Cluj-Napoca-based startup dotLumen (.lumen) has received funding worth EUR 9.3 mln in the European Innovation Council (EIC) Accelerator. The startup is developing glasses for the blind with a technology to understand the environment and give feedback using sound and impulses, according to Romania-Insider.com.
In total, 99 startups and SMEs were selected in what is the largest-ever funding round from the European Innovation Council Accelerator. They will receive EUR 627 million of EU funding to help them bring their promising technologies to the market.
The selected companies will receive grants and/or equity investments, depending on their needs, up to a maximum of EUR 17.5 million. They were selected following a process involving an ideas screening stage, and full applications assessed by external experts and an interview with a jury of experienced investors and entrepreneurs.
The EIC Accelerator offers startups and SMEs grants of up to EUR 2.5 million combined with equity investments through the EIC Fund ranging from EUR 0.5 to EUR 15 million. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors and ecosystem actors.
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