Three Irish companies have been selected and approved for a total of €24.3 million in funding from the European Innovation Council (EIC) accelerator programme.
The programme provides grant funding of up to €2.5 million combined with an equity investment ranging from €500 million to €15 million in a blended finance offer.
The three companies are pharma company ATXA Therapeutics, tech group Peregrine Technologies, and Ostoform, which was spun out of the University of Limerick in 2018,
The projects cover areas including accelerating the clinical path of a disease modifying drug targeting cardiopulmonary disease; AI development and robotics targeting the WEEE recycling sector; and the development of an appliance to improve the skin condition of ostomy bag users.
The programme provides funding to high-potential, high-risk start-ups, scale ups and SMEs, which are making progress in commercialising highly differentiated, deep-tech products capable of creating new markets or disrupting existing ones.
In this second round of programme, 75 companies from 21 European countries were selected by panels of experienced investors and entrepreneurs to receive over €396 million in funding.
Commenting on the announcement, ATXA chief executive Therese Kinsella said: “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 chief executive Paudy O’Brien said: “The 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.”
Enterprise Ireland chief executive Leo Clancy said: “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.”
