SpiNNcloud secures €10 million blended funding

SpiNNcloud Systems, one of our alumni, has been selected for the EIC - European Innovation Council (EIC) Accelerator, receiving €10 million in blended funding under the GenAI4EU: Creating European Champions in Generative AI” initiative. SpiNNcloud Systems is a Dresden-based startup spun out in 2021 from the Dresden University of Technology. They specialize in neuromorphic, brain-inspired supercomputers designed for highly energy-efficient AI inference

The EIC Accelerator supports startups and SMEs developing breakthrough technologies with strong market potential. The funding is highly competitive, with only the most innovative companies selected. In this round, 40 companies from 16 countries were chosen, with Germany among the leading countries by number of awardees.

What is blended funding?

The term “blended funding” under the EIC Accelerator refers to a combined financial package made up of both a grant and an equity investment. This means that companies receive non-repayable grant funding to support activities such as developing, testing, or scaling up their technology. At the same time, the EIC, through its dedicated fund, also provides equity financing, giving the company long-term capital to help bring its innovation to market and scale commercially. This approach significantly reduces the financial risk for companies while ensuring they have sufficient resources to successfully implement their projects all the way to market entry.

In the case of SpiNNcloud Systems, the €10 million in blended funding they have been awarded means they will benefit from both a direct grant and an equity investment from the EU.