InVera Medical, Loci Orthopedics, Ovagen and Selio Medical have made big money on the most competitive EIC accelerator funding to date.
Four high-potential Irish companies and companies supported by Enterprise Ireland will receive € 23 million in funding from the European Innovation Council (EIC) accelerator program this year.
The EIC Accelerator is part of the EU Horizon Europe 2021-2027 research and innovation program. It provides financing for high-potential start-ups and small and medium-sized enterprises (SMEs) capable of creating new technology markets or disrupting existing ones.
Galway-based InVera Medical (formerly known as Venari Medical) and Loci Orthopedics, Dublin-based Ovagen Mayo and Selio Medical are the four Irish companies that have emerged successful in the March 2022 call for EIC funding.
Their selection places Ireland in fifth place in terms of total funding value in what has become the most competitive EIC accelerator funding call to date. Only start-ups and SMEs from Germany, France, Finland and the Netherlands rank above Ireland based on the value of funding.
“This grant and equity funding will be useful in demonstrating the increased viral yield and other key benefits of our aseptic raw eggs worldwide and will allow increased production for our pharmaceutical and biotechnology clients,” said the CEO of Ovagen, Dr Catherine Caulfield.
In total, 74 companies from 18 European countries were selected by panels of experienced investors and entrepreneurs to receive 382m euros in funding. This was from more than 1000 applicants, which means that the success rate for fundraising this round was only 7 percent.
Enterprise Ireland CEO Leo Clancy welcomed the news, saying his organization’s EIC accelerator activities “align very well with the ambitions we have set out in our new three-year strategy” to make Ireland a major start-up and expansion destination. of a business.
“This is a great achievement from the four companies involved. “Their success is a reflection of the support they receive at various stages of their journey through our commercialization of research, EIC, high-potential start-ups and sector teams.”
AVeta Medical, Akara Robotics, CrannMed, Contego Sports and ProVerum were the Irish companies selected to receive funding and mentoring from the EIC accelerator last October.
“Today is a major step forward in executing our scalable vision to restore the circulation of millions of patients across the globe,” said InVera Medical CEO Stephen Cox.
“This funding for the EIC Accelerator will greatly benefit the quality of life of patients with venous leg ulcers in the EU and the US as we bring our medical device treatment to market over the coming years.”
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