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74 startups awarded funding through EIC Accelerator scheme

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Cancer treatment, levitating trains and the ability to generate energy from ambient light are among the new technologies awarded funding through the EIC's Accelerator 2022 scheme.

In total, around €382 million has been awarded to 74 startups from across the bloc that looks to promote new technologies that could aid in the twin transitions across the entire EU - up to €17.5 million each.

Read more: 'Hospital without walls': Microsoft-backed project to deliver bespoke healthcare to children

The final count is the results of over 1,000 applications to the scheme, with 266 being interviewed by juries of experienced investors and entrepreneurs.

Many of these companies, that did not make the final cut but were subject to the juries, will also be awarded a Seal of Excellence and given aid to receive funding and resources by EU experts.

12% of the lucky winners originate from Horizon Europe's "widening countries" scheme that looks to aid in the development of countries lagging behind in a bid to bring every member state up to a similar level to make the transitions simpler.

In most cases, the funding will be given to the companies over the next two-to-three months.

"The new wave of innovation is currently led by deep tech start-ups that target societal challenges. 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", Commissioner for Innovation, Research, Culture, Education and Youth, Mariya Gabriel said in a statement.

"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".

Some of the technologies that made the final 74 include:

On average, the EIC scheme awards grants in excess of €2.5 million combined with equity investments ranging from €500,000 to €15 million.

Read more: Meet the robot pizza chef that could tackle food labour shortages

In addition to financial support, the companies are also introduced to corporate or investment partners to help provide them with the resources they need to realise their technologies.

Since its founding in 2021, over 6,000 companies have submitted their ideas to the scheme. The Commission reports that more than 3,000 have made full-blown applications.

At least one of these firms, Mushlabs, reports that it was "granted an eight-digit figure" to help bring about its ideas to create food using mushroom hyphae - the equivalent of its roots. In particular, it hopes to create a "new generation of sustainable food".

Instead of growing mushrooms outright and harvesting the "fruit", the firm grows the mycelium in a process known as "fermentation", which it reports can be turned into nearly any food product. The EU jury that selected the tech was particularly impressed by it as a source of alternative and sustainable protein, which will be necessary to help the development of some nations.

Its founder Mazen Rizk believes this could usher in "a fairer, decentralised, and sustainable food system".

“Our selection for the EIC Accelerator Program shows that the EU is seriously addressing the sustainability and security issues in the food sector. The looming food crisis and the ongoing devastating effects on the environment make it abundantly clear how fragile our current system is", he said.

Another winner, Estonian firm Tehehaptics - named after the process that computer-generated sensors that help visually impaired or blind users detect other humans or objects - and its 7Sense headsets aim to give the blind a degree of independence and the ability to move more freely without having to rely on guide dogs.

The firm claims its tech can provide gesture recognition, situational awareness and could allow for users to have an easier time in social interactions.

Another pioneer is Tilt Biotherapeutics with its "I-Create" cancer immunotherapy treatment. This type of therapy has seen more widespread use in the healthcare sector in recent years as it could allow for tumours to be more easily detected by the body's immune system.

Due to the nature of cancer, the system faces a number of uphill battles, mainly in that applying it to late-stage cancer patients can be difficult as many are beyond treatment. However, through the development of armed oncolytic viruses - viruses that replicate only in cancerous cells and can help the immune system fight the disease. 

Tilt founder Akseli Hemminki said its discovery, Tilt-123 remains a promising candidate as it attracts T cells - a type of white blood cell - to tumours, and "has its own antitumour effects".

“Early data shows that the treatment is well-tolerated, has a biological effect on tumours, and could potentially increase the efficacy of immunotherapies. We think that the results very much support further clinical development and the eventual commercialisation of [the virus]", she said.

Clinical trials will continue to be run in the US and Europe, with the hopes the technology can be scaled up significantly.

There is also the "Hyper Poland" project headed by Nevomo that seeks to implement a "magrail", trains that run on magnetic levitation tracks that could allow for rail to run at super high speeds. 

The first tracks for the project were laid back in March and can reportedly allow for vehicles to travel up to 550 km/h.

Read more: EXCLUSIVE: How tech will drive the green transition - interview with Intel

Other technologies that won include Europe's first potential cargo drone airline, a digital hospital concept to tackle neurological diseases, and green hydrogen developed through microwave plasma.

It is worth noting that much of this tech is still very much in the concept stage and is subject to change.

- A complete list of winners can be found here.

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