€100,000 growth package offered to deep-tech startups in EIT Digital Challenge

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Presented by EIT Digital

EIT Digital has launched the fourth edition of the EIT Digital Challenge — and late-stage startups or scaleups can apply with their successful digital technology products in five different categories:

  • Digital Industry
  • Digital Cities
  • Digital Wellbeing
  • Digital Infrastructure
  • Digital Finance.

The winner in each category will receive an international growth package worth €100,000. The package includes a full year of dedicated support from the EIT Digital Accelerator and a cash prize of €50,000. Applications can be submitted until 8 October 2017.

Since 2014, the EIT Digital Challenge has drawn more than 1,400 entries from 27 EU countries. Most awarded scaleups grew to become internationally successful companies such as Konux from Germany who expanded to the U.S. and raised US $16 million in Series A funding for their smart industrial maintenance solution this year.

Dedicated support for deep-tech ventures to scale up globally

The contest focuses on deep-tech businesses seeking to accelerate their international growth.

Deep-tech innovations are technologies that are built around unique, often protected or hard to reproduce technological or scientific advances. They have a strong research base and develop disruptive solutions that fuel the digital transformation. However, these businesses face specific challenges that involve time to market, capital intensity, and technological risk and complexity.

Above: One of last year’s EIT Digital Challenge Winners, Galgus.

“Deep tech digital ventures require high quality specialized support when it comes to finding customers and raising capital,” explains Willem Jonker, CEO of EIT Digital. “Through our excellent pan-European business and technology ecosystem, and guided by our experience and our proven track record in deal making, we at EIT Digital are in a unique position to drive the international scaling of these deep-tech digital ventures.”

5 final pitch events / 5 different European cities

The best five applicants in each category will be invited to pitch their product in front on an expert jury at one of five final events:

Digital Cities: Trento, Italy – 28 November 2017

The Digital Cities category addresses technologies that enable the digital transformation of cities, innovate how city governments interact with its residents or deploy disruptive information, mobility and safety services in cities.

Digital Industry: Eindhoven, Netherlands – 29 November 2017

Innovations in the Digital Industry category improve efficiency in production and retail to better address customer needs, and to help save natural resources in manufacturing and logistics, covering the complete product life cycle.

Digital Wellbeing: Madrid, Spain – 30 November 2017

The Digital Wellbeing category looks for scaleups that improve the quality of both mental and physical health through new technologies such as sensors, wearables or smart software for meaningful analytics.

Digital Finance: Budapest, Hungary – 4 December 2017

Digital Finance covers innovative financial products and services through digital technology with the objective of making financial systems more reliable, more transparent, and less dependent on central infrastructures.

Digital Infrastructure: Berlin, Germany – 11 December 2017

Technologies in the Digital Infrastructure category are enabling a better infrastructure by providing secure, responsive. and intelligent communications and computation facilities. This includes mobile broadband networks, AI or network management tools, and cybersecurity solutions.

Operating in 13 cities across Europe and a hub in Silicon Valley

The EIT Digital Accelerator supports European digital technology ventures to scale up by helping secure target customers and raise capital. A team of about 40 experienced business developers and finance experts operate from 13 cities across Europe, along with a hub in Silicon Valley. Since 2012, the EIT Digital Accelerator has supported more than 250 companies to access new markets, and helped them raise more than €80 million in investment to date. The program was ranked 8th among the Top 20 in the Global Accelerator Report 2016 by Gust.

To apply to the EIT Digital Challenge, a company must be based in the EU, have at least €300,000 in revenue or €2 million in equity investment, and be less than 10 years old. The deadline for applications is 8 October 2017. Visit here for more information and an application form.

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