Eic Scaling Club Reports €4 Billion Raised, Including Major Quantum And Ai Round

Insider Brief

• EIC Scaling Club companies, including quantum and AI businesses, have raised more than €4 billion since joining, increasing their funding 2.3 times faster than comparable businesses relative to their pre-joining totals.
• Spain’s Multiverse Computing, a quantum and AI company, secured €500 million, the largest of the funding rounds highlighted in the report.
• Next-Gen Computing attracted €1.32 billion, while approximately 80% of all funding came from rounds involving the EIC or another public co-investor.
• Photo by Alexey Larionov on Unsplash

PRESS RELEASE — European deep tech scale-ups have raised more than €4 billion since joining the EIC Scaling Club, an EIC-funded initiative for promising European deep tech scale-ups, growing their funding 2.3 times faster than comparable businesses relative to their pre-joining funding, according to a new report. These technologies will play a pivotal role in strengthening Europe’s competitiveness, resilience and technological sovereignty, while demonstrating that the continent’s next generation of technology leaders is emerging far beyond its traditional innovation hubs.

The analysis reveals that investment is increasingly concentrated in technologies considered critical to Europe’s future competitiveness, resilience, and technological sovereignty. Companies in New Space and Next-Gen Computing attracted the largest volumes of funding, securing €1.34 billion and €1.32 billion respectively, followed by Renewable Energies with €589 million. Together, these sectors accounted for approximately 80% of total funding raised. 

Nine investment rounds exceeded €100 million, together accounting for more than half of the total funding, and eight of them involved the EIC or another public co-investor. These include a €500 million funding round secured by Spanish Quantum and AI company Multiverse Computing, €288 million raised by Spanish Space technology company PLD Space, and €234 million secured by Netherlands-based AI computing company Axelera AI. 

These companies have raised funding equivalent to 128% of their total pre-joining investment, compared with just 56% for comparable businesses, demonstrating strong funding momentum. The report also highlights the importance of public funding, with approximately 80% of the funding secured through investment rounds involving the EIC or another public co-investor.  

The EIC Scaling Club, running under the EIC Business Acceleration Services, launched its first cohort in April 2024, with the second cohort launching in October 2024. Europe’s Deep Tech Scale-ups: Building Momentum report analyses the funding performance of the Club’s portfolio of 120 companies across 26 European countries. It reveals strong investment growth, highlighting the potential of Europe’s deep tech ecosystem to develop globally competitive technology champions. 

Michiel Scheffer, President of the Board European Innovation Council, said: “Innovation only truly makes a difference when it reaches people in their everyday lives, when it is developed by workers on the ground and becomes accessible to everyone. That is why helping deep tech startups grow and bring their innovations to market is so important, both for society and for Europe’s competitiveness. I therefore welcome the EIC Scaling Club’s continued efforts to help these startups grow and turn their promising ideas into real-world solutions.”