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Finnish companies attract EU funding

Eight Finnish companies have received a considerable boost to their future prospects.Pexels

Finnish companies have secured 13.5 million euros of the 210 million euros in funding granted by the European Innovation Council (EIC).

The funding round aims to help companies finance their close-to-market activities and penetrate their respective markets more efficiently. It is part of the EIC’s almost three-billion-euro programme that the European Commission established in 2017 to help Europe to thrive in the evermore competitive global markets and especially emerging technology sectors.

“Each of the companies receiving funding through the European Innovation Council is offering a solution to a problem that affects the daily lives of Europeans, be it in the area of health, environment, energy and more,” saidCarlos Moedas, commissioner for research, science and innovation at the European Commission.

“I am delighted to see that the European Innovation Council is already delivering on its promise of supporting innovators with the vision and ability of bringing about positive change in the world.”

The funding is divided into the EIC Accelerator and Fast Track to Innovation schemes, distributing 177 million euros to 96 small companies and 33 million euros to 14 projects, respectively.

Finns on the fast lane

The EIC Accelerator scheme supports “high-risk, high-potential” companies that are well set to make an impact on existing markets or even create totally new ones.

In addition to grants and blended finance, the scheme provides companies 12 days of free business coaching. The Finnish companies that received funding under the scheme are Ladimo (1.67 million), Aiforia (2.05 million), Biomendex (2.25 million), ultimate.ai (2.14 million), SSH Communications Security (2.05 million), Plan B From Outer Space (the company behind RePack, 1.78 million) and Service-Flow (1.01 million).

“This is a big step for us,” said Jorma Palmén, chief technology officer at Ladimo. “The funding will enable us to miniaturise our world-class sensor and begin large-scale production. We believe this will kickstart our growth and realise our potential as a company.”

The Fast Track to Innovation scheme funds mature, tested and multi-stakeholder projects to accelerate their market operations. Family-owned wood-processing company Koskisen was able to secure half a million euros for its contribution to the SWOP project, which is developing bio-based alternatives for the wood and construction industries.

Finnish solution RePack reduces CO2 emission by 80 per cent and is on its way to opening up a reusable future for the packaging industry. Image: Facebook/RePack
By: Samuli Ojala