Three Enterprise Ireland companies have been approved for €24.3m in EU funding from the European Innovation Council Accelerator programme.
ATXA Therapeutics, Peregrine Technologies and Ostoform Ltd are pursuing projects in the areas of drug development for cardiopulmonary disease; AI and robotics in the recycling sector, and the development of a novel appliance to improve the skin condition of ostomy bag users.
The programme is part of the EU’s €95.5bn Horizon Europe 2021-2027 research and innovation programme, and the accelerator provides grant funding of up to €2.5m with an equity investment ranging from €500,000 to €15m in a blended finance offer.
The accelerator programme provides transformational funding to high-potential, high-risk start-ups, scale-ups and SMEs that are already making good progress commercialising highly differentiated, deep-tech products.
A total of 75 companies from 21 European countries were selected by panels of investors and entrepreneurs in the second round of the programme to receive over €396m in funding.
Over 1,000 organisations applied, 265 of which were shortlisted for the interview phase.
Leo Clancy, CEO of Enterprise Ireland, said: “Enterprise Ireland welcomes this announcement by EIC. It is a great success for Ireland and is testament to the capability and talent within the Irish research and innovation system.
“Start-ups, particularly in the deep-tech sector play a critical role in the development and growth of regional innovation ecosystems.
“The three successful Enterprise Ireland applicants, working with the EIC, will be able to enhance their entrepreneurial capability and get the critical support required at this juncture in their development and scaling journey.”
ATXA founder and CEO Prof Therese Kinsella stated: “We are honoured to accept this prestigious EIC award endorsing us as a disruptive, deep-tech, innovative technology within the wider EC community.
“We believe it will be transformational in enabling us to fulfil our mission to bring accessible, affordable, and life-changing treatments for heart and lung diseases.”
Peregrine Technologies CEO Paudy O’Brien said: “The EIC Accelerator funding is a game-changer for us as we scale FPD Recycling, our dedicated end-to-end solution for recycling flat panel displays.
“Electronic waste is the fastest growing and most hazardous waste on the planet. Using AI-powered technology, our mission is to ensure that every used flat screen become a valuable commodity rather than hazardous waste in landfill.
“This funding will enable us to scale internationally, create new high-level jobs in Ireland and abroad, and upgrade existing sites. It has been a long process, but it is gratifying to see everyone’s hard work pay off.”
(Pic: Getty Images)