Two SIT Alumni receive EU support
(Source: European Investment Bank)
Two SIT alumni, Lixea (SIT 2018) and Glowee (SIT 2018) have received support from the European Innovation Council (EIC), a new programme under Horizon Europe with a budget of over €10 billion for 2021-2027 to develop and expand breakthrough innovations.
Lixea’s goal is to revolutionise waste biomass utilisation through a novel fractionation process. It has closed a €2 million investment from the European Innovation Council Fund (EIC Fund) pilot, which complements a previous EIC grant of €2.3 million as part of the European Commission’s support to scale and commercialise the Lixea technology.
Glowee, a French start-up based in Paris, produces bioluminescent liquid and installations to provide indoor lighting for corporate events (Glowevent) or wellness in hotels (Glowzen) and outdoor lighting in urban areas. The EIC Fund approved blended finance combining €1.7million grant and €2 million in equity co-investment subject to certain conditions precedent.
Established in June 2020, the EIC Fund is a breakthrough initiative of the European Commission making direct equity and quasi-equity investments (between €500 000 and €15 million) in European high impact and deep tech start-ups and scale-ups. The EIC Fund provides patient capital and invests in companies from any sector, across all EU countries and countries associated with Horizon 2020.