Outcomes

Signs of scaling after the EIC Accelerator

Being alive is not the same as growing. For every company it investigates, Rasph records whether there is public evidence of scaling since the award, and the one fact that shows it.

575 of 831 winners checked by Rasph

69% covered

Rasph investigates the winners one by one, in the order of the official results tables. All deep dives on Rasph

Scaling signals of the 575 companies checked so far

  • Scaling133
  • Not scaling135
  • Scaling unclear307
  • Scaling: Public evidence of growth since the award: more staff, rising revenue, a new funding round, or production or customers at scale
  • Not scaling: Evidence of standing still or shrinking: flat or falling staff, losses without a new round, or layoffs
  • Scaling unclear: No numbers are public, which is common for 2025 and 2026 awards

Every number on this page counts only the 575 companies checked so far, not all 831 winners. The first companies covered are not a random sample, so read the shares as an early picture.

By cut-off

By cut-off
cut-offCheckedScalingNot scalingScaling unclear
June 20216527(42%)15(23%)23(35%)
October 20219926(26%)36(36%)37(37%)
March 20227410(14%)29(39%)35(47%)
June 2022753(4%)19(25%)53(71%)
October 2022788(10%)14(18%)56(72%)
January 2023326(19%)4(13%)22(69%)
March 20235111(22%)7(14%)33(65%)
June 20234717(36%)7(15%)23(49%)
November 20234220(48%)4(10%)18(43%)
March 2024125(42%)0(0%)7(58%)

By country

By country
countryCheckedScalingNot scalingScaling unclear
France9023(26%)23(26%)44(49%)
Germany7820(26%)15(19%)43(55%)
Netherlands6226(42%)7(11%)29(47%)
Spain436(14%)10(23%)27(63%)
Israel345(15%)7(21%)22(65%)
Sweden343(9%)14(41%)17(50%)
United Kingdom323(9%)10(31%)19(59%)
Finland3012(40%)6(20%)12(40%)
Ireland245(21%)2(8%)17(71%)
Denmark236(26%)10(43%)7(30%)
Belgium218(38%)7(33%)6(29%)
Italy217(33%)3(14%)11(52%)
Norway161(6%)5(31%)10(63%)
Portugal141(7%)1(7%)12(86%)
Austria122(17%)3(25%)7(58%)
Estonia81(13%)5(63%)2(25%)
Poland70(0%)4(57%)3(43%)
Bulgaria60(0%)2(33%)4(67%)
Iceland30(0%)0(0%)3(100%)
Czechia20(0%)0(0%)2(100%)
Greece20(0%)0(0%)2(100%)
Lithuania21(50%)0(0%)1(50%)
Luxembourg21(50%)0(0%)1(50%)
Romania21(50%)1(50%)0(0%)
Slovakia21(50%)0(0%)1(50%)
Croatia10(0%)0(0%)1(100%)
Cyprus10(0%)0(0%)1(100%)
Hungary10(0%)0(0%)1(100%)
Latvia10(0%)0(0%)1(100%)
Slovenia10(0%)0(0%)1(100%)

By funding type

By funding type
funding typeCheckedScalingNot scalingScaling unclear
Blended finance33188(27%)67(20%)176(53%)
Grant first17131(18%)46(27%)94(55%)
Grant only6612(18%)20(30%)34(52%)
Equity only72(29%)2(29%)3(43%)

The evidence, company by company

Scaling (133)

  • ABSOLUT SENSINGActive

    France · March 2024

    Launched a satellite in January 2025, began data sales and raised capital in 2026 for a €12M GEN2 plan.

  • Acorai ABActive

    Sweden · June 2023

    Raised $4.5M with the EIC Fund in 2024 and won a $1M paid pilot in Singapore in 2025.

  • AgroBiogel GmbHActive

    Austria · October 2021

    Production scaled from a few kilograms to about one tonne a day, with a plant commissioned in July 2025

  • Alice & Bob SASActive

    France · June 2021

    €100M Series B in January 2025, taking total funding to €130M

  • Alpine Quantum Technologies GmbHActive

    Austria · June 2022

    Installed EuroHPC's first quantum computer in Poland in 2025 and joined Amazon Braket; revenue not published

  • AORTYX SLActive

    Spain · October 2021

    €13.8M Series A led by Ship2B Ventures and Clave Capital in June 2025 to reach first-in-human

  • arcsec NVActive

    Belgium · March 2023

    Profitable every year from 2022 to 2025; staff grew from 4.2 to 17.8 FTE and gross margin roughly tripled.

  • Avelios Medical GmbHActive

    Germany · January 2023

    €30M Sequoia-led round in 2025; SAP and Fresenius invested in 2026; won Klinikum Stuttgart and Braunschweig tenders.

  • AXELERA AI B.V.Active

    Netherlands · June 2023

    Raised more than $250M in February 2026 and reports deployments with over 600 customers.

  • Basemark OyActive

    Finland · November 2023

    Revenue grew from €3.4M in 2022 to €7.7M in 2025 after a €22M Series B in 2024.

  • BeeOdiversity SRLActive

    Belgium · June 2022

    Staff rose from 7.4 to 17.9 FTE in 2022-2025 and gross margin from €1.02M to €1.75M, with profits each year

  • BELKIN LASER LTDAcquired

    Israel · October 2021

    Acquired by Alcon in July 2024 for $92M, with up to $385M in sales milestones

  • BETAGLUE TECHNOLOGIES S.P.A.Active

    Italy · November 2023

    Raised €24M in 2024 including €10M from the EIC, and won trial approvals in the UK, Italy and Belgium.

  • BIOPROTECT LTDAcquired

    Israel · March 2023

    Over 11,000 procedures, about $14.5M revenue in 2025, 130 staff; acquired by Olympus for $270M.

  • BIOWEGActive

    Germany · October 2021

    €18M Series A and €10.3M EU grant for a 10,000-tonne plant in Elsdorf, output from 2028

  • Blue Heart Energy B.V.Active

    Netherlands · June 2021

    Copeland and EIC Fund investment in April 2025; factory grant in May 2026

  • BOUND 4 BLUE SLActive

    Spain · June 2021

    Ships fitted with eSAILs rose from 3 in 2023 to 13 by September 2026

  • Butterfly Medical Ltd.Active

    Israel · March 2023

    Completed a 244-patient pivotal trial and raised a $21M Series C, including the EIC, in May 2026.

  • CAILABSActive

    France · March 2022

    Over 10 ground stations under contract, a €57M financing in 2025 and a factory for 50 stations a year

  • Cellfion ABActive

    Sweden · November 2023

    Won a SEK 54M grant for its first production line in 2025 and raised €6.9M with a Japanese partner in 2026.

  • CHAINCRAFT BVActive

    Netherlands · June 2023

    Made its first industrial-scale delivery in December 2025 and is engineering a €100M-plus, 20,000-tonne plant.

  • Circu Li-ion S.A.Active

    Luxembourg · October 2022

    Certified German facility, projects with Daimler Truck, Hyundai and JLR, €20M raised in 2026.

  • Circular MaterialsActive

    Italy · October 2021

    €11.8M round with CDP and the EIC Fund; CRMA strategic project; plans 3,000 to 20,000 t/yr capacity

  • Cold Pad SASActive

    France · June 2021

    Funding round of over €7M in June 2024 and a profit in 2024

  • COMPTEK SOLUTIONS OYActive

    Finland · October 2021

    €8M Series A with the EIC Fund in 2023; industrial Kontrox LASE 16 tool launched in 2025

  • ConstellR GmbHActive

    Germany · March 2022

    Two satellites launched in 2025 and a €37M Series A in 2026, bringing total funding to €75M

  • CRANNMED LTDActive

    Ireland · June 2021

    Second EIC award of €12.5M in February 2026 and an 89-patient randomised trial

  • CurifyLabs OyActive

    Finland · January 2023

    Revenue rose from €0.16M in 2023 to €1.19M in 2025; used in 21 US states; $14M Series A in July 2026.

  • D-CRBN BVActive

    Belgium · November 2023

    Raised a €17.5M Series A in May 2026; staff grew from 1.1 in 2022 to 7.8 in 2025.

  • D-ORBIT SPAActive

    Italy · June 2023

    Raised a $53M Series D in January 2026 and holds a €119.6M ESA contract for its GEA servicing vehicle.

  • DAWN AEROSPACE NEDERLAND B.V.Active

    Netherlands · October 2021

    200 thrusters on 50+ satellites; group revenue over $15M; $25M Series B in June 2026

  • Deftpower B.V.Active

    Netherlands · June 2023

    Reached 1.84 million onboarded drivers and raised €12.5M in 2025.

  • DigiFarmAcquired

    Norway · October 2021

    60+ enterprise clients in 30+ countries; 750M hectares processed; 2024 revenue NOK 21.4M

  • DRACULA TECHNOLOGIESActive

    France · March 2022

    Factory opened, €30M Series A completed in 2025 and a multi-year order for several hundred thousand modules a year

  • DynelectroActive

    Denmark · June 2023

    Staff rose from 10 in 2023 to 23 in 2025; first 250 kW unit delivered to a customer in 2026.

  • ELICIT PLANTActive

    France · October 2022

    Revenue rose from €106k in 2021 to €2.27M in 2023, followed by a $48M Series B and US launch

  • Energy Dome SPAActive

    Italy · October 2022

    Full-scale 200 MWh plant since 2025; Google framework deal; projects in US, India, Australia.

  • Energy Robotics GmbHActive

    Germany · October 2022

    Over one million inspections for Shell, BP, BASF and others and a $13.5M Series A in 2025, per the company

  • enGenome srlActive

    Italy · June 2021

    Revenue grew from €0.86M in 2023 to €3.7M in 2025, with a profit each year

  • Equal 1 Laboratories Ireland LimitedActive

    Ireland · October 2021

    $60M round with the EIC Fund in January 2026; Bell-1 server launched 2025, first install at ESA

  • EVerZom SASActive

    France · June 2021

    €10M funding round in October 2025 and a €3M France 2030 grant

  • FERROELECTRIC MEMORY GMBHActive

    Germany · November 2023

    Raised €100M in November 2025 and hired a string of senior semiconductor executives in 2026.

  • Finapp srlActive

    Italy · March 2023

    Raised an €8.64M Series A in 2025; revenue up 73% to €1.64M in 2025; 750 probes in 25+ countries.

  • Ganymed Robotics SASActive

    France · June 2021

    €36M Series B in 2022 and 2023; R&D team grew from 23 to 41 FTEs by 2023

  • GlucoModicum OyActive

    Finland · June 2021

    Staff grew from 23 in 2021 to 41 in the 2024 accounts

  • Golden Devices GmbHActive

    Germany · November 2023

    Grew to 23 staff without outside investors and produces series of up to 12,000 parts.

  • GreenerwaveActive

    France · March 2023

    €15M Series A in 2024, Airbus contracts, and a DGA framework worth up to €120M in 2026.

  • Hoba Therapeutics ApSActive

    Denmark · June 2021

    €23M Series A in December 2023

  • Hyperion Robotics OyActive

    Finland · March 2024

    Raised $7.4M co-led by the EIC Fund in July 2026; revenue grew from €50k in FY2023 to €504k in FY2025.

  • Ignion SLActive

    Spain · March 2022

    Company reports 50% revenue growth and doubled shipments in 2024; devices using its parts rose from 25M to 60M+

  • inBiome B.V.Active

    Netherlands · January 2023

    IVDR-certified test being implemented in European hospital labs; $16M Series A co-led by NATO Innovation Fund, 2026.

  • INNATERA NANOSYSTEMS BVActive

    Netherlands · January 2023

    Launched Pulsar commercially in May 2025 after a $21M Series A; working with ODM Joya on devices by January 2026.

  • Innoventric LtdActive

    Israel · June 2021

    $28.5M Series B in October 2024 with EIC participation; over 40 patients treated

  • InProTher ApSActive

    Denmark · June 2021

    $11.7M Series A in December 2024 led by Serum Institute of India

  • ION-XActive

    France · November 2023

    Raised a €13M Series A with the EIC Fund in December 2024 and flew its first thruster in 2025.

  • IQM FINLAND OYListed

    Finland · November 2023

    Revenue rose from €16.4M in 2024 to €31.3M in 2025; listed on Nasdaq in July 2026 with over 400 staff.

  • Lactips SAActive

    France · June 2021

    €16M funding round in November 2024 and about 50 staff

  • LATTICE MEDICALActive

    France · October 2021

    €43M Series B in October 2025 with the EIC Fund; 3D printing farm for up to 1,500 implants a year

  • LEKATECH OYAcquired

    Finland · October 2021

    Bought by Normet (€484M 2023 sales) in 2024; Toras 35 in customer production use in 2026

  • LiveEO GmbHActive

    Germany · March 2022

    About 130 staff and €25M Series B in 2024, then a €28M+ round with the EIC in 2026

  • Look Up SpaceActive

    France · November 2023

    Raised a €50M Series A with the EIC Fund in 2025, brought its first radar online and won a CNES data contract.

  • Lotus Microsystems ApSActive

    Denmark · October 2021

    DKK 60M funding round with the EIC in December 2023; AI power module samples shipping in 2026

  • Luminate Medical LimitedActive

    Ireland · March 2023

    Raised $15M in 2024 and $21M in 2026, over $50M in total, for US expansion.

  • Lumoview Building Analytics GmbHActive

    Germany · November 2023

    Raised a €3M seed round in 2025, had 34 staff and issued new shares again in April 2026.

  • LUXQUANTA TECHNOLOGIES SLActive

    Spain · November 2023

    Raised an €8M Series A with the EIC Fund in 2025 and reports multi-million euro sales in several continents.

  • MBRYONICS LIMITEDActive

    Ireland · November 2023

    Selected for ESA's HydRON in-orbit tests in 2026 and building a 40,000 sq ft factory to make thousands of terminals.

  • MicroSure BVActive

    Netherlands · June 2021

    €38M Series B2 in October 2023 and CE mark for MUSA-3 in May 2026

  • Millow ABActive

    Sweden · November 2023

    Commissioned a 2,500 m² factory in 2025, entered Swedish foodservice in 2026 and raised €2M in August 2026.

  • MORPHOTONICS BVActive

    Netherlands · March 2023

    Revenue tripled in 2025; closed a €40M+ Series B in September 2026 with the EIC Fund and Invest-NL.

  • Mu-G Knowledge Management BVActive

    Netherlands · March 2023

    Used by hundreds of growers in 25+ countries; raised a €2.7M seed round in September 2025.

  • Multiverse Computing SLActive

    Spain · October 2021

    €189M Series B in 2025; Series C of up to €500M at €1.5B pre-money in 2026; 100+ customers

  • N-FIX NVActive

    Belgium · June 2023

    Series A in 2026, a €6M plant for 300 t a year from late 2027, and a Bayer feasibility study.

  • NETRIS PHARMA SASActive

    France · October 2021

    €24.4M Series A with the EIC Fund; €7.25M Horizon Europe grant for a Phase 2b in 2026

  • NICO-LAB BVActive

    Netherlands · October 2022

    150+ hospitals deployed and 30 more contracted in 12 countries; 70,000+ suspected stroke patients in 2025.

  • OctaveActive

    Belgium · March 2022

    €16M revenue in 2025, 200+ MWh installed for 400+ businesses and a €10M Series A in 2026, per company

  • Odd.Bot B.V.Active

    Netherlands · October 2022

    16 Maverick robots sold out for 2025; sales in NL, BE, DE and FR; 2027 reservations open.

  • Omegga GmbHActive

    Germany · November 2023

    Closed a €10M seed round in May 2026 and plans to double its team within a year.

  • Onego Bio LtdActive

    Finland · March 2024

    Raised $70.8M by 2024, won FDA GRAS clearance in 2025 and signed US food customers in 2026.

  • Orange Quantum Systems Operational BVActive

    Netherlands · March 2023

    Launched OrangeQS MAX and closed a €15M seed round with EIC Fund equity in 2026; IQM and Rigetti are partners.

  • Orbem GmbHActive

    Germany · June 2021

    €55.5M Series B in January 2026 and first US installation in July 2026

  • Orbisk BVActive

    Netherlands · June 2021

    €8M+ Series A in December 2024; 1,000+ kitchens in 40+ countries, per the December 2024 Series A release

  • Ore EnergyActive

    Netherlands · March 2024

    Raised a €37.3M Series A in August 2026 and signed a 1 GWh storage agreement with Budget Thuis.

  • PamGene International BVActive

    Netherlands · March 2023

    Raised a €13M Series A with the EIC Fund in April 2026; published a 210-patient prospective validation.

  • Phaseform GmbHActive

    Germany · March 2024

    Added distributors in the US and Canada, Japan, South Korea, China and France, and raised capital twice in 2025.

  • Pibond OyActive

    Finland · January 2023

    Revenue rose from €2.6M in 2023 to €7.7M in 2025, with a €3.6M operating profit and 61 staff.

  • PICADVANCED, SAActive

    Portugal · June 2023

    13th fastest-growing in the Deloitte Technology Fast 50 in 2024; Portuguese SME Growth status for 2025-2026.

  • POWERFUL MEDICAL s. r. o.Active

    Slovakia · November 2023

    Won FDA De Novo authorisation in 2026, a €40M+ IPCEI grant in 2025 and reports 120,000+ heart attacks detected in 2025.

  • PROMETHEAN PARTICLES LTDActive

    United Kingdom · June 2023

    Raised £8M in 2024, shipped a four-tonne MOF order in 2025 and grew from 11 to 22 staff.

  • PROVERUM MEDICALActive

    Ireland · June 2021

    $80M Series B in August 2025 and FDA approval in December 2025

  • QphoXActive

    Netherlands · October 2021

    Quantum Transducer launched 2026 with IBM; 100 cryo switch controllers deployed; €10M EIC STEP equity

  • Qu & Co B.V.Acquired

    Netherlands · March 2022

    Parent Pasqal listed on Nasdaq in August 2026, reporting a €70.4M backlog and 1,024 qubits demonstrated

  • QuantumDiamonds GmbHActive

    Germany · June 2023

    Raised €91M in July 2026, installed systems in the US and Taiwan and opened a Munich production site.

  • QuantWare B.V.Active

    Netherlands · March 2022

    Raised a $178M Series B in May 2026; says it serves more than 50 customers in 20 countries

  • Recycleye LtdAcquired

    United Kingdom · October 2021

    $17M Series A; installations in 7+ countries; 43 staff by 2024; majority stake bought by CP Group in 2026

  • Reverion GmbHActive

    Germany · October 2022

    Seven plants in customer operation, staff doubled to 200+, $175M Series B in 2026.

  • SALVIA BIOELECTRONICS BVActive

    Netherlands · November 2023

    Raised a $60M Series B with the EIC Fund in 2025 and is preparing a 150-patient US pivotal trial.

  • SC DOTLUMEN SRLActive

    Romania · October 2021

    CE-marked; 1,500 preorders via Romania's state programme in 10 days; €5M round with the EIC Fund

  • SCINTIL PhotonicsActive

    France · October 2021

    $58M Series B in 2025 with NVIDIA; LEAF Light laser source and evaluation kit launched in 2025

  • SENSIUS B.V.Active

    Netherlands · June 2021

    €15M funding round in June 2025, with the EIC Fund among the investors

  • Seqana GmbHActive

    Germany · June 2021

    €3.2M funding round in June 2026 after a €2.1M seed in 2024

  • SEQUENTIA BIOTECH SLActive

    Spain · October 2021

    €10M Series A with Seventure and the EIC Fund in 2024; CE-IVD mark under IVDR in April 2026

  • Share My SpaceActive

    France · October 2021

    €10M Series A with the EIC Fund in 2024; €3.7M revenue in 2025; stations in Spain, Belgium, India

  • Sightec (Israel) Ltd.Active

    Israel · October 2021

    Claims 4,000+ NavSight visual navigation units deployed worldwide (2026)

  • SIPEARLActive

    France · October 2021

    €130M Series A closed July 2025; first Rhea1 CPUs delivered to Bull for JUPITER in September 2026

  • Skytree B.V.Active

    Netherlands · June 2023

    Announced its first commercial system in 2026; SDE++-backed greenhouse projects plan 23,000 t a year with its units.

  • SOLAR MATERIALS GmbHActive

    Germany · June 2023

    Opened an industrial line in 2025, doubled capacity to 14,000 tonnes and raised up to €20M in 2026.

  • Sparrow Quantum ApSActive

    Denmark · June 2021

    €21.5M Series A in 2025 and 55 to 66 staff in the 2025 accounts

  • SpinDrive OyActive

    Finland · November 2023

    Revenue rose 92% to €1.25M in 2025, staff grew to 21 and WEG signed a partnership in 2026.

  • SquareMind SASActive

    France · June 2021

    $18M funding round in April 2026

  • STABL Energy GmbHActive

    Germany · June 2021

    50 MWh of storage installed by September 2026, with 100 MWh more in the pipeline

  • Strolll LimitedActive

    United Kingdom · June 2023

    Raised a €12.2M Series A in 2025; staff rose from 12 in 2023 to 29 in 2025.

  • SUBRA A/SActive

    Denmark · March 2023

    First commercial Subracable order at end 2025; €40M new equity in April 2026; staff grew from 12 to 28 in two years.

  • Sunrise SAActive

    Belgium · June 2021

    Total funding reached $58M by September 2025, after buying Dreem Health in 2024

  • SURGIFY MEDICAL OYActive

    Finland · March 2022

    Revenue rose from €39,000 in 2023 to €237,000 in 2025, with a €7M Series A led by ZEISS Ventures in 2025

  • Swave BVActive

    Belgium · June 2023

    Raised a €27M Series A with the EIC Fund and a €6M extension; staff rose from 3.5 to 19.9 FTEs by 2025.

  • Sympower B.V.Active

    Netherlands · October 2021

    2.7 GW of flexible assets managed across Europe; €42M Series B incl. €19M from PGGM in 2026

  • TAFALGIE THERAPEUTICSActive

    France · June 2023

    Raised a €12M Series A in September 2025, €30M of equity in total, and employs 26 people.

  • Tanso Technologies GmbHActive

    Germany · October 2022

    Over 300 client companies in 40+ countries, 55 staff and a €12M Series A in 2025, per the company

  • THRUSTMEActive

    France · October 2021

    500+ systems delivered, about one a day, 50+ customers (Aug 2026); 40 systems for GomSpace

  • traceless materials GmbHActive

    Germany · June 2021

    Staff grew from 40 in 2023 to about 110 when the plant opened in May 2026

  • TWAICE Technologies GmbHActive

    Germany · March 2022

    Battery storage business nearly tripled in 2025, per the EIB; €24M EIB venture debt in 2026

  • UAB INOVATYVI MEDICINAActive

    Lithuania · June 2021

    €6M seed round in December 2023 and CE mark in May 2026

  • UniverCell Holding GmbHActive

    Germany · November 2023

    Raised a €30M Series B in 2026, employs 83 people and reports double-digit million revenue.

  • UROMEMSActive

    France · June 2023

    Raised $47M in 2024 with the EIC and $60M in 2026, and runs a 140-patient pivotal trial at 21 sites.

  • VarmX BVActive

    Netherlands · June 2021

    CSL option deal with $117M upfront in September 2025; Phase 3 started in August 2026

  • Veoware BVActive

    Belgium · June 2021

    Record sales in 2025 and 20.4 full-time staff in the 2025 accounts

  • VEXLUM OYActive

    Finland · November 2023

    Revenue grew from €0.42M in 2021 to €4.19M in 2025, staff to 27, and it raised €10M in 2026.

  • VITESTRO BVActive

    Netherlands · January 2023

    CE mark, 13 devices contracted by 2025, $70M Series B in March 2026 and FDA De Novo authorisation in August 2026.

  • VSORAActive

    France · June 2023

    Raised $46M in April 2025 with EIC Fund co-financing and taped out its Jotunn8 chip in October 2025.

  • Webarx OÜActive

    Estonia · October 2021

    Hosting partnerships with GoDaddy (2026), Hostinger and others; 1,000+ open-source products on its VDP

  • Womed SASActive

    France · November 2023

    Womed Leaf won FDA approval in 2025 and sells in 14 European countries; raised over €7M in 2026.

  • XELTIS BVActive

    Netherlands · October 2021

    aXess CE marked April 2026; US pivotal trial past 50% enrolment; EIC Fund, EIB and other financing

  • xFarm Technologies Italia SrlActive

    Italy · June 2022

    €36M Series C in 2024; 450,000 farms on its platform; sixth acquisition announced in September 2026

Not scaling (135)

  • Abzu ApSInsolvent

    Denmark · June 2022

    Declared bankrupt in April 2026; staff had fallen from 20 in 2023 to 12 in 2024

  • Actome GmbHInsolvent

    Germany · October 2022

    EIC project terminated early; Actome GmbH in insolvency and liquidation since 2025.

  • ADVANCED MARKER DISCOVERY SLActive

    Spain · October 2021

    PreveCol on sale in Spain since 2023; register puts annual sales under €500,000

  • Afon Technology LimitedActive

    United Kingdom · October 2022

    No product on sale by September 2026; cash of £5,003 and net liabilities of £498,664 at end 2025.

  • AkknaTek GmbHInsolvent

    Germany · October 2022

    Insolvent three months after the EIC project; eight staff; no investor rescue announced.

  • ALA Diagnostics, S.L.Active

    Spain · October 2022

    Clinical trial for CE and FDA not run; kit not approved; annual turnover below €500,000.

  • Alcyon Photonics SLActive

    Spain · March 2022

    11 employees and micro-enterprise revenue in 2025 with a negative result; last round €1.5M

  • AlignD Systems ABPivoted

    Sweden · October 2021

    Still in technology development; $3.6M raised in 2026 to move towards first commercial partners

  • Allero Therapeutics BVActive

    Netherlands · October 2021

    Still preclinical after the EIC project; no human trial registered or funding round announced

  • alocalo GmbHInsolvent

    Germany · March 2022

    Filed for insolvency in September 2023; proceedings opened 1 November 2023 with most staff already gone

  • Amsimcel SRLActive

    Romania · June 2022

    Turnover of RON 235,084 in 2025 with six staff and RON 57,581 in cash at year end

  • Arxum GmbHInsolvent

    Germany · October 2021

    Provisional insolvency administrator appointed January 2024; in liquidation since April 2024

  • AVVie GmbHAcquired

    Austria · June 2022

    Still in preclinical animal testing after the EIC project; no human trial announced

  • Better Medicine OÜActive

    Estonia · March 2023

    Sales revenue of €0 in 2025 and €11,284 in 2024 despite a CE-marked product; net loss €242,861 in 2025.

  • BOYDSENSEInsolvent

    France · October 2021

    No approved product; judicial liquidation opened in September 2026

  • Brainhero GmbHInsolvent

    Austria · October 2022

    Bankruptcy proceedings opened in August 2025, four months after the EIC project ended

  • Carbo Culture OyActive

    Finland · March 2022

    No revenue in the 2024 accounts; staff fell from 28 in 2023 to 18 in 2024

  • Cardiac Success Ltd.Active

    Israel · October 2021

    Device still investigational; small first-in-human study; next trial not yet recruiting

  • CARMATInsolvent

    France · October 2022

    Entered receivership on 1 July 2025 and was liquidated in January 2026 after selling its business

  • Celeris Therapeutics GmbHInsolvent

    Austria · June 2022

    Bankruptcy proceedings opened and an insolvency administrator appointed in October 2024

  • CELERWAY COMMUNICATION ASActive

    Norway · October 2021

    2025 revenue NOK 18.3M against a NOK 40.8M loss; 8 employees

  • Cellevate ABActive

    Sweden · March 2022

    Net sales of SEK 41k in 2025, a year after launch, with a SEK 37.7M net loss

  • Celtic Biotech LtdActive

    Ireland · March 2023

    The EIC-funded 24-patient trial had not started by project end; estimated start is now October 2026.

  • CH-BIOFORCE OYActive

    Finland · March 2022

    Revenue fell to €33,000 in the year to May 2025, with a €1.8M operating loss and negative equity

  • CODASIP GMBHPivoted

    Germany · March 2022

    Put itself up for sale in July 2025 and sold its RISC-V processor business to onsemi for up to $14.5M in 2026

  • COLOSPAN LTDAcquired

    Israel · October 2021

    Pivotal trial still recruiting; bought by Galmed for $3.3M cash plus up to $2M earn-out

  • CONNECTING FOODInsolvent

    France · March 2022

    Safeguard in December 2024, receivership in December 2025 and judicial liquidation from 6 January 2026

  • CorNeat Vision Ltd.Active

    Israel · June 2021

    Approval trial terminated in May 2026 over safety findings, with 15 patients enrolled

  • DAC Sp.z.o.o.Active

    Poland · October 2021

    Prototypes 85% complete at project end; no certification, customer or funding announced

  • Defacto Technologies SASAcquired

    France · November 2023

    Published revenue stayed between €1.5M and €3M from 2018 to 2023, with 10 to 19 staff.

  • DRONAMICS Ltd.Active

    Bulgaria · March 2022

    No turnover in the 2023 or 2024 UK accounts; no commercial cargo service announced by September 2026

  • Dura Composites LtdActive

    United Kingdom · June 2022

    Turnover of £20.3M in the year to June 2025, against £20.0M in the year to March 2023

  • Easyl SAActive

    France · March 2022

    Revenue of €4,150 and a €2.54M net loss in 2025; equity below half of share capital

  • Ecopolplast sp. z o.o.Active

    Poland · March 2022

    Revenue fell from PLN 3.2M in 2023 to PLN 67k in 2025; staff from 13 to 8; equity negative at end-2025

  • Edvince ABActive

    Sweden · October 2021

    Phase 2b not yet started and no development partner announced

  • EFENCO OUDormant

    Estonia · October 2022

    No sales in 2024 or 2025; staff fell from 12 in mid-2024 to 2 in 2026

  • ENERPOLY ABInsolvent

    Sweden · March 2023

    Filed for bankruptcy on 27 June 2025 after failing to raise funds; FY2024 net sales were SEK 67,000.

  • Epigene Labs SASInsolvent

    France · October 2021

    No Series A or named pharma customer; judicial liquidation opened in February 2026

  • FarmInsect GmbHInsolvent

    Germany · June 2022

    Insolvent in March 2026 with four active farm sites; operations ended in August 2026 with no buyer

  • Fibriant B.VActive

    Netherlands · October 2021

    EIC grant terminated in 2024; no product, funding round or news since 2021

  • FIMUSKRAFTInsolvent

    Finland · October 2021

    No results, customers or funding rounds published; bankrupt in June 2026

  • FOX BIOSYSTEMS NVInsolvent

    Belgium · October 2022

    Declared bankrupt on 23 January 2025; the EIC terminated its project on 26 February 2025

  • Genewity B.V.Active

    Netherlands · March 2023

    i-THYMUS hit scientific challenges and left the website; the lead RAG1-SCID trial is suspended after an SAE.

  • GreenBone Ortho srlActive

    Italy · October 2021

    Revenue €321.5K in 2024 with a €3.5M loss; spinal products at CE readiness only

  • Greenov-ITESActive

    France · June 2022

    Full sea demonstration postponed to late 2026 or early 2027; no commercial installation announced

  • H2GO Power Ltd.Insolvent

    United Kingdom · October 2021

    No investor found among 200+ approached; administration in August 2024, liquidation in 2026

  • HARDT BVInsolvent

    Netherlands · June 2021

    Bankrupt in March 2026 after the EIC declined the second part of a ~€13M open commitment

  • Healium MedicalActive

    Israel · October 2021

    Still preclinical in 2025; no clinical study or funding round announced

  • Hexagem ABActive

    Sweden · June 2022

    Turnover fell to SEK 7.8M in 2025 with a SEK 3.8M loss, seven staff and negative equity

  • HYME STORAGE APSDormant

    Denmark · November 2023

    Laid off all 32 employees and suspended operations in June 2026 after a DKK 135.5M loss.

  • hyperTunnel LimitedInsolvent

    United Kingdom · March 2022

    Entered administration in July 2024 while still pre-revenue; in creditors' voluntary liquidation since July 2025

  • IDOVEN 1903 SLActive

    Spain · October 2021

    Register puts sales at €500,000 to €1M a year; no funding round announced since 2022

  • iFLUX nvActive

    Belgium · October 2021

    Net losses of €1.3M to €1.6M a year from 2023 to 2025; equity negative at end of 2025

  • Invivo Bionics ASActive

    Norway · March 2022

    No CE Mark or launch announced; six employees and NOK 1.4M operating income in 2025

  • IRIS AI ASActive

    Norway · October 2022

    2025 revenue NOK 9.6M against a NOK 26.2M net loss; equity negative at NOK 47.7M.

  • ITHERA MEDICAL GMBHInsolvent

    Germany · June 2021

    Insolvency proceedings opened in August 2025, 31 months after a €13M round

  • Kaffe Bueno ApSActive

    Denmark · June 2021

    Record net loss of DKK 21.8M in 2025 and equity down two thirds in two years

  • Kasi Technologies ABActive

    Sweden · June 2021

    Two employees and SEK 1.9M revenue in the 2025 accounts; no named customer or delivery

  • Kvantify ApSActive

    Denmark · January 2023

    Average staff fell from 49 to 37 in 2025; gross loss of DKK 20M and negative equity at year end.

  • LiMM Therapeutics SAClosed

    France · October 2021

    Liquidated in 2023; liquidation closed for insufficient assets and company struck off in 2025

  • MAEVE AEROSPACE B.V.Insolvent

    Netherlands · October 2022

    Declared bankrupt on 28 May 2026 after failing to raise €20M; no aircraft built.

  • MAGMENT GmbHInsolvent

    Germany · October 2021

    No deployments reported; insolvency case from February 2026, opened April 2026, now in liquidation

  • Meletios TherapeuticsInsolvent

    France · June 2022

    Judicial liquidation opened on 17 April 2025 after payments stopped on 28 March 2025

  • Metafora BiosystemsActive

    France · June 2022

    Revenue of €166,000 in 2023; court safeguard procedure opened in February 2026

  • Momentum Bioscience LimitedInsolvent

    United Kingdom · January 2023

    Placed in creditors' voluntary liquidation in December 2025 with a £755,145 shortfall to creditors.

  • My Personal Therapeutics LimitedActive

    United Kingdom · October 2022

    Cash of £1,373 and net liabilities of £216,728 at August 2025; average staff fell from 17 to 14.

  • MYSPHERA SLAcquired

    Spain · October 2021

    Revenue of just over €3M in 2025 against a CORDIS forecast of €40M by 2028

  • N2 APPLIED ASInsolvent

    Norway · June 2021

    Declared bankrupt in March 2025 after a NOK 48.8M loss and negative equity in 2023

  • Nanordica Medical OÜActive

    Estonia · June 2022

    No CE Mark by June 2026; the large trial planned for 170 patients had enrolled over 120

  • Nemesis Bioscience LtdClosed

    United Kingdom · March 2022

    Entered administration on 1 February 2023 and was dissolved on 2 May 2024; its IP sold for £1,000

  • Neos New Born Solutions SLActive

    Spain · March 2022

    No CE Mark or product launch by September 2026, against market entry planned for late 2023

  • Nevomo Poland sp. z o.o.Active

    Poland · March 2022

    Nevomo Poland reported PLN 473k operating revenue in 2024; its projects are pilots and memoranda

  • NOVA INNOVATION LTDActive

    United Kingdom · October 2021

    Staff fell from 39 in 2023 to 28 in 2025; £11.8M impairment of tidal technology in 2024

  • Novameat Tech, S.L.Active

    Spain · October 2021

    Register puts annual sales under €500,000 with 22 employees, despite distributors in seven countries

  • ODICO A/SInsolvent

    Denmark · June 2023

    Declared bankrupt in March 2024; its robots and machines were sold at auction in July 2024.

  • Op2LysisInsolvent

    France · October 2021

    No human trial started; receivership in 2025, liquidation and a court-approved sale plan in 2026

  • OrganicDisposables LtdActive

    Poland · October 2021

    Demo line only; products still in research trials in 2026; no customers or funding round announced

  • OutThink LtdActive

    United Kingdom · October 2021

    Headcount flat at 22-23 in 2023-24; cash fell from £4.17M to £1.6M; no round since 2022 announced

  • Ovagen Group LimitedActive

    Ireland · March 2022

    17 staff in October 2024 against a 2023 plan for 75 by 2026; the hiring target has moved to 2029

  • PALOBIOFARMA, S.LActive

    Spain · October 2021

    No partner or Phase 3 announced for PBF-680 two years after positive Phase 2 results

  • Paptic OyActive

    Finland · June 2022

    Revenue fell from €10.8M in 2022 to €3.9M in 2025 while the operating loss grew to €5.3M

  • Peek Health, S.A.Active

    Portugal · March 2022

    Sales in Iberinform's €1 to €2M band, against over €40M revenue promised for 2026

  • Peili Vision OyActive

    Finland · March 2022

    Revenue fell from €105,000 in 2023 to €19,000 in 2025 and staff from 19 to 10

  • Perseus Biomics BVActive

    Belgium · June 2021

    Losses grew every year to 2025 and debt rose by €2.24M instead of new equity

  • PICTERUS ASActive

    Norway · March 2023

    2025 revenue NOK 451,628 against a net loss of NOK 31.8 million; equity NOK 2.1 million.

  • PlanBlue GmbHInsolvent

    Germany · October 2021

    Insolvency case opened in February 2026, in liquidation since; website offline

  • PROSION GmbHInsolvent

    Germany · June 2021

    Provisional insolvency administrator appointed in January 2026, liquidation from March 2026

  • Protinhi B.V.Insolvent

    Netherlands · October 2022

    Declared bankrupt in May 2024; bankruptcy wound up in February 2026; no clinical trial started.

  • Qarnot ComputingAcquired

    France · June 2022

    Revenue fell from €4.31M in 2022 to €3.04M in 2024; receivership in May 2026

  • QfluidicsInsolvent

    France · November 2023

    Stopped paying debts in February 2026 and was placed in judicial liquidation in April 2026.

  • QLUCORE ABActive

    Sweden · November 2023

    Net sales fell 34% to SEK 6.7M in 2025/26 and staff fell from 20 to 15.

  • QUSTOMDOTActive

    Belgium · June 2023

    Staff fell from 14.2 to 6.2 FTEs between 2023 and 2025, and equity dropped to €471,489.

  • RAIKU Packaging OÜActive

    Estonia · June 2023

    Sales revenue was €27,272 in 2025, against €1.19 million of other operating income.

  • ReActive Robotics GmbHInsolvent

    Germany · June 2022

    Insolvent in February 2025, five months after a €5M round; in liquidation since May 2025

  • Rehaler ApSDormant

    Denmark · March 2023

    Pivotal trial stopped for lack of effect; the device 'will not be put on the market', its published results state.

  • Reliefed ABPivoted

    Sweden · June 2022

    Turnover of SEK 8.2M in 2024 with a SEK 5.0M loss and SEK 0.26M in cash at year end

  • Reselo ABActive

    Sweden · June 2022

    No production plant built; turnover fell to SEK 7.7M in 2025 with six staff and a SEK 2.2M loss

  • REST THERAPEUTICSActive

    France · June 2023

    No revenue, 3 to 5 employees, and its drug had not entered human testing by the end of the EIC project.

  • Restore Medical LtdActive

    Israel · March 2022

    No CE Mark or FDA approval by September 2026, against a 2024 launch and €15M revenue promised for 2025

  • Rise Technology SrlActive

    Italy · March 2022

    Revenue fell from €762k in 2024 to €353k in 2025, with a €892k net loss

  • Risutec OyAcquired

    Finland · June 2021

    Staff fell from 19 in 2023 to 5 in 2025, with an operating loss in 2025

  • Sabi Agri SASActive

    France · June 2021

    Net loss doubled from €409K to €866K in 2025, with revenue confidential

  • Sakowin SASInsolvent

    France · March 2022

    Payments stopped on 24 March 2026; receivership from 2 April and judicial liquidation from 15 June 2026

  • SAMPLIX ApSActive

    Denmark · January 2023

    2025 gross loss of DKK 0.7M, net loss DKK 55.5M, equity minus DKK 114M; staff fell from 31 to 27.

  • Sarus TechnologiesAcquired

    France · June 2023

    Revenue was €41,958 in 2023 and the 2024 filing shows none before its sale to Datadog.

  • Scandinavian Real Heart ABActive

    Sweden · October 2021

    No product sales; first human implant readiness now targeted for February 2028

  • Scipio bioscienceInsolvent

    France · March 2022

    Judicial liquidation opened on 18 September 2024 after payments stopped on 6 September

  • Seaborg TechnologiesActive

    Denmark · March 2022

    Staff fell from 93 in 2023 to 54 in 2025 while the annual loss rose to DKK 43.4M

  • Seventh SenseActive

    Estonia · March 2022

    Sales revenue of €93,430 in 2025 and four employees in the second quarter of 2026

  • SIMPLICITY WORKS EUROPE SLActive

    Spain · October 2021

    Pilot line of 100 pairs a day; annual sales below €500,000 per register data

  • SMART IMMUNEInsolvent

    France · January 2023

    Entered receivership in March 2025 and liquidation in June 2025; assets sold for €250,000.

  • SolasCure LimitedActive

    United Kingdom · June 2023

    Staff fell from 12 to 9 between 2023 and 2026, and cash dropped to £113,155 in June 2026.

  • SPARTHA MEDICAL SASInsolvent

    France · October 2021

    No revenue recorded in 2024; no clinical trial started; receivership opened August 2026

  • Spectro Inlets ApSActive

    Denmark · June 2021

    Staff fell to 6 and equity to DKK 2.98M in the 2025 accounts

  • SPIKA TECH, S.L.Active

    Spain · October 2021

    No CE mark or launch announced for VR-CARDIO; register puts sales under €500,000 a year

  • STAC TechnologyInsolvent

    Denmark · October 2021

    Declared bankrupt on 21 May 2024, before the EIC project ended; no product or customer on record

  • Stream Analyze Sweden ABActive

    Sweden · June 2022

    Turnover fell from SEK 14.9M in 2024 to SEK 2.6M in 2025 with a SEK 20.5M loss and 14 staff

  • Synergia Medical SAActive

    Belgium · June 2022

    Staff fell from 21.7 to 11.7 FTE in 2023-2025; 2025 loss €8.0M with equity down to €3.0M

  • Synovance SASInsolvent

    France · June 2021

    Receivership on 9 July 2025 and liquidation from 22 July 2025

  • Syntach ABClosed

    Sweden · October 2021

    Ceased operations in July 2023 after failing to raise capital; no preclinical or clinical trials started

  • Thericon GmbHInsolvent

    Germany · March 2022

    Provisional insolvency administrator appointed by the Mannheim court on 26 March 2024

  • TRANSMETRICS ADActive

    Bulgaria · March 2022

    Revenue fell 1.9% in 2024 and average staff dropped from 39 in 2023 to 32, per register data

  • Tripleye GmbHInsolvent

    Germany · June 2022

    In insolvency proceedings by March 2026; IP rights sold for €5,000 in May 2026

  • Twinsity GmbHClosed

    Germany · March 2023

    Beneficiary entered liquidation in October 2025 with €68,227 equity at end of 2024.

  • Unique Entertainment Experience SASInsolvent

    France · October 2021

    App shut down in 2025 after failing to raise further capital; judicial liquidation opened October 2025

  • UPMEM SASInsolvent

    France · June 2021

    Receivership in October 2024 and liquidation from July 2025

  • Vascular Biogenics LTDInsolvent

    Israel · October 2021

    Phase 3 OVAL failed in 2022; successor Notable Labs filed for Chapter 7 in October 2024

  • Vésale Bioscience SPRLActive

    Belgium · October 2022

    Turnover of €22,546 in 2025 with a €2.02M loss; the test had not been CE-marked

  • VesselSens GmbHInsolvent

    Germany · March 2022

    Provisional insolvency administrator appointed on 30 January 2026; in liquidation from May 2026

  • VOISEED S.R.L.Active

    Italy · June 2021

    Revenue of €73.6K against a net loss of €902K in 2025

  • Wi-Charge LtdClosed

    Israel · June 2021

    Shut down in August 2026 after failing to raise enough to expand

  • Xenergic ABActive

    Sweden · March 2022

    Net sales of SEK 1.7M in 2024, down from SEK 3.0M in 2023, with a SEK 12.1M net loss

  • XENIKOS BVClosed

    Netherlands · October 2022

    Ceased operations in March 2023 after its Phase 3 trial was stopped; company in liquidation.

  • XENOMATIXActive

    Belgium · March 2022

    Gross margin fell from €4.41M to €2.93M and net loss grew to €2.15M in the year to June 2025

  • Zigrid ABActive

    Sweden · June 2023

    Net sales were SEK 117,000 in 2025, its first, against SEK 13.2 million of other income.

Scaling unclear (307)