The European Innovation Council (EIC) has today rewarded Swedish start-up Embedl a grant within the EIC Accelerator program. The grant amounted to 2.5 million euro (27.46 million SEK). The money will be used to accelerate the development and commercialization of Embedl’s unique software technology that improves the performance of deep learning based artificial intelligence.
During the last decade artificial intelligence development has boomed thanks to the deep learning technology, where artificial neural networks mimic the human brain. This technology is essential in advanced driving assistance systems and autonomous driving. It is also increasingly being used in surveillance, manufacturing and internet-of-things devices. When you want to run the software in a constrained computer environment you need to optimize and transform the complex models to fit the target computing hardware and to perform well enough. This is a very complex and time consuming task, one that Embedl’s software is solving.
The EIC Accelerator grant of 2.5 million euro (27.46 million SEK) will be used to accelerate and scale up the Gothenburg (Sweden) based start-up Embedl to further develop its software product and to add new products to the portfolio. The project will also include activities to streamline the sales process and the onboarding of new customers. Three beta-testing programs will be deployed with customers who will get early access to upcoming features and products.
“We are greatly honored and thankful for this grant from EIC. It will boost our development and growth plans in a substantial way, it increases our ability to secure a leading position in the deep learning tools market”, says Hans Salomonsson co-founder and CEO of Embedl.
The project spans over two years and by the end of 2024 Embedl will have a broader and improved product portfolio. The new products will be used by relevant customers, the marketing, sales and onboarding machinery will be streamlined and efficient. To accomplish this Embedl will recruit ten additional people in the near future. A majority of those will join the R&D team.
Embedl is a spin-off from Chalmers Technical University and a deep-tech company specializing in optimization of deep learning (DL) models. Today its products are being used in the Automotive and Aeronautics industries but can be applied to any field where DL is deployed in a product.
Embedl provide tools and know-how that empower teams of data scientists and DL-engineers to build more efficient DL-models. Using Embedl’s tools and algorithms does not just generate better models, the work effort can be automated which results in a more efficient workflow and allows for engineers to focus on solving core business problems rather than compatibility issues and maintenance.
About European Innovation Council
The European Innovation Council (EIC) was established by the European Commission in 2021 following a 3 years successful pilot phase. It has a mission to identify, develop and scale up breakthrough technologies and disruptive innovation. It has a budget of over €10 billion for the period 2021-2027.
The funding and support is organised into three main funding schemes covering all technology readiness levels: EIC Pathfinder for advanced research to develop the scientific basis to underpin breakthrough technologies; EIC Transition to validate technologies and develop business plans for specific applications; and the EIC Accelerator to support companies (SMEs, start-ups, spin-outs and in exceptional cases small mid-caps) to bring their innovations to market and scale up. The Accelerator provides a combination of grant support and direct equity investments in companies through a dedicated EIC Fund, which also provides a platform for co-investments with other investors.
For all schemes, the direct financial support is augmented with access to a range of Business Acceleration Services.
The strategy and implementation of the EIC is overseen by the EIC Board of twenty individuals from the innovation ecosystem (academia, business, investment, ecosystem builders). The EIC also employs dedicated Programme Managers with high level expertise in their fields, to set the challenges and proactively manage portfolios of projects towards technological breakthroughs.
For further information contact
Hans Salomonsson, co-founder and CEO of Embedl. firstname.lastname@example.org. +46730632837.