As the European Commission is set on making the EU a leader in trustworthy AI and ML, a new ePitching on Artificial Intelligence (AI) & Machine Learning (ML) was held on 27 September 2023. Organised by the European Innovation Council (EIC), as part of the Business Acceleration Services, the event brought together seven selected innovators and more than 30 investors, fostering connections and exploring potential funding opportunities.
The presented solutions ranged from AI-powered molecular modeling for drug development (BioSimulytics), to AI weather forecasting (Skyfora), ultra-low-power intelligence for the sensor edge (Innatera Nanosystems). Other innovations included clinical data supporting clinical decisions (Kahun), quantum-based software for complex industry problems (Multiverse Computing), services for soil-based carbon removal (Seqana), and voice content available in any native language (Voiseed).
The select group of trailblazing companies had the opportunity to pitch their solutions to experienced investors in AI & ML, from Amadeus Capital Partners, BASF Venture Capital, Caixa Capital Risk, Capricorn Partners, Crowberry Capital, Cusp Capital, DN Capital, eCapital, Hightech-Gründerfonds, Inven Capital, Matterwave VC, NGP Capital, Octopus Ventures, Omnes Capital, Redalpine, Robert Bosch Venture Capital GmbH, Speedinvest, UVC Partners and No Such Ventures.
Innatera takes the spotlight
Innatera Nanosystems, presenting neuromorphic intelligence for the sensor edge, emerged as the winner of the day.
Originating as a spin-off from Delft University of Technology, Innatera's mission is clear to recreate the efficiency of the human brain in AI models. Innatera’s chips could process sensor data at speeds 100 times faster than conventional processors, all while consuming up to 500 times less energy. In an age where both speed and sustainability are paramount, Innatera’s offering seemed nothing short of revolutionary. The technology has diverse applications, including smart devices, wearables, robotics, industrial automation, and automotive.
Sumeet Kumar, CEO of Innatera, attributed their success to being a strategic company aligned with Europe's objectives.
“When people listen to our story, it immediately becomes clear to them what kind of an impact we could have. You use a mobile phone, you have a smart watch, you drive a car with sensors inside. You connect with these problems and I think you can instantly see that five years from now it is a reality that you will be driving a car with our chip inside. You'll be using a phone with our chip inside.” – Sumeet Kumar, Innatera Nanosystems.
Regarding the overall event experience, Kumar highlighted the quality of investors, efficient organization, and strong support for participating companies.
“It was a really well organised event, everyone was friendly and also the quality of the event kind of reflected in the diversity of investors that were sitting at the table. I really like that you had very good investors.” – Sumeet Kumar, Innatera Nanosystems.
Marta Garcia, CFO of Multiverse Computing, emphasized the value of EIC events for companies in the AI and ML space. She praised the opportunity to pitch directly to different investors, noting it as crucial, especially for fundraising.
However, this AI & ML ePitching was also the opportunity to present Multiverse’s new product: CompactifAI, a large language model compressor, super easy to use.
“You just upload your language model that you want to compress and then you have a different percentage of compressing with the same accuracy. We don't think anyone else has something like this. So, it's very, very powerful. We feel ‘what better opportunity to launch or start talking about this new product than this event?’”. – Marta Garcia, Multiverse Computing.
In addition to introducing their innovative language model compressor, Multiverse is actively engaged in the realms of quantum and quantum-inspired software. The company provides 'Singularity,' a versatile platform accessible to anyone, with applications spanning over 10 diverse verticals such as Finance, Energy, Manufacturing, Mobility, and Cybersecurity.
“You don't have to be a mechanic to drive a car. You just know how to drive it, right? So, this is the type of product that we have built a very easy product. We want to democratise quantum for everyone. We work very closely with a client. With real problems, real data, with the idea that we want to put our solutions into production”. - Marta Garcia, Multiverse Computing.
Investor Insights: Recognition for quality and maturity
Fernanda Aguiar, from NGP Capital, emphasized the exceptional quality and maturity of the showcased solutions.
“I've attended several EIC pitching events before and the quality is always super high. And I think that when companies come to these events, they're already in a great stage of pre-commercialisation or already commercialising the product, which makes it also really relevant for us as investors. – Fernanda Aguiar, NGP Capital.
Fernanda also noted the depth of knowledge demonstrated by the participants.
“The pitches are always very well structured, so the founders seem pretty well prepared. To convey, to explain their ventures and the problem and how they're solving it the best way. Especially because we're talking about usually very breakthrough technology. Very complex. It took a lot of years to develop.” Fernanda Aguiar, NGP Capital.
Volker Hirsch, Venture Partner at Amadeus Capital Partners, acknowledged the EIC stamp as a quality guarantee and commented on the "high quality of the pitches".
Hirsch, who is also the Chief Commercial Officer of Medicines Discovery Catapult, also explained the importance of a great team when investing.
“If you have a great team, you have a much better chance of navigating this complex environment and reacting and adapting to change. Things always change specifically when it's hard and new science”. - Volker Hirsch, Venture Partner at Amadeus Capital Partners.
He also shared what he believes to be a secret to success.
“The mix of scientific excellence and commercial awareness is, I think, the one thing I would look at most. So, the perfect team would be a smart scientist with a really cool idea and an experienced operator commercial person. And if they then can play well together, then you can create some magic.” - Volker Hirsch, Venture Partner at Amadeus Capital Partners.
As the online AI & ML pitching event came to a close, one thing was clear: the horizon of artificial intelligence and machine learning is vast and filled with potential. While Innatera emerged as a standout, each of the seven companies showcased innovations that hold the promise of transforming their respective sectors.
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Get to know the EIC’s selected AI & ML projects
You can find the descriptions of the companies who took part in the event.
The EIC Ecosystem Partnerships and Co-Investment Support Programme is already organizing a new event, which will take place on 23 October in Paris, with a focus on healthcare. Discover more here.
About the EIC Ecosystem Partnerships and Co-Investment Support Programme
The Ecosystem Partnerships and Co-Investment Support Programme is expanding the EIC’s Business Acceleration Services (BAS) by creating a network of specialized, sector-focused partners that can help innovators access the services they need. It is also dedicated to promoting co-investment along with the EIC Fund, by preparing beneficiaries to interact with investors and connecting them through matchmaking and dedicated events.
Should you have any questions regarding the event, please contact us via email: events@eicfund.eu.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.