1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program is a cornerstone initiative of the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in Europe that are developing groundbreaking innovations. The program focuses on high-risk, high-potential businesses, particularly in the deep-tech sector, which includes advanced technologies such as artificial intelligence, biotechnology, and nanotechnology. The EIC Accelerator aims to foster innovation and facilitate the scaling of these businesses by providing both financial and non-financial support.
Funding Structure
The EIC Accelerator employs a blended finance model, combining grants and equity investments to meet the diverse needs of innovative companies. The funding structure under this program is as follows:
- Grants: Companies can receive grants of up to €2.5 million, which are non-repayable funds intended to cover innovation costs, such as research and development, prototyping, testing, and marketing.
- Equity: In addition to grants, the program offers equity investments. Initially, companies could receive up to €15 million in equity financing until 2024. However, starting in 2025, this amount will be reduced to a maximum of €10 million. This equity support is designed to help companies scale their operations and achieve market readiness while minimizing the immediate financial burden.
The dual funding approach allows innovative companies to leverage public funding to attract additional investment from private sectors, thus enhancing their growth potential.
Purpose in the European DeepTech and Startup Ecosystem
The EIC Accelerator plays a vital role in the European deep-tech and startup ecosystem by:
EIC Accelerator Winner: Crocus Labs GmbH
Project: miniSun
Crocus Labs GmbH, a German company, was awarded funding under the EIC Accelerator for its project, miniSun. This innovative initiative aims to disrupt the horticulture industry through the development of advanced smart lighting solutions tailored specifically for plants.
Project Overview
miniSun leverages cutting-edge technology to create intelligent lighting systems that optimize plant growth. This system is designed to emulate natural sunlight, adjusting light intensity and spectrum based on real-time data and specific plant needs. The project addresses several challenges faced by the horticulture industry, including energy efficiency, crop yield optimization, and resource management.
Technology Basics and Background
Crocus Labs GmbH has developed a unique approach to horticultural lighting by incorporating smart technologies that allow for precise control and monitoring. The miniSun system utilizes LED technology, which is known for its energy efficiency and long lifespan, making it a suitable choice for large-scale horticultural operations. Key features of the technology include:
- Dynamic Light Spectrum Adjustment: The miniSun system can alter the light spectrum to mimic various stages of plant growth, enhancing photosynthesis and improving yield quality.
- Data-Driven Insights: Advanced sensors and IoT capabilities enable the collection and analysis of environmental data, allowing for real-time adjustments to lighting conditions based on plant responses.
- Energy Efficiency: The smart system optimizes energy consumption by using only the necessary light intensity and spectrum required for specific plant types, significantly reducing operational costs.
- User-Friendly Interface: The platform provides growers with an intuitive interface for monitoring and controlling their lighting systems, facilitating ease of use and integration into existing horticultural practices.
Crocus Labs GmbH's miniSun project exemplifies the potential of smart lighting solutions to transform the horticulture industry, contributing to sustainable agriculture practices and increasing food production efficiency. Through the support of the EIC Accelerator, the company is poised to scale its operations and make a significant impact in the market.
2 The Funding Rounds
Crocus Labs GmbH: Financing and Funding Events Since EIC Accelerator Win
Company: Crocus Labs GmbH
Country: Germany
EIC Accelerator Cut-off Submission Date: March 23, 2022
Financing Raised and Funding Rounds
Since submitting its EIC Accelerator proposal in March 2022 and later winning the grant, Crocus Labs GmbH has completed several funding rounds:
- Seed Round (November 2022):
- Crocus Labs closed a "seven-figure" seed investment round in November 2022.
- The round was led by High-Tech Gründerfonds (HTGF) and Brandenburg Kapital, with participation from BACB Bet. GmbH (the investment vehicle of Business Angels Club Berlin-Brandenburg e.V.) as well as individual angel investors.
- While the exact amount is not disclosed publicly in all sources, "seven-figure" indicates the raised amount was between €1 million and €9.99 million.
- Previous Seed/Pre-seed Round (February 2021):
- Prior to its EIC win, Crocus Labs raised approximately €300,000 ($364k) in February 2021 from High-Tech Gründerfonds.
- European Innovation Council Grant (March 2022):
- In March 2022, concurrent with their EIC Accelerator success, they received a non-dilutive grant of approximately €1.9 million from the European Innovation Council.
Summary Table: Key Funding Rounds
| Date | Type | Amount | Investors |
|---|---|---|---|
| Feb.15, 2021 | Pre-seed/Seed | ~€300k | HTGF |
| Mar. 23, 2022 | Grant | ~€1.9m | European Innovation Council |
| Nov. 23, 2022 | Seed | Seven figures (€1m+) | HTGF; Brandenburg Kapital; BACB Bet.; angels |
Investor Information
Key institutional investors include: - High-Tech Gründerfonds (HTGF) – Lead investor across multiple rounds
- Brandenburg Kapital – Participated prominently in the seven-figure seed round
- BACB Bet. GmbH – Investment arm of Business Angels Club Berlin-Brandenburg e.V.
- Additional unnamed angel investors have participated since late-stage seed fundraising.
Company Valuation
After one round of funding post-EIC award:
Exit Events: IPOs or Buyouts/Acquisitions
As of April 30, 2025:
- There are no public records or media reports indicating that Crocus Labs has been acquired or pursued an IPO.
- The company remains privately held with continued support from institutional VCs and EU innovation grants.
Conclusion
Since securing EIC Accelerator funding in early/mid‑2022: Crocus Labs has rapidly expanded its capital base through significant venture-led seed investments alongside non-dilutive EU grants to scale novel lighting technology for horticulture markets across Europe—with no exit events reported to date.
Sources: Crocus Labs closes a seven–figure seed investment round to build energy efficient lights designed for horticulture Dealroom profile: Crocus Labs Seedtable: Company Profile — CrocusLabs Parsers VC — Funding & Investors for crocuslabs.com INVEST NY — CrocusLabs company information HTGF Portfolio Page — CrocusLabs
3 The Press Releases
Overview of Crocus Labs GmbH
Crocus Labs GmbH, a deep tech startup based in Berlin, Germany, specializes in innovative lighting solutions for indoor agriculture. The company has made significant strides since receiving funding support. Notably, Crocus Labs was recognized as an EIC Accelerator winner, marking a pivotal moment in their development journey. Their innovative approach to lighting technology has positioned them at the forefront of sustainable food production.
Key Developments and Partnerships
- Partnership with James Hutton Institute: Crocus Labs collaborated with the James Hutton Institute to study the effects of dynamic light spectra on young plants. This research aims to enhance plant propagation and development, particularly in berry plants, by optimizing light conditions in controlled environment agriculture (CEA) settings.
- Collaboration with Łukasiewicz – Institute of Microelectronics and Photonics: This partnership focuses on advancing Crocus Labs' proprietary LED chip technology to revolutionize greenhouse lighting. The project is funded by the Photonhub initiative, a European photonics innovation hub.
- Investment Support: Crocus Labs secured a seven-figure seed investment round led by High-Tech Gründerfonds (HTGF) and Brandenburg Kapital. This funding supports the development of next-generation lighting solutions for horticulture, emphasizing energy efficiency and sustainable agriculture.
Technology Advancements
Crocus Labs is known for its ultra-high efficiency smart lighting solutions. Their products integrate proprietary LED diodes with intelligent software and sensors, enabling growers to optimize crop quality and yield while minimizing energy consumption. The company's SiriusX grow light solutions are designed to boost yields and plant quality in indoor farming enterprises, contributing significantly to sustainable food production.
Team and Company Updates
Crocus Labs' leadership includes Dr. Prash Makaram as CEO and Founder. The company continues to innovate and scale its operations, focusing on sustainable food solutions through efficient lighting technologies.
Press Releases and Social Media
While specific press releases from Crocus Labs' website are not detailed here, their collaboration announcements and funding updates are shared through various industry platforms and partner websites.
Sources:
- Allegro MicroSystems Completes Acquisition of Crocus Technology
- James Hutton Institute joins forces with Crocus Labs
- Crocus Labs closes a seven-figure seed investment round to build energy efficient lights designed for horticulture
- Luther advises Brandenburg Kapital on investments in Crocus Labs
- Crocus Labs - High-Tech Gründerfonds
- Revolutionise Greenhouse Lighting with Crocus Labs and Łukasiewicz – Institute of Microelectronics and Photonics
- Crocus Labs GmbH
- Crocus Labs GmbH - Global Lighting Forum
- James Hutton Institute joins forces with Crocus Labs
4 The Technology Advancements
Overview of Crocus Labs GmbH
Crocus Labs GmbH, based in Germany, is a deep tech startup known for its innovative lighting solutions, especially in the field of horticulture and Controlled Environment Agriculture (CEA). Founded in 2020, the company has been advancing rapidly, leveraging proprietary semiconductor technologies to develop energy-efficient lighting systems.
Advancements Since EIC Accelerator Funding
Since receiving the EIC Accelerator funding in March 2022, Crocus Labs has made significant strides in enhancing its technology and market presence:
- Energy Efficiency and Technology: Their lighting systems offer up to 50% energy efficiency by integrating proprietary LED diodes, intelligent driver technology, and software components. This efficiency is crucial for indoor farming, enabling higher yields and better crop quality without increasing energy costs.
- Market Expansion and Partnerships: Following the funding, Crocus Labs continued to expand its customer base, partnering with major CEA R&D facilities and exploring new markets beyond agriculture, such as human-centric lighting.
- Collaborations and Trials: Notably, the company collaborated with the James Hutton Institute to study the impact of dynamic light spectra on young plants, focusing on improving plant propagation survival rates and the development of young berry plants.
- Demonstrations and Pilots: Crocus Labs has successfully tested their products with commercial partners growing a variety of crops, including strawberries, basil, and lettuce. These trials demonstrated improvements in crop quality and biomass.
New Features and Improvements
- Advanced Spectral Control: The company's SiriusX grow light solutions allow for customizable spectrums, enhancing plant growth and quality while minimizing energy inputs.
- Software and Hardware Integration: Crocus Labs' innovative approach includes sophisticated hardware design and intelligent software, enabling precise control over lighting conditions for optimal plant development.
Patents, Studies, and Whitepapers
There is no specific information available on new patents filed by Crocus Labs since the EIC funding in March 2022. However, the company continues to innovate and scale its horticulture luminaire systems, focusing on sustainability and cost reduction.
Sources
- About us - Crocus Labs
- James Hutton Institute joins forces with Crocus Labs to transform light use in plant and crop production
- Crocus Labs closes a seven-figure seed investment round to build energy-efficient lights designed for horticulture
- HTGF Financing Crocus Labs
- CO2 whitepaper - Infineon Technologies
5 The Partnerships and Customers
Crocus Labs GmbH: Partnerships and Customer Relationships
Crocus Labs GmbH, a Berlin-based company, has been actively expanding its partnerships and customer base since receiving EIC Accelerator funding in March 2022. Here's an overview of their recent developments:
Partnerships
- James Hutton Institute: Crocus Labs has partnered with the James Hutton Institute to explore the impact of dynamic light spectra on plant and crop production. This collaboration focuses on enhancing plant propagation survival rates and improving young berry plant development using the SIRIUS X.3 lighting solution. This partnership highlights Crocus Labs' commitment to advancing horticultural practices in Controlled Environment Agriculture (CEA) and pen field agriculture.
- Łukasiewicz Research Network: In a Photonhub-funded project, Crocus Labs is collaborating with Łukasiewicz – Institute of Microelectronics and Photonics to enhance its proprietary LED chip technology. This partnership aims to revolutionize greenhouse lighting by developing high-efficiency natural light LEDs.
Customers
While specific customer names are not detailed, Crocus Labs has secured major CEA R&D facilities as customers and partners. Additionally, they are conducting tests with various customers in Brandenburg to further refine their lighting solutions.
New Partners and Customers
There is no specific information on new partners or customers announced in the recent period. However, Crocus Labs' successful partnerships and seed investment round indicate their growing influence in the horticulture lighting sector.
Nature and Purpose of Relationships
These partnerships are centered around advancing lighting technology for horticulture. The collaborations aim to improve energy efficiency and crop quality in indoor and vertical farming settings. The focus on dynamic light spectra and high-efficiency LEDs underscores Crocus Labs' mission to innovate within sustainable agriculture practices.
Market Positioning
Crocus Labs' partnerships position it as a leader in innovative lighting solutions for horticulture. By collaborating with renowned institutions like the James Hutton Institute and Łukasiewicz, Crocus Labs reinforces its commitment to technological advancements in sustainable agriculture. These relationships will likely enhance its reputation in the market and attract further interest from potential customers and partners.
Technology Advancements and Scaling
The partnerships with the James Hutton Institute and Łukasiewicz will help Crocus Labs advance its technology by leveraging expert knowledge in photobiology and photonics. The Photonhub funding will accelerate the development of next-generation LED technology, which is crucial for improving energy efficiency and crop quality. This technological edge will enable Crocus Labs to scale more effectively in the competitive horticulture lighting market.
Sources: - About us - Crocus Labs
- James Hutton Institute joins forces with Crocus Labs
- Crocus Labs closes seven-figure seed investment round
- Revolutionise Greenhouse Lighting with Crocus Labs
6 The Hiring and Company Growth
Overview of Crocus Labs GmbH
Crocus Labs GmbH, an innovative technology company based in Germany, focuses on developing high-quality, energy-efficient lighting systems for indoor farming and controlled environment agriculture (CEA). The company received funding from the European Innovation Council (EIC) in 2022, marking a significant milestone in its growth journey.
Team Growth and Current Headcount
As of 2022, Crocus Labs had a diverse team with 10 full-time employees and 4 part-time/flex employees, totaling around 14 team members, representing eight nationalities. The exact current headcount is not specified in recent updates, but the company has been expanding its R&D activities and partnerships since receiving the EIC funding.
Hiring Status
There is no recent information on Crocus Labs currently hiring new positions, but the company is focused on strategic growth through partnerships and innovation.
Recent Growth and Key Positions
Following the EIC funding and a successful seed round in 2022, Crocus Labs accelerated its R&D efforts, leading to significant advancements in energy efficiency and early commercial traction. The company has not specifically highlighted recent key hires, but its focus on R&D and partnerships suggests that engineering and scientific roles are crucial for its growth.
Impact of New Team Members
New team members at Crocus Labs contribute to the company's mission by enhancing its technological capabilities, particularly in LED technology. This expertise enables the development of more efficient lighting systems, which are essential for reducing energy consumption in indoor farming. Such innovations help Crocus Labs scale and meet the growing demand for sustainable food production technologies.
Management and Founding Team Changes
The current management structure is led by Dr. Prash Makaram, who has a background in the semiconductor industry and is the CEO of Crocus Labs. There are no recent reports of major changes in the management or founding team.
Future Prospects
Crocus Labs is poised to explore new markets beyond CEA, including human-centric lighting, as it continues to partner with industry players. The company's commitment to innovation and its strategic partnerships position it for further growth and impact in sustainable food production.
Sources: - About us - Crocus Labs
- Crocus Labs Germany - Urban Vine
- Crocus Labs Gmbh - Development Aid
- Deep Tech Talk: An Interview with Crocus Labs GmbH - Berlin.de
- Crocus Labs Careers - Wellfound
7 The Media Features and Publications
Crocus Labs GmbH Media and Public Engagement Profile Berlin-based Crocus Labs GmbH, a 2022 EIC Accelerator winner specializing in ultra-efficient LED lighting for horticulture, has been featured in industry-specific media, academic collaborations, and investor communications. Below is a structured overview of their public engagements:Media Features and Publications
- HortiDaily (2022): Highlighted Crocus Labs’ seven-figure investment round to scale energy-efficient horticultural lighting solutions, emphasizing its role in addressing Europe’s food independence challenges.
- Startbase (2022): Covered the seed funding closure, detailing plans to expand R&D and production facilities in Brandenburg.
- HTGF Investment Page (2021–2022): Published updates on Crocus Labs’ market-entry strategy for vertical farms and greenhouses.
Podcasts and Interviews
- Deep Tech Talk Interview (July 2024): Featured on Berlin.de discussing market strategies for LED technologies, partnerships with Fraunhofer Institutes, and projections for the smart lighting sector.
- HTGF Column “What Have You Learnt?” (December 2022): CEO Prashanth Makaram shared insights on developing smart lighting systems to improve indoor farming profitability.
Conference Participation and Events
While no direct conference mentions exist in available records, the company actively collaborates with research institutions:- James Hutton Institute Partnership: Joint research on dynamic light spectra’s impact on crop efficiency.
- PhotonHub Project: Collaboration with EU consortia like Lukasewicz Institute Poland to advance LED manufacturing processes.
Sources Used:
- Crocus Labs closes seven-figure investment – HortiDaily 2022.
- Seed investment round closure – Startbase 2022.
Note: The provided sources do not include references to specific conferences attended by Crocus Labs beyond institutional partnerships.*
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