The EC is investing 178 m euros

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investing
The EC is investing 178m euros in 42 innovative start-ups.

The EC is investing 178m euros in 42 innovative start-ups.

 

The EC is investing 178m euros in 42 innovative start-ups.
The European Commission has announced the first round of direct capital investments through the new European Innovation Council (ESI) Fund. A total of 42 highly innovative start-ups and small and medium-sized enterprises (SMEs) will receive capital funding totalling about € 178 million to develop and expand breakthrough innovations in healthcare, the circular economy, cutting-edge manufacturing and other areas.

The French company CorWave is the first EU company to invest in the ESI Fund.
On this occasion, EU Commissioner for Innovation, Research, Culture, Education and Youth Maria Gabriel said: “There are many innovative and talented start-ups in Europe, but all too often they remain small or relocate. This new form of funding – The combination of grants and capital investment is unique to the European Innovation Council. It will fill the funding gap for highly innovative companies, attract additional private investment and enable them to grow in Europe. “
The capital investment, ranging from € 500,000 to € 15 million per beneficiary, complements the grant funding already provided through the ESI Accelerator pilot instrument to enable companies to expand their business more quickly. For the first time, the Commission is making direct capital or quasi-capital investments (particularly capital investments combined with grants) in start-ups, with a shareholding expected to range from 10% to 25%.
As of December 2019, 293 companies have already been selected for funding under the ESI Accelerator instrument, with the total amount of grants exceeding EUR 563 million. One hundred fifty-nine were chosen to receive additional new capital investments from the ESI Fund.
Today, the 42 companies announced are the first in this group to pass the evaluation and comprehensive inspection procedures successfully. The remaining 117 enterprises’ investments are in preparation, and the results of the respective operations are expected.
The recipient of the first direct capital investment is a highly innovative French company microwave. It aims to take care of patients with life-threatening heart failure to a new level. A EUR 15 million investment from the ESI Fund played a crucial role in attracting additional investors to this company. The investment in the fourth phase of the initial funding for CorWave reached EUR 35 million.

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Thanks to this ambitious project, CorWave will successfully launch and expand the scope of its innovative medical solution, which is a Left Ventricular Assist Device (LVAD). This device will significantly improve people’s quality of life from advanced heart failure by halving the severe complications and the need for re-hospitalization. CorWave’s excellent growth potential will also lead to the creation of high-quality jobs in the EU.
The investment agreements with the other target companies are in the process of being finalized and will be announced shortly. Here are some examples of this first round of investment:
– Hiber (Netherlands): an international satellite communications company that provides affordable global connections to the Internet of Things;
XSUN (France): a solar aircraft company that designs energy-independent drones so that they are fully autonomous and can operate without human intervention;
GEOWOX LIMITED (Ireland): a technology company that produces automated real estate appraisals using high-quality open data and machine learning models;
EPI-ENDO PHARMACEUTICALS EHF (Iceland): a pharmaceutical company that develops its portfolio of medicines to reduce the enormous global burden of chronic respiratory diseases.
These first investments are preceded by an in-depth evaluation by external experts, a comprehensive review procedure monitored by external experts and investors in the ESI Fund Investment Committee, and a final decision of the ESI Fund Board of Directors.

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The EC is investing 178m euros in 42 innovative start-ups.

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