More than €7 million in research funding has been awarded to two Irish companies and three universities by the European Union.
Dublin-based Proverum and Galway-headquartered Rockfield Medical Devices are to get over €4 million from the European Innovation Council (EIC).
ProVerum is to use the funds to further develop its treatment for benign prostatic hyperplasia, a common condition in older men that can cause difficulty with urination. Rockfield is receiving funding to commercialise its MobilityPlus feed delivery systems, which transform the mobility and quality of life of those on tube feeding.
In addition to the two Irish companies who have received funding under the latest tranche, six researchers, based in Trinity College Dublin (TCD), University College Dublin (UCD )and University College Cork (UCC), are to receive funds amounting to over €3 million for five pan-European research projects for which they are either the coordinator or a partner.
The EIC, which was first launched as a pilot in late 2017 as part of the Horizon 2020 programme, aims to support top-class innovators, entrepreneurs, small companies and researchers who have smart, but highly risky innovations that have the potential to scale up internationally. It offers grants and “blended” financing – grants and equity to entrepreneurs.
Overall, €344 million is being provided in funding by the council to support SMEs, start-ups and researchers across Europe who are working on game-changing ideas.
“There is a huge demand for EIC support, which demonstrates that Europe has no shortage of excellent ideas for breakthrough technologies and innovations. With the right level of financing, the EIC will enable many more of these visionary researchers and entrepreneurs to realise their dreams in Europe,” said Mariya Gabriel, commissioner for innovation and research.