European Innovation Council (EIC) has announced that its 120 member companies have collectively raised over €1.2B in funding since joining the programme.
The announcement was made by Stéphane Ouaki, Acting Director of the European Innovation Council & SMEs Executive Agency (EISMEA), during the EIC Scaling Club Ambition Forum in Riga, Latvia.
What is the EIC Scaling Club?
The EIC Scaling Club is a community of over 120 European deep-tech scale-ups.
They unite with investors, corporate innovators, and other industry stakeholders to foster growth.
The EIC Scaling Club is an EIC-funded initiative run in partnership with Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, and Tech.eu (Webrazzi), EurA and IESE Business School.
The Club’s purpose is to support its members’ growth over the course of the 2-year programme.
The Club welcomed its members in two groups:
The first group, which joined in April 2024, has experienced a 58.27 per cent increase in funding, with a median of €22.34M per funding round.
The second group, which joined six months later, has grown their teams by 27.7 per cent.
Most funded sectors
According to the EIC, the most funded sectors within the EIC Scaling Club are:
€447.1M for Next-Gen Computing, with an average funding round of €37M€220.7M for Renewable Energies, with an average funding round of €22M€133.8M for Smart Mobility, with an average funding round of €22M
The largest deals in this period include:
Axelera AI
HQ: The Netherlands
Funds raised: €61.6M in 2025 and €58.6M in 2024
Axelera AI is developing the world’s most efficient and sophisticated edge AI solutions. It offers Edge AI solutions through its Metis AI platform. The company’s hardware and software solution would compress the AI processing capabilities of an entire server into a single chip at a fraction of the power consumption and expense of existing AI technologies.
Multiverse Computing
HQ: Spain
Funds raised: €189M this June 2025 and €67M in March 2025
Multiverse Computing uses quantum AI technology to solve complex problems in areas like finance, energy, manufacturing, logistics, space, life sciences, healthcare, and defence.
Aerones
HQ: Latvia
Funds raised: €53.4M in 2025
Aerones specialises in robotic wind turbine operations and maintenance (O&M) services. It is the only company providing robotic turbine blade leading-edge repairs in more than 27 countries worldwide.
Endurosat
HQ: Bulgaria
Funds raised: €43M in 2025
EnduroSat aims to make constellation deployment more accessible and cost-efficient through its all-in-one Space Service model.
H2Site
HQ: Spain
Funds raised: €36M in 2025
H2SITE is a deep tech startup that uses advanced membrane reactor technology to solve the hydrogen transport problem by converting hydrogen carriers with well-known supply chains and separating hydrogen gas blends into fuel cell purity hydrogen.
While speaking at the Forum, Stéphane Ouaki, Acting Director of EISMEA, says, “Europe’s deep tech ecosystem has hit a new milestone: The EIC Scaling Club companies have together raised more than €1.2 billion since joining the action. This demonstrates that Europe’s most promising innovators are gaining investor backing, both from the private and the public sector. This achievement is not only about numbers, but also about Europe gaining its strength to lead in future-shaping technologies, making our continent more competitive, sustainable, and secure.”
Networking events twice a year
Since joining the EIC Scaling Club, the companies have raised a cumulative €287.6M in 2024, while in 2025, they have already surpassed €910.6M, indicating an accelerated rate of fundraising.
The EIC Scaling Club aims to help members reach fundraising goals by hosting networking events twice a year, including one-on-one meetings with deeptech investors.
This year, members gathered in Riga, Latvia, for the EIC Scaling Club Ambition Forum, organised by the University of Latvia and partnered with the Latvian Investment and Development Agency (LIAA).
The next EIC Scaling Club event will be held in the first half of 2026. It will be the final event of the programme, which will run until October 2026.
“To develop deep tech technologies in Europe, both public and private funding have to work together in a format that is most appropriate for the time, as well as for the specific company. Latvia is moving in this direction, and hosting Europe’s leading technology developers in Riga, as well as Europe’s public and private funding representatives, 120 Club Members, and ecosystem participants, is a major foundational block for Latvia’s innovation ecosystem. Many meetings will be held, conversations will be further developed and decisions will be made. Riga is a very comfortable and hospitable place for hosting such conferences in Northern Europe,” says Egita Aizsilniece-Ibema, EIC Scaling Club Advisory Council Member, and Head of the Latvian office for Innovation and Technology in Brussels.
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