The European Commission has announced the second group of companies advancing in the EIC Strategic Technologies for Europe Platform (STEP) Scale-Up initiative
These four companies, selected for their groundbreaking innovations, are set to receive up to €90 million in equity investments collectively, pending final due diligence and investment decisions by the European Innovation Council (EIC) Fund.
The successful companies cover a range of critical strategic technologies and include:
- Multiverse Computing (Spain), specialising in quantum and AI applications
- HyImpulse Technologies (Germany), developing satellite launch services
- Dronamics (Bulgaria and Ireland), a pioneer in cargo drone delivery
- Classiq Technologies (Israel), focused on quantum software
Each of these companies has been awarded the STEP Seal. This mark facilitates access to additional public or private funding opportunities, as well as tailored support through the EIC’s Business Acceleration Services.
Closing the deep tech funding gap
The EIC STEP Scale-up programme was launched to address a persistent funding gap for high-potential, deep-tech companies in Europe. These companies often require large-scale investments to bring disruptive innovations to market, particularly in sectors such as digital, net-zero, and biotechnology. While early-stage funding is more accessible, many scale-up-stage businesses struggle to secure investments in the €50–150 million range.
To close this gap, the STEP Scale Up program offers equity investments ranging from €10 million to €30 million per company. This is designed to unlock larger financing rounds by leveraging private co-investments, enabling companies to grow rapidly and reduce Europe’s reliance on non-EU technologies.
The selection process
The selection process is highly competitive. Of the 19 companies that submitted proposals in the first batch, only five were invited to interview with a panel of independent, high-level experts. Following the evaluation phase, four were deemed to meet the criteria fully and are now advancing to the final stage, investment decisions by the EIC Fund.
The evaluation process is ongoing and conducted on a rolling basis, with sessions scheduled quarterly. This continuous application model enables promising companies to apply at any time and receive timely feedback.
A growing EU commitment
The EIC STEP Scale-Up programme is part of a broader EU strategy to strengthen its innovation ecosystem and reduce strategic dependencies in key sectors. For 2025, the program has been allocated a budget of €300 million, with plans to triple this to €900 million by 2027. These funds are expected to support dozens of fast-growing companies working on transformative technologies.
STEP is one of several initiatives aligned with the EU Startup and Scale-up programme, aiming to foster a globally competitive environment for European innovators. By providing critical late-stage funding and access to expert resources, the EU hopes to transform scientific excellence into global industrial leadership.
As deep tech innovations continue to reshape industries, programs like EIC STEP Scale Up programme’s are becoming essential pillars of the European innovation landscape, offering strategic support where it is most needed.
