1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC (European Innovation Council) Accelerator program is a key initiative designed to support small and medium-sized enterprises (SMEs) and startups in Europe that are developing groundbreaking innovations, particularly in the DeepTech sector. The program aims to bridge the funding gap that many innovative companies face during their scaling phases. It offers a unique combination of grant funding and equity investment, enabling companies to not only support their research and development activities but also to scale their operations effectively in the competitive European market.

Funding Structure

The EIC Accelerator provides funding through two main components: grants and equity.

Purpose and Impact on the Ecosystem

The EIC Accelerator is strategically positioned within the European startup ecosystem to foster innovation and competitiveness. By providing substantial financial backing, it helps companies overcome the “valley of death” — the critical phase where many innovative startups struggle to secure funding. The program not only facilitates the development of new technologies but also enhances the overall ecosystem by promoting collaboration, attracting private investments, and encouraging the commercialization of innovative solutions.

The EIC Accelerator plays a crucial role in helping startups like Finapp srl to scale their operations, as it provides them with the necessary resources to refine their technologies and expand their market presence. By aligning public funding with private sector interests, the program enhances the potential for long-term success and sustainability.

Finapp srl and the FINAPP Cosmic Ray Neutron Sensing Project

Company Overview: Finapp srl, based in Italy, is an innovative startup focused on developing advanced technologies in the field of environmental monitoring and resource management. The company’s mission is to provide solutions that leverage cutting-edge scientific principles to tackle real-world challenges.

Project Acronym: FINAPP Cosmic Ray Neutron Sensing

Project Description: The primary objective of the EIC Accelerator project is to scale up the FINAPP Cosmic Ray Neutron Sensing probe. This technology is designed to offer accurate and efficient measurements of soil moisture content, which is critical for agricultural management, hydrology, and climate studies.

Technology Background

The FINAPP Cosmic Ray Neutron Sensing technology employs principles of cosmic ray interactions with the Earth's atmosphere and surface. Cosmic rays are high-energy particles that strike the Earth's atmosphere and produce secondary particles, including neutrons. When these neutrons interact with hydrogen atoms in the soil, they can be detected to infer the moisture content.

The technology is characterized by its non-invasive nature, allowing for large-scale soil moisture measurement over extensive areas without the need for intrusive soil sampling. This is particularly advantageous in agricultural applications, where understanding soil moisture levels can lead to improved water management, crop yield optimization, and sustainable farming practices.

The development of the FINAPP Cosmic Ray Neutron Sensing probe represents a significant advancement in remote sensing technologies. It combines innovative measurement techniques with data analytics to provide actionable insights for farmers, researchers, and environmental managers.

Conclusion

The EIC Accelerator program is a vital resource for innovative companies like Finapp srl, providing essential funding and support to scale their groundbreaking technologies. The successful scaling of the FINAPP Cosmic Ray Neutron Sensing probe not only underscores the potential of advanced measurement technologies but also highlights the program's role in fostering sustainable practices and addressing critical challenges in agriculture and environmental management. As the European innovation landscape continues to evolve, initiatives like the EIC Accelerator will remain pivotal in nurturing the next generation of transformative startups.

2 The Funding Rounds

Financing Raised and Funding Rounds

Finapp srl, an Italian deep-tech company specializing in soil moisture monitoring using Cosmic Ray Neutron Sensing (CRNS) technology, has raised a total of approximately $1.62 million over three funding rounds prior to its EIC Accelerator award. The breakdown is as follows:

• Pre-seed round: January 2020, amount undisclosed but included an initial €200,000 investment from Progress Tech Transfer.
• Equity round: July 2022, €1.2 million (~$1.2 million).

In March 2023, Finapp was awarded approximately €2.08 million by the European Innovation Council (EIC) Accelerator program, specifically following the Step 2 proposal submission and subsequent interview process on March 22, 2023.

Timing and Amount of Key Funding Events

Date	Type	Amount	Lead Investor/Source
Jan 2020	Pre-seed	€200k	Progress Tech Transfer
Jul 2022	Equity	€1.2m	Not disclosed
Mar 22, 2023	EIC Accelerator Grant	~€2.08m	European Innovation Council

</em>Note: Some sources mention that the total targeted for scale-up activities may approach €3 million when including equity/grant components of EIC blended finance support. However, verified grant allocation is explicitly stated as €2.08 million.

Investor Information

• Progress Tech Transfer led the pre-seed investment in early development stages (€200k in 2020).
• Other investors for subsequent rounds are not publicly disclosed.
• The major institutional investor post-EIC Accelerator win is the European Innovation Council Fund via non-dilutive grant or blended finance instruments.

Company Valuations

Available data suggests that Finapp’s enterprise valuation was estimated at around $880k–$1M by Dealroom.co in early years (as of ~2020). No more recent public valuations are available post-EIC funding; however, fundraising activity and significant EU grants suggest growth beyond this initial estimate.

Exit Events

As of May 5th, 2025:

• There have been no reported exit events such as IPOs or acquisitions for Finapp srl.
• The company remains privately held with ongoing technological partnerships (e.g., with FAE Technology Spa), focusing on commercial scale-up after their latest funding round.

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Summary Table: Major Funding Milestones Since EIC Win

Event	Date	Details
EIC Accelerator Award	Mar/Jun/Jul '23	~€2.08m non-dilutive funding
Prior Seed & Equity Rounds	Jan '20 / Jul '22	Total ~$1.62m raised

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Current Status Post-EIC Funding

Since winning the EIC Accelerator grant in March-June-July of 2023:

• Finapp has leveraged new funds to accelerate product engineering (especially mobile CRNS probes), targeting international expansion and commercialization efforts.
• No further disclosed venture rounds or exits have occurred since then; focus remains on scaling operations with support from both public innovation funds and private industrial partnerships.

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

• Finapp winner of the European Innovation Council (EIC)
• FAE starts technological partnership with deep-tech company Finapp
• Finapp Company Information - Funding, Investors
• Finapp company information – Dealroom.co

3 The Press Releases

Finapp srl: A Deep-Tech Innovator

Finapp srl, an Italian deep-tech startup, gained significant recognition in 2023 by winning the European Innovation Council (EIC) Accelerator funding. This achievement marks a pivotal moment for the company, especially given its innovative approach to water measurement using Cosmic Ray Neutron Sensing (CRNS) technology.

Technology Advancements

Finapp's technology focuses on revolutionizing how water is measured, with applications in agriculture, water resource management, and prevention and mitigation of extreme events. The EIC Accelerator funding will enable Finapp to further develop and enhance its technology, making it more compact, accurate, and mobile. Specifically, Finapp plans to create real-time, high-definition soil moisture maps for precision irrigation and to detect water losses in aqueducts using mobile applications.

Funding and Impact

Finapp received 2.08 million euros in funding from the EIC Accelerator. This financial support is crucial for advancing Finapp's innovative solutions and expanding into new markets. The funding also underscores the European Commission's commitment to supporting groundbreaking technologies through the Horizon Europe program.

Team and Leadership

The company's founder and administrator, Stevanato, has been instrumental in driving Finapp's vision and growth. The leadership team's dedication and commitment have been recognized by the EIC, highlighting the company's potential for disruptive innovation.

Press Releases and Updates

While specific press releases on Finapp's website are not detailed in the available information, the company's success and funding from the EIC Accelerator have been highlighted in various reports and announcements. These updates reflect Finapp's progress in leveraging the EIC funding to enhance its technological offerings and expand its market presence.

Sources: - EIC Accelerator winners and statistics March 2023

• Finapp winner of the European Innovation Council (EIC)
• Finapp awarded 3 million from the European Innovation Council
• These are the winners of EIC Accelerator's second 2023 call

4 The Technology Advancements

Finapp Srl's Post-EIC Accelerator Advancements and Market Presence Since securing €2.08 million in European Innovation Council (EIC) Accelerator funding in March 2023, Finapp Srl has focused on scaling its cosmic ray neutron sensing (CRNS) technology and expanding applications. The Italian startup, founded in 2019 as a University of Padova spin-off, specializes in non-invasive water content measurement using cosmic rays for soil, snowpack, and agricultural use cases.

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Technology Enhancements

The EIC funding is directed toward making CRNS probes more compact, accurate, and suitable for mobile applications. Key advancements include:

• Mobile Mapping: Developing real-time soil moisture mapping for precision irrigation by deploying sensors on moving vehicles.
• Leak Detection: Scaling "Fin4Leaks" to monitor up to 100 km of water networks daily for pre-locating leaks.
• Multi-Functionality: Probes now measure snow water equivalent (SWE), soil moisture post-snowmelt, and biomass via patented muon-detection backups.

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Market Demonstrations

Finapp has actively deployed its technology across sectors:

• Agriculture: "Fin4Crop" improves irrigation efficiency with reported increases of 22% crop yield and 23% water savings during pilots.
• Environmental Monitoring: "Fin4Earth" probes cover 5–10 hectares per unit and operate in remote areas without infrastructure.
• Snowpack Analysis: SWE measurements aid hydropower planning and flood-risk management through real-time data from alpine regions.

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Intellectual Property & Research Outputs

While no new patents or peer-reviewed studies are explicitly cited post-EIC award:

• Existing patents underpin CRNS innovations like dual-particle detection (neutrons + muons).
• Public documentation highlights collaborations with agricultural enterprises and environmental agencies to validate field performance.

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Recent Visibility & Collaborations

The company presented at GITEX Global 2025 as part of Italy’s national pavilion, showcasing CRNS applications for smart agriculture and leak detection. Additionally, Finapp operates production units in Italy and France to meet growing demand across Europe.

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Sources Used:

Team - Finapp | MWC Barcelona - Finapp | Water Resource - Finapp | Viva Technology - FINAPP SRL | Italy at GITEX 2025 PDF | EIC Funding Announcement

5 The Partnerships and Customers

Finapp srl's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Following its March 2023 EIC Accelerator win, Finapp srl has leveraged its €2M+ grant to scale its CRNS (Cosmic Ray Neutron Sensing) technology for water measurement. While explicit customer names remain undisclosed in public records, the company’s collaborations and funding sources highlight key relationships:

• Investors and Financial Partners: Crédit Agricole Italia, Progress Tech Transfer Fund, and CDP Venture Capital’s Tech4Planet provided equity investments totaling €1.2M prior to the EIC award. These partnerships support R&D scalability and international expansion.
• Production Expansion: Finapp operates two Italian production units and plans to open two overseas facilities within 12 months of June 2023, indicating potential local partnerships in target markets.
• EIC Ecosystem Access: The EIC Accelerator connects Finapp to EU-wide innovation networks, including investors, corporates, and technical experts, which could lead to pilot projects with agricultural or utility-sector customers requiring soil moisture or aqueduct monitoring solutions.

Technology Advancements Through Partnerships
The EIC funding is explicitly allocated to:

Collaborations with academic institutions (implied by its origins at the University of Padua’s Department of Nuclear Physics) likely persist but are not detailed post-EIC win. The company’s focus on internationalization suggests impending partnerships with distributors or tech integrators in water-stressed regions seeking non-invasive measurement tools.

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Sources

• Finapp winner of the European Innovation Council
• Who we are - Finapp
• European Innovation Council Accelerator: 51 deep tech start-ups selected
• Finapp awarded 3 million from the European Innovation Council

6 The Hiring and Company Growth

Finapp SRL, an innovative Italian startup, has experienced significant growth since its inception as a spin-off from the University of Padova in 2019. The company specializes in using cosmic ray technology to measure water content in soil and snow, providing real-time insights for applications such as smart agriculture, leak detection, and environmental monitoring.

Current Headcount and Team Size

As of the latest updates, Finapp has grown from 3 to 25 employees over the past 18 months, indicating a substantial increase in its workforce. The company's current team size is reported to be around 21 employees.

Hiring Status

While there is no explicit information on whether Finapp is actively hiring, its rapid expansion suggests ongoing recruitment efforts to support its growth plans.

Growth and Scaling

Finapp's growth is attributed to its innovative technology and strategic investments. The company received EUR 1.2 million in equity from investors like Crédit Agricole Italia and Tech4Planet, and an additional grant of over EUR 2 million from the European Innovation Council in June 2023. This funding is crucial for scaling the business, expanding product offerings, and entering new markets.

Key Positions and Future Impact

Finapp's expansion likely involves hiring across various roles, such as engineering, sales, and business development, to support its technology development and market penetration. New team members will be essential in advancing the company's mission to enhance environmental sustainability through more efficient water management. Their contributions will help Finapp scale its operations, both domestically and internationally, by improving product offerings and expanding into new markets.

Management and Founding Team

The founding team includes Luca Stevanato, Angelo Amicarelli, Marcello Lunardon, and Sandra Moretto. There is no recent information on changes in the founding team or major management shifts.

Future Prospects

Finapp's technology and team growth position it to become a leader in the field of water content measurement, contributing significantly to environmental sustainability. The company's participation in initiatives like the EIT Food Sales Booster program further supports its internationalization efforts, helping to expand its market reach across Europe.

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Sources: - Who we are - Finapp https://www.finapptech.com/en/who-we-are/

• The Probe - Finapp https://www.finapptech.com/en/probe/
• Finapp - Member of the World Alliance - Solar Impulse Foundation https://solarimpulse.com/companies/finapp
• ITALY AT GITEX 2025 https://www.ice.it/en/sites/default/files/banner_files/catalogue-pavillon-italie-a-gitex-2025.pdf
• Eight startups to develop their internationalisation plans with EIT Food Sales Booster programme https://www.eitfood.eu/news/eight-startups-to-develop-their-internationalisation-plans-with-eit-food-sales-booster-programme

7 The Media Features and Publications

Media Features and Public Recognition of Finapp srl Post-EIC Accelerator Funding

Media Coverage and Publications
Finapp srl, an Italian deep-tech startup specializing in cosmic-ray neutron sensing (CRNS) technology for water measurement, has been prominently featured in industry-specific media. Following its March 2023 EIC Accelerator win, the company was highlighted by Strata.team, which noted Finapp’s €2.08 million award for scaling CRNS applications in agriculture and water resource management. The European Commission’s EISMEA Newsroom also recognized Finapp as one of two Italian winners in the March 2023 call, emphasizing its role in climate change mitigation through innovative water monitoring solutions.

The company’s website details its EIC achievement, citing the funding as critical for advancing mobile applications of CRNS technology, such as real-time soil moisture mapping and aqueduct leak detection. Additionally, Falling Walls, a global platform for breakthrough innovations, profiles Finapp’s origins as a University of Padua spinoff and its mission to revolutionize water measurement through nuclear physics-based solutions.

Podcasts and Interviews
No publicly available podcasts or interviews featuring Finapp team members were identified through the provided sources. However, founder Luca Stevanato provided statements on the EIC funding via press releases discussed above.

Conferences and Event Participation
While specific conferences attended by Finapp post-March 2023 are not listed in available sources, Ecomondo 2024, a leading European environmental tech expo scheduled for November 5–8, includes sessions on EU-funded water innovation projects akin to those developed by Finapp. Though direct participation isn’t confirmed here prior publications suggest alignment with such forums given their focus on climate-adaptive technologies like CRNS.

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Sources

• EIC Accelerator winners March 2023: €261M funding analysis
• Finapp awarded €2.08M from EIC Accelerator
• Finapp among Italian winners of March 2023 EIC cut-off
• Falling Walls profile: Finapp srl
• Ecomondo 2024 session on EU-funded water innovation