Austria-based CycloTech, an aviation tech firm that claims to be a pioneer in developing innovative flight propulsion technology, announced that it has secured €20M in funding just a few weeks after opening the funding round. The company is in talks with investors to reach a €53M funding goal this year. With backing from investors Breeze Invest and Konos Holdings, CycloTech aims to propel the development of the inaugural full-scale prototype for the CycloRotor propulsion system. CycloTech’s electric CycloRotors allow for fully circular, 360° thrust vector control, a departure from traditional aircraft propulsion systems (jets, propellers, rotors) limited to thrust in one direction. The tech enables the development of compact, comfortable eVTOL aircraft with vertical-to-horizontal flight transitions, setting it apart from current market solutions. The capital will support CycloRotor’s preparation for European Aviation Safety Agency (EASA) certification, setting the stage for a marketable product by 2030. https://siliconcanals.com/crowdfunding/cyclotech-secures-20m/

Powerful Medical, a pioneering medical device manufacturer, proudly announces being selected to receive a €2.5 million grant and a follow-on €5 million investment from the European Innovation Council (EIC). Chosen from over one thousand applicants, Powerful Medical stands out as a driver of innovation focused on transforming the field of cardiovascular diagnostics. The company's flagship AI-powered ECG interpretation platform, PMcardio, is setting a new standard in cardiac diagnostics, enabling healthcare professionals to detect acute heart attacks, also known as occlusion myocardial infarction, along with 38 other cardiac abnormalities at the first point of contact. https://uk.finance.yahoo.com/news/powerful-medical-secures-7-5m-104900598.html

Romania's PNRR (Recovery and Resilience Plan) allocated EUR 50 million to two local investment funds, Early Game Ventures II and BoldMind, via the Recovery Equity Fund (REF) managed by the European Investment Fund (EIF). https://www.romania-insider.com/romanian-investment-funds-recovery-equity-feb-2024

Hamburg Invest backing up-and-coming, global greentech scale-ups settling in Hamburg Metropolitan Region. The Hamburg Invest business development agency has launched a new round of applications for the Scaleup Landing Pad Hamburg targeting international greentech scaleups in the mobility, logistics, energy and construction sector who wish to set up shop in the Hamburg Metropolitan Region. Companies interested in relocating now have until the deadline of March 31, 2024, to apply for custom-made services. To be eligible for the award, scale-ups must demonstrate business success in their home market, be in a strong growth phase and seek to establish themselves in Hamburg's ecosystem. https://www.hamburg-news.hamburg/en/companies/scaleup-landing-pad-hamburg-launches-new- application-round

Smart Farm Robotix received a 2.4 million euro grant for an AI-powered, solar weeding robot, promising a sustainable revolution in agriculture with precision weeding. On March 1, Bulgarian robotics startup Smart Farm Robotix announced it received a significant boost with a 2.4 million euro grant from the European Innovation Council (EIC). This funding is earmarked for the development of a pioneering solar-powered, fully autonomous weeding robot, which leverages artificial intelligence (AI) for identifying plants and executing precision weeding without chemicals. This innovation aims to revolutionize agricultural practices, particularly in challenging environments. https://bnnbreaking.com/world/bulgaria/bulgarian-startup-smart-farm-robotix-wins-24m-eu-grant- for-ai-powered-weeding-robot

Frankfurt-based Enviria has secured $200m in equity from BlackRock, cementing Germany’s place as a solar tech hub. Unlike the country’s two solar unicorns, Enpal and 1Komma5, which provide solar panels to households, Enviria helps businesses source panels, coordinate with suppliers and ensure regulatory compliance. Founded in 2017, Enviria raised a Series A round in 2022 from investors including Galileo Green Energy, Alter Equity, Redalphine and BNP Paribas. Its latest funding comes from BlackRock’s Global Renewable Power IV fund. BlackRock has invested in a number of European climate tech companies, including Enpal and Northvolt, Europe’s best-funded gigafactory startup. BlackRock also backed Arrival, the electric van manufacturer that went into administration earlier this year. https://sifted.eu/articles/enviria-blackrock-climate-solar-panel-news

A new set of 42 companies has been selected to receive European Innovation Council (EIC) funding, combining grants and equity, following the final 2023 EIC Accelerator cut-off in November. The 42 selected companies will together receive up to €285 million in funding. A large majority of selected companies (62%) will receive the blended finance option, which is a combination of grants and equity investments. The equity investments will be made through the EIC Fund as the dedicated investment fund for EIC Accelerator companies, and which attracts other investors to increase the overall investment to over three times the EIC investment on average. The selected companies have a geographical spread spanning 15 countries, including three widening countries. Here are some examples of innovative companies that will receive support: Alias Robotics (Spain) – the next generation robot-specific AI-powered security platform IQM Finland (Finland) - industrial-grade quantum computers with error correction and mitigation capabilities Powerful medical (Slovakia) – application for more accurate heart attack diagnosis Smart Farm Robotix (Bulgaria) - fully autonomous solar-powered lightweight weeding robot, using AI for plant recognition, precision contact and contactless weeding methods suited for hard soils, hilly terrains, and arid climates. https://eic.ec.europa.eu/news/eic-accelerator-eu285-million-funding-deep-tech-start-ups-most- competitive-funding-round-2024-02-28_en