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European Innovation Council
News article3 February 20225 min read

Update about the EIC work programme and the EIC Accelerator

The EIC information notice published on 7 January 2022 informed that there have been some delays in EIC equity investments and the timing of the next cut-off date for full applications. As the result of intensive work, the EIC Accelerator is now expected to progress well, the EIC work programme for 2022 is ready for adoption and the EIC Fund is close to completing investments in all companies selected during the EIC pilot.

EIC work programme

  • The EIC Work Programme for 2022 is scheduled to be presented by the Commission on 9 February and will contain the full details of all EIC funding opportunities in 2022.
  • An EIC Info Day for Applicants will be organised on 22 February, with detailed presentations of all elements of the EIC 2022 work programme and information on how to apply for potential beneficiaries. 
  • For all companies interested in EIC support, the AI platform remains open to submit short applications at any time with feedback within 4 weeks and the next cut-off date for full applications is expected to be 23 March.
  • For applicants interested in applying for the EIC Pathfinder for early stage research on breakthrough technologies, the expected deadline for applications is early May. This date and the full details for applying will be confirmed in the EIC 2022 work programme.
  • Full details of the funding opportunities and novelties in the EIC 2022 work programme will be available on 9 February on the EIC website.

EIC Accelerator state of play

  • For the 102 companies selected for EIC equity investments in October and December 2021 (following June and October cut-off dates), grant preparations are ongoing and due diligence will start shortly with the aim to conclude investment decisions in spring and summer 2022.
  • The EIC equity investments (equity / equity-like such as convertible loans, redeemable bonds, etc.) for the 102 companies selected in October and December 2021, as well as for the first cut-offs under the 2022 EIC work programme, will continue to be managed through the EIC Fund until a sustainable long term solution is ready. Already now the first steps for a modernisation of the EIC Fund are taking place with, in particular, the imminent appointment of an independent Fund Manager (AIFM).
  • In the meantime, discussions are ongoing for the sustainable long-term solution for EIC equity investments. More information will be shared when available, and in any case sufficiently in advance for applicants.
  • The grant decisions, for a total of EUR 349 million for the June ’21 and October ’21 cut-offs, are not affected by the EIC Fund implementation arrangements. For the June ’21 cut-off, the majority of grant decisions are expected to be taken by the end of March ‘22. For the October ’21 cut-off, the grant decisions are expected to be taken by May ‘22.
  • For those companies who have passed Step 1 of the EIC Accelerator application process, the cut off dates for full applications are expected to be 23 March, 15 June and 5 October 2022 (dates to be confirmed in the EIC Work Programme).


EIC Fund close to completing investments in all companies selected during the EIC pilot

Under the EIC pilot, 159 companies were proposed for investment, of which 141 have now been approved for investment by the EIC Fund Board. 14 companies were not retained due to a lack of agreement on the investment (including non-compliance with AML, non-disclosure of key information, decision from the company to withdraw for example), and only four are still being discussed with the companies involved. The total approved investment is EUR 637 million. This is a larger investment than any other deep-tech fund.

Among the 141 investments approved by the EIC Fund Board, 139 terms sheets have been sent out to date, out of which the selected companies have signed 130, paving the way to the signature of investment agreements at the moment agreed with the companies.

For the 75 investment agreements that have been formally signed, EIC Fund has been successful in crowding in co-investors who have collectively invested a multiple of 2.6 times the EIC Fund investment. Examples include French company Aledia (EUR 15M EIC investment in a EUR 120 investment round) and Finish company IQM (EUR 15M  pre-authorised EIC investment). More information on the companies and EIC support are included in the background information.

Last but not least, among the 75 investment agreements already signed, more than half of them are taking the form of a convertible loan / redeemable bond (with a maturity going from 6 to 30 months, the average being around 12  to 18 months) allowing the company to find other investors during this period.


Background information

  • Information notice published on the EIC website
  • Press releases on EIC Fund investments (For strategic purpose, in agreement with the selected companies, not all the signed investment agreements are subject to a press release.)
  • EIC investment examples
    • Aledia, a French company innovating in the area of semiconductors, a sector of key strategic importance in Commissioner Breton’s strategy for European sovereignty (European Chip Act), has received €15M funding from the EIC Fund in a Series D financing round. It is amongst the largest rounds in which the EIC Fund has engaged its investments. The €15M coming from the EIC Fund was part of a round size of €120M

Aledia is an example of an innovative and fast growing 90-employees start-up company, created in 2011 in Grenoble to develop a unique LED (light-emitting diode) .Aledia develops and manufactures a µLED (micro light-emitting diode) display technology based on a unique 3D architecture using gallium-nitride (GaN)-on-silicon nanowires (WireLED™). This technology can be applied in SmartPixels, where each µLED is directly controlled by a CMOS circuit for displays from the size of a smartphone to giant TVs.

  • IQM Finland Oy is operating in a key strategic Technology for Europe, as it is Quantum. IQM was founded by an ambitious team of leading scientists who are on a mission to build the first 1,000-qubit quantum computer to restore Europe’s lead in the second quantum revolution.

IQM has been awarded in 2020 EIC Accelerator funding (€2.4 million). In addition, EIC Fund €15 million of direct equity investment are pre-authorised provided an equity round with a lead investor round where the EIC Fund would match pari passu with the private investors, with an amount matching the private capital. Any remaining funds under the approval shall be provisioned for co-investing in follow-on round(s).

IQM is a spin-out from Aalto University’s Quantum Computing and Devices (QCD) group and the Finnish State Research.




Publication date
3 February 2022