1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and start-ups with innovative, high-risk projects. Aimed primarily at deep-tech and high-impact sectors, the program provides financial support and advisory services to help companies bring their groundbreaking ideas to market.
Funding Structure
The EIC Accelerator offers a unique funding structure that includes both grants and equity investments. The grant component can provide up to €2.5 million, which is intended for activities such as research and development, prototyping, and market entry. This grant is non-repayable, allowing companies to utilize the funds without the burden of repayment obligations.
In addition to grants, the EIC Accelerator offers blended finance options that include equity investments. Until 2024, companies can secure equity funding of up to €15 million, which is designed to complement the grant and further support growth. Starting in 2025, this equity investment will be capped at €10 million. This dual funding approach aims to enhance the financial viability of innovative projects, reducing the reliance on traditional funding sources and allowing for more significant scaling opportunities.
Purpose and Role in the Ecosystem
The EIC Accelerator serves a critical role in the European startup and deep-tech landscape by targeting companies that possess disruptive technologies or innovative solutions. The program aims to bridge the funding gap that often exists between early-stage funding and later-stage investments. By providing substantial financial support and expert guidance, the EIC Accelerator helps companies scale their operations, attract additional private sector funding, and ultimately contribute to the competitiveness of the European economy.
Example of EIC Accelerator Success: ODICO A/S and TopoForm
One notable winner of the EIC Accelerator program is ODICO A/S, a Danish company specializing in advanced robotic solutions for construction. The company was awarded funding for its project, TopoForm, which focuses on the robotic printing of large-scale topology-optimized composite construction formwork.
Project Overview: TopoForm
The TopoForm project aims to revolutionize the construction industry by utilizing advanced robotic technology to produce formwork that is both lightweight and highly efficient. Traditional formwork processes are often labor-intensive and can result in significant material waste. Through the application of topology optimization—a method that determines the most efficient material distribution within a given design space—ODICO's robotic systems can create tailored formwork solutions that minimize material use without compromising structural integrity.
Technology Background
The technology underpinning TopoForm leverages state-of-the-art robotics and additive manufacturing techniques. By integrating robotic arms with sophisticated software algorithms, ODICO can automate the design and fabrication of custom formwork that meets the specific requirements of each construction project. The robotic systems are capable of handling complex geometries, enabling the construction of innovative architectural forms that were previously difficult or impossible to achieve using conventional methods.
The use of composite materials further enhances the performance of the formwork, offering benefits such as reduced weight, improved durability, and better thermal insulation properties. This innovative approach not only streamlines the construction process but also promotes sustainability by reducing waste and energy consumption.
Conclusion
The EIC Accelerator program plays a pivotal role in fostering innovation and supporting the scaling of deep-tech companies like ODICO A/S. By providing a robust funding framework that combines grants and equity investments, the program empowers startups to realize their potential and contribute to a more competitive European market. The TopoForm project exemplifies how advanced technology can transform traditional industries, paving the way for more efficient and sustainable construction practices.
2 The Funding Rounds
ODICO A/S: Financing and Funding Events Since EIC Accelerator Award
Company: ODICO A/S
Country: Denmark
EIC Accelerator Proposal Submission Date: June 21, 2023
Financing Raised and Funding Rounds
- IPO Event: ODICO A/S conducted its Initial Public Offering (IPO) on June 30, 2018. This remains the latest publicly documented funding round for the company. The shares are listed on Nasdaq First North Denmark under ticker "ODICO".
- EIC Accelerator Grant: As an EIC Accelerator winner in mid-2023, ODICO received EU-backed grant and equity funding. However, public sources do not specify the exact amount or closing date of this EIC-backed round post-June 2023.
Recent Capital Structure
- There is no documented evidence of additional venture capital or significant private equity rounds since the IPO in available databases up to May 2025.
- No recent secondary offerings or major follow-on investments have been reported in Dealroom or CB Insights since their listing.
Timing and Amount of Funding Rounds
| Date | Round Type | Amount | Details |
|---|---|---|---|
| Jun 30, 2018 | IPO | Not stated (initial market cap approx DKK11–16m) | Listed on Nasdaq First North Denmark |
| Jun–Dec 2023 | EIC Grant/Equity | Confidential / Not disclosed | EU support following Step 2 win; amount undisclosed |
The timing for disbursement of EIC funds typically follows several months after award notification but is not specifically confirmed in public records.
Investor Information
- Public Market Investors: After IPO, shareholders include institutional investors typical for small-cap Danish technology stocks trading on First North.
- Pre-listing/Private Investors: No detailed list of VC/institutional investors before IPO is present in publicly accessible sources.
- EIC Fund/EU Commission: The European Innovation Council Fund became a key investor post-June 2023 as part of the accelerator program.
Company Valuations
Market Capitalization
- As of early May 2025:
- Approximate market capitalization: DKK11.22 million (~$1.6 million USD).
- Enterprise value: ~DKK19.81 million (~$3 million USD).
- Share price at last close: DKK0.39 per share.
Valuation Trends
Exit Events (M&A, Buyouts, Further Listings)
Summary Table: Key Financial Events Post-EIC Win
| Event | Timing | Amount / Value |
|---|---|---|
| IPO | June 30, 2018 | Initial MCAP DKK11–16m+ |
| Latest Market Cap | May 2025 | ~DKK11.22m ($1.6m) |
| EIC Accelerator | Post-June‘23 | Undisclosed |
</em>Exact investment amounts from EU/EIC remain confidential; only award status is verifiable.
Sources
- Odico company information – Invest NY
- Odico – CB Insights
- Odico company information – Dealroom.co
- Odico A/S applies for listing – GlobeNewswire
- Odico share price details – Stockopedia
3 The Press Releases
ODICO A/S: Post-EIC Accelerator Funding Developments Denmark-based ODICO A/S, a leader in robotic formwork manufacturing, secured EIC Accelerator funding in June 2023, enabling further commercialization of its patented construction automation technologies. While specific details of their awarded proposal remain undisclosed, the company’s post-funding trajectory reveals strategic partnerships and financial maneuvers critical to its scale-up phase.Key Updates Since June 2023 EIC Award:
- EU Grant and Rights Issue: In November 2023, ODICO announced a rights issue to raise 13.8 million DKK alongside a separate 17.6 million DKK EU grant. These funds aim to strengthen operations ahead of an anticipated break-even target by mid-2025.
- Partnership-Driven Growth: By late 2023, ODICO secured contracts with industry leaders including Aarsleff (construction), Peri (formwork systems), and wind energy players for large-scale projects like the Fehmarn Belt tunnel. Its "partnership-oriented strategy" emphasizes collaboration with established firms to penetrate mature markets.
- Technology Focus: The company specializes in robotic formwork solutions such as Factory-On-The-Fly (automated on-site manufacturing) and Robotic Hot-Wire Cutting for complex geometries in construction and wind turbine sectors.
Financial Outlook: Despite fluctuating revenues (10.47 million DKK in FY2023), ODICO’s growing order book and EU backing position it for scalability. The rights issue represents its final capital raise before projected profitability.
Sources
4 The Technology Advancements
Odico A/S: Post-EIC Accelerator Funding Developments and Capabilities Odico A/S, a Danish robotics and formwork technology company, specializes in automated solutions for construction and wind turbine industries. Since its EIC Accelerator funding participation (exact award status unconfirmed for June 2023 cut-off), the company has continued advancing its robotic manufacturing systems, though no direct post-June 2023 funding announcements are explicitly documented in available sources. Below is a synthesis of their current capabilities and recent developments:Current Capabilities
Odico’s core technologies include:- Factory-on-the-Fly: Modular robotic platforms for on-site formwork production, reinforcement bending, and foam cutting.
- Robotic Hot-Wire Cutting: Precision cutting of industrial foams using CAD-guided robots.
- Drill Mate: Automated drilling systems for wind turbine components, tripling productivity by replacing manual hole-boring processes.
The company focuses on enabling rapid prototyping and agile manufacturing workflows, particularly for small-batch production like wind turbine blades.
Post-June 2023 Advancements
While specific post-funding details are limited:- Market Demonstrations: Odico’s Drill Mate remains operational in Denmark’s wind energy sector, addressing the country’s goal to increase wind power output by ~80% by 2024. Their robots automate repetitive tasks such as drilling up to 48 holes per turbine profile with sub-millimeter precision.
- Recent Orders: In November 2023, Odico secured a DKK 1 million order (details unspecified), reflecting ongoing commercial traction.
No new patents or scientific publications have been announced since mid-2023 based on available data.
Technology Deployment Status
Odico actively serves clients in renewable energy through:- Wind Turbine Component Fabrication: Customers use Drill Mate robots to reduce manual labor and minimize errors during blade assembly.
- Formwork Production: Robotic systems streamline custom concrete mold creation for complex architectural projects.
No clinical trials or whitepapers are relevant given Odico's industrial focus.
Sources
Listed as Markdown links
(Note: No sources directly confirm EIC Accelerator funding receipt by Odico A/S in June-November 2023. The November order announcement predates February 28th EIC results; no overlap is confirmed." class="inline-link" target="_blank" rel="noopener noreferrer">DKK 1 Million Order Announcement
Formatting note: All sources derived from provided search results; no external links added.*
5 The Partnerships and Customers
ODICO A/S: Advancements and Partnerships Post-EIC Accelerator Funding
ODICO A/S, a Danish company specializing in robotic printing of large-format structures, secured funding through the European Innovation Council (EIC) Accelerator in June 2023. This support has significantly contributed to the company's growth and strategic partnerships.
Partnerships and Customers
Since receiving the EIC funding, ODICO A/S has strengthened its position in the market by forming partnerships with key industry players. Notable partners include:
- Aarsleff: A significant construction company in Denmark, highlighting ODICO's integration into the construction sector.
- Peri: A global leader in formwork and scaffolding solutions, which demonstrates ODICO's involvement in sophisticated building projects.
- Arkil: A Danish construction company, emphasizing ODICO's local market presence.
- Kaj Bech: Another Danish construction firm, underscoring ODICO's strong network within the industry.
- EMR: Although specific details about EMR are not provided, this partnership likely aligns with ODICO's construction and manufacturing focus.
- Fehmarn Belt Project: A major infrastructure project connecting Denmark and Germany, which showcases ODICO's role in large-scale engineering endeavors.
- Adserballe & Knudsen: A Danish construction company, further solidifying ODICO's footing in the local construction market.
- Vinci: A multinational construction and infrastructure company, indicating ODICO's global industry connections.
- Doka: A leading supplier of formwork solutions worldwide, highlighting ODICO's collaboration with prominent players in the construction sector.
These partnerships have enabled ODICO to secure significant orders, including a substantial order from the wind industry and a multi-million DKK order from the construction sector.
New Relationships and Market Positioning
The partnerships and funding have positioned ODICO A/S as an attractive supplier in the competitive construction industry. The company's strategy of forming alliances with major players has enhanced its commercial scale-up efforts. By securing orders from key market players, ODICO has accelerated its growth and reinforced its market presence.
Technology Advancements and Scaling
The EIC funding and strategic partnerships have facilitated ODICO's technological advancements and scaling efforts. The company plans to invest in additional robots and production cells to meet increased demand and expand its commercial capacity. Furthermore, the partnerships are crucial for ODICO's working capital needs during its scaling phase, ensuring a resilient financial foundation.
Future Outlook
With a successful rights issue in place, ODICO aims to achieve break-even by the first half of 2025. This financial stability will support further technology development and market expansion. The company's focus on partnerships and strategic growth positions it for continued success in the construction and manufacturing sectors.
Sources: - EIC Accelerator winners and statistics June 2023
6 The Hiring and Company Growth
Odico A/S: Growth and Development Post EIC Accelerator Funding
Odico A/S, a Danish company specializing in construction robotics and innovative concrete technologies, has been a significant player in the industry since its founding in 2012. The company, headquartered in Odense, Denmark, achieved a notable milestone by winning the EIC Accelerator funding in June 2023.
Current Headcount and Team Size
As of 2024, Odico A/S employs 39 people, reflecting a steady growth trajectory from its earlier stages. This team size indicates a managed expansion strategy, likely focused on retaining core talent while adding specialized roles to support innovation and scaling.
Hiring and Team Growth
While there is no explicit information on Odico A/S currently hiring, their growth in employee numbers suggests an ongoing recruitment process to support their expanding operations and technological advancements. The company's focus on robotics and construction innovation likely requires continuous talent acquisition in engineering, software development, and manufacturing.
Key Positions and Recent Hires
Ditte Pedersen is noted as the Head of Marketing and Lead Generation, indicating a strategic emphasis on market expansion and customer engagement. However, specific details on recent hires are not available. The addition of key positions in marketing and potentially in technology and engineering would be crucial for scaling and meeting the demands of the construction robotics sector.
Impact of New Team Members
New team members at Odico A/S play a vital role in the company's future by contributing to the development of innovative concrete and robotics technologies. Their expertise helps scale the company's operations, enhancing its ability to revolutionize the construction industry through advanced manufacturing processes and architectural solutions.
Major Changes in Management or Founding Team
There are no publicly available details on significant changes in Odico A/S's management or founding team since receiving the EIC Accelerator funding. The company's leadership remains committed to its vision of transforming the concrete industry, with no reported shifts in strategic direction or key personnel.
Growth and Scaling
The EIC Accelerator funding received in June 2023 is expected to significantly boost Odico A/S's growth and scaling capabilities. This funding likely supports further innovation in robotics and concrete technology, enabling the company to expand its market presence and deliver more complex projects.
Conclusion
Odico A/S's growth trajectory, supported by the EIC Accelerator funding, positions the company for continued innovation and expansion in the construction robotics sector. As it scales, the company is poised to make significant contributions to the industry, leveraging new technologies and talent to achieve its vision.
Sources: - Odico A/S Information - RocketReach
7 The Media Features and Publications
Odico A/S Media and Public Engagement Overview Since securing EIC Accelerator funding in June 2023, Odico A/S has maintained a focus on advancing robotic solutions for the construction and renewable energy sectors. Below is a synthesis of their media presence, publications, and event participation based on available data:Media Features & Publications
- Order Announcements: In January 2024, Odico announced a DKK 3 million order from a Danish energy-sector client for its Digital Fabrication division, emphasizing robotic innovation and sustainability. Earlier, in October 2023, they secured an order from a construction-industry client for similar services.
- Company Profiles: Detailed profiles on Marketscreener and RocketReach highlight Odico’s technologies (e.g., Factory-on-the-Fly robotics) and financial performance (e.g., DKK 10.47M revenue in FY2023).
Podcasts & Interviews
No public podcasts or interviews featuring Odico’s team were identified in the provided search results. The company’s communications primarily involve investor announcements via platforms like Ritzau Finans.Conferences & Events
While specific event participation is not documented post-EIC funding, Odico emphasizes collaboration with clients to showcase its robotic solutions. For example:Bankruptcy Notice (March 2024)
A Nasdaq announcement revealed that Odico was removed from trading due to bankruptcy proceedings initiated in March 2024. This development postdates their EIC Accelerator win but significantly impacts their operational visibility.Sources
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