS. Electricity-based power-to-X and solar-to-X technologies convert renewable energy into chemical products, turning waste streams like CO2 into valuable feedstock and enabling sector coupling across energy, transport, and industry.
PROGRAMME MANAGER INSIGHT:CARINA FABER, EIC Programme Manager for renewable energy conversion and alternative resource exploitation. I focus on a holistic assessment framework integrating technical, economic, environmental, and social factors to evaluate emerging technologies consistently and transparently.
CASE STUDY:CSABA JANAKY, Co-founder and CEO, eChemicles. eChemicles develops sustainable CO2 electrolyser solutions. With EIC Transition, we performed the lab-to-tech transition of a leading low-temperature CO2 electrolyser technology. Programme Manager engagement connected us with the European CCU community and relevant partners.
eChemicles
Mobility
The Sustainable and Smart Mobility Strategy includes measures to deliver a 90% cut in mobility emissions by 2050. The EIC’s mobility portfolio includes ~25 projects, mostly under the Accelerator, concentrated on transport electrification and autonomy, with the first mobility-focused Challenge competition launched in 2025.
FIGURE 28: Number of EIC projects developing Mobility technologies.
CASE STUDY:Anders FORSLUND, CEO and co-founder, Heart Aerospace. Heart Aerospace is developing the ES-30, a hybrid-electric 30-seat airplane to decarbonise regional air travel. Key milestones include proving cost efficiency of electric propulsion (2020), subscale flight tests (2021), the “Iron Bird” integrated test facility (2022), and the Heart X1 full-scale airplane demonstrator (2024). The EIC provided funding and a network that validated our technology and accelerated development.
Heart Aerospace
Health
EU public health policies aim to protect and improve health, modernise and digitalise health systems, improve resilience, and equip EU countries to better prevent and address future pandemics. EIC support spans biotechnology and medical technologies, with ca. EUR 500 million for novel approaches to detect and treat cancer.
FIGURE 29: Number of Health projects based on disease type.
Health Biotechnology
The Health Biotechnology portfolio features targeted initiatives, particularly focused on cell and gene therapies, with over 150 projects at all stages of technology maturity.
FIGURE 30: Number of EIC projects developing Health Biotechnologies.
SPOTLIGHT ON ENGINEERED LIVING MATERIALS. The mission is to support technologies enabling controlled, made-on-demand living materials with predictable dynamic functionalities, and to build a community of researchers and innovators.
PROGRAMME MANAGER INSIGHT:Orsolya SYMMONS, EIC Programme Manager for Health and Biotechnology. Close collaboration with EMA supports early regulatory dialogue, including horizon scanning for Engineered Living Materials, to ensure timely, safe and effective pathways to patients.
REGULATOR & ECOSYSTEM INSIGHT:CONSTANTINOS ZIOGAS, Head of SME Office, EMA. Our collaboration with the EIC provides training on regulatory frameworks and highlights EMA pathways for innovators, accelerating translation of research into impactful medical innovations. A workshop on the regulatory framework of ELMs exemplified this dialogue.
LAURA MARTINELLI, CEO at INSociety. The EIC facilitated structured dialogue with EMA for our PRISM-LT project, strengthening our regulatory strategy and competencies and accelerating innovation to market.
Medical Technologies
This is the largest sub-sector in the EIC portfolio, accounting for nearly a third of the projects funded under Horizon Europe.
SPOTLIGHT ON AI AND MEDICAL IMAGING. The EIC AI and Medical Imaging portfolio brings together SMEs developing advanced software for radiology and surgery. Key hurdles include access to specialised investors, early adopters, high-quality datasets, clear clinical pathways, and navigating regulatory approval; portfolio activities address these through collaboration and networking.
FIGURE 31: Number of EIC projects developing Medical Technologies.
PROGRAMME MANAGER INSIGHT:FEDERICA ZANCA, EIC Programme Manager for Medical imaging and AI in healthcare. Through the Innovation Procurement Programme, we connected Lombardy Region, Italy, with innovative AI solutions for prostate cancer screening, stroke management, and lung cancer screening, resulting in planned pilot projects and tender support.
LOMBARDY REGION – Dr. ALBERTO TORRESIN, Università degli Studi di Milano. The EIC assisted in needs assessment, business case development, open market consultation, and procurement strategy to adopt innovation effectively and reduce risks.
NICOLAB – MEREL BOERS, Founder and Director. EIC support connected us with peers and investors, helped us leverage EIC tools, and facilitated procurement with Lombardy Region. We have doubled revenue and improved patient outcomes.
QUIBIM – ANGEL ALBERICH-BAYARRI, Founder and CEO. Quibim transforms medical imaging data into actionable predictions. The EIC and Programme Manager catalysed our first CE mark and FDA clearance and a USD 50 million Series A.
EIC IN THE ECOSYSTEM
To maximise its impact, the EIC builds partnerships and leverages investments at EU, national and regional level. It works closely with ERC, EIT, InvestEU, Horizon Europe, and the Enterprise Europe Network, and has strengthened partnerships with national innovation agencies.
Working with member states and national innovation agencies
In 2024 Lithuania used a mechanism allowing EU regional funds to be transferred to support Horizon Europe projects, expanding funding under the Accelerator. Partnerships with national innovation agencies also enable the EIC Plug-In scheme and joint Business Acceleration Services, including innovation procurement.
STATEMENT – Lithuania:Marius STASIUKAITIS, Vice-Minister of Economy and Innovation. Lithuania allocated EUR 12.5 million to Horizon Europe Pillar III: Innovative Europe for 2024–2025. Transferring funds to the EIC enabled funding high-quality innovation projects via the EIC’s rigorous process, enhancing Lithuania’s competitiveness and access to top-tier networks.
NATIONAL CENTRE FOR RESEARCH AND DEVELOPMENT (NCBR), Poland – Pr. JERZY MAŁACHOWSKI, Director. NCBR implemented innovation procurement for zero-emission buildings, renewable heating plants, and effective HVAC systems. Building on success, NCBR is implementing a EUR 113 million programme for at least 15 pre-commercial procurements and capacity building in innovation procurement.
Leveraging breakthrough research
The ERC is Europe’s leading funder of frontier research. Nearly 50% of projects commercialising research outputs through EIC Transition come from ERC Proof of Concept projects.
Maria LEPTIN, President of the ERC. The ERC and EIC play complementary roles; increased funding, independence and clear mandates are crucial to maintain momentum and ensure Europe’s competitiveness through scientific excellence and technological advances.
Networking for impact
Under the EIT Fast Track scheme, selected EIT KICs can submit projects directly to the full application stage of the EIC Accelerator.
CASE STUDY:MiMARK DIAGNOSTICS – MARINA RIGAU, CEO and Co-founder. MiMARK is a women’s health-focused, women-led company revolutionising gynecological diagnostics. Founded in 2021 after an EIT Health Wild Card grant, MiMARK secured EUR 1.7 million and support via EIC Accelerator Fast Track. The EUR 2.5 million EIC funding doubled our team, enabled an ambitious IVD development plan, and provided mentorship and strategic connections.
ANNEX
| KPI | LATEST PERFORMANCE DATA | PREVIOUS REPORT |
|---|---|---|
| 5. Support high risk, disruptive technologies/innovations – Including increase in publications, patents, investments in key technology areas (Methodology to be further developed) | €850 m for quantum and semiconductors; €725 m for developing or applying Artificial Intelligence; €700 m for energy generation and storage solutions; €625 m for biotechnology and biomanufacturing; €500 m for advanced materials; 1,350 unique innovations from EIC Pathfinder (completed) and Transition projects, with > 75% assessed as market creating or targeting an emerging market. | €500 m for projects and companies developing or applying Artificial Intelligence technologies; €500 m for Quantum Technologies and Semiconductors; Over 150 projects developing Advanced Materials; €350 m support and investments in Biotechnology; 1686 unique innovations generated from EIC Pathfinder projects with > 75% assessed as market creating or targeting an emerging market . |
| 6. Operational excellence – Including: time from application to grant for the Accelerator, six months for Transition, and eight months for Pathfinder | 261 days to grant Accelerator; 169 days to grant for Transition; 260 days to grant for Pathfinder (Open only). | 242 days to grant Accelerator; 183 days to grant for Transition; 265 days to grant for Pathfinder. |
| KPI | LATEST PERFORMANCE DATA | PREVIOUS REPORT |
|---|---|---|
| 1. Investor of choice for innovators with visionary ideas – Including increase in support to women-led start-ups and projects; increase support to innovators from Horizon Europe widening countries | Accelerator: 30% women-led companies (2024). | 16% women-led companies (2021–23). |
| Pathfinder gender balance | 22% of project coordinators and 23% of participants female (2024). | 26% of project coordinators and 24% of participants female (2021–23). |
| Accelerator participation from widening countries | 6% of SMEs from widening countries (2024). | 9% of SMEs from widening countries (2021–23). |
| Pathfinder participation from widening countries | 15% of Pathfinder participants from widening countries (2024). | 12% of Pathfinder participants from widening countries (2021–23). |
| 2. Crowd-in investors to European deep tech – Leverage of three to five in co-investments with EIC Fund; leverage of three to five in follow on investments after EIC support | Co-investment leverage of x3.1 to date under Horizon Europe. | Co-investment leverage of x3.7 to date under Horizon Europe. |
| Follow-on funding | > €12 bn in follow-on funding . | > €12 bn in follow-on funding . |
| 3. Increase European scale-ups – In particular through EIC supported start-ups that reach centaur and unicorn valuations | >70 centaur+ valuations. | >150 centaur+ valuations, including 8 unicorns . |
| 4. Improve pipeline from research to innovation – Including increase in follow up support to ERC and EIT projects | 19 ERC Proof of Concept projects funded through EIC Transition (2024). | 71 ERC Proof of Concept projects funded through EIC Transition (2021–2023). |
| EIT Fast Track | 0 funded ‘fast-track’ projects from EIT KICs (2024). | 5 funded ‘fast-track’ from EIT KICs (2021–23). |
| National Plug-in | 10 funded ‘plug-in’ projects through national programmes (2024). | 7 funded ‘plug-in’ projects through national programmes (2023). |
Methodology Note
The data about private investment and insights on EIC beneficiary companies has been collected in collaboration with the consortium led by Jolt Capital and supported by Winnovart as partner (service contract EISMEA/2024/OP/0013: Business and Investment Insights for EIC Strategic Intelligence). The approach uses AI and data analytics to scan publicly available data on beneficiary companies and monitors progress by tracking investments and IP filings. Valuations are broad estimates based on available data and are subject to change.
The analysis of the EIC Fund portfolio and investors was provided by the European Commission’s Joint Research Centre (administrative agreement EISMEA/AA/JRC/WP2023/01) and the European Investment Bank who act as advisors to the EIC Fund.
The data about Pathfinder and Transition project outputs uses information from Innovation Radar experts’ assessment. The progress of all EIC Pathfinder projects is systematically monitored by an Innovation Radar expert.