ATXA Therapeutics, Peregrine Technologies and Ostoform Limited get EU financing.
The European Commission has released evaluation results showing that three Enterprise Ireland-backed companies have been selected and approved for a total of €24.3m in funding from the European Innovation Council (EIC) Accelerator Programme.
Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the EIC Accelerator Programme provides grant funding of up to €2.5 million combined with an equity investment ranging from €0.5 to €15 million in a blended finance offer.
“It is a great success for Ireland and is testament to the capability and talent within the Irish research and innovation system”
The three successful Irish companies are ATXA Therapeutics, Peregrine Technologies and Ostoform Limited. The successful Irish led projects cover areas including accelerating the clinical path of a disease modifying drug targeting cardiopulmonary disease; AI development and robotics targeting the WEEE recycling sector and the development of a novel appliance to improve the skin condition of ostomy bag users.
The power of Irish deeptech
The EIC Accelerator Programme provides transformational funding to high-potential, high-risk start-ups, scale ups and SMEs led by a strong, well-balanced leadership team which are already making good progress in commercialising highly differentiated, deep-tech products capable of creating new markets or disrupting existing ones.
In this second round of the 2022 EIC programme, 75 companies from 21 European countries were selected by panels of experienced investors and entrepreneurs to receive over €396 million in funding. Over one thousand organisations applied, 265 of which were shortlisted for the interview phase.
“Enterprise Ireland welcomes this announcement by EIC,” said Enterprise Ireland CEO Leo Clancy.
“It is a great success for Ireland and is testament to the capability and talent within the Irish research and innovation system. Start-ups, particularly in the deep-tech sector play a critical role in the development and growth of regional innovation ecosystems. The three successful Enterprise Ireland applicants, working with the EIC, will be able to enhance their entrepreneurial capability and get the critical support required at this juncture in their development and scaling journey.”
The EIC is an integral part of the Innovative Europe pillar of Horizon Europe, the EU research and innovation €95.5bn programme which provides funding to projects through open and competitive calls for proposals and presents insights and expectations from the European Commission whilst offering a unique international networking experience to forge winning partnerships of the future.
Since its launch in March 2021, over 7,000 start-ups and SMEs have sent their ideas and over 4000 have submitted full applications. The companies announced in this round were among the 1006 that submitted to the second 2022 cut-off on 15 June, and join the 238 companies selected for funding by the EIC in 2021 and 2022.
The EIC Accelerator provides substantial financial support with:
Grant funding (non-dilutive) of up to €2.5 million for innovation development costs
Investments (direct equity investments) of up to €15 million managed by the EIC Fund for scale up and other relevant costs.
“We are honoured to accept this prestigious EIC award endorsing us as a disruptive, deep-tech, innovative technology within the wider EC community,” said the CEO and founder of ATXA Prof Therese Kinsella.
“We believe it will be transformational in enabling us to fulfil our mission to bring accessible, affordable, and life-changing treatments for heart and lung diseases.”
Commenting on the announcement, Peregrine Technologies CEO Paudy O’Brien said: “The EIC Accelerator funding is a game-changer for us as we scale FPD Recycling, our dedicated end-to-end solution for recycling flat panel displays. Electronic waste is the fastest growing and most hazardous waste on the planet. Using AI-powered technology, our mission is to ensure that every used flat screen become a valuable commodity rather than hazardous waste in landfill. This funding will enable us to scale internationally, create new high-level jobs in Ireland and abroad, and upgrade existing sites. It has been a long process, but it is gratifying to see everyone’s hard work pay off.”