The European Commission awards €17.5 million to medtech innovator BrainQ Technologies
Israeli startup BrainQ Technologies is one of the first three companies selected by the European Commission to receive €17.5 million in the form of grant and direct equity investment from the newly launched EIC Accelerator pilot. BrainQ is developing innovative AI-based technologies for treating neuro disorders, with a primary focus on motor recovery following spinal cord injury or stroke. After the successful completion of the SME Instrument Phase 1 project, the company became one of the first to secure the blended finance funding at the first cutoff of the novel Horizon 2020 EIC Accelerator pilot. The positive funding decision followed an extensive review process, that involved 1852 projects applying from all over Europe. Culminating in a pitching session held in Brussels by BrainQ CEO Yotam Drechsler in front of the EIC Accelerator expert panel. Horizon 2020 is the biggest EU Research and Innovation programme ever, and one of the most competitive. Its aim is to foster breakthroughs, discoveries and world-firsts by taking great ideas from the lab to the market. Under the Horizon 2020 umbrella and with an average success rate of 4%, the EIC Accelerator pilot selects for funding only high-risk, high-potential startups with ambitions to scale up globally. BrainQ will use the funding to further develop its non-invasive, Brain-Computer Interface (BCI) based simulation device towards commercialization activities in various markets. Funds will also be used to support clinical trials in Europe and grow the unique BCI-based EEG database. The grant agreement is now being prepared for signature so that the project is ready to be launched as of Spring 2020. Please have a look at the full press release from the European Commission and stay tuned for updates on the progress of the BrainQ EIC Accelerator project.