Two Irish SMEs are to receive a total of over €4 million under the latest round of European Innovation Council (EIC) funding announced today by the European Commission.

The funding is being granted under the EIC Accelerator programme which aims to help start-ups and innovative SMEs to develop and scale up their innovations.

Six researchers based in Trinity College Dublin, UCD and UCC will also receive a total of over €3 million in EIC pathfinder funding.

The two Irish SMEs that will receive EIC Accelerator funding are:

ProVerum Limited (Dublin) – this medical device startup company will receive EU funding to develop its treatment for Benign Prostatic Hyperplasia, a common condition in older men causing difficulty with urination with a profound deterioration in quality of life.

Rockfield Medical Devices Ltd of Galway – will receive blended funding to commercialise its MobilityPlus Connected Enteral Feeding Healthcare System for Integrated & Co-ordinated Care – a project addressing the specific feeding needs of patients with Complex Chronic Conditions (CCCs).

The EIC Accelerator supports high-risk, high-potential small and medium-sized enterprises and innovators to help them develop and bring onto the market new innovative products, services and business models that could drive economic growth.

Selected companies receive funding and optional equity and are offered business coaching and mentoring to scale up their innovation idea. They get extra acceleration services to connect with investors, corporates and likeminded entrepreneurs.

Six researchers, based in TCD, UCD and UCC, will also receive funding. They are either the coordinator of or partners in five different research projects with partners across the EU.

Source: www.businessworld.ie