1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a key initiative under the European Innovation Council, designed to support small and medium-sized enterprises (SMEs) and startups in developing and scaling innovative technologies. The program primarily targets deep-tech ventures that possess the potential to disrupt markets or create entirely new ones. Its primary goals are to foster innovation, facilitate funding, and ultimately enhance Europe's global competitiveness in advanced technology sectors.

Funding Structure

The EIC Accelerator offers a unique funding structure that combines grant and equity financing. The grant component can provide up to €2.5 million, aimed at supporting the development of prototype technologies, conducting feasibility studies, or testing and validating innovations. This non-repayable funding is particularly valuable for startups and SMEs that may struggle to access traditional funding sources.

In addition to grants, the program also offers equity funding to selected companies. Until 2024, companies can receive equity investments of up to €15 million, which can be crucial for scaling operations, expanding market reach, and attracting further investment. Starting in 2025, this equity support will be adjusted to a maximum of €10 million. This dual funding approach aims to reduce the financial risk associated with innovation while empowering companies to leverage private sector investments.

Purpose and Impact on DeepTech Ecosystem

The EIC Accelerator plays a significant role in strengthening the European DeepTech ecosystem. By providing financial support to high-potential startups, the program helps bridge the funding gap that often exists at the early stages of technology commercialization. This support is vital for companies developing complex technologies, which typically require substantial investment and time to bring to market.

Moreover, the EIC Accelerator fosters collaboration between innovators and private investors, thus enhancing the overall investment landscape. By validating and endorsing promising technologies, the program increases investor confidence and encourages the mobilization of private capital, which is essential for the sustainable growth of the European tech ecosystem.

Case Study: Wave Photonics Ltd. and the Wave Photonics Project

Wave Photonics Ltd., a UK-based company, emerged as a notable winner of the EIC Accelerator in March 2023 with its project, "Wave Photonics." This initiative aims to unleash the transformative potential of integrated photonics, an area of technology that is rapidly gaining traction for its applications in telecommunications, healthcare, and information processing.

Technology Overview

Integrated photonics refers to the integration of photonic devices—such as lasers, modulators, and detectors—onto a single chip. This technology promises to revolutionize various fields by enabling faster data transmission, reduced energy consumption, and miniaturized systems. The core of Wave Photonics' innovation lies in its platform that simplifies the design and fabrication of photonic integrated circuits (PICs).

The company leverages advanced simulation tools and design software to create customized solutions that meet specific industry needs. By streamlining the development process, Wave Photonics aims to make integrated photonics more accessible to a broader range of applications, thereby accelerating the adoption of this transformative technology.

Project Objectives

The Wave Photonics project under the EIC Accelerator focuses on several key objectives:

Conclusion

The EIC Accelerator program serves as a catalyst for innovation in the European DeepTech landscape, offering crucial support for startups like Wave Photonics Ltd. With its commitment to integrated photonics, the company is positioned to make significant contributions to various industries, harnessing the power of light to drive technological advancement and economic growth. Through the EIC Accelerator's grant and equity funding, Wave Photonics can achieve its vision of transforming integrated photonics into a mainstream technology, thereby solidifying its role in the future of innovation.

2 The Funding Rounds

# Wave Photonics Ltd: Funding Journey Since EIC Accelerator Grant

Wave Photonics Ltd, a Cambridge-based deep tech startup from the United Kingdom, has been advancing its integrated photonics technology since receiving EIC Accelerator funding in March 2023. The company specializes in developing computational techniques to accelerate integrated photonics design, creating on-chip photonics solutions for quantum technologies, sensors, and datacentre applications.

EIC Accelerator Funding

Wave Photonics was selected for grant funding by the European Innovation Council (EIC) Accelerator following the March 22, 2023 cut-off. The company was among 51 companies chosen out of 551 full proposals submitted in this funding round, which distributed a total of €261 million to innovative deep-tech startups across Europe.

The EIC funding for Wave Photonics included: - An initial €2.5 million grant from the EIC Fund

The funding was provided as "Grant only" according to the EIC Accelerator results

This selection placed Wave Photonics among a group of companies from 17 countries, with the United Kingdom representing 9% of the funded companies in this particular EIC call.

Subsequent Funding Rounds

Following the EIC Accelerator grant, Wave Photonics has secured additional funding:

Seed Investment Round (June 2024)

On June 20, 2024, Wave Photonics announced a successful seed funding round of £4.5 million (approximately $5.8 million). This round was:

• Co-led by The UK Innovation & Science Seed Fund (UKI2S) and Cambridge Enterprise Ventures
• Included participation from Redstone and QAI Ventures' Quantum Fund, Kyra Ventures, and Deep Tech Labs
• Complemented by non-dilutive funding via EIC and Innovate UK grants totaling £900,000 ($1.1 million)

This brought the company's total funding to £5.4 million ($6.9 million) as of June 2024.

Investor Information

Wave Photonics has attracted investment from several notable organizations:

• The UK Innovation & Science Seed Fund (UKI2S): Co-lead investor in the seed round
• Cambridge Enterprise Ventures: Co-lead investor in the seed round and provided initial pre-seed investment
• Redstone and QAI Ventures' Quantum Fund: Participated in the seed round
• Kyra Ventures: Participated in the seed round
• Deep Tech Labs: Participated in the seed round
• Parkwalk's University of Cambridge Enterprise Fund IX (UCEF IX): Participated in the seed round

Company Background and Leadership

Wave Photonics was founded in 2021 by a team of experts:

• James Lee (CEO): Cambridge Quantum Photonics PhD
• Matthew Anderson: Cambridge Quantum Photonics PhD
• Mateusz Kubica: Former VP in quantitative finance

The company's mission is to transform the integrated photonics industry by reshaping the inefficient and fragmented productization cycle into an integrated and rapid process, similar to modern semiconductor development.

Use of Funding

The recent seed investment will enable Wave Photonics to: - Transition its technology from a research manufacturing line to a commercial foundry

• Focus on developing solutions for frontier applications such as quantum technologies and biosensing
• Scale up its operations to advance its platform for unleashing the transformative potential of integrated photonics

Current Status

As of May 2025, there is no public information available regarding:

• Company valuation figures
• Any exit events such as IPOs, buyouts, or acquisitions
• Any funding rounds beyond the June 2024 seed investment

Wave Photonics continues to develop its technology to enable the widespread deployment of light-based chips, with a particular focus on applications in quantum technologies, sensors, and datacentre solutions.

Sources: - EIC Accelerator winners and statistics March 2023 - Strata.team

• Wave Photonics selected to receive EIC funding!
• Wave Photonics raises £4.5m to develop its integrated photonics technology
• Wave Photonics £4.5 Million seed 2024-06-21 - Fundz
• Wave Photonics - Products, Competitors, Financials, Employees

3 The Press Releases

Overview of Wave Photonics Ltd.

Wave Photonics Ltd. is a Cambridge-based deep tech startup specializing in integrated photonics design. Since receiving the EIC Accelerator funding in March 2023, the company has made significant strides in technology advancements and strategic partnerships.

Technology Advancements

• Silicon Nitride Process (SiNQ): Wave Photonics introduced the SiNQ process, a silicon nitride fabrication platform designed for quantum photonics and emitters. This process is fabricated by CORNERSTONE and supported by a robust Process Design Kit (PDK) that covers 33 wavelengths from 493nm to 1550nm.
• Process Design Kit (PDK): The SiNQ PDK includes fabrication-aware S-parameters for full circuit modeling and is compatible with several design tools. It enhances the design and fabrication of quantum photonic integrated circuits by offering pre-designed building blocks, which simplifies the development process.

Partnerships and Collaborations

• Strategic Partnership with Enlight Technology: Wave Photonics announced a strategic partnership with Enlight Technology, furthering its growth in datacoms and AI applications.
• Partnership with Luceda Photonics: The company has collaborated with Luceda Photonics, enhancing its design capabilities and compatibility with Luceda’s IPKISS.
• QPICPAC Project: Wave Photonics participated in the UKRI project "Quantum Photonic Integrated Circuit Packaging" (QPICPAC), developing a turnkey packaging solution for quantum PICs.

Team Updates

Ilaria Sanzari Joining the Team: In December 2024, Ilaria Sanzari joined the Wave Photonics team, adding to its expertise.

Funding

£4.5 Million Funding Round: Wave Photonics secured £4.5 million in funding from investors including the UK Innovation & Science Seed Fund, Cambridge Enterprise Ventures, and others. This investment aims to commercialize its photonics technology for applications in quantum technologies and biosensing.

Press Releases and Website Updates

Wave Photonics regularly updates its website with news on partnerships, technology advancements, and team changes. These updates highlight the company's progress in integrated photonics and its commitment to innovation in quantum technologies.

Sources: - Wave Photonics Announces Silicon Nitride Process For Quantum Photonics

• News — Wave Photonics
• Wave Photonics Introduces Silicon Nitride Process for Quantum Photonics
• Wave Photonics secures £4.5 million to enable deployment of light-based chips
• Recent development in Photonics Industry
• Wave Photonics Secures $5.8M to Enable Widespread Deployment of Light-Based Chips
• Wave Photonics secures £4.5M; launches quantum PIC package
• Wave Photonics Announces Silicon Nitride Process for Quantum Photonics with the World’s Most Expansive PDK

4 The Technology Advancements

Wave Photonics Ltd.: Post-EIC Accelerator Funding Advancements and Market Traction

Since receiving EIC Accelerator funding (announced in June 2024, as the exact March 2023 date does not align with publicly reported timelines), Wave Photonics has accelerated its integrated photonics technology development. Below are key advancements and milestones:

Core Technological Advancements

• SiNQ Process for Quantum Photonics: Launched in January 2025, the silicon nitride-based SiNQ process supports 33 wavelengths (493–1550 nm) and includes a fabrication-aware Process Design Kit (PDK) with 1,056 components. The PDK integrates wafer-scale uniformity improvements validated by CSA Catapult, doubling performance consistency compared to conventional designs.
• Computational Design Optimization: The company’s core design platform now incorporates fabrication tolerances directly into simulations, enabling “right-first-time” photonic integrated circuits (PICs) for quantum systems. This addresses wavelength diversity challenges in trapped-ion quantum computing.
• Acquisition of Phoelex IP: In April 2025, Wave acquired energy-efficient modulator and equalizer circuit IP from Phoelex Ltd., targeting optical interconnects for AI-driven data centers.

Commercialization and Partnerships

• QPICPAC Packaging Service: Introduced a turnkey packaging solution compatible with PHIX characterization tools, reducing barriers to PIC deployment.
• Strategic Collaborations: Partnered with Enlight Technology to integrate Wave’s PDKs into Siemens EDA workflows across Asia. This builds on existing ties with CORNERSTONE Foundry (Southampton) and Oxford Ionics for trapped-ion quantum hardware.
• Funding Milestone: Secured £4.5 million ($5.8 million) in June 2024 led by UK Innovation & Science Seed Fund to transition from R&D to commercial foundry operations.

Market Validation

Wave’s technology is actively used by partners: Oxford Ionics validated PICs for scalable ion-trap quantum processors, while CSA Catapult developed wafer-scale testing protocols for quantum wavelengths during their Innovate UK project (2023–2024). No clinical trials are reported; focus remains on industrial partnerships.

IP and Publications

While explicit patents or whitepapers are not disclosed publicly:

• The SiNQ PDK documentation includes proprietary S-Parameter models verified via experimental data from CORNERSTONE runs.
• Acquired Phoelex IP covers low-power modulators and die-to-die interfaces critical for co-packaged optics.

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Sources (Full Citations):

5 The Partnerships and Customers

Wave Photonics Ltd. Partnerships and Developments

Wave Photonics Ltd., a UK-based company specializing in integrated photonics, has made significant strides since its involvement with the EIC Accelerator funding in March 2023. This period has seen the company engage in several strategic partnerships and advancements aimed at enhancing its position in the market.

Partnerships and Collaborations

New Relationships and Market Positioning

These partnerships and acquisitions position Wave Photonics as a leader in the integrated photonics sector, particularly in quantum technologies, datacoms, and biosensing. By integrating advanced component libraries and IP, Wave Photonics enhances its capability to design and manufacture photonic integrated circuits (PICs) efficiently.

Technology Advancements and Scaling

Wave Photonics' collaborations with Luceda Photonics and Enlight Technology are expected to streamline the design process for PICs, reducing barriers to entry for complex photonic systems. The acquisition of Phoelex's IP adds critical capabilities for energy-efficient designs, crucial for high-bandwidth applications in data centers. These developments will help Wave Photonics scale its technology by enabling rapid development and deployment of integrated photonic solutions across multiple industries.

New Customers and Partners

While specific new customer names are not detailed, Wave Photonics' partnerships are designed to expand its reach within the photonics industry, particularly in Asia through its collaboration with Enlight Technology. The company's work with Innovate UK and its role in leading a consortium for quantum computing suggest a growing network of partners and potential customers within the quantum computing and photonics sectors.

Conclusion

Wave Photonics Ltd. has significantly enhanced its capabilities and market presence since receiving EIC Accelerator funding. Its strategic partnerships and acquisitions are aimed at advancing integrated photonics technology, particularly in quantum computing and datacoms, setting the stage for substantial growth and innovation in these fields.

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Sources: - News — Wave Photonics

• Wave Photonics Secures $5.8M to Enable Widespread Deployment
• Wave Photonics leads consortium in pioneering quantum computing project
• Wave Photonics at the double as it shadows NVIDIA power play
• Luceda Photonics and Wave Photonics Partner

6 The Hiring and Company Growth

Wave Photonics Ltd. Team Growth and Developments

Since securing funding through the EIC Accelerator in March 2023, Wave Photonics Ltd., a UK-based company specializing in integrated photonics, has experienced significant team growth and strategic developments.

Hiring and Team Size

While the exact current headcount is not disclosed, Wave Photonics has been actively expanding its team. Recent hires include Prakrut Chaubal, Aidong Xu, Tomás Rosales, Mirko Pittaluga, and Alan Sanders. The company has also appointed Adrian Meldrum to its advisory board.

Current Hiring Status

There is no explicit information on whether Wave Photonics is currently hiring, but the addition of new team members suggests ongoing recruitment efforts.

Growth and Strategic Developments

Wave Photonics has secured £4.5 million in funding to enhance the deployment of light-based chips, aiming to commercialize its technology for applications like quantum computing and biosensing. The company's growth is also marked by strategic acquisitions and partnerships, such as acquiring the intangible assets of Phoelex Ltd, which includes key IP for energy-efficient modulator designs. This move is expected to boost its presence in the optical interconnect market.

Key Positions and Impact

Aidong Xu, as Head of Business Development, brings extensive experience in managing technical and business teams, supporting disruptive technologies. His expertise is crucial for scaling the company's business operations. Other recent hires have contributed to enhancing the company's component library and design capabilities, positioning Wave Photonics for further innovation in integrated photonics.

Future Prospects

The addition of new team members and strategic partnerships indicates Wave Photonics' commitment to scaling and growing its operations. The acquisition of Phoelex's IP and the partnership with Enlight Technology will enable the company to address the growing demand for high-bandwidth, energy-efficient communication solutions, particularly in the data center and AI sectors.

Management and Founding Team Changes

There are no reported changes in the management or founding team since the EIC funding. The leadership continues to be spearheaded by James Lee as CEO, with Matthew Anderson as CSO and Mateusz Kubica as CTO.

Conclusion

Wave Photonics' strategic hiring, acquisitions, and partnerships underscore its ambition to become a leader in the integrated photonics sector. These moves are poised to enhance its capabilities and market presence, particularly in areas like optical interconnects and quantum technologies.

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Sources:

• News — Wave Photonics
• Wave Photonics at the double as it shadows NVIDIA power play
• Wave Photonics
• Wave Photonics secures £4.5M; launches quantum PIC package
• Team — Wave Photonics

7 The Media Features and Publications

Wave Photonics Ltd.: Overview and Activities

Wave Photonics Ltd., a UK-based startup, has been gaining attention for its innovative work in integrated photonics. Since its founding in 2021, the company has focused on developing on-chip photonics designs for applications in quantum technologies, sensors, and data center applications. Here's an overview of the media features, publications, and events related to Wave Photonics Ltd.

Media Features and Publications

Wave Photonics has been featured in several publications for its groundbreaking work:

• Funding and Growth: The company secured £4.5 million in seed funding to advance its on-chip photonics designs, particularly for quantum technologies and biosensing. This investment was led by the UK Innovation & Science Seed Fund and Cambridge Enterprise Ventures, with participation from other notable investors.
• QPICPAC Packaging Solution: Wave Photonics launched an easy-to-use turnkey packaging solution for prototyping and R&D, developed in collaboration with SENKO Advanced Components and Alter Technology. This solution minimizes custom development requirements and costs for quantum technology companies.

Podcasts and Interviews

There is no specific information available about podcasts or interviews involving the team from Wave Photonics Ltd.

Conference and Fair Visits

While there is no detailed information on specific conference visits, it is clear that Wave Photonics is involved in significant projects and collaborations that could involve participation in industry events. For example, their involvement in Innovate UK projects indicates engagement with the broader quantum and photonics community.

Event Involvement

Wave Photonics has been involved in various projects and collaborations. Notably, they led a £500,000 Innovate UK feasibility study to develop integrated photonic components for trapped ion quantum computers, working alongside other UK-based organizations like Oxford Ionics and the Compound Semiconductor Applications (CSA) Catapult.

EIC Accelerator Funding

Wave Photonics Ltd. submitted its Step 2 proposal for the EIC Accelerator funding on March 22, 2023, and later won in the Step 3 interview. However, specific details about this funding are not publicly available in the provided sources.

Sources

• Wave Photonics secures £4.5M; launches quantum PIC package
• Wave Photonics secures £4.5M - Cambridge Enterprise
• Wave Photonics | Duality | Accelerating Quantum Startups
• Wave Photonics raises £4.5 million in seed funding - PIC Magazine
• Wave Photonics raises £4.5m to develop its integrated photonics technology
• Wave Photonics Secures £4.5M Investment Round - insideHPC
• Wave Photonics leads 500k Innovate UK feasibility study project to create photonics chips for trapped ion quantum computers
• Wave Photonics launches QPICPAC Chip Packaging solution - News