EIC: 10.1 billion euros to boost ‘Deep Tech’ in Europe

Michiel Scheffer, Chairman of the Board of the European Innovation Council

The European Innovation Council, EIC, together with its venture investment arm, the EIC Fund, is the largest deep technology investor in Europe, with Spain being one of the most successful European countries in raising its funds. This year’s Mobile World Congress in Barcelona (26-29 February 2024) will host the largest EIC representation to date, with an EIC pavilion at 4YFN and 28 of Europe’s most innovative companies and research teams from 13 different countries.

The European Innovation Council (EIC) is the cornerstone of Europe’s innovation landscape and plays a key role in helping the EU achieve its ambitions in “deep tech,” a term coined by investor Swati Chaturvedi to define fast-growing emerging companies (startups) that are created to offer solutions and services based on groundbreaking scientific discoveries or highly transformative technological innovations.

The EIC focuses its activity on turning excellent European research into innovations, enabling Europe’s brightest startups to grow, gain investment and establish themselves as global pioneers in technologies essential to Europe’s path towards a greener and digitally advanced future, ensuring the EU’s economic security and competitiveness in the future.

The EIC’s mission is to identify the most innovative ideas emerging from research, building an ecosystem with a critical mass at European level capable of linking researchers with innovators, investors, SMEs and large companies, among others, to help bring these research ideas to market.

The EIC’s portfolio is very diverse and includes leading researchers and companies in key areas such as quantum technologies, semiconductors or Artificial Intelligence (AI) through which it supports both innovators taking their development forward as a platform technology and others harnessing their potential to deliver innovative solutions in sectors ranging from energy to healthcare.

In terms of geographical distribution, the EIC has a pan-European scope that, in addition to the 27 member countries of the European Union, includes partner countries such as Israel, Norway and Ukraine, which increase the scope and impact of the program. Spanish innovators and start-ups are among the most successful in receiving support from the program and Barcelona stands out as one of the most important hubs for the EIC. In Catalonia alone, more than 300 companies and innovators have received 192 million in grants and 129 million in direct investment have been approved.

The new EIC Fund

A key new feature of the EIC is the provision of direct investment through its venture investment fund, the EIC Fund. This fund provides long-term investment that prioritizes growth sustainability over immediate financial returns, so-called “patient investing”, in partnership with all types of private investors (venture capital funds, investment funds, corporate venture capital, family wealth management offices…) aligned with EIC values.

In its first year of operation, the EIC Fund has made more than two hundred investment decisions worth approximately €1.3 billion, which means that the EIC has become the largest deep technology investor in Europe. Importantly, this investment has attracted additional private investment of around €3.5 for every euro of public investment.

EIC Delegation at Mobile World Congress Barcelona – 4YFN

EIC’s support of these innovators and startups goes beyond funding and bringing such a large and diverse EIC delegation to Mobile is made possible by EIC’s Business Acceleration Services, which offers a wide range of programs and activities to EIC grantees aimed at accelerating their innovations and business growth.

After two successful participations in previous editions, the EIC returns to Mobile World Congress Barcelona with its largest representation to date. From February 26-29, 2024, you can visit the EIC Pavilion in Hall 8.1 of Fira Gran Via (Accesso Norte) – Stand 8.1A20 where the spectrum of innovations and companies present ranges from robotics and automation solutions to IoT, 3D and quantum technologies.

This year’s EIC agenda at Mobile includes numerous activities and collaborations with strategic partners such as The Collider and the Mobile World Capital Barcelona Foundation. Among them, the opening ceremony of its Pavilion on February 26th, in the presence of the head of the EIC delegation, Viorel Peca and the director of 4YFN, Pere Duran, as well as workshops, round tables, presentations and events to facilitate business contacts. Our pavilion is open to all those interested in learning about Europe’s largest deep technology investor, the EIC, and its portfolio of disruptive companies and technologies.