1 The EIC Accelerator Project

The EIC Accelerator program is a pivotal initiative under the European Innovation Council (EIC), aimed at supporting small and medium-sized enterprises (SMEs) and startups with innovative ideas that have the potential to shape the future of technology and address societal challenges. This program is particularly focused on deep tech and high-risk, high-potential ventures, facilitating their path from conception to commercialization.

Funding Structure

The EIC Accelerator offers a hybrid funding model that includes both grant and equity components. The grant can be as high as €2.5 million, designed to cover early-stage development and validation costs of innovative projects. This grant is particularly advantageous for startups needing to de-risk their technologies before seeking additional funding.

In addition to the grant, the program provides equity funding, which supports companies in scaling operations and enhancing their market presence. Until 2024, the equity component can reach up to €15 million, which decreases to a maximum of €10 million starting in 2025. This funding is intended to attract private investors by demonstrating government backing, thus enhancing the credibility of the venture in the eyes of potential private funders.

Purpose and Impact

The EIC Accelerator plays a crucial role in the European landscape by nurturing deep tech innovations, which often require substantial investment and longer development timelines. By providing financial support alongside mentorship and access to networks, the program enables companies to scale more effectively and efficiently. The accelerator also aims to bolster the overall startup ecosystem in Europe, fostering a culture of innovation and collaboration that can compete on a global scale.

Case Study: Basemark Oy and Rocksolid AR

Company Overview

Basemark Oy, a Finnish company, emerged as a winner of the EIC Accelerator for their project, Rocksolid AR, which was submitted on November 8, 2023. The project focuses on enhancing driving safety through augmented reality (AR) technologies.

Project Overview: Rocksolid AR

Rocksolid AR aims to revolutionize the way drivers interact with their vehicles and surroundings by integrating augmented reality into the driving experience. The technology overlays pertinent information directly onto the driver's field of vision, enhancing situational awareness and reducing distractions.

Technology Basics and Background

The technology behind Rocksolid AR leverages sophisticated AR algorithms and computer vision techniques to interpret and analyze real-time data from the vehicle and its environment. This includes information from sensors such as cameras, radar, and LiDAR, which are crucial for mapping the surroundings accurately.

The core of the technology allows for the projection of navigation prompts, hazard warnings, and contextual information regarding the vehicle's operation directly onto the windshield or through AR glasses. For instance, it can highlight road signs, display speed limits, and indicate the safest routes, all while minimizing the need for drivers to divert their attention from the road.

This innovative approach not only aims to improve user experience but also significantly enhances road safety. By providing critical information in a non-intrusive manner, Rocksolid AR seeks to reduce the likelihood of accidents caused by distraction or misinterpretation of road conditions.

The backing from the EIC Accelerator, through both grant funding and equity investment, positions Basemark Oy to further develop and commercialize this groundbreaking technology. It also enhances the company's ability to attract private sector investment, enabling them to scale operations and bring Rocksolid AR to market effectively.

In summary, the EIC Accelerator serves as a catalyst for innovation in Europe, exemplified by Basemark Oy's Rocksolid AR project, which promises to make driving safer through advanced augmented reality technology.

2 The Funding Rounds

Basemark Oy: Financing and Funding Events Since EIC Accelerator Award

Basemark Oy, based in Helsinki, Finland, is a leading provider of augmented reality (AR) software for automotive applications. The company submitted its Step 2 proposal to the EIC Accelerator on November 8, 2023, and was subsequently selected as a winner in this highly competitive funding round.

Financing Raised

Since winning the EIC Accelerator award from the November 2023 cut-off:

Series B Funding Round: In April 2024, Basemark secured a significant Series B investment totaling approximately $23–23.85 million (about €22 million). This round featured a mix of equity investments, grants (including EU grant funding), and loans.

Timing and Amount of Funding Rounds

April 9–12, 2024: Series B round closed with $23–23.85 million raised.
The announcement confirms this financing event occurred several months after Basemark’s successful application to the EIC Accelerator in late 2023.

Investor Information

The Series B round included participation from: - EFF Partners (Lead investor)

Finnish Industry Investment (Tesi)
Constructor Capital
Business Finland
European Innovation Council Fund (as part of blended finance)
Several private investors also contributed to this round.

The inclusion of both public sources like Business Finland and the European Innovation Council alongside private venture firms illustrates cross-sector confidence in Basemark's growth potential.

Details Related to Funding Rounds

The funding structure was explicitly stated as "a mix of equity, grants, and loans," aligning with typical terms for deep tech scale-ups receiving EIC support. Blended finance approaches are common under recent EU innovation programs; companies often receive direct capital infusions alongside non-dilutive grant elements.

Basemark intends to use these funds primarily for: - Expanding relationships with automotive OEMs across Europe and North America

Entering new markets including Japan, China, and South Korea

This strategic allocation reflects market traction within global automotive AR segments.

Company Valuation

No specific post-money valuation has been publicly disclosed for Basemark following its Series B raise or post-EIC award. However, given the size ($23M+) of this growth-stage investment—and considering comparable valuations among European AR/automotive SaaS startups—Basemark likely achieved an increased valuation relative to earlier rounds. Exact figures would depend on deal terms negotiated during the latest raise.

Exit Events: IPOs or Acquisitions

As of May 2025:

There are no reports or indications that Basemark has pursued an initial public offering (IPO), been acquired by another entity, or entered into any other exit transaction.

All available information points toward continued independent operation focused on international expansion rather than near-term liquidity events.

Summary Table: Recent Financing Activity at Basemark Oy

Date	Type	Amount	Investors / Participants	Notes
April 2024	Series B	~$23–23.85M (€22M)	EFF Partners (lead), Tesi, Constructor Capital, Business Finland, European Innovation Council Fund, Private investors	Mix of equity/grants/loans; used for global expansion

No exit events have taken place as per publicly available data up through May 2025.

Sources: EIC Accelerator-November 8th Cut-Off Official Results PDF EU Newsroom – “Basemark Secures USD23.85 Million in Series B Venture Funding” TechFundingNews – “Finnish AR pioneer Basemark secures €22M…” PYMNTS – “Basemark Raises $23 Million For AR Automotive Software”

3 The Press Releases

Basemark Oy: Post-EIC Accelerator Funding Developments Basemark Oy, a Finnish deep-tech company specializing in augmented reality (AR) software solutions for automotive applications, secured EIC Accelerator funding in the November 8, 2023 cut-off round. The company’s winning proposal, Rocksolid AR, focuses on enhancing driving safety through advanced AR visualization tools optimized for automotive hardware.

Since receiving funding, Basemark has expanded its strategic positioning:

EIC Scaling Club Membership: In March 2024, Basemark was selected among 48 high-potential European scale-ups to join the EIC Scaling Club’s Next-Gen Computing cohort. This network provides access to investors, corporate partners, and mentorship to accelerate global growth.
Series B Funding: In April 2024, Basemark announced a $23.85 million Series B venture round, though specific investors and use cases remain undisclosed publicly.

The company’s flagship product suite includes the Rocksolid AR Studio development toolchain and SDK designed for automotive-grade AR heads-up displays (HUDs) and infotainment systems. Their technology targets real-time sensor fusion and low-latency rendering critical for advanced driver-assistance systems (ADAS).

Sources

4 The Technology Advancements

Basemark Oy: Current Capabilities and Advancements

Basemark Oy, a Finnish company specializing in automotive augmented reality (AR) solutions, has made significant strides since its involvement with the European Innovation Council (EIC) Accelerator funding in late 2023. Here's an overview of their current capabilities and advancements:

Current Capabilities

Basemark is a leading provider of software solutions for next-generation autonomous and connected vehicles. Their primary product, Rocksolid AR, enables original equipment manufacturers (OEMs) to develop lightweight, portable AR applications for various in-vehicle displays, including heads-up displays (HUDs), instrument clusters, infotainment screens, and e-mirrors. The company focuses on real-time graphics and compute programming, offering tools like the Basemark Automotive Testing Suite (BATS) for evaluating System-on-Chip (SoC) performance in smart cars.

Advancements and New Features

In 2024, Basemark raised €22 million in Series B funding, which it plans to use for expanding its business with OEMs in Europe, the United States, Japan, China, and South Korea. This funding has helped strengthen its Rocksolid AR software development tools, aiming to secure more series production deals with OEMs.

A notable advancement is the partnership with Chief Tech Co., Ltd., announced in April 2025. This collaboration introduces a turnkey solution for stereoscopic AR HUDs, combining Basemark's Rocksolid AR software with Chief Tech's HUD technology. This solution accelerates the time to market for advanced AR HUD experiences, enhancing visual clarity and reducing eye strain for drivers.

Market Demonstrations

Basemark has demonstrated its technology through significant contributions, such as its involvement in BMW Group's iX AR applications in 2022. The company continues to work with major OEMs in Europe and Asia, actively discussing series production deals.

Intellectual Property and Scientific Contributions

There is no recent information available regarding new patents filed or scientific studies published specifically after receiving the EIC Accelerator funding. However, Basemark's focus on innovating AR solutions for the automotive sector positions it as a leader in the field.

EIC Accelerator Involvement

Basemark was selected to join the EIC Scaling Club as one of Europe's highest-potential deep tech scale-ups. This selection recognizes Basemark's potential for global impact, particularly in next-generation computing.

Sources

5 The Partnerships and Customers

Basemark Oy's Strategic Partnerships and Market Positioning Since EIC Accelerator Funding

Since securing EIC Accelerator support in late 2023, Basemark Oy has expanded its automotive AR ecosystem through strategic collaborations and customer engagements, positioning itself as a leader in augmented reality solutions for vehicles. Below is an analysis of its key partnerships, customer relationships, and technological advancements.

Key Partnerships

Chief Tech: In April 2025, Basemark announced a partnership with Zhejiang Chief Tech Co., Ltd., a Chinese stereoscopic AR HUD (Head-Up Display) manufacturer. The collaboration delivers a turnkey solution combining Basemark’s Rocksolid AR software with Chief Tech’s multi-depth HUD technology to reduce development cycles for automakers.
Luxoft: A November 2023 partnership with Luxoft focuses on integrating Rocksolid AR into advanced driver-assistance systems (ADAS) and infotainment platforms.
Panasonic Automotive Systems Europe: Joined the Rocksolid AR Ecosystem in late 2024 to enhance in-vehicle displays using Panasonic’s hardware expertise.
Ultraleap: A February 2024 collaboration added haptic feedback and hand-tracking capabilities to AR HUDs, improving driver interaction with virtual interfaces.

Customer Engagements

Basemark’s software powers AR experiences for global OEMs:

BMW Group: Contributed significantly to BMW iX’s AR navigation and ADAS visualizations since at least 2022.
Undisclosed U.S. OEM: Secured its first series production deal in the U.S. in 2023, with ongoing discussions across Europe and Asia.

Nature of New Relationships

The Chief Tech partnership exemplifies Basemark’s focus on vertical integration: By combining its AI-driven spatial computing platform with specialized hardware partners like Chief Tech, Basemark addresses critical challenges such as latency reduction and content anchoring—key factors preventing motion sickness during use. These collaborations enable cross-platform compatibility (e.g., supporting multiple vehicle screens simultaneously) while adhering to strict automotive safety standards.

Market Positioning

Basemark targets three growth vectors:

1. Geographic Expansion: Recent €22M Series B funding (April 2024) supports entry into East Asian markets like Japan, China, and South Korea while deepening U.S./European engagements.

2. Software-Defined Vehicles (SDVs): Its tools allow OEMs to deploy lightweight AR applications across low-end chipsets—critical as automakers prioritize centralized computing architectures^.

3. Regulatory Alignment:

Solutions emphasize safety-critical content prioritization (e.g., avoiding obstruction of real-world hazards by virtual elements), aligning with evolving autonomous driving regulations globally .

Technological Advancements Enabled by Partnerships

Collaborations accelerate innovation: - Multi-depth HUD Integration via Chief Tech ensures sharp content display without eye strain.

Ultraleap's haptics add tactile feedback for touchless gesture controls.
Panasonic's involvement strengthens IVI (In-Vehicle Infotainment) system integrations.

These developments solidify Rocksolid AR as an end-to-end platform covering design studios SDK runtimes optimized for automotive-grade systems.

Sources: [Ces_2025 | Basemarks · Chief_Tech_Partnership · Luxoft Collaboration · Series_B_Funding · PYMNTS Coverage

6 The Hiring and Company Growth

Basemark Oy: Team Growth and Strategic Expansion Post-EIC Accelerator Funding

Since securing €22M in Series B funding in April 2024 (which included support from the European Innovation Council), Basemark has prioritized international expansion, particularly targeting OEMs in Europe, the U.S., Japan, China, and South Korea. While exact headcount figures remain undisclosed, the company operates with a global presence across Helsinki, Munich, Detroit, and the San Francisco Bay Area, suggesting a distributed team structure typical of scaling automotive tech firms.

Key developments include:

Strategic Hiring: Basemark’s March 2025 announcement highlighted that Apostera’s founders and key team members joined to accelerate AR innovation in automotive applications. This move signals a focus on strengthening expertise in augmented reality for advanced driver-assistance systems (ADAS) and heads-up displays (HUDs).
Growth Trajectory: Total funding now stands at €34M, enabling deeper investment in Rocksolid AR tools—a cross-platform solution for AR navigation and real-time object recognition. The company secured its first series production deal with a U.S. OEM in 2023 and is actively negotiating with major European and Asian automakers.
Leadership Stability: No recent management changes are noted publicly; however, Serg Bell of Constructor Group chairs the board, emphasizing continuity in governance during expansion phases.

The integration of Apostera’s team likely accelerates product development cycles for AR-powered safety features while supporting scalability through enhanced R&D capabilities—critical as Basemark competes globally against established automotive software providers.

Sources

7 The Media Features and Publications

Basemark Oy: A Finnish Leader in Augmented Reality

Basemark Oy, a Finnish company, has been making significant strides in the field of augmented reality (AR), particularly in the automotive sector. They were awarded funding from the European Innovation Council (EIC) Accelerator in November 2023 for their innovative project, Rocksolid AR, which aims to enhance driving safety using AR technology.

Media Features and Publications

Basemark Oy has been featured in various publications and news outlets, highlighting their advancements in AR solutions for the automotive industry. They received €22 million in Series B funding to further their mission of making driving safer with AR, as reported in EU-Startups and other startup-focused media. Additionally, Basemark's participation in events like the Game Developers Conference 2023 has been noted, showcasing their presence in the tech industry.

Podcasts and Interviews

While specific podcasts or interviews featuring the Basemark Oy team are not readily available, their involvement in industry events and conferences indicates a strong presence in the tech community.

Conference and Fair Visits

Basemark Oy has been active in attending and presenting at major conferences, such as the Game Developers Conference 2023 in San Francisco, where they showcased their latest GPU benchmarking solutions. Furthermore, they have participated in Computex 2023 in Taipei, Taiwan, highlighting their expertise in GPU performance evaluation tools.

Event Involvement

Basemark's engagement with the tech community extends beyond conferences. They have also been involved in webinars discussing future technologies like mobile ray tracing and GPU benchmarking. Their collaboration with other companies, such as Panasonic Automotive Systems Europe and Bosch HMI, underscores their commitment to advancing AR technology in the automotive sector.

Content from Publications

Publications like Basemark's News and EU-Startups have covered Basemark's achievements, including their selection to join the EIC Scaling Club as one of Europe's highest-potential deep-tech scale-ups. This recognition highlights their potential for growth and innovation in the AR field.

Sources: - Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis

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