Grovf – an Armenian start-up supported by EU4Business and engaged in the Internet of Things (IoT) and database hardware acceleration – is one of two SMEs in the Eastern Partnership region, selected for funding under the first phase of the European Innovation Council’s (EIC) pilot of its SME Instrument.
The second company – Raccoon Technologies – is from Ukraine. The company produces Raccoon.Recovery, an interactive therapy and analysing tool for hand rehabilitation.
Both companies will receive funding and free coaching to develop and implement their business ideas.
The two companies are among 242 SMEs from 30 countries (mainly in the EU) selected out of 2,149 proposals. The total budget of the funding under the instrument is €12 million. It will be distributed between the companies’ projects to get their innovations onto the market more quickly.
The majority of the companies selected for funding are in the fields of information and communication technology, health and engineering.
Grovf works on hardware acceleration of core database functionalities for data processing for the Industrial Internet of Things (IIoT), a new reality that is transforming industry.
Last year, Grovf took part in a Venture Forum for ‘Innovation Matching Grant’ applicants. It was one of 15 winning teams to receive financial support under EU-SMEDA project, aimed at innovative technology start-ups. In addition to the financial support, EU-SMEDA also provided the company with mentorship, networking opportunities, and expertise in innovation commercialisation strategies and business development, as well as linkages with potential investors. Last September, Grovf was one of 15 start-ups taken to Germany by SMEDA to take part in the Armenian Startup Academy Berlin (ASAB). The academy included 4 days of intensive trainings on investor readiness, business modelling, pitching, marketing and sales, individual meetings with potential partners, clients, and investors.
The EU4Business SMEDA (Support to SME Development in Armenia) project supports the improvement of the business and investment climate for SMEs in Armenia. It aims to strengthen the private sector, support SME coordination mechanisms, and foster links between research institutions and the private sector, as well as providing access to finance for SMEs.
The SME Instrument is part of the EIC pilot to support top-class innovators, entrepreneurs, small companies and scientists with funding opportunities and acceleration services.
Companies can apply for two distinct phases under the SME Instrument, depending on how developed their project already is.