European medtech startups were among the 74 companies receiving a combined €382 million in grants and investments, the 2022 European Innovation Council Accelerator said this week.
Each company will be eligible for up to €17.5 million (about $18.8 million in U.S. currency) worth of grants and equity investments. Most of the funding will be available in the next two or three months, with equity investments expecting to be finalized this fall.
The startups include Estonia-based Seventh Sense, which uses telehaptics to help blind and visually impaired people navigate their surroundings, and Finland-based Tilt Biotherapeutics, the developer of a novel oncolytic immunotherapy for ovarian, head and neck, and lung cancers.
“The new wave of innovation is currently led by deep tech startups that target societal challenges,” Commissioner for Innovation, Research, Culture, Education and Youth Mariya Gabriel said in a news release. “I am happy to see so many of them applying to the EIC, in particular from countries that are catching up in their levels of research and innovation performance. Thanks to the European Innovation Council, they will get the support they need to accelerate their growth and lead on the next wave of deep tech.”
The companies were among more than 1,000 startups and small and medium-sized enterprises that applied for funding. A full list of the winners is available here.
Companies can apply for funding at any time, but those with ideas meeting the EIC criteria for excellence, impact and risk level are asked to prepare full applications for submission ahead of cut-off dates. Upcoming cut-off dates are June 15 and Oct. 7.