MONDAY, 18 JAN 2021

 

CONNECT

Facebook Linked In Twitter
GAP Vassilopoulos
GloriaJeans_266x90px
IMH LTD

A New Budget Rejection Will Push Cyprus To Default, FinMin Says

Cyprus FM To Pay Working Visits To UAE And Saudi Arabia

IMH LTD

BUSINESS

brought to you by Deloitte

European Innovation Council Fund Invests €178 Million In Breakthrough Innovations

European Innovation Council Fund Invests €178 Million In Breakthrough Innovations

The Commission has announced the first round of direct equity investment through the new European Innovation Council (EIC) Fund. 42 highly innovative start-ups and small and medium-sized businesses (SMEs) will together receive equity financing of around €178 million to develop and scale up breakthrough innovations in health, circular economy, advanced manufacturing and other areas. Among them, the French company CorWave is the first EU company in which the EIC Fund is investing.

 

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said: “Europe has many innovative, talented start-ups, but too often these companies remain small or relocate elsewhere. This new form of financing – combining grants and equity – is unique to the European Innovation Council. It will bridge the funding gap for highly innovative companies, unlock additional private investments and enable them scale up in Europe.”

 

The equity investments, ranging from €500.000 to €15 million per beneficiary, complement the grant financing, which has already been provided through the EIC Accelerator Pilot to enable companies to scale up faster. This is the first time the Commission has made direct equity or quasi-equity investments, namely equity investment blended with a grant, in start-up companies, with ownership stakes expected to range from 10% to 25%.

 

Under the EIC Accelerator a total of 293 companies have already been selected for funding worth over €563 million in grants since December 2019. Among those, 159 companies have been selected to additionally receive the new equity investments from the EIC Fund. The 42 companies announced today are the first of this group to successfully pass the evaluation and due diligence process. The other 117 companies are in the pipeline to receive investments pending the outcome of the relevant process. 

 

CorWave: first EU company to sign investment agreement with the EIC Fund

The highly innovative French company CorWave was the very first to receive a direct equity investment. CorWave's mission is to bring a new standard of care to patients with life-threatening heart failure. The €15 million EIC Fund investment has played a critical role by mobilising additional investors to unite behind the French SME, which led to a €35 million of investments in the fourth stage of start-up financing for CorWave.

This sizeable venture will enable CorWave to successfully bring to the market and scale up its innovative medical solution “Left Ventricular Assist Device” (LVAD), which will significantly improve the lives of those with advanced heart failure, reducing by half severe complications and the need for rehospitalisation, while at the same time improving significantly their quality of life. CorWave's high-growth potential will also translate into high-quality jobs in the EU.

 

 

Next steps for beneficiaries

The investment agreements with the other target companies are now being finalised, and will be announced shortly. A few examples of this first round of investments:

Hiber (The Netherlands): an international satellite and communication company that provides global and affordable Internet of Things connectivity;

XSUN (France): a solar aircraft company that designs energy-independent drones to be fully autonomous so they can operate without any human intervention;

GEOWOX LIMITED (Ireland): a technological company that provides automated property valuations, leveraging high-quality open data and machine learning models;

EPI-ENDO PHARMACEUTICALS EHF (Iceland): a pharmaceutical company focused on developing a proprietary portfolio of drugs to address the huge global burden of chronic respiratory diseases.

 

These first investments are preceded by a thorough evaluation by external experts, a due diligence process overseen by the external practitioners and investors on the EIC Fund Investment Committee, and a final decision by the EIC Fund Board of Directors.

MORE ON BUSINESS

EU Must Move At Speed On Space Broadband Network

The European Commission says it wants its newly proposed satellite mega-constellation to ...

Cyprus Stands To Gain From Rising Demand For Copper

Copper is considered to be a major contributor to the global economy, with some going as ...

Melco Empowers Cyprus’ Local Community During Festive Season

Melco, operator of Cyprus Casinos (C2) and the upcoming integrated resort City of Dreams ...

FROM AROUND GOLDNEWS

   

Kaizen Gaming Fortifies Screening Procedures With Lexisnexis® WorldCompliance™ Data

Having established an international presence and expanded its customer base in a predominantly European regulated market, GameTech frontrunner Kaizen Gaming ...
   

Bad Loans In Cyprus Down 5.7% At The End Of June 2020

Α further decrease of €381 million or 5.7% was recorded in aggregate NPLs compared with the end of June 2020.   According to an announcement by ...
   

Lee Jae Yong: Samsung Heir Gets Prison Term For Bribery Scandal

Samsung heir Lee Jae Yong has been sentenced to two years and six months in prison by a high court in South Korea.   The bribery case is a retrial ...
   

Wish For Hope: The E-Shop Of Hope For Children Is Here At Last!

The new year brings Hope For Children (HFP) closer to you as well as closer to their goal which is to offer their support and services to all children and ...
   

At 1.3% Preventative Care Expenditure In 2018

On average in the EU, public and private expenditure on preventive care accounted for 2.8% of total health expenditure in 2018, with highest shares ...
   

A New Budget Rejection Will Push Cyprus To Default, FinMin Says

A new rejection of the 2021 state budget could lead Cyprus to default on its payments, Minister of Finance Costantinos Petrides warned on Friday, stressing ...
   

Cyprus FM To Pay Working Visits To UAE And Saudi Arabia

Cyprus Foreign Minister, Nikos Christodoulides, will pay consecutive working visits to the United Arab Emirates and Saudi Arabia. A press release issued by ...
   

"Women Belong In All Places Where Decisions Are Being Made"*

Isn’t it time everyone recognized the obvious? Women belong in all places where decisions are being made!   Cyprus and Israel are two Middle ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Cyprus_Intern_Investors_Summit
Enter_Cy_10/20-4/23

IMH LTD