News

Ocean Visuals - Winner of EIC Accelerator Grants

Published: 02/29/2024 Updated: 03/04/2024

 

In tough competition against more than 1000 other deeptech companies, Ocean Visuals was awarded the European Innovation Council Accelerator Grant.

A new set of 42 companies has been selected to receive European Innovation Council (EIC) funding, combining grants and equity, following the final 2023 EIC Accelerator cut-off in November.

The companies were selected in a highly competitive process, in which 242 companies were interviewed by juries of experienced investors and entrepreneurs out of a total of 1083 full proposals submitted.

The 42 selected companies will together receive up to €285 million in funding. A large majority of selected companies (62%) will receive the blended finance option, which is a combination of grants and equity investments. The equity investments will be made through the EIC Fund as the dedicated investment fund for EIC Accelerator companies, and which attracts other investors to increase the overall investment to over three times the EIC investment on average. The selected companies have a geographical spread spanning 15 countries, including three widening countries.
 

Background information

The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million or more. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors and ecosystem actors.