Quside Technologies, QSNP member, is one 47 companies that has been selected to receive European Innovation Council (EIC) funding, combining grants and equity, following the third 2023 EIC Accelerator cut-off in June.

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. In this funding round, the companies were selected in a highly competitive process, in which 140 companies were interviewed by juries of experienced investors and entrepreneurs, out of a total of 648 full proposals submitted.

The 47 selected companies will together receive nearly €350 million of funding. A large majority of selected companies (68%), including Quside, will receive blended finance option, which is a combination of grants and equity investments. The equity investments will be made through the EIC Fund. The selected companies have a geographical spread spanning 15 countries, including four widening countries.

The project, for which Quside receives funding, known as “Quantum-Based Randomness Processing Units (RPUs) for High-Performance Computation and Data Security” aims to revolutionize computation and enhance data security through quantum-based randomization technology.

Congratulations to the entire Quside team for this important accomplishment!