1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a funding initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative technologies and solutions. It aims to bridge the gap between research and market deployment, enabling companies to bring their innovative products to the market more efficiently.

Key Aspects of the EIC Accelerator

• Up to €15 million until 2024.
• Up to €10 million starting in 2025.

This funding is intended to support deep-tech innovations and help companies scale operations, enhancing their market competitiveness.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by:

• Stimulating Innovation: It encourages innovation across Europe by providing essential funding to businesses that might otherwise struggle to secure financing due to high-risk factors associated with deep-tech projects.
• Market Entry: By offering financial support, the EIC Accelerator helps startups overcome barriers to entry in the market, enabling them to compete effectively against larger, established companies.
• Ecosystem Support: The program fosters collaboration among various stakeholders, including investors, corporates, and research institutions, creating a vibrant ecosystem that facilitates knowledge exchange and strategic partnerships.

Role in Scaling Companies

The EIC Accelerator plays a pivotal role in helping companies scale and secure funding from private sectors by:

• Validation of Business Models: The rigorous selection process serves as a stamp of approval, lending credibility to the startups involved. This validation can help attract private investors who may be hesitant to invest in early-stage companies.
• Networking Opportunities: The program connects startups with a network of investors and industry experts, providing valuable mentorship and guidance. This access can lead to further funding opportunities and strategic partnerships.
• Financial Leverage: By combining grants and equity, companies can optimize their financial structure, utilizing non-dilutive funding to cover initial development costs while retaining equity for future rounds of investment.

EIC Accelerator Winner: nyris GmbH

Company Overview

• Company Name: nyris GmbH
• Project Acronym: Nyris
• Website: nyris.io
• Country: Germany
• Funding Type: Blended finance
• Date of Cut-off Submission: June 16, 2021

Project Description

The Nyris project focuses on transforming industrial part replacement and after-sales processes through the use of visual search technology and synthetic images. The company's solution aims to simplify the identification of parts and enhance the efficiency of after-sales support.

Technology Basics and Background

The Nyris technology leverages advanced computer vision and machine learning techniques, enabling users to identify and locate parts quickly through visual inputs. Key components include:

Through the EIC Accelerator program, nyris GmbH has secured the necessary funding to further develop and scale its innovative solution, ultimately enhancing the efficiency of industrial operations and customer satisfaction in part replacement and after-sales services.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on June 16, 2021, nyris GmbH has secured additional investments to support its growth and technological advancements.

Funding Rounds:

April 3, 2023: nyris raised €10 million in a funding round led by Trumpf Venture and the European Innovation Council (EIC) Fund. Existing investors, including eCAPITAL, Inter IKEA Group, SEK Ventures, and Mücke & Sturm, also participated. The funds are intended to accelerate the adoption of visual search technology with new generative image data services. (majunke.com)

Investor Information:

• Trumpf Venture: The corporate venture capital arm of TRUMPF, a leading provider of industrial machinery and laser technology.
• European Innovation Council (EIC) Fund: A European Union initiative supporting innovative companies with high growth potential.
• eCAPITAL: A German venture capital firm focusing on early- and growth-stage deep-tech companies.
• Inter IKEA Group: The holding company operating IKEA's global operations.
• SEK Ventures: The venture capital arm of the Swedish Export Credit Corporation (SEK), investing in innovative companies.
• Mücke & Sturm: A German venture capital firm investing in technology-driven companies.

Company Valuations:

As of November 2024, nyris GmbH has approximately 37 employees across three continents, including Europe, North America, and Asia. The company has raised a total of $38.7 million in funding. (leadiq.com)

Additional Information:

In October 2020, nyris secured a strategic investment from Inter IKEA Group, aiming to expand into new markets and verticals. The financial details of this investment were not disclosed. (nordic9.com)

Prior to this, in 2018, nyris received funding from eCAPITAL, SEK Ventures, and the Axel Springer Plug & Play Accelerator. (nordic9.com)

These investments have enabled nyris GmbH to enhance its visual search platform and expand its presence in the market.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, nyris GmbH has made several significant announcements:

2021

• October: nyris was selected to receive funding under the EIC Accelerator. (nyris.io)
• June: The company expanded its presence by opening a new office in Berlin and joining the AI Campus. (nyris.io)
• May: nyris demonstrated resilience during the crisis, achieving a fourfold growth compared to the same month in the previous year. (nyris.io)
• March: The company announced that its search based on synthetic data had exceeded the accuracy of an index based on real photos. (nyris.io)

2022

• September: nyris secured a long-term customer in TRUMPF and welcomed the European Investment Bank as new minority shareholders and investors. (nyris.io)
• May: The company launched its SAP Appstore presence at the Hannover Messe. (nyris.io)
• March: nyris' team participated in a team-building event by climbing Germany's tallest mountain, Zugspitze. (nyris.io)

2023

• September: nyris successfully completed the EIC research grant project on synthetic data, receiving the highest possible rating of "excellent." (nyris.io)
• August: The company achieved certification according to ISO/IEC 27001:2022. (nyris.io)
• March: nyris launched Customer Portal 2.0 and the Warehouse Search Suite. (nyris.io)
• January: The company introduced the nyris Spare Parts Search Suite. (nyris.io)

2024

• September: Dr. Anna Lukasson-Herzig, CEO of nyris, and Prof. Dr. Björn Ommer from LMU Munich were nominated for the "Deutscher Zukunftspreis" for their development and application of Stable Diffusion. (nyris.io)
• April: nyris was selected to join SAP's Spotlight Partner Program. (nyris.io)
• February: The company officially launched a partnership with CADENAS. (nyris.io)

These developments highlight nyris GmbH's ongoing growth, technological advancements, and strategic partnerships in the visual search and AI sectors.

4 The Technology Advancements

Nyris GmbH, established in 2015 and headquartered in Berlin, Germany, specializes in visual search technology that enables users to identify products and objects in images and videos within a second. Their platform leverages artificial intelligence and neural networks to deliver precise and rapid search results, catering to various industries, including manufacturing and retail. (nyris.io)

Advancements Since EIC Accelerator Funding:

In June 2021, Nyris received funding from the European Innovation Council (EIC) Accelerator, recognizing their innovative approach to visual search. (nyris.io) Since then, the company has achieved several significant milestones:

• 2022:
• September: Secured long-term customer TRUMPF and the European Investment Bank as new minority shareholders and investors.
• May: Launched the SAP Appstore at the Hannover Messe.
• March: The team successfully climbed Germany's tallest mountain, Zugspitze.
• 2023:
• September: Completed the EIC research grant project on synthetic data, receiving the highest possible rating of "excellent."
• August: Achieved certification according to ISO/IEC 27001:2022.
• March: Launched Customer Portal 2.0 and Warehouse Search Suite.
• January: Introduced the nyris Spare Parts Search Suite.
• 2024:
• April: Selected to join SAP's Spotlight Partner Program.
• February: Officially launched a partnership with CADENAS.
• September: CEO Dr. Anna Lukasson-Herzig and Prof. Dr. Björn Ommer from LMU Munich were nominated for the "Deutscher Zukunftspreis" for their development and application of Stable Diffusion.

Technological Improvements and New Features:

Nyris has made notable advancements in their technology:

• Synthetic Data Pipeline: Developed an innovative approach using CAD data to generate photo-realistic spare parts and product images at scale. This addresses the challenge of accessing high-quality, well-structured image data for visual intelligence projects. (nyris.io)
• SAP Integration: Launched their neural search solution on the SAP Store, integrating with SAP Commerce Cloud to provide a visual search engine that identifies spare parts 3.3 times faster and 51% more accurately than traditional keyword-based search solutions. (nyris.io)

Market Demonstrations:

Nyris has successfully demonstrated its technology in the market:

• Bühler Partnership: Integrated their visual search into Bühler's MyBühler app, enabling customers to identify spare parts quickly. Claudio Caccialupi, Digital Platform Manager at Bühler, noted, "The time taken to place an order has been significantly reduced down to minutes, and user feedback has been very positive." (nyris.io)
• Customer Portal 2.0 and Warehouse Search Suite: Launched these tools to enhance spare parts management and improve search capabilities for clients. (nyris.io)

Intellectual Property and Publications:

While specific details about new patents, scientific studies, clinical trials, or whitepapers are not readily available, Nyris has been recognized for its innovative contributions:

Deutscher Zukunftspreis Nomination: In September 2024, Dr. Anna Lukasson-Herzig and Prof. Dr. Björn Ommer were nominated for the "Deutscher Zukunftspreis" for their work on Stable Diffusion AI technology. (nyris.io)

These developments underscore Nyris GmbH's commitment to advancing visual search technology and its application across various industries.

5 The Partnerships and Customers

nyris GmbH, a German deep-tech company specializing in AI-driven visual search solutions, has established several strategic partnerships and attracted notable customers since its selection for the EIC Accelerator funding in June 2021.

Strategic Partnerships:

• SAP: nyris has integrated its visual search technology into SAP's offerings, including SAP Commerce Cloud, the Business Technology Platform, and Asset Central. This collaboration enhances SAP's Business AI strategy by incorporating both analytical and generative AI capabilities. (nyris.io)
• Google Cloud: By partnering with Google Cloud, nyris leverages robust compute infrastructure to scale its software solutions efficiently and deliver them globally. The integration with Kubernetes and validation for listing on the Google App Store further solidify this partnership. (nyris.io)
• Cloud and Heat: As a cloud supplier, Cloud and Heat provides nyris with energy-efficient and eco-friendly data center solutions, ensuring high data protection in line with European regulations. (nyris.io)
• CADENAS: This collaboration enhances nyris's AI capabilities in spare part identification by utilizing CADENAS' extensive database of over 120 million spare parts, transforming how industries manage and source spare parts. (nyris.io)
• Quanos: Partnering with Quanos, a provider of content management and digital transformation solutions, nyris integrates its AI-driven visual search technology to optimize content delivery and bring AI functionality to Quanos's technical documentation and after-sales services. (nyris.io)
• KAPTURA: By integrating KAPTURA's advanced capture and digitization technologies, nyris enhances its AI-driven visual search capabilities, achieving faster and more accurate data collection, thereby improving operational efficiency. (nyris.io)
• Oculavis: This partnership focuses on providing seamless remote assistance and visual documentation, setting new benchmarks in industrial support and digital transformation. (nyris.io)

Notable Customers:

• IKEA: nyris has secured IKEA as an investor, with Inter IKEA Group making a minority investment in the company. (nyris.io)
• Henkel, Lufthansa, and Renault: These companies are among nyris's clientele, utilizing its AI-based solutions for spare part and product recognition. (oppenhoff.eu)

Impact of New Relationships:

The strategic partnerships and customer acquisitions have significantly bolstered nyris's market position. Collaborations with industry leaders like SAP and Google Cloud have enhanced the scalability and global reach of nyris's solutions. Integrations with platforms such as SAP Commerce Cloud and the Google App Store have expanded nyris's market presence. The partnership with CADENAS has improved spare part identification capabilities, while collaborations with Quanos, KAPTURA, and Oculavis have advanced content management, data collection, and remote assistance features.

These relationships have facilitated technological advancements, enabling nyris to offer more efficient, accurate, and scalable visual search solutions. The support from investors like IKEA and the EIC Fund has provided the necessary resources to accelerate product development and market expansion. Overall, these partnerships and customer engagements have positioned nyris as a leading provider of AI-driven visual search technologies, driving innovation and growth in the industry.

6 The Hiring and Company Growth

Since receiving the EIC Accelerator funding on June 16, 2021, nyris GmbH has demonstrated significant growth and strategic developments:

Team Growth and Hiring:

• Expansion and Investment: In March 2023, nyris raised €10 million in a funding round led by Trumpf Venture and the European Innovation Council (EIC) Fund, with participation from existing investors including eCAPITAL, Inter IKEA Group, SEK Ventures, and Mücke & Roth. This funding aims to accelerate the adoption of visual search technology and the development of new generative image data services. (nyris.io)
• Partnerships and Recognition: In April 2024, nyris was selected to join SAP's Spotlight Partner Program, enhancing its market presence and potential for growth. (nyris.io)

Current Team Size and Hiring Status:

• Employee Count: As of the latest available data, nyris employs between 20 to 49 individuals. (6sense.com)
• Career Opportunities: The company actively promotes career opportunities, indicating ongoing hiring efforts to support its expansion.

Growth and Recent Hires:

Key Positions: While specific details about recent hires are not publicly disclosed, the company's strategic partnerships and funding suggest a focus on expanding its leadership and technical teams to drive innovation and market penetration.

Impact of New Team Members:

Strategic Expansion: The influx of new talent, supported by recent investments, is expected to bolster nyris's capabilities in visual search technology, enabling the company to scale operations and enhance product offerings.

Management and Founding Team Changes:

Leadership Recognition: In September 2024, Dr. Anna Lukasson-Herzig, CEO of nyris, was nominated for the "Deutscher Zukunftspreis" alongside Prof. Dr. Björn Ommer for their work on Stable Diffusion AI technology, highlighting the company's leadership in AI innovation. (nyris.io)

These developments underscore nyris GmbH's commitment to growth, innovation, and leadership in the visual search technology sector.

7 The Media Features and Publications

Since nyris GmbH received the EIC Accelerator funding on June 16, 2021, the company has been featured in various media outlets, participated in industry events, and engaged in notable partnerships. Below is a summary of these activities:

Media Features:

• 2024 Deutscher Zukunftspreis Nomination: In September 2024, Dr. Anna Lukasson-Herzig, CEO of nyris, was nominated for the 2024 Deutscher Zukunftspreis alongside Prof. Dr. Björn Ommer for their work on "Stable Diffusion" AI technology. (nyris.io)
• InnoTrans 2022 Participation: In September 2022, nyris participated in InnoTrans, the world's largest trade fair for rail transport, held in Berlin. The company showcased its visual AI technology and discussed its applications in the rail industry. (nyris.io)
• SAP Spotlight Partner Program: In April 2024, nyris was selected to join SAP's Spotlight Partner Program, highlighting its innovative contributions to visual search technology. (nyris.io)

Publications:

• Press Release on EIC Funding: In October 2021, nyris announced its selection for EIC funding, emphasizing the support for its AI-based visual search engine technology. (nyris.io)
• Investment Round Announcement: In March 2023, nyris raised €10 million in a funding round led by Trumpf Venture and the European Innovation Council (EIC), with participation from existing investors. The funds aim to accelerate the adoption of visual search with new generative image data services. (nyris.io)

Podcasts and Interviews:

• Labs Talk with CTO Markus Lukasson: In a recent episode of Labs Talk, nyris' CTO and founder, Markus Lukasson, provided a live demo on visual search, discussing the company's technology and its applications. (nyris.io)
• TFR Podcast with Dr. Anna Lukasson-Herzig: Dr. Anna Lukasson-Herzig, CEO of nyris, discussed visual search and smart shopping in an episode of the TFR Podcast. (nyris.io)

Conferences and Events:

• InnoTrans 2022: As mentioned, nyris participated in InnoTrans 2022, engaging with industry leaders and showcasing its visual AI solutions for the rail sector. (nyris.io)
• SAP Appstore Launch at Hannover Messe: In May 2022, nyris launched its application on the SAP Appstore during the Hannover Messe, expanding its reach in the industrial sector. (nyris.io)

Event Involvement:

• B2B Digital Masters Convention: In November 2022, Markus Lukasson, founder and CTO at nyris, spoke about the use of synthetic image data in the digital after-sales process at the B2B Digital Masters Convention. (nyris.io)
• Networking Oktoberfest 2022: In October 2022, nyris, along with Plug and Play and APX, partnered for an event filled with innovative start-up pitches and networking opportunities, coinciding with the Oktoberfest celebrations. (nyris.io)

These activities highlight nyris GmbH's active engagement in the AI and visual search sectors, its participation in significant industry events, and its commitment to advancing technology through strategic partnerships and funding.