Galway start-ups shine as EU accelerator grants up to €2.5m funding

6 Dec 2019546 Views

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Two start-ups from Galway and one from Dublin have been selected for funding in the latest round of an EU accelerator.

75 start-ups and SMEs from across the continent have been funded a total of more than €278m in the largest funding round so far under a pilot phase of the European Innovation Council (EIC) Accelerator. In a new initiative, more than half (39) of the companies will receive both a grant from the EIC as well as direct equity investment.

Of the companies named, three hail from Ireland, with two being funded under the new blended finance model. Each of the EIC grants are worth between €500,000 and €2.5m.

NUI Galway spin-out Capri Medical will receive blended funding for a new project to treat patients with chronic post-operative pain. The company’s Capri-Stim product aims to help patients with chronic post-operative pain be discharged from the healthcare system earlier.

Vivasure Medical, also based in Galway, is being backed with an EIC grant for a new project to develop the world’s first absorbable percutaneous closure device for large venotomies. This marks another funding success for the medtech firm, which also secured €10m from the European Investment Bank in September.

Map of where the EIC funded start-ups.

Image: EIC

On the other side of the country, Dublin-based Geowox received blended funding for a new residential property valuations platform. Its aim is to provide data-driven residential property valuations in real time for mortgage providers and investors. Speaking with the Irish Times, the company said it secured €1.5m under this latest EIC round. The funding comes after the start-up was named a winner at the DatSci Awards in September for the best use of data science in a start-up or SME.

“The future EIC will turn far more of Europe’s world-class science and start-ups to global technology leaders,” said Mariya Gabriel, EU commissioner for innovation, research, culture, education and youth.

“I am glad that this first offer of combined grant and equity financing saw such a high demand from Europe’s start-ups and SMEs. This confirms that the EIC is filling a gap in funding, and that it is right to set it up as a fully fledged initiative under the next EU budget.”

Colm Gorey is a senior journalist with Siliconrepublic.com

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