Three Irish companies to receive €24m from competitive EU accelerator

Three Irish companies to receive €24m from competitive EU accelerator

ATXA Therapeutics, Peregrine Technologies and Ostoform are the latest Irish firms to receive funding and mentorship from the European Innovation Council’s accelerator.

Three Irish companies backed by Enterprise Ireland are to receive a total of €24.3m in funding from an EU accelerator programme.

The EIC Accelerator from the European Innovation Council provides grant funding of up to €2.5m, combined with an equity investment ranging from €500,000 to €15m in a blended finance offer.

The accelerator is part of EU’s Horizon Europe research and innovation programme, which aims to strengthen science and technology in the EU.

The three companies are pharma firm Atxa Therapeutics based in University College Dublin, tech group Peregrine Technologies and Westmeath-based medtech Ostoform, which spun out of the University of Limerick in 2018.

The Irish projects cover areas such as accelerating the clinical path of a disease modifying drug targeting cardiopulmonary disease, AI development targeting the WEEE recycling sector and the development of an appliance to improve the skin condition of ostomy bag users.

Atxa founder and CEO, Prof Therese Kinsella, said the award endorses the company 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,” Kinsella said.

In 2018, Atxa was one of three Irish companies to secure grants amounting to €7m from the Horizon 2020 SME Instrument funding

Peregrine Technologies CEO Paudy O’Brien said the EIC funding will help the firm scale internationally, create new high-level jobs and upgrade existing sites.

“Using AI-powered technology, our mission is to ensure that every used flat screen become a valuable commodity rather than hazardous waste in landfill,” O’Brien said. “It has been a long process, but it is gratifying to see everyone’s hard work pay off.”

In total, 75 companies from 21 European countries were in the accelerator’s second round to receive more than €396m in funding. More than 1,000 organisations applied, of which 265 were shortlisted for the interview phase.

The EIC Accelerator’s first round of 2022 saw four Irish start-ups and companies receive a total of €23m. The first round also had more than 1,000 applicants, which the EIC Accelerator described as the most competitive round to date.

Enterprise Ireland CEO Leo Clancy welcomed the news, calling it a “great success” and a 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,” Clancy said.

“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.”

Irish companies AVeta Medical, Akara Robotics, CrannMed, Contego Sports and ProVerum were selected to receive funding and mentorship from the EIC Accelerator at the end of last year.

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