1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a pivotal initiative within the European Innovation Council (EIC), designed to support startups and small to medium-sized enterprises (SMEs) that are developing innovative technologies. This program aims to facilitate the transition from idea to market by providing funding and tailored support for scaling high-impact, deep-tech innovations. The EIC Accelerator is particularly focused on technologies that have the potential to reshape industries and create substantial economic and societal benefits.

Funding Structure

The EIC Accelerator offers a hybrid funding model, combining grants and equity investments to meet the diverse needs of innovative companies.

• Grant Funding: Companies can receive up to €2.5 million as a grant. This funding is primarily aimed at covering the costs associated with the development of innovative products or services, including research and development, prototyping, and testing. The grant is intended to reduce financial risks and enable companies to validate their technologies.
• Equity Investments: In addition to grant funding, the EIC Accelerator provides equity investments of up to €15 million until 2024. From 2025 onwards, this amount will be capped at €10 million. This funding is designed to help companies scale their operations and access additional resources for commercialization while ensuring that they can attract further private sector investment.

Purpose in the European DeepTech Ecosystem

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by addressing the funding gap that many innovative companies face. By providing substantial financial support and expert guidance, the program aims to:

• Foster Innovation: Encourage the development of breakthrough technologies that can disrupt markets and drive economic growth.
• Create Jobs: By supporting startups, the program contributes to job creation and boosts local economies.
• Enhance Competitiveness: Strengthen the European innovation landscape by ensuring that promising technologies can develop and compete on a global scale.

Role in Scaling Companies and Securing Private Sector Funding

The EIC Accelerator not only provides funding but also offers a comprehensive support network, including mentorship, business coaching, and access to a wide range of resources. This support is vital for startups seeking to scale their operations and secure additional funding from private investors. By validating their business models and demonstrating the potential for high returns, EIC Accelerator beneficiaries can attract private sector investments more easily, thereby enhancing their growth prospects.

EIC Accelerator Winner: Pibond Oy

Company Overview: Pibond Oy, based in Finland, has emerged as a significant player in the semiconductor fabrication sector through its innovative technologies. The company focuses on developing advanced materials that can enhance semiconductor performance.

Project Title: IO-PR

Project Description: The EIC Accelerator project "IO-PR" (Silicon-Rich Materials for Advanced Semiconductor Fabrication) is aimed at developing silicon-rich materials that can improve the efficiency and performance of semiconductor devices. This project is particularly timely given the increasing demand for high-performance semiconductors in various applications, including computing, telecommunications, and automotive technologies.

Technology Background: The core technology behind Pibond Oy’s project involves the synthesis of silicon-rich materials that exhibit superior electrical properties compared to conventional silicon. These materials are designed to support the fabrication of advanced semiconductor devices that require enhanced conductivity and thermal management. The project addresses critical issues such as power consumption and reliability, which are paramount in the rapidly evolving semiconductor landscape.

The innovative approach taken by Pibond Oy is expected to yield materials that not only improve the performance of existing semiconductor technologies but also enable the development of next-generation devices. This could lead to significant advancements in various sectors, including consumer electronics, renewable energy, and IoT applications.

Conclusion

The EIC Accelerator program serves as a vital instrument for promoting innovation and supporting the growth of high-potential startups in Europe. By providing a combination of grant funding and equity investments, along with strategic support, the program enables companies like Pibond Oy to develop groundbreaking technologies that can transform industries and contribute to the European economy. The IO-PR project exemplifies how innovative solutions in materials science can pave the way for advancements in semiconductor fabrication, ultimately leading to more efficient and powerful electronic devices.

2 The Funding Rounds

# PiBond Oy: EIC Accelerator Funding and Financial Overview

PiBond Oy, a Finnish company based in Espoo, is one of the few global producers of ultra-high purity siloxane and metal organic polymer materials for the semiconductor industry. The company has expanded its focus to include medical device materials, positioning itself in a rapidly growing market segment.

EIC Accelerator Funding

PiBond Oy was selected for funding in the first European Innovation Council (EIC) Accelerator call of 2023, which closed on January 11, 2023. The company was among 32 companies funded in this round, with a total budget allocation of €195.8 million across all selected companies.

According to available data, PiBond received a grant of €2.5 million from the European Innovation Council in January 2023. This funding was part of the EIC Accelerator program, which offers startups and SMEs grants of up to €2.5 million combined with potential equity investments through the EIC Fund.

Funding Rounds and Investment History

Based on the search results, PiBond's funding history includes:

January 2023: €2.5 million grant from the European Innovation Council as part of the EIC Accelerator program

The company's Dealroom profile indicates there may have been additional funding rounds, but specific details about these rounds are not fully disclosed in the available search results.

Company Valuation

According to Dealroom.co estimates from May 2011, PiBond's enterprise valuation was estimated to be between $64-96 million. However, it's important to note that this valuation is from 2011, and the company's current valuation may differ significantly given its growth and recent funding.

Investor Information

The European Innovation Council is identified as a key investor in PiBond through the EIC Accelerator program. The EIC Accelerator provides both grants and equity investments, with equity investments made through the EIC Fund. This fund typically attracts additional investors, increasing the overall investment to over three times the EIC investment on average.

Company Growth and Expansion

PiBond has been expanding its operations and market focus:

Company Leadership

Jonathan Glen serves as the Chairman of the Board of PiBond, while Pasi Leinonen holds the position of Senior Director of Sales and Marketing.

Exit Events

No information about IPOs, buyouts, or acquisitions involving PiBond was found in the search results. The company appears to be in a growth phase, focusing on expanding its production capabilities and diversifying its market presence rather than pursuing exit strategies at this time.

Sources: - https://www.strata.team/eic-accelerator-winners-and-statistics-january-2023/

• https://eic.ec.europa.eu/news/european-innovation-council-accelerator-strong-performance-engineering-and-tech-based-companies-2023-10-30_en
• https://app.dealroom.co/companies/silecs
• https://horizoneuropencpportal.eu/news/eic-accelerator-final-2023-cut-funds-42-companies-eu285-million
• https://www.pibond.com/en/news
• https://www.pibond.com/en/news/pibond-medical-device

3 The Press Releases

Pibond Oy: Post-EIC Accelerator Funding Developments Pibond Oy, a Finnish innovator in semiconductor materials, secured EIC Accelerator funding in January 2023. Since then, the company has advanced its technology and partnerships:

• Technology Advancements: Pibond specializes in photon-activated materials critical for semiconductor fabrication, including EUV lithography processes. Their products enable sub-10nm chip manufacturing and are integral to microprocessors, memory devices, and medical technologies.
• Strategic Collaboration: In mid-2024, Pibond deepened its partnership with Switzerland’s Paul Scherrer Institute (PSI) to commercialize next-gen lithography materials. This includes establishing a Swiss subsidiary at Innovaare Innovation Park.
• Production Expansion: The company operates a 3,000-m² cleanroom facility in Finland for R&D and scaled production of specialty chemicals. Recent upgrades aim to meet rising demand from semiconductor manufacturers adopting high-NA EUV systems.
• Patent Portfolio: Pibond holds 112 patents (85 issued; 27 pending), covering siloxane-based materials and processes for advanced semiconductor fabrication.

No press releases directly announcing the EIC award were found on pibond.com as of June 2024. Recent updates instead emphasize technological milestones like material improvements for ASML’s high-NA EUV scanners and medical device material innovations announced in June 2024.

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Sources
EIC Accelerator winners January 2023
PiBond Company Overview
June 2024 Medical Device Materials Update

4 The Technology Advancements

Overview of PiBond Oy

PiBond Oy, a Finnish chemical company, is a leading innovator in semiconductor and photonics technology. It specializes in developing and producing advanced materials essential for the semiconductor industry, particularly in lithography, dielectrics, and optical coatings. Founded in 2014, PiBond has expanded its operations across Asia, the US, and Europe, providing materials that enable the integration of billions of transistors on a single chip.

Current Capabilities

PiBond's current capabilities include the production of ultra-pure materials critical for microelectronic and photonic devices. These materials are used in microprocessors, memory chips, sensors, and displays, showcasing the company's commitment to innovation and high-quality production. PiBond's products span three main areas: semiconductors, photonics, and medical devices, demonstrating its versatility and expansion into diverse technological sectors.

Advancements Since EIC Accelerator Funding

As of the provided date, there is no specific information available on advancements made by PiBond Oy directly related to the EIC Accelerator funding received in January 2023. However, the company has been actively expanding its facilities and product lines. For instance, PiBond is undergoing a significant expansion of its production facility in Espoo, Finland, to enhance lithography product production, which is expected to increase production capacity by 50%. Additionally, PiBond has entered the rapidly growing medical device materials market, focusing on developing advanced materials for various medical applications.

Technological Improvements and Demonstrations

PiBond has demonstrated technological improvements through its collaboration with the Paul Scherrer Institute (PSI) on EUV lithography processes. This partnership has contributed to advancements in material and process development for future semiconductor fabrication. There is no specific information on new features or market demonstrations directly linked to the EIC funding.

Patents and Publications

PiBond has a strong portfolio of patents, with over 112 patents, including 85 issued and 27 pending. However, there is no recent information available on new patents filed or scientific studies published specifically following the EIC Accelerator funding.

Sources

• PiBond
• PiBond: Latest News
• PiBond - Photonics Finland
• New Process For Production Of Semiconductors | Mirage News
• PiBond pioneers a new material approach for MEMS and 3D IC manufacturing
• Pibond Oy - SEMI.org

5 The Partnerships and Customers

Pibond Oy: Partnerships and Advancements

Pibond Oy, a Finnish company specializing in advanced materials for microelectronics and photonics, received EIC Accelerator funding in January 2023. This funding marked a pivotal moment in the company's journey, enabling strategic partnerships and technological advancements.

Existing Partnerships and Customers

Pibond Oy has collaborated with significant entities, notably the Paul Scherrer Institute (PSI) in Switzerland. This partnership aims to commercialize novel resist technology for advanced EUV semiconductor lithography, contributing to significant advancements in the semiconductor industry. Pibond has established a subsidiary at Switzerland Innovation Park Innovaare to deepen this collaboration and develop innovative lithography technologies.

New Partnerships and Customers

While specific names of new partners or customers are not detailed, Pibond's expansion into the medical device materials market in 2024 indicates a broadening customer base. This strategic move positions Pibond Oy to capitalize on the rapidly growing medical device market, which is projected to reach USD 886.8 billion by 2032.

Nature and Purpose of New Relationships

Pibond Oy's new relationships, such as its entry into the medical device materials sector, are aimed at leveraging its expertise in ultra-pure materials to meet evolving healthcare needs. These partnerships will enable the development of advanced materials for medical devices, including implantable devices and microfluidic chips, thereby improving patient outcomes and advancing medical technology.

Market Positioning

These new relationships will strengthen Pibond Oy's market position as a leading supplier of high-value specialty materials. By expanding its production facility in Espoo, Finland, Pibond is well-equipped to meet the increasing demand for advanced materials across both the semiconductor and medical device industries.

Technology Advancements and Scaling

The partnerships and funding will facilitate technological advancements by allowing Pibond to develop cutting-edge materials for next-generation semiconductor devices and medical applications. The collaboration with PSI, for instance, enhances Pibond's capabilities in EUV lithography, a critical technology for producing the most advanced semiconductor chips. This collaboration, combined with the expansion into the medical sector, positions Pibond Oy for significant growth and scaling in both markets.

Sources

• PiBond: Materials for microelectronics
• Latest News - PiBond
• PiBond at Laser World of Photonics 2023
• PiBond - Photonics Finland

6 The Hiring and Company Growth

PiBond Oy: Growth and Development

PiBond Oy, a prestigious EIC Accelerator winner based in Finland, has been making significant strides in the microelectronics and medical industries. Since receiving the EIC Accelerator funding in January 2023, PiBond has continued to expand its operations and team.

Hiring and Team Growth

PiBond is actively looking for new talent, which indicates a phase of team growth. The company emphasizes that its employees are crucial to its success, suggesting a focus on hiring and retaining skilled professionals. However, specific details on current headcount or team size are not publicly available.

Current Hiring Status

PiBond is currently hiring, as evidenced by its career page, which invites new talent to join their team of experts.

Growth and Expansion

PiBond's expansion into the medical device materials market in Spring 2024 highlights its growth strategy. This strategic move aims to capitalize on the rapidly growing demand for high-quality medical device materials, driven by advancements in polymer technology and rising healthcare needs.

Key Positions and Recent Hires

While specific details on recent hires or key positions are not available, PiBond's growth into new markets suggests the hiring of specialists in medical materials and possibly other roles related to microelectronics.

Impact of New Team Members on the Future of the Company

New team members will play a crucial role in scaling PiBond's operations, especially in the medical sector. Their expertise will help PiBond advance technology and meet the evolving needs of its customers in both microelectronics and medical industries.

Management Changes

There are no specific details available on major changes in management or the founding team since receiving the EIC Accelerator funding.

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Sources

• PiBond: Materials for microelectronics
• Microelectronics in Finland
• 3 Top Manufacturing Companies in Oulu

7 The Media Features and Publications

Pibond Oy: A Finnish EIC Accelerator Winner

Pibond Oy, a Finnish company specializing in materials for microelectronics, successfully secured funding through the European Innovation Council (EIC) Accelerator in January 2023. This achievement marks a significant milestone for the company, which has been actively involved in various media features, publications, and events.

Media Features and Publications

Pibond Oy has been featured in several publications and media outlets. Notably, it was mentioned in Maintworld Magazine 2/2023, where companies like Pibond are highlighted for their innovative products and technologies. Additionally, Pibond has been recognized as a leading supplier of specialty materials in the semiconductor industry by MarketsandMarkets, a global market research firm.

In terms of specific content, Pibond has been praised for its commitment to advancing technology and supporting customers with high-quality specialty materials. This includes its role in providing materials used in microprocessors, memory chips, sensors, and displays.

Podcasts or Interviews

Currently, there is no specific information available about podcasts or interviews featuring the team of Pibond Oy.

Conference and Fair Visits, Presentations or Participations

Pibond Oy actively participates in industry events. For example, the company attended the SEMICON Taiwan event in September 2023, where it presented "Advanced silicon-based materials enabling new solutions for device fabrication" at TechXPOT. Additionally, Pibond participated in Laser World of Photonics 2023 and Photonics West 2023, showcasing its innovative materials.

Involvement in Events

Pibond's involvement in these events underscores its commitment to innovation and staying at the forefront of technological advancements in the semiconductor industry.

Expansion and Growth

As part of its growth strategy, Pibond Oy is expanding its production facility in Espoo, Finland, to meet the increasing demand for lithography products. This expansion aims to enhance the company's production capacity and solidify its position in the rapidly growing semiconductor market.

Sources

• EIC Accelerator winners and statistics January 2023
• Maintworld Magazine 2/2023
• Spin on Carbon Market Size, Share, Industry Report 2032
• PiBond: Materials for microelectronics
• PiBond at Laser World of Photonics 2023