1 The EIC Accelerator Project

The European Innovation Council (EIC) Accelerator program is a vital funding initiative aimed at supporting innovative startups and small to medium-sized enterprises (SMEs) across Europe. Primarily targeting deep-tech ventures, the EIC Accelerator fosters the development and scaling of breakthrough technologies with potential global impact. It provides a unique blend of grant funding and equity investments, allowing companies to leverage financial resources to accelerate their growth and innovation.

Funding Structure

The EIC Accelerator offers two distinct forms of financial support: grants and equity investments.

Purpose in the DeepTech and Startup Ecosystem

The EIC Accelerator plays a pivotal role in the European deep-tech landscape by acting as a catalyst for innovation and development. By providing substantial funding support, the program enables startups to access the necessary resources for research and product development. It also fosters collaboration between public and private sectors, encouraging partnerships that can lead to additional funding opportunities. The EIC Accelerator not only aids in the maturation of new technologies but also enhances the competitiveness of European SMEs on a global scale.

Role in Scaling and Private Funding

One of the primary objectives of the EIC Accelerator is to help companies scale effectively. By providing both grants and equity investments, the program mitigates financial risks associated with early-stage innovation. This financial support allows companies to demonstrate their technological viability, thereby attracting further investments from private sectors. The blending of grant funding with equity options serves as a strategic advantage, enabling companies to secure the necessary funding to navigate the scaling process and reach market readiness.

Case Study: NeuronSW SE and the Neuron Soundware Project

Company Overview: NeuronSW SE, based in Czechia, is a prominent player in the realm of predictive maintenance solutions. The company leverages advanced technologies such as artificial intelligence (AI) and the Internet of Things (IoT) to enhance operational efficiency and machine reliability.

Project Description: Neuron Soundware (NSW) The Neuron Soundware project focuses on early detection of machine failures using sound analysis. By integrating sound recognition technology with AI algorithms, the project aims to identify anomalies in machinery that may indicate impending failures. This proactive approach to machine maintenance not only reduces downtime but also minimizes repair costs, thus enhancing overall operational efficiency.

Technology Basics: At its core, the Neuron Soundware technology relies on sophisticated acoustic sensors that capture sound data from machines. These sensors are strategically placed on equipment to monitor their sound emissions during operation. The captured sound data is then analyzed using machine learning algorithms that have been trained to recognize patterns associated with normal operation versus those indicative of potential failures.

The AI component is crucial as it enables the system to learn from vast amounts of data, improving its predictive capabilities over time. The integration of IoT allows for real-time data transmission, enabling immediate monitoring and alerts to operators regarding the health of their machinery. This holistic approach ensures that businesses can anticipate failures before they occur, thereby optimizing maintenance schedules and prolonging the lifespan of their equipment.

Conclusion

The EIC Accelerator program serves as a significant funding source for innovative companies like NeuronSW SE, fostering the development of cutting-edge solutions such as Neuron Soundware. By providing a balanced mix of grants and equity investments, the program not only supports the growth of individual startups but also contributes to the overall dynamism and competitiveness of the European deep-tech ecosystem. The success of Neuron Soundware exemplifies the potential of leveraging sound, AI, and IoT technologies to revolutionize machine maintenance, addressing critical challenges in operational efficiency across various industries.

2 The Funding Rounds

# NeuronSW SE: Funding Journey and Investment Profile

NeuronSW SE, also known as Neuron Soundware, is a Czech startup founded in 2016 that specializes in AI-driven machine diagnostics and predictive maintenance within the manufacturing and processing industries. The company has developed innovative technology that utilizes sound analysis and other physical parameters to detect potential machinery failures and optimize equipment performance.

Funding History

Neuron Soundware has secured significant funding throughout its growth journey, with a total of $14.9 million raised across multiple funding rounds. The company's funding timeline shows a progression from early-stage investment to more substantial grants.

Key Funding Rounds

Date	Round Type	Amount	Investors
April 14, 2023	Grant	$7.7M	Technology Agency of the Czech Republic
October 5, 2023	Grant	160M CZK (~$7M)	EU and TAČR program
June 27, 2019	Series A	Undisclosed	INVEN Capital, Lead Ventures
January 7, 2019	Incubator/Accelerator - III	Undisclosed	Multiple investors
June 20, 2018	Business Plan Competition	Undisclosed	Undisclosed
October 25, 2017	Incubator/Accelerator - II	Undisclosed	Undisclosed

EIC Accelerator Funding

Neuron Soundware (NeuronSW SE) submitted its Step 2 proposal to the EIC Accelerator on June 15, 2022, and was subsequently successful in the Step 3 interview, securing funding from this prestigious EU program.

Investor Information

Neuron Soundware has attracted a diverse group of investors throughout its development. The company has a total of 9 investors backing its growth and innovation. Key investors include:

Business Development and Valuation

While specific valuation figures for Neuron Soundware are not publicly disclosed in the search results, the company has shown promising growth in its business operations.

Revenue and Financial Performance

• In 2021, the company reported revenues of 9.5 million Czech korunas (approximately €370,000).
• For the period from January to September 2022, the net turnover reached 4 million Czech korunas.
• The company had previously set a goal to achieve revenues of around one million euros (approximately 23 million Czech crowns) for the year prior to 2023.
• According to information from 2019, the company's revenues amounted to almost half a million Euro in the previous year.

It's worth noting that the company has been operating at a loss as it focuses on growth and technology development.

Corporate Structure

In response to Brexit, Neuron Soundware established a new business entity called NeuronSW SE, headquartered in Prague, Czech Republic. This entity was created to take over all business activities and liabilities from the previous major entity, Neuron SW Ltd., which was headquartered in London, United Kingdom.

Client Portfolio and Market Position

Neuron Soundware has successfully implemented its systems with several large global corporations, including:

• Daimler
• BMW
• innogy
• E.ON
• Airbus
• LG

In the energy sector, the company has notable implementations with a fleet of more than 20 large combined heat and power units for several customers in the Czech Republic.

No Recorded Exit Events

Based on the available information, there is no indication of any exit events such as an IPO, buyout, or acquisition involving Neuron Soundware. The company appears to be continuing its operations as an independent entity focused on growth and development of its AI and IoT solutions.

Sources: - https://www.neuronsw.com/czech-startup-received-160million-crowns/

• https://www.neuronsw.com/neuron-soundware-raised-e5-75-million-investment-from-inven-capital-and-lead-ventures/
• https://www.cbinsights.com/company/neuron-soundware
• https://www.cbinsights.com/company/neuron-soundware/financials

3 The Press Releases

NeuronSW SE Overview and Developments

NeuronSW SE, based in Czechia, was a recipient of the EIC Accelerator funding in June 2022. The company was among the 75 successful applicants selected from a pool of over 1,000 submissions during the June cut-off for the EIC Accelerator program. This competitive process involved a rigorous evaluation and interview stage, leading to a combined funding of up to €400 million for all selected companies through grants and equity investments.

Background and Funding

NeuronSW SE's success in the EIC Accelerator reflects the program's emphasis on supporting deep-tech startups and SMEs in Europe. The EIC Accelerator provides not only financial support but also business acceleration services, connecting companies with leading expertise, corporates, investors, and ecosystem actors. The funding model includes grants of up to €2.5 million and equity investments ranging from €0.5 to €15 million or more.

Partnerships and Technology Advancements

While specific details about NeuronSW SE's partnerships and technology advancements are not available in the provided search results, the EIC Accelerator program generally fosters collaboration and innovation among its awardees. This includes access to a pan-European platform for exchanges and interactions with the wider EU innovation community.

Press Releases and Updates

The company's website and social media channels would be the primary sources for press releases and updates regarding partnerships, team updates, patents, or technology advancements. However, no specific information on these aspects could be found in the search results.

Sources:

• EIC Accelerator winners and statistics June 2022
• New wave of deep tech start-ups set to receive Accelerator grants and equity
• European Innovation Council (EIC) Work Programme 2023

4 The Technology Advancements

NeuronSW SE: Advancements Post EIC Accelerator Funding

NeuronSW SE, a Czech startup specializing in predictive maintenance technology using sound analysis and AI, has made significant strides since receiving funding from the European Innovation Council (EIC) Accelerator program. Here are the key developments and advancements:

Current Capabilities

NeuronSW SE offers an end-to-end system for machine diagnostics and predictive maintenance, minimizing downtime and costs. Their technology integrates sound sensors, microphones, IoT devices, and a cloud platform to provide 24/7 monitoring and real-time diagnostics for industrial equipment like engines, compressors, and turbines. The company's solutions are used by major clients such as Daimler, BMW, Airbus, and LG, across various sectors including the energy industry.

Advancements Since Funding

Since receiving the EIC Accelerator funding in June 2022, NeuronSW SE has focused on scaling its technology and expanding its market reach. In October 2023, the company received additional funding of 160 million Czech crowns from the EU and the Technology Agency of the Czech Republic (TAČR) to enhance its hardware and software capabilities. This support is crucial for developing next-generation devices like the nEdge PRO unit, which promises a significant increase in computing power using AI accelerator chips.

In September 2023, NeuronSW SE secured €5.75 million in investment from INVEN CAPITAL and LEAD VENTURES, alongside existing investor J&T Ventures. This funding aids in further business expansion and scalability of successful use cases. The company is also building a global partnership network to strengthen its position as an international player in AI and IoT solutions.

Technology Improvements and Market Demonstrations

NeuronSW SE has continued to refine its technology by deploying pre-trained AI algorithms for monitoring large numbers of machines. This strategy includes offering easy-to-implement monitoring solutions that can be operational in weeks, supported by an affordable monthly fee per machine. The company has established itself as a market leader in industrial machine diagnostics and has successfully implemented its solutions with several large corporations worldwide.

New Features and Patent Filings

While specific details on new patent filings or scientific studies directly resulting from the EIC funding are not publicly disclosed, NeuronSW SE's continued innovation in AI and IoT for predictive maintenance suggests ongoing technological advancements. However, there is no recent information available on clinical trials or new scientific studies published by the company.

Conclusion

NeuronSW SE's advancements since receiving the EIC Accelerator funding reflect a strong focus on technology development and market expansion. The company continues to innovate and deploy its AI-driven predictive maintenance solutions globally, positioning itself as a key player in the industry.

Sources: - Neuron Soundware received 160 million crowns

• Neuron Soundware raised €5.75 million investment
• NeuronSW SE
• Protecting machines using sound and AI
• NeuronSW SE
• Neuron Soundware: €7M with EIT Manufacturing's Support

5 The Partnerships and Customers

Neuron Soundware (NeuronSW SE) Overview

Neuron Soundware, a Czech startup, is pioneering the use of Artificial Intelligence (AI) and Internet of Things (IoT) technology for industrial equipment monitoring and diagnostics. Since receiving EIC Accelerator funding in June 2022, Neuron Soundware has continued to expand its innovative technology and partnerships.

Partnerships and Customers

Neuron Soundware has established partnerships with several prominent companies. Their customers include Maxion Wheels, MVV Energie, Worke Group, and DPP. The company has also partnered with entities like Worke Group, where they conducted successful customer tests simulating various machine failures and demonstrated strong performance outcomes. Neuron Soundware's technology integrates sound analysis and predictive maintenance capabilities, enhancing its partners' products and services.

New Partners and Customers

While specific new partners or customers are not detailed in recent updates, Neuron Soundware's partnership program continues to offer opportunities for joint research and development projects. This allows for the creation of new solutions in industrial sound analysis, potentially attracting new partners and customers in unexplored markets.

Nature of New Relationships

New relationships for Neuron Soundware focus on expanding market reach and advancing technological capabilities. By integrating its AI-based solutions, partners can enhance their offerings and tap into emerging markets where sound analysis solutions are needed. The company's presence in Japan, Malaysia, Thailand, Central Europe, and the USA is expanding, with opportunities to pioneer in other regions.

Positioning in the Market

These relationships position Neuron Soundware at the forefront of AI-driven predictive maintenance, enabling it to lead in providing cutting-edge solutions for machine monitoring and diagnostics. The company's innovative approach to using sound and other physical parameters for predictive analytics sets it apart in the manufacturing sector.

Technology Advancements and Scaling

The EIC funding and partnerships support Neuron Soundware's technological advancements by allowing it to further develop its AI and IoT solutions. The company aims to enhance hardware capabilities and expand into new markets, including consumer appliances, through cost-efficient monitoring solutions. Collaborations with Original Equipment Manufacturers (OEMs) also help in reducing R&D costs and fostering innovation.

Conclusion

Neuron Soundware's strategic partnerships and funding have solidified its position as a leader in AI-based industrial monitoring. The company's focus on expanding its technology and market presence is set to drive significant growth and innovation in predictive maintenance.

Sources: - Partners - Neuron Soundware

• Neuron Soundware: Homepage
• Neuron Soundware - Products, Competitors, Financials, Employees
• Revolutionising Machine Monitoring and Maintenance
• NeuronSW SE

6 The Hiring and Company Growth

NeuronSW SE: Enhancing Growth and Innovation

NeuronSW SE, a Czech-based company specializing in AI and IoT solutions for industrial processes, has experienced significant growth since receiving the EIC Accelerator funding in June 2022. This funding has been instrumental in expanding their capabilities and bolstering their position as a leader in predictive maintenance and process control.

Current Headcount and Team Size

While specific details on NeuronSW SE's current headcount or team size are not publicly available, their expertise in AI, Machine Learning, and IoT technologies indicates a robust team structure. Their success in delivering real-time monitoring solutions suggests a team adept at handling complex technical projects.

Hiring Status

NeuronSW SE does not explicitly state whether they are currently hiring. However, their commitment to innovation and expansion suggests ongoing interest in recruiting top talent to support their growth strategies.

Growth and Scaling

Since receiving the EIC funding, NeuronSW SE has likely expanded its operations and enhanced its capabilities in AI and IoT. This growth is vital for scaling their services, particularly in developing and deploying advanced predictive maintenance solutions across industries. The company's focus on real-time data processing and edge computing allows it to provide cutting-edge solutions that reduce downtime and increase efficiency.

Key Positions and Future Impact

While specific recent hires are not detailed, NeuronSW SE's emphasis on AI and IoT innovation suggests that new team members would be involved in developing and implementing these technologies. These additions would be crucial for driving the company's future success, enabling them to scale more effectively and expand their client base. New team members likely contribute to refining their predictive analytics tools, enhancing the quality and productivity of manufacturing processes, and further solidifying NeuronSW SE's position in the market.

Major Management or Founding Team Changes

There is no publicly available information regarding significant changes in NeuronSW SE's management or founding team since receiving the EIC funding in June 2022.

Sources

• Neuron Soundware
• EIC Accelerator Overview

Note: The provided sources do not directly mention specific details about NeuronSW SE's current hiring status, team size, or recent management changes. The information available focuses primarily on their technological capabilities and business focus.

7 The Media Features and Publications

NeuronSW SE Overview

NeuronSW SE, a Czech-based company, has gained significant recognition for its innovative AI-driven predictive maintenance solutions. Founded in 2016 by Pavel Konečný, NeuronSW SE is headquartered in Prague, Czech Republic, and operates from The Forge Technology Park. The company specializes in using sound analysis, combined with artificial intelligence and machine learning, to monitor industrial machinery, predict failures, and optimize maintenance planning.

Media Features and Publications

NeuronSW SE has been featured in several publications highlighting its cutting-edge technology for predictive maintenance. It has been recognized as a leading startup in AI and IoT solutions, particularly for its ability to prevent unscheduled production shutdowns and boost productivity. The company's solutions have been noted in directories like EU-Startups and Czech Digital Solutions, emphasizing its role in automating maintenance processes across various industries.

Podcasts and Interviews

There is limited information available on specific podcasts or interviews featuring NeuronSW SE's team. However, the company's founder and visionaries are known for their contributions to the tech community, often participating in discussions on AI and IoT innovations.

Conference and Fair Participations

While specific conference participations are not widely documented, NeuronSW SE's involvement in the startup ecosystem suggests it likely participates in industry events related to AI, IoT, and predictive maintenance. These events provide platforms for showcasing its technology and networking with potential clients and partners.

Event Involvement

NeuronSW SE's success in securing the EIC Accelerator funding in June 2022 highlights its significant involvement in European innovation programs. This funding supports the company's growth and further development of its predictive maintenance solutions, aligning with European strategies for innovative technologies.

EIC Accelerator Funding

Receiving the EIC Accelerator funding signifies NeuronSW SE's potential to impact the European innovation landscape. The company's participation in this prestigious program underscores its commitment to advancing AI and IoT applications in industrial settings.

Conclusion

NeuronSW SE is a pioneering company in the field of predictive maintenance, leveraging AI and IoT to improve industrial processes. Its success is marked by significant funding and recognition within the European startup ecosystem.

Sources

• Neuron Soundware: Homepage
• About us - Neuron Soundware
• NeuronSW - EU-Startups
• NeuronSW SE - Czech Digital Solutions
• Neuron Soundware Organisation Profile - NZI
• Neuron Soundware - Products, Competitors, Financials, Employees