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Five Irish SMEs selected for funding under latest round of the EIC SME Instrument

The five Irish SMEs are:

•Inflection Biosciences Ltd (Dublin) for a new breast cancer treatment
•NBMI Science (Dublin) for a new chelation therapy drug
•PEARlabs Technologies Ltd (Dublin) for a ground-breaking optical chip for use in the fight against life-threatening diseases, including cancer
•Numa (Dundalk) for an innovative cloud-based software product to help radiologists perform minimally invasive cancer treatments more successfully
•Poly-Pico Technologies Ltd (Galway) for Cal-Mate, an automated system to detect the presence and quantify trace level concentrations of metals and materials in water, food, biological samples, etc.

The funding is provided under Phase 1 of the EIC instrument, which means that each SME will receive € 50,000 to finance feasibility studies for new products that can disrupt the market. They can also ask for up to three days of free business coaching.

They can also later apply for Phase 2 funding which is aimed at turning a business concept into a market-ready product, service or process. Under Phase 2, SMEs can apply for grants of between €0.5 and €2.5 million as well as up to 12 days of free coaching.

The SME Instrument is part of the European Innovation Council (EIC) pilot, which supports top-class innovators, entrepreneurs, small companies and scientists with funding opportunities and acceleration services. The enhanced EIC pilot was launched on the 18 March; from 5 June 2019 the EIC SME Instrument will be renamed the EIC Accelerator Pilot, and will feature the possibility of applying for grant or grant and equity funding.

Here is a list of companies selected: https://ec.europa.eu/info/news/eic-pilot-277-innovators-selected-funding-bring-their-innovations-faster-market-2019-apr-11_en

And here is a  list of Projects Selected: https://ec.europa.eu/research/participants/portal/doc/call/h2020/eic-smeinst-2018-2020/1850146-eic_ph1_02-2019_en.pdf

Courtesy of the European Commission Europa News.

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