Two Irish companies backed by Enterprise Ireland have been awarded up to €18.75m in funding from the European Union’s highly competitive Horizon Europe EIC Accelerator Programme.
CroíValve, a Trinity College Dublin spin-out, and Lios, a Dublin-based acoustic materials company with Sligo roots, were among just 40 companies selected from 959 applications across 16 countries.
The successful applicants will share €229m in combined grants and equity investments.
“It is particularly welcome to see that both projects have a female inclusive leadership team which supports Enterprise Ireland’s strategic ambition to increase the participation of women in entrepreneurship and business leadership”
CroíValve is developing a minimally invasive medical device to treat tricuspid regurgitation, a severe cardiac condition. The company’s DUO Tricuspid Coaptation Valve system offers a non-surgical solution for elderly patients, who currently have limited treatment options due to surgical risks.
Lios has created SoundBounce, an advanced acoustic material that outperforms traditional sound dampening solutions. The technology has applications across transport, home appliances, power generation, and construction industries.
Impactful innovation
“Securing European Innovation Council funding is very impactful in supporting full alignment of our novel technology with this complex patient population, along with expansion of clinical validation of our DUO System,” said Lucy O’Keeffe, co-founder and CEO of CroíValve.
“There is a real unmet clinical need to provide a scalable treatment option for the heterogenous patient population with tricuspid regurgitation.”
Rhona Togher, co-founder and CEO of Lios, said the award “enables us to bring our breakthrough technology to global markets. It’s a major vote of confidence in our mission to tackle noise pollution with advanced materials.”
The EIC Accelerator Programme provides transformational funding to high-potential start-ups and SMEs, offering grants up to €2.5m combined with equity investments ranging from €0.5 to €10m.
Minister of State for Trade Promotion, AI and Digital Transformation Niamh Smyth highlighted the success as evidence of Ireland’s research and innovation capabilities. “Collaboration between Higher Education, state agencies, investors and business creates a pathway to success,” she said.
Jenny Melia, CEO Designate of Enterprise Ireland, congratulated both companies on their success in the competitive programme. She noted that both projects have female-inclusive leadership teams, supporting Enterprise Ireland’s goal to increase women’s participation in entrepreneurship.
“I’d like to congratulate Lios and CroíValve on their successful applications to the highly competitive EIC Accelerator programme,” Melia said.
“Both companies, 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. It is particularly welcome to see that both projects have a female inclusive leadership team which supports Enterprise Ireland’s strategic ambition to increase the participation of women in entrepreneurship and business leadership.”
Since Horizon Europe began in 2021, 28 Irish companies have secured approvals totalling €175.5m under the EIC Accelerator Programme. Enterprise Ireland leads the National Support Network for Horizon Europe, helping Irish entrepreneurs compete for EU funding.
Nearly one-third of the companies selected in this latest competition were led by women in key leadership roles such as CEO, CTO, or CSO.
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