EIC Accelerator 2024: Quantum Technology Start-Ups Secure Grants and Equity Funding for Innovative Solutions
Insider Brief:
- The European Innovation Council (EIC) selected 68 companies, including five quantum technology start-ups, for the first EIC Accelerator round of 2024, awarding an estimated €165 million in grants and €245 million in equity.
- Quantum start-ups like Kiutra, QuiX Quantum, QC Design, Quantum Transistors, and Welinq will receive blended financing for projects such as quantum processors, cryogenic measurements, fault-tolerant architectures, and quantum memory links.
- The EIC Accelerator supports high-risk, deep-tech start-ups with strategic relevance to the EU, enabling them to advance their innovations with both grants and external equity investments.
PRESS RELEASE — The first EIC Accelerator round of 2024 includes grants for quantum computing and quantum-enabling cryogenics, for companies such as Kiutra, QuiX Quantum and Welinq.
The European Innovation Council (EIC) recently announced the selection of 68 companies to receive EIC Accelerator funding after the first evaluation round of 2024. The deep-tech start-ups and SMEs will share an estimated €165mil in grants and €245mil in equity.
The chosen proposals, cover a wide range of innovative and emerging technologies from renewable energy to AI to biomedical applications. Among them, five quantum technology start-ups/SMEs will receive grants for the following proposals:
- Kiutra (DE) – Democratizing Cryogenic Measurements for the Quantum Ecosystem
- QuiX Quantum (NL) – QuiX Quantum Universal Quantum Processor
- QC Design (DE) – Fault-Tolerant Architectures and Software for Scalable Quantum Computers
- Quantum Transistors (IL) – A million qubit quantum computer: highly scalable solid state quantum computing platform with native optical networking
- Welinq (FR) – Scaling-up quantum computers with quantum memory links
All five companies will receive ‘blended finance’, i.e. a combination of grants and equity investments, the latter being made through the EIC Fund and typically topped up by capital from external investors.
“I personally consider the EIC Accelerator to be an essential instrument for financing deep tech, high-risk start-ups that are strategically relevant in the EU. The Accelerator will allow us to push our objectives and vision of building Europe’s leading quantum photonic products,” Stefan Hengesbach, CEO of QuiX Quantum.
A list of quantum technology companies funded in previous EIC rounds – also under the EIC Pathfinder and Transition initiatives – can be found in our list of projects.