Investment in technological innovations is an undeniable trend in the last years, particularly when it comes to new data management and artificial intelligence related solutions. This can also be spotted among the EIC companies, especially among the ones developing solutions that aim to improve our living conditions and to contribute to a safer and greener future. In this article, you can get to know 3 EIC-funded tech products that have succeeded in the investment market during Q3 and Q4 in 2022.
Indoor Robotics: $18 million in a Series A funding to further establish their indoor safety technology
In a Series A funding round, Indoor Robotics accomplished an amount of $18 million that will enable the company to scale Tando, their fully autonomous indoor drone fleet. Tando technology, that received EIC funding, is a game-changing holistic solution that performs active monitoring in indoors’ settings. The system employs advanced sensors to perform routine surveillance and space monitoring, helping users to master their ever-changing indoor environments making sure they are safe, secure and maintained to the highest standard. Moreover, Indoor Robotics’ artificial intelligence anomaly detection software provides further analysis of situations and events, which gives the user insight into incidents.
In a first stage, in June 2022, the funding round was led by Pitango with participation from Target Global, European Innovation Council Fund, and Spider Capital. Then, in September 2022, the group of Indoor Robotics investors was closed with the addition of Champel Capital, concluding the Series A funding round at the value of $18 million.
According to Ofir Bar Levav, CBO of Indoor Robotics, these are the company’s goals for the next months: “Our first priority is to build our operational infrastructure. This includes investing in our ability to produce at scale, as well as building a strong customer operations team that can support and serve our partners and customers as we launch Tando in NA and Europe in 2023. In parallel, we continue to invest in R&D to further strengthen our core technology and develop more capabilities that solve real customer problems and deliver value to our customers.”
More details about this funding round can be found on the Indoor Robotics’ website.
OutThink: $10 million to scale-up their novel cybersecurity platform
OutThink raised $10 million in a funding round led by AlbionVC Capital, that also counted with participation from GapMinder VC, Triple Point, Forward Partners (existing investor) and Innovate UK, helping them to further scale the company. Their revolutionary Human Risk Management Platform targets human behaviours that can lead to data breaches.
The platform created by OutThink, which was funded with an EIC grant, can identify root causes (like poor security attitudes and behaviours), then target training and other improvement actions. It gives chief information security officers (CISOs) the data to make better-informed decisions and it recommends targeted interventions to optimise the whole security management system within a company.
With the money, OutThink intends “to invest heavily in building world class Customer Success and Product teams to serve the organisations that rely on OutThink to manage cybersecurity human risk. We have cutting-edge infrastructure, an innovative product that the market loves, and an amazing team. We’re growing fast, with new customer, new partners, we’re hiring up and we’re investing to enhance our products and services.”, Flavius Plesu, Founder & CEO of OutThink, told us.
You can read more about OutThink and their achievement in a dedicated news piece.
Smartex: closed Series A funding round of $24.7 million to speed up their zero-waste mission in textile factories
Smartex is a company committed to reducing the textile industry defective production to 0%, preventing the creation of unnecessary waste. Their team has made this possible by developing unique devices, which combine hardware and software built in-house to achieve such a goal, having received funding from the EIC in 2020 to continuously improve their innovative solution. Smartex has applied their technology in 60 textile factories, until the moment, combining the use of cameras with artificial intelligence and machine learning to detect defects in real-time and automatically shut down production to prevent waste.
Now, in November 2022, Smartex raised $24.7 million in a Series A investment round, led by US-based Lightspeed Ventures and Tony Fadell’s Build Collective. Among the group of investors, there were DCVC, SOSV’s HAX, Spider Capital, Momenta Ventures, Bombyx Capital Partners and the global fashion retailer H&M.
Gilberto Loureiro, CEO and Co-founder or Smartex, talked to us about the new amount raised: “In order to achieve our goal to scale and go worldwide, we need to have bold bets on internationalisation growth, as well as to keep developing our deep-tech solutions to create a real and massive impact. So, this funding will allow us to take those bets to improve textile production on many levels.”. Furthermore, Gilberto highlighted the importance of the EIC’s support: “Being part of the selected companies to receive an EIC Grant was always a privilege for us, and having the support since our early days played a very important role in our company from the development of new technologies, to our Go-to-market strategy and much more!”.
Learn more about Smartex’s funding round here.