Five start-ups secure combined €20.5m in EU funding
AVeta Medical, Akara Robotics, CrannMED, Contego Sports and ProVerum all selected
AVeta Medical, Akara Robotics, CrannMED, Contego Sports and ProVerum are among 65 companies to receive funding of over €360 million via the first European Innovation Council (EIC) Accelerator, for which more than 2,700 applications were made.
The EIC, which was first launched as a pilot in late 2017 as part of the Horizon 2020 programme, aims to support top-class innovators, entrepreneurs, small companies and researchers who have smart, but highly risky innovations that have the potential to scale up internationally. It offers grants and “blended” financing – grants and equity – to entrepreneurs.
The accelerator itself provides grant funding of up to €2.5 million for development costs and direct equity investments of up to €15 million.
“This announcement is a great success for Ireland and is a testament to the capability and talent within the Irish innovation and commercialisation system and the vibrancy and international competitiveness of the Irish start-up community,” said Garrett Murray, national director for Horizon Europe at Enterprise Ireland.
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