Quside Technologies secures European Innovation Council Accelerator funding
ICFO spin-off is successful in the highly competitive call
Quside Technologies, spun out of ICFO in 2017, 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!