Ireland ranks second in EU accelerator winning €22.4m

30 Mar 2023

Enterprise Ireland CEO Leo Clancy. Image: Maxwell Photography

Versono Medical, Nemysis Ltd and Technology From Ideas Ltd were among the successful companies, with only 32 funding awards granted out of 476 submitted applications.

Three Irish companies will receive a total of €22.4m in funding after being chosen by a competitive EU accelerator programme.

The EIC Accelerator from the European Innovation Council provides grant funding of up to €2.5m, combined with an equity investment ranging from €500,000 to €15m in a blended finance offer.

The three Irish companies to receive EIC funding are Galway’s Versono Medical, Dublin’s Nemysis Ltd and mooring technology maker Technology From Ideas Ltd.

The successful companies were in a highly competitive process, with only 32 funding awards granted out of 476 submitted applications.

The accelerator is part of EU’s Horizon Europe research and innovation programme, which aims to strengthen science and technology in the EU.

Enterprise Ireland CEO Leo Clancy said six Irish companies reached the interview stage with three selected for funding, which ranks Ireland second for funding approved, with the Netherlands taking the top spot.

“Ireland’s overall success in the Horizon Europe EIC programme, supported by Enterprise Ireland in our National Contact Point capacity, shines a spotlight on the innovation and capability of our companies to compete on a global level,” Clancy said.

“This funding provides the critical support required to enable these innovative companies to develop and scale their businesses.”

Versono Medical is developing a non-invasive device that will treat patients with chronic total occlusion, or complete coronary artery blockages. The Galway start-up received grant funding from the EIC.

Last December, Versono opened a newly expanded facility, which includes two floors of offices and laboratories. This came a month after the medtech and its partners were awarded a €7m grant from the Government’s Disruptive Technologies Innovation Fund.

Dublin’s Nemysis, which was awarded grant funding, is working to develop the first preventive treatment for celiac disease and gluten sensitivity.

Technology From Ideas Ltd, meanwhile, has developed mooring technology to help floating offshore wind and aquaculture projects be more cost effective and sustainable. This company received a blended finance deal.

To date, Clancy said Ireland has received €110m from the EIC since the introduction of the Horizon Europe programme in 2021.

Last October, ATXA Therapeutics, Peregrine Technologies and Ostoform were all selected to receive funding and mentorship from the EIC, receiving a total of €24.3m.

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Leigh Mc Gowran is a journalist with Silicon Republic