1 The EIC Accelerator Project
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in their journey from innovative ideas to market-ready products, especially within the deep technology sector. This initiative focuses on fostering the growth of companies that are developing groundbreaking technologies, with an emphasis on sustainability and societal impact.EIC Accelerator Funding Structure
The EIC Accelerator provides funding through a blended finance model, which combines grants and equity investments. Companies can receive a grant of up to €2.5 million to cover the costs associated with developing and bringing a product to market. Additionally, the equity funding component allows for investments of up to €15 million until 2024 and up to €10 million starting in 2025. This financial structure enables startups to secure substantial funding while minimizing the equity dilution often associated with traditional venture capital.
Purpose and Impact on the Ecosystem
The primary purpose of the EIC Accelerator is to bridge the financing gap that often exists for innovative SMEs, particularly in the deep tech sector. By providing significant financial support, the program empowers companies to scale their operations and develop their products further. In addition, it fosters connections between startups and private investors, enhancing the chances of obtaining additional funding and partnerships critical for growth.
The EIC Accelerator plays a vital role in the European startup ecosystem by promoting innovation and competitiveness. By investing in cutting-edge technologies and pioneering ideas, the program aims to position Europe as a leader in the global technological landscape, encouraging job creation and economic growth.
Case Study: AXELERA AI B.V. and the Axelera Europa Project
AXELERA AI B.V., a recipient of the EIC Accelerator funding, focuses on developing a novel hardware and software platform designed to revolutionize artificial intelligence (AI) applications at the edge. The project, known as Axelera Europa, aims to provide solutions that enable efficient AI processing in devices closer to the data source, thereby enhancing performance and reducing latency.
Technology Basics and Background
The Axelera Europa platform leverages advanced technologies to facilitate AI computations in edge devices. This involves the integration of specialized hardware, such as application-specific integrated circuits (ASICs), which are optimized for AI tasks. The platform also utilizes innovative software frameworks that enable seamless deployment and management of AI algorithms on these devices.
This approach addresses several challenges inherent in traditional cloud-based AI processing, including bandwidth limitations, privacy concerns, and the need for real-time data processing. By enabling AI capabilities at the edge, Axelera aims to empower a variety of applications across sectors, including autonomous vehicles, smart cities, and industrial automation.
The project aligns with broader trends in the tech industry, where there is a growing demand for decentralized processing solutions that enhance efficiency and responsiveness. As the Internet of Things (IoT) continues to expand, the need for robust edge computing solutions becomes increasingly critical, positioning Axelera Europa at the forefront of this technological evolution.
Conclusion
The EIC Accelerator program plays an essential role in nurturing innovative companies like AXELERA AI B.V. through its blended financing model, providing the necessary resources to bring transformative technologies to market. The Axelera Europa project exemplifies the potential of edge AI solutions, showcasing how advanced hardware and software can revolutionize industries and improve everyday life. As the program continues to support deep tech innovations, it contributes significantly to the overall growth and competitiveness of the European economy.
2 The Funding Rounds
Financing Raised by Axelera AI B.V. (Netherlands) Since EIC Accelerator Funding (June 21, 2023)
Overview
Axelera AI B.V., a Netherlands-based deep-tech company specializing in artificial intelligence hardware acceleration, has significantly expanded its funding base since winning the EIC Accelerator grant in June 2023. The company has attracted both grant and equity financing from European innovation programs and prominent venture investors.
Funding Rounds & Amounts
1. Seed Round
- Date: September 2021
- Amount: $12 million
- Lead Investor: Bitfury Group
- Purpose: Establishment of the company and early development of AI hardware.
2. Series A (First Tranche)
- Date: October 2022
- Amount: $27 million
- Lead Investor: Innovation Industries
- Purpose: Expand R&D, accelerate product development.
3. Debt Financing
- Date: October 2022
- Amount: $6.7 million (€6 million)
- Lender/Investor: Netherlands Enterprise Agency (RVO)
- Purpose: Support operational expenses/product development.
4. Series A (Second Tranche)
- Date: May 2023
- Amount: $23 million
- Lead Investor(s): CDP Venture Capital among others.
At this point, Axelera submitted their Step 2 proposal to the EIC Accelerator.
EIC Accelerator Funding
Axelera was selected as one of only two Dutch winners in the June 21, 2023 cut-off for its "Axelera Europa" project—a novel hardware/software platform aimed at revolutionizing frontier artificial intelligence applications. The average award for mixed finance recipients was up to €17.5 million per company; typically this consists of a combination of up to €2.5M grant plus up to €15M equity investment via the EIC Fund.
Funds are usually disbursed within two or three months post-agreement signing; first investments typically occur within another two months after that decision point.
Post-EIC Accelerator Major Funding Events
5. Series B Round
- Date Closed/Announced: June 27, 2024
- Amount Raised: $68 million (~€62m)
- Europe’s largest oversubscribed Series B round in fabless semiconductors at time of announcement.
- Participating Investors:
- Invest-NL Deep Tech Fund,
- European Innovation Council Fund,
- Innovation Industries Strategic Partners Fund,
- Samsung Catalyst Fund,
- Bitfury,
- CDP Venture Capital,
- SFPIM (Belgium),
- imec.xpand and imec.
- Purpose: Accelerate global expansion; scale Metis AI Platform; expand into North America/Middle East markets plus new industry sectors such as automotive and healthcare.
Combined with previous rounds, total funding reached approximately $120M by mid‑2024.
Additional Grant Funding
6. EuroHPC Joint Undertaking DARE Project Grant
- Announced March 6, 2025:
- Amount: Up to €61.6 million ($67–68M)
This brings Axelera’s total capital raised as reported by May 2025 estimates to about $204–205 million USD across grants/equity/debt combined .
Timing Summary Table
| Date | Round / Event | Amount Raised | Key Investors / Partners |
|---|---|---|---|
| Sep 2021 | Seed | $12M | Bitfury Group |
| Oct 2022 | Series A | $27M | Innovation Industries |
| Oct 2022 | Debt | $6.7M | Netherlands Enterprise Agency |
| May 2023 | Series A (+tranche) | $23M | |
| Jun–Oct ’23† | |||
| EIC Accelerator Blended Finance† Up to ~€17m+† EU/EIC Fund | |||
| Jun ’24 Series B $68M Invest-NL DT Fund/Samsung/others | |||
| Mar ’25 Dare Project EuroHPC Grant €61.6m ($67–68m) EuroHPC JU |
†Exact split confidential/publicly undetailed—EIC typical maximums cited above
Investors Overview
Key investors across all rounds include: Bitfury Group (seed)
Innovation Industries & Strategic Partners Funds (Series A/B)
Samsung Catalyst Fund
CDP Venture Capital SGR SpA
Federal Holding & Investment Company Belgium/SFPIM
Invest-NL Deep Tech Fund
European Innovation Council (“EIC”) Equity fund
Imec.xpand & Imec
Additional backing comes from government grants such as those from EuroHPC JU.
Valuation Information
No public disclosures on specific pre/post-money valuations for any round have been made as of May 05th 2025; typical practice is that each major growth round would involve valuation adjustments upwards given market interest noted by oversubscription claims.
Current valuation is not publicly disclosed but can be inferred—based on over $200 million raised through multiple oversubscribed rounds—to be substantial compared with other European semiconductor startups.
Exit Events
There are no public records or announcements regarding an IPO, acquisition/buyout or other exit event involving Axelera AI B.V., as of early May 05th _ _ _ _ _. The company's stated plans focus on scaling operations and commercializing next-gen products rather than near-term exit strategies.
Sources
3 The Press Releases
Axelera AI: Recent Developments and Achievements
Axelera AI, a leading provider of AI hardware acceleration technology, has made significant strides since receiving the EIC Accelerator funding in June 2023. Based in Eindhoven, Netherlands, the company specializes in delivering cutting-edge solutions for AI inference at the edge.
Technology Advancements
Axelera AI has developed the Metis AI platform, a holistic hardware and software solution designed to enhance computer vision applications. This platform is renowned for its high performance, power efficiency, and cost-effectiveness compared to alternative solutions. Recently, the company showcased its Metis AI processing unit (AIPU) at Embedded World 2025, highlighting its capabilities in multi-camera security systems and real-time AI processing for retail and industrial environments.
In addition to the Metis platform, Axelera AI has unveiled the Titania AI inference chiplet. This innovation leverages the company's Digital In-Memory Computing (D-IMC) architecture combined with RISC-V capabilities to provide scalable and efficient AI hardware solutions. The Titania chiplet is designed to meet the increasing demands of high-performance computing (HPC) across various sectors, including enterprise data centers, robotics, and automotive.
Funding and Partnerships
Axelera AI successfully closed an oversubscribed $68 million Series B financing round, raising its total funding to over $200 million since 2022. Furthermore, the company secured up to €61.6 million in funding from the EuroHPC Joint Undertaking as part of the Digital Autonomy with RISC-V for Europe (DARE) Project. This funding supports the development of the Titania chiplet and enhances Axelera AI's role in fostering European processor and accelerator development.
Team and Research Updates
Axelera AI has expanded its presence, with R&D offices in several countries including Belgium, Switzerland, Italy, and the UK. The company employs over 195 experts in AI software and hardware, drawn from top AI firms and Fortune 500 companies. To support its ongoing projects, Axelera AI plans to grow its research and development teams in the Netherlands, Italy, and Belgium.
Press Releases and Media Presence
Axelera AI maintains an active newsroom, featuring updates on new technologies and partnerships. The company was recently featured in the 2025 Edge AI Technology Report, highlighting its contributions to the evolving AI landscape. Press releases are available on their website, detailing significant developments such as the Titania chiplet launch and participation in industry events like Embedded World 2025.
Sources
- Axelera AI: Press: Newsroom & Media Assets
- Axelera AI: Newsroom & Media Assets | Press Release
- Axelera AI to Demonstrate Industry-leading Performance of Metis AI Accelerator for Edge Applications at Embedded World 2025
- Axelera AI: We Are Proud to Be Featured in the 2025 Edge AI Tech Report
- Axelera AI to Demonstrate Industry-leading Performance of Metis AI Accelerator for Edge Applications
- Axelera AI Secures up to €61.6 Million Grant to Develop Scalable AI Chiplet for High-Performance Computing
- Axelera AI Launches Inferencing Chiplet, Supported by Funding from EU's RISC-V Project
4 The Technology Advancements
Axelera AI B.V.: Post-EIC Accelerator Funding AdvancementsSince securing EIC Accelerator funding in June 2023 for its "Axelera Europa" project, Axelera AI has rapidly advanced its AI hardware and software solutions, focusing on edge computing and scalable architectures. Below are key developments:
Technology Improvements & New Features
- Metis AI Platform Enhancements: Axelera's first-generation Metis AI Processing Unit (AIPU) now supports up to 16 simultaneous camera streams (e.g., YOLO V5 model) on a single chip, delivering 200 TOPS performance for real-time computer vision. The Voyager SDK simplifies neural network deployment, optimizing efficiency and reducing costs.
- Titania Chiplet Announcement: Unveiled in March 2025, Titania is a scalable AI inference chiplet using Digital In-Memory Computing (D-IMC) architecture. Designed for high-performance computing (HPC) and edge applications, it targets zetta-scale data centers with near-linear scalability.
- EuroHPC Collaboration: As part of the DARE Project consortium, Axelera is developing European processors and accelerators to bolster technology sovereignty. This includes participation in EuroHPC’s AI Gigafactories initiative.
Market Demonstrations & Pilots
- Embedded World 2025 Showcase: Live demos at Nuremberg featured multi-camera security systems with four 4K cameras using Metis AIPU for real-time segmentation and situational awareness. The event highlighted competitive performance against other accelerators.
- CES 2025 Participation: Demonstrated the Metis product line’s capabilities in edge-based computer vision applications.
- Retail & Industrial Use Cases: Deployed real-time AI processing solutions for inventory management and industrial automation.
Funding & Strategic Growth
Axelera secured an additional €61.6 million grant from EuroHPC JU in March 2025 under the DARE Project, bringing total funding to over $200 million USD since inception. This supports Titania’s development ahead of its planned 2028 launch.Collaborations & Advocacy
Partnered with Arduino to democratize edge-AI accessibility and engaged in EU policy discussions (e.g., France’s AI Action Summit, Dutch State of Tech forums) to promote European deep tech integration across defense, public procurement, and HPC sectors.Sources
5 The Partnerships and Customers
Axelera AI B.V., a Netherlands-based company, has been actively expanding its partnerships and customer base since receiving the EIC Accelerator funding in June 2023. Here's an overview of their recent developments:Partnerships and Customers
Axelera AI has established significant partnerships to enhance its edge AI offerings. Notably, they have formed a strategic alliance with Arduino, the global leader in open-source hardware and software, aimed at making high-performance AI at the edge more accessible through inference and an open ecosystem. This partnership is crucial for democratizing AI and expanding Axelera AI's reach in diverse applications.
Additionally, Axelera AI has collaborated with Advantech to bring the inference power of a data center to edge devices, further solidifying its position in the market.
New Partnerships and Customers
While specific new customers were not highlighted, Axelera AI's collaboration with companies like Advantech and Arduino indicates a broadening of its customer base across various sectors.
Nature of New Relationships
These partnerships are focused on enhancing the accessibility and performance of AI at the edge. By integrating their technologies with companies like Arduino, Axelera AI aims to create more user-friendly and scalable solutions for a wide range of applications.
Market Positioning
Axelera AI's partnerships will strengthen its position as a leader in edge AI by providing cutting-edge solutions that are both powerful and cost-effective. This strategic approach will help the company capture a larger market share in the growing AI semiconductor and edge computing sectors.
Technology Advancements and Scaling
The partnerships with companies like Arduino will facilitate advancements in Axelera AI's technology by leveraging open-source ecosystems to develop more versatile AI solutions. Additionally, collaborations with Advantech and others will enhance the scalability of their AI platforms, enabling them to address a broader range of applications and industries more effectively.
Funding and Recognition
Axelera AI has secured significant funding, including a $50 million investment in May 2023 to support its global expansion and mass production of its AI acceleration platform. The company has also been recognized as the Startup Deal of the Year 2024 by Vectrix.
Sources: - Axelera AI - Our Story
- Axelera AI Raises $50M to Democratize Edge AI
- Axelera AI - Edge AI and Vision Alliance
- Axelera AI Lands $27M to Launch First AI Acceleration Platform
- Axelera AI Announces Metis AI Platform
- Axelera AI - Extreme Performance, Excellent Efficiency
6 The Hiring and Company Growth
Axelera AI B.V. Overview
Axelera AI B.V., headquartered in the Netherlands, has been a prominent player in the AI semiconductor industry since its inception. The company is known for developing advanced AI processing units (AIPUs) designed to integrate seamlessly into edge applications, enhancing performance and efficiency in areas like computer vision and natural language processing (NLP).
Hiring and Team Growth
Axelera AI has experienced significant growth since its launch. As of 2024, the company has a team size of over 180 employees, including more than 55 PhD holders with extensive research backgrounds, marking a substantial increase from its earlier stages. This growth indicates a steady expansion in both technical and business capacities, positioning Axelera AI as a leader in AI acceleration technology.
Current Headcount and Team Size
The current headcount exceeds 180 employees, reflecting a rapid expansion since its inception. This substantial team growth underscores Axelera AI's commitment to innovation and its ambitions in the AI industry.
Hiring Status
While specific hiring announcements are not detailed in recent reports, Axelera AI continues to expand its operations and R&D capabilities. The recent funding awards and partnerships suggest ongoing recruitment efforts, particularly in research and development roles, to support new projects like the Titania chiplet.
Growth and Key Positions
Axelera AI has grown significantly over the past few years, driven by strategic funding rounds, including an oversubscribed Series B funding of $68 million, which brought the total investment to $120 million. Key positions likely include roles in AI engineering, research, and development, given the company's focus on advanced AI hardware and software solutions. These new team members are crucial for scaling and innovating, enabling Axelera AI to maintain its competitive edge in AI acceleration technologies.
Future Impact and Scaling
The addition of new team members, especially those with deep expertise in AI and semiconductor technology, will be pivotal in helping Axelera AI scale its operations and expand its market reach. This includes enhancing its Metis AI Platform and developing new products like the Titania chiplet, which leverages digital in-memory computing for efficient edge AI applications. These advancements position Axelera AI to capitalize on the growing demand for edge AI solutions, particularly in sectors such as manufacturing, automotive, and high-performance computing.
Management and Founding Team Changes
Axelera AI is led by CEO Fabrizio del Maffeo and advised by prominent figures in the AI sphere. There are no recent reports of major changes in the founding team or management structure. The leadership remains committed to democratizing AI through accessible and efficient technologies.
Sources
- Axelera AI - Extreme Performance, Excellent Efficiency
- We believe in the power of AI to improve our lives - Axelera AI
- Axelera AI - Edge AI and Vision Alliance
- Accelerating AI in Industrial Manufacturing - Axelera AI
- Axelera AI Raises $68 Million Series B Funding to Accelerate Next-Generation Artificial Intelligence
- Related Content: Axelera AI Receives €61.6M in Funding for AI
- Investors | Axelera AI
7 The Media Features and Publications
Media Coverage and Public Engagement of Axelera AI B.V. Post-EIC Accelerator FundingSince securing EIC Accelerator funding in June 2023, Axelera AI has garnered significant media attention and industry recognition. Below is an overview of their media presence, publications, interviews, and event participation:
Media Features & Publications
- Techzine EU: Covered Axelera’s €61.6 million grant for its Titania™ chiplet development, as well as its $68 million Series B funding aimed at competing with Nvidia in data center AI solutions.
- BusinessWire: Announced the completion of Axelera’s $68 million Series B round, emphasizing its rapid growth to 180+ employees (including 55+ PhDs) since its 2021 launch.
- Edge AI and Vision Alliance: Detailed the company’s Metis™ AI Platform launch and technical milestones, including tape-outs of Thetis Core (2022) and Metis AIPU chips.
Podcasts & Interviews
Conference Participation & Awards
- Tech Tour Growth50 Europe List 2024: Recognized as a leading European tech innovator (January 2024).
- Next Gen Integrated Circuits 2024 Event: Honored among six award winners for pioneering semiconductor advancements (October 15–16, Eindhoven).
- Vectrix Startup Deal of the Year 2024: Awarded alongside Innovation Industries as Investor of the Year by NextStage Foundation (April 2025).
Event Involvement & Partnerships
- EuroHPC DARE Project: Secured up to €61.6 million in March 2025 to develop Titania™ chiplets for edge-to-cloud scalability.
- Arduino Partnership: Collaborated to expand global access to edge-AI tools (December 15, 2024).
Sources Used in This Article:
```markdown 6\. YouTube Interview with Fabrizio Del Maffeo 7\. Edge AI Alliance Company Profile ```Do you need EIC Accelerator support?
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