Quside secures European Innovation Council Accelerator funding

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 presents a compelling opportunity for start-ups and SMEs, offering grants of up to €2.5 million. Furthermore, it provides equity investments through the EIC Fund, which can range from €0.5 to €15 million or even more. In addition to this substantial financial support, all selected projects benefit from a comprehensive suite of Business Acceleration Services. Consequently, these services provide invaluable access to leading expertise, corporate partners, potential investors, and key ecosystem actors. Notably, the companies chosen for funding in this particular round emerged from an exceptionally competitive selection process. More specifically, out of a total of 648 full proposals, juries composed of seasoned investors and entrepreneurs invited only 140 companies to interview.

Together, the 47 selected companies will receive nearly €350 million of funding. A large majority of selected companies (68%), including Quside, will receive the blended finance option, a combination of grants and equity investments. The EIC Fund will make the equity investments. The selected companies span 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!

 

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Quside Technologies EIC Funding