Biotechnology and bio-manufacturing win 350 million euros in support and investment from EIC Council
The European Commission thus reinforces biotechnology as central to Europe's green, digital and long-term industrial transition.
The European Commission has published the impact results report “The European Innovation Council IMPACT REPORT 2023”. The report provides an overview of the impacts generated by innovators funded by the European Innovation Council (EIC), a €10 billion European Union program to identify, support and scale up innovative technologies and deep tech startups.
Horizon Europe's EIC has more than 500 startups, 275 advanced research projects and 140 projects commercializing research results funded from 2021 to the announced call results through the end of 2023.
A novel feature of this year's report is the analysis of the pipeline of projects and companies, which highlights the nature of innovation through critical technologies such as biotechnology or artificial intelligence. In the words of Iliana Ivanova, European Commissioner for Innovation, Research, Culture, Education and Youth, “Biotechnology is a key area and EU policy priority for the green and digital transition and are fundamental to Europe's long-term industry.”ç
The impacts of Horizon Europe's EIC portfolio include:
- 100 investment rounds backed by the EIC Fund, securing co-investments from 280 other investors worth €1.2 billion, leveraging more than €3.5 of additional investment for every €1 of direct investment through the EIC Fund.
- Investments in technology areas critical to Europe's future competitiveness, which in the Horizon Europe portfolio include:
- Over €500 million for projects and companies developing or applying Artificial Intelligence technologies;
- Support for the Chip Act worth nearly €500 million through funding for quantum and semiconductor technologies, including many of Europe's leading start-ups in these fields;
- More than 150 projects developing Advanced Materials or applying them in specific sectors; and
- Around €350 million of support and investments in Biotechnology and Biomanufacturing in areas ranging from Industrial Biotechnology to Healthcare Biotechnology.