1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC (European Innovation Council) Accelerator program represents a cornerstone of the European Union's strategy to foster innovation and support startups, particularly those involved in deep tech. Designed to bridge the funding gap that often exists for high-potential startups and SMEs (small and medium-sized enterprises), the EIC Accelerator provides both grant and equity funding to help these companies develop their groundbreaking technologies and scale their operations.
Funding Structure
The EIC Accelerator offers a unique blended finance model, which consists of two main components: grants and equity investments.
Purpose of the EIC Accelerator
The primary purpose of the EIC Accelerator is to nurture and support the European startup ecosystem, particularly in the deep tech sector, which encompasses advanced technologies such as AI, robotics, biotechnology, and quantum computing. By providing financial support, the EIC Accelerator aims to:
- Facilitate Innovation: Help startups bring innovative solutions to market more rapidly, thus contributing to economic growth and job creation.
- Encourage Scaling: Assist companies in scaling their operations, which is often a significant challenge for startups in the deep tech space.
- Attract Private Investment: Leverage public funding to attract private-sector investors, thereby multiplying the impact of the initial investment and fostering a vibrant ecosystem of innovation.
Role in Scaling Companies
The EIC Accelerator plays a crucial role in helping companies scale by offering not only financial resources but also access to a network of investors, mentors, and business partners. Through its funding, companies gain the necessary capital to advance their research and development initiatives, validate their technologies, and execute their go-to-market strategies.
Moreover, the EIC provides advisory services that guide startups through the complexities of scaling their businesses, navigating regulatory environments, and optimizing their operations. This holistic approach enhances the likelihood of success for startups, ensuring they are well-equipped to meet the challenges of growth and competition.
Case Study: PHARROWTECH and the SWIFT Project
Company Overview: PHARROWTECH, a Belgian startup, has emerged as a prominent player in the wireless technology domain. The company focuses on developing next-generation wireless chip and antenna technologies aimed at enhancing connectivity standards, particularly in the realm of Wi-Fi 8.
Project SWIFT: The project, acronymed SWIFT, encapsulates PHARROWTECH's commitment to innovating in the wireless communication space. The EIC Accelerator funding was secured through a successful submission of a Step 2 proposal, followed by a winning interview in Step 3, with the proposal submitted on March 13, 2024.
Technology Basics and Background: The SWIFT project aims to pioneer advanced chip designs and antenna systems that can support the next iteration of Wi-Fi technology. As the demand for higher data rates, lower latency, and increased connectivity continues to surge, traditional Wi-Fi technologies face limitations. PHARROWTECH's innovations are designed to address these challenges by:
- Enhancing Performance: The new chip and antenna technology aims to significantly boost the performance metrics of Wi-Fi networks, enabling faster speeds and more stable connections, even in high-density environments.
- Energy Efficiency: The technology is designed not only for performance but also to be energy-efficient, reducing the overall power consumption associated with wireless communication.
- Scalability: The chip designs are adaptable, allowing for integration into a variety of devices, from consumer electronics to industrial applications, thereby broadening the potential market reach.
In conclusion, the EIC Accelerator program plays a pivotal role in supporting innovative startups like PHARROWTECH, offering them the financial resources and strategic guidance necessary to scale their operations successfully. By focusing on next-generation technologies such as those developed under the SWIFT project, the EIC Accelerator significantly contributes to the advancement of the European deep tech ecosystem, enabling companies to thrive in a competitive global market.
2 The Funding Rounds
Pharrowtech: Financing and Funding Overview Since EIC Accelerator Award
Pharrowtech, based in Leuven, Belgium, is a semiconductor company specializing in millimeter wave (mmWave) radio frequency technology for next-generation wireless communications. Since submitting its successful Step 2 proposal to the EIC Accelerator on March 13, 2024, and subsequently winning at the Step 3 interview stage, Pharrowtech has continued to develop and commercialize cutting-edge wireless solutions.
Financing Raised
- Total Funding Raised: As of May 2025, Pharrowtech has raised approximately $30.57 million across five funding rounds.
- EIC Accelerator Funding (2024): In July 2024, Pharrowtech secured a combined €7.5 million from the European Innovation Council (EIC) Accelerator program—€2.5 million as a non-dilutive grant and €5 million as equity investment.
Funding Rounds: Timing and Amounts
| Date | Round | Amount | Investors / Notes |
|---|---|---|---|
| Jan 2018 | Spinoff/Spinout | N/A | Company formation from imec |
| Jun 26, 2019 | Seed VC | Undisclosed | imec.xpand; Bloc Ventures; KBC Focus Fund |
| May 12, 2022 | Series A | €15 million | Innovation Industries (lead), plus existing investors |
| Jul 24, 2024 | Grant | €2.5 million | EIC Accelerator Grant |
| Jul 24, 2024 | Series A - II | $5.43 million (~€5M) | Includes EIC equity investment |
- The latest significant round was in July 2024—a Series A - II extension with $5.43M raised alongside the €2.5M grant from the EIC Accelerator.
- Earlier major round was in May 2022 with a €15M Series A led by Innovation Industries along with imec.xpand, Bloc Ventures and KBC Focus Fund.
Investor Information
Key investors participating across rounds include: - Innovation Industries
- imec.xpand
- Bloc Ventures
- KBC Focus Fund
- European Innovation Council (EIC)—grant provider and equity investor since July 2024
The seed round also featured some of these backers who followed on into later stages.
Company Valuation
Dealroom estimates placed Pharrowtech's enterprise valuation between $66–99 million as of May 2022. No further public updates on post-money valuations following recent funding have been disclosed but given continued investor interest—including institutional backing through the EIC—valuation likely increased following subsequent capital injections.
Exit Events
As of early May 2025:
Pharrowtech remains privately held with backing from venture capitalists and European innovation funders.
Summary Table: Key Financial Events Since March 13th 2024 Cut-off
| Event | Date | Amount |
|---|---|---|
| EIC Accelerator Grant | Jul 24th 24 (announced) | ~€2.5M |
| "Series A-II" Extension/Early Growth Equity | Jul 24th 24 | |
| Note: Dates refer to announcement/public disclosure dates; actual disbursement may be phased. |
Exit & Market Status
Pharrowtech remains focused on product development for next-generation Wi-Fi chips rather than pursuing exit opportunities at this time.Sources
- Pharrowtech company information – Dealroom
- Pharrowtech – Parsers VC
- Pharrowtech funding & investors – Flanders Dealroom
- Pharrowtech Stock Price & Financials – CB Insights
- Startup Map Berlin – PharrowTech profile
- Seedtable profile for PharrowTech
- BusinessWire press release on Series A (€15m)
- imec Press Release (€15m Series A)
Additional details about grants:
3 The Press Releases
Pharrowtech: A Leader in mmWave Technology
Pharrowtech, a Belgian startup, has been making significant strides in the field of millimeter wave (mmWave) technology since its spin-off from imec in 2018. The company specializes in designing and developing mmWave radio frequency solutions for next-generation wireless applications, including fixed-wireless access, wireless VR/AR, and ultra-high capacity wireless links.
Recent Developments
In 2024, Pharrowtech secured significant funding from the European Innovation Council (EIC) Accelerator program. The company received €2.5 million in non-dilutive grant funding and €5 million in equity investment to accelerate the development and commercialization of its next-generation Wi-Fi technology, particularly focusing on the 60 GHz band. This strategic investment aligns with Pharrowtech's ambition to secure global leadership in innovative chips for Wi-Fi 8 and beyond.
Pharrowtech's expansion into North America is another notable development, as it established a new subsidiary, Pharrowtech Inc.,assistant
Pharrowtech: A Leader in mmWave Technology
Pharrowtech, a Belgian startup, has been making significant strides in the field of millimeter wave (mmWave) technology since its spin-off from imec in 2018. The company specializes in designing and developing mmWave radio frequency solutions for next-generation wireless applications, including fixed-wireless access, wireless VR/AR, and ultra-high capacity wireless links.
Recent Developments
In 2024, Pharrowtech secured significant funding from the European Innovation Council (EIC) Accelerator program. The company received €2.5 million in non-dilutive grant funding and €5 million in equity investment to accelerate the development and commercialization of its next-generation Wi-Fi technology, particularly focusing on the 60 GHz band. This strategic investment aligns with Pharrowtech's ambition to secure global leadership in innovative chips for Wi-Fi 8 and beyond.
Pharrowtech's expansion into North America is another notable development, as it established a new subsidiary, Pharrowtech Inc., to strengthen its presence in the region. This move aims to capitalize on the strong wireless and semiconductor ecosystems in the U.S., fostering closer relationships with key customers and partners.
Technology Advancements
Pharrowtech is at the forefront of developing mmWave circuitry in CMOS, addressing the challenges associated with manufacturing and scaling mmWave solutions. The company's technical expertise spans chip, antenna, and algorithm development, ensuring best-in-class performance and features for its products.
Partnerships and Funding
Besides the EIC Accelerator funding, Pharrowtech has attracted significant investment in the past. In 2022, it secured €15 million in Series A funding to further develop its wireless connectivity solutions. The company's partnerships and collaborations with leading wireless communication companies underscore its position as a leader in the high-speed mmWave wireless industry.
Press Releases and Updates
Pharrowtech's press releases and updates are typically available on its website and through industry publications. The company's announcements often highlight its technological advancements, funding achievements, and strategic expansions.
Team Updates
Pharrowtech's leadership team includes Wim Van Thillo as CEO and co-founder. The company has also appointed experienced professionals to lead its North American operations, such as Christian Plante, who serves as the general manager of Pharrowtech Inc..
Patents and Intellectual Property
While specific details on patents are not widely disclosed, Pharrowtech's expertise in mmWave technology and its innovative chip designs are key to its intellectual property portfolio.
Sources
- Pharrowtech Secures EIC Accelerator Grant to Advance Next-Generation Wi-Fi Technology
- Pharrowtech raises €7.5m for WiFi 8 mmWave chip
- Pharrowtech Expands into North America
- Demanding Data
- Pharrowtech - Products, Competitors, Financials
4 The Technology Advancements
Pharrowtech’s Post-EIC Accelerator Funding Trajectory and Current CapabilitiesCurrent Capabilities
Pharrowtech specializes in mmWave radio frequency (RF) technology, focusing on RFIC semiconductors, phased antenna arrays, and software solutions for 5G Fixed Wireless Access (FWA), consumer electronics (e.g., VR headsets), and smart city applications. Their flagship products include the PTR1060 CMOS beamforming transceiver chip (supporting 57–71 GHz) and the PTM1060 phased array antenna module, designed for high-speed wireless links with partners like Renesas.
Advancements Since EIC Accelerator Funding (March 2024)
Publicly disclosed advancements post-March 2024 are limited. However:
- Funding Utilization: The EIC Accelerator grant aimed to accelerate Wi-Fi-related innovations, but no specific product launches or feature updates have been announced since March 2024.
- Market Demonstrations: Prior to bankruptcy proceedings in May 2025, Pharrowtech conducted field trials with Belgian ISP Telenet and other partners, though recent pilot results remain undisclosed.
- Intellectual Property: No new patents or peer-reviewed studies are publicly documented post-March 2024. Earlier work emphasized CMOS-based mmWave design and manufacturability improvements.
Bankruptcy Impact on Technology Roadmap
Pharrowtech filed for bankruptcy in May 2025 due to insufficient commercial traction in FWA markets despite successful trials. The company is currently seeking buyers or relaunch opportunities, halting further R&D disclosures. Pre-bankruptcy efforts included scaling production of its RFICs for cost-sensitive markets like consumer electronics and smart cities.
Sources
- Pharrowtech Official Website | About Us
- Its the end of the line for Pharrowtech - Bits&Chips
- Demanding Data - New Electronics
5 The Partnerships and Customers
Pharrowtech: Partnerships and Market Positioning
Pharrowtech, a Belgian company specializing in millimeter-wave (mmWave) technology, has been making significant strides in the wireless communication sector since its inception in 2018. Following its recent success, Pharrowtech continues to expand its operations and strengthen its partnerships.
Partnerships and Customers
Pharrowtech has established several notable partnerships that are pivotal in advancing its mmWave technology. One of its significant collaborations is with 8devices, where they jointly announced an advanced 60 GHz PtP/PtMP system for Wireless Internet Service Providers (WISPs) and ready-to-integrate wireless modules for Original Equipment Manufacturers (OEMs). This partnership aims to simplify and accelerate the adoption of mmWave technology, enhancing its capabilities for high-bandwidth wireless applications.
Pharrowtech has also engaged in successful collaborations with leading wireless communication companies, including trials with Telenet, a major Belgian Internet Service Provider (ISP).
New Partnerships and Customers
While specific details about new partnerships or customers since the EIC Accelerator funding are not available, Pharrowtech's expansion into North America indicates a strategic move to foster relationships with new customers and partners in the region. The appointment of Christian Plante as General Manager for North America underscores the company's commitment to growing its presence in key markets like wireless infrastructure, Wi-Fi, consumer electronics, and smart city IoT applications.
Nature of New Relationships
Pharrowtech's new relationships, particularly its expansion into North America, are designed to leverage the region's strong wireless and semiconductor ecosystems. This strategic move positions Pharrowtech closer to its existing North American customers and semiconductor partners, particularly in Silicon Valley.
Market Positioning
Pharrowtech's partnerships and expansions will enhance its market positioning by:
Pharrowtech: Partnerships and Market Positioning
Pharrowtech, a Belgian company specializing in millimeter-wave (mmWave) technology, has been making significant strides in the wireless communication sector since its inception in 2018. Following its recent success, Pharrowtech continues to expand its operations and strengthen its partnerships.
Partnerships and Customers
Pharrowtech has established several notable partnerships that are pivotal in advancing its mmWave technology. One of its significant collaborations is with 8devices, where they jointly announced an advanced 60 GHz PtP/PtMP system for Wireless Internet Service Providers (WISPs) and ready-to-integrate wireless modules for Original Equipment Manufacturers (OEMs). This partnership aims to simplify and accelerate the adoption of mmWave technology, enhancing its capabilities for high-bandwidth wireless applications.
Pharrowtech has also engaged in successful collaborations with leading wireless communication companies, including trials with Telenet, a major Belgian Internet Service Provider (ISP).
New Partnerships and Customers
While specific details about new partnerships or customers since the EIC Accelerator funding are not available, Pharrowtech's expansion into North America indicates a strategic move to foster relationships with new customers and partners in the region. The appointment of Christian Plante as General Manager for North America underscores the company's commitment to growing its presence in key markets like wireless infrastructure, Wi-Fi, consumer electronics, and smart city IoT applications.
Nature of New Relationships
Pharrowtech's new relationships, particularly its expansion into North America, are designed to leverage the region's strong wireless and semiconductor ecosystems. This strategic move positions Pharrowtech closer to its existing North American customers and semiconductor partners, particularly in Silicon Valley.
Market Positioning
Pharrowtech's partnerships and expansions will enhance its market positioning by:
- Strengthening Technology Advancements: Collaborations with semiconductor partners will aid in further developing its mmWave technology, especially in areas like chip and antenna design, crucial for next-generation wireless applications.
- Scaling Production: The move into North America will provide access to a robust VC ecosystem, facilitating investments needed to scale production of its mmWave solutions to meet growing demand.
- Market Reach: By establishing a presence in North America, Pharrowtech can better serve its existing customers in the region while attracting new ones, solidifying its position as a leader in mmWave technology.
Technology Advancements
Pharrowtech's focus on integrating mmWave technology into future Wi-Fi standards, such as Wi-Fi 8, aims to revolutionize wireless communication by offering speeds significantly faster than current standards. This involves optimizing wireless system design, refining components through RFIC and analog block design, enhancing adaptability through digital processing, and validating solutions in real-world scenarios.
Pharrowtech's advancements in mmWave technology will not only drive revenue growth but also foster strategic partnerships, reinforcing its commitment to reshaping the wireless communication landscape.
Sources
- Pharrowtech
- Pharrowtech Expands into North America
- Next-Gen Wireless Chip and Antenna Tech for Wi-Fi 8
- Pharrowtech and 8devices announce advanced 60GHz PtP/PtMP system
- Pharrowtech – Funding, Valuation, Investors, News
- Demanding Data
- Belgium's Pharrowtech, promising world's first viable wireless alternative to fibre optics
- Pharrowtech Expands into North America
- Belgian Pharrowtech wires in €15 million to build wireless ecosystem
6 The Hiring and Company Growth
Pharrowtech's Team Dynamics and Growth Strategy Post-2024 EIC Accelerator Funding While specific details about Pharrowtech’s hiring or team growth following their March 2024 EIC Accelerator application are not publicly disclosed, the company’s trajectory reflects strategic scaling efforts aligned with its focus on mmWave technology.- Current headcount: Conflicting reports indicate between <25 employees (ZoomInfo) and 41 employees (RocketReach), suggesting discrepancies in tracking methodologies or rapid fluctuations.
- Hiring status: Actively recruiting for specialized roles, including mmWave/RF chip designers, antenna engineers, and semiconductor product managers, as listed on their careers page. The company emphasizes plans to increase gender diversity, targeting 25% female representation by 2025.
- Growth metrics: Pharrowtech secured a €15M Series A round in 2022, enabling expansion into markets like 5G FWA and smart city IoT solutions. While no post-2024 funding announcements are visible, the EIC Accelerator grant likely supports further R&D and operational scaling.
- Key positions: Recent job postings prioritize expertise in RF system design, MAC/PHY layer development, and fabless semiconductor operations—critical areas for advancing their IEEE 802.11ay-compliant PTR1060 transceiver chip.
- Founding team stability: CEO Wim Van Thillo remains at the helm without reported management changes.
New hires would bolster Pharrowtech’s capacity to customize phased array antenna modules and expand partnerships with baseband processor suppliers like Renesas Electronics, positioning the Belgian firm as a competitive player against industry giants such as Qualcomm and Texas Instruments.
Sources
RocketReach - Pharrowtech Profile
ZoomInfo - Pharrowtech Overview
Pharrowtech Careers Page
Capacity Media - €15M Series A Funding
About Pharrowtech (Note: URL contains typo; correct domain is pharrayyotech.com → pharrayyotech.com redirects to pharrostech.com? Clarification needed; original source referenced from search result )
7 The Media Features and Publications
Media Features and Company Activity of PharrowtechPharrowtech, a Belgium-based mmWave technology developer and EIC Accelerator grant recipient, has garnered attention in technical publications, podcasts, and industry events. Below is an overview of its media presence and activities:
Media Features
- New Electronics Interview (February 2025): CEO Wim Van Thillo discussed the company’s mmWave advancements, including CMOS-based RFICs for 5G FWA and consumer electronics.
- Electronicspecifier Podcast: Featured in a podcast episode titled “The Technology Shaping the Future of Connectivity”, where Van Thillo explained Pharrowtech’s vision for next-generation wireless systems.
Publications
- Industry Reports: Recognized by market analysts such as Yole Intelligence (FWA RF market projections) and ABI Research (smart pole adoption).
- Tech Journals: Covered in semiconductor-focused outlets for innovations in phased array antennas and software-defined wireless platforms.
Podcasts & Interviews
- Electronicspecifier Podcast Series 17 – Episode 3: Focused on Pharrowtech’s role in advancing mmWave connectivity for VR headsets, smart cities, and high-capacity wireless links.
- CEO Insights: Van Thillo emphasized challenges in scaling mmWave production during interviews with New Electronics.
Conferences & Events
- North American Expansion (May 2023): Announced a U.S. subsidiary led by semiconductor veteran Christian Plante to strengthen customer partnerships.
- COMPUTEX 2024 Participation: Highlighted AI-driven connectivity solutions at the Taipei event alongside major industry players like NVIDIA and Qualcomm.
- RFIC Symposium Relevance: While not directly cited as participants, Pharrowtech’s work aligns with RFIC’24 themes on D-band/THz transmitters and advanced packaging.
Sources Used:
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