1 The EIC Accelerator Project
EIC Accelerator Program Overview
The European Innovation Council (EIC) Accelerator is a prestigious funding initiative designed to support high-potential, high-risk startups and SMEs in the European Union. The program aims to foster innovation by providing financial support and resources to companies that exhibit transformative potential in the DeepTech and startup ecosystem.
Grant and Equity Components
Grant Funding: The EIC Accelerator offers grant funding of up to €2.5 million. This non-dilutive financial support is primarily aimed at covering the costs associated with innovation and R&D activities. It enables companies to develop and validate their technologies, ensuring they reach a stage where they can attract further investment.
Equity Funding: In addition to grants, the EIC Accelerator provides equity funding. Until 2024, companies can receive up to €15 million in equity financing, which will be reduced to €10 million starting in 2025. This equity component helps companies scale their operations, bringing innovative products and services to the market.
Purpose of the EIC Accelerator
The EIC Accelerator plays a pivotal role in the European DeepTech and startup ecosystem by:
- Supporting High-Risk Innovations: It focuses on groundbreaking innovations with the potential to create new markets or disrupt existing ones.
- Bridging the Funding Gap: By offering both grants and equity, it helps startups overcome the "valley of death" where private investment is often hard to secure due to high risks.
- Enhancing Competitiveness: The program boosts the global competitiveness of European companies, ensuring they can scale internationally.
- Encouraging Private Investment: By de-risking projects, the EIC Accelerator attracts additional private sector funding, facilitating further growth and development.
Role in Scaling and Funding
The EIC Accelerator not only provides financial support but also offers strategic resources and mentorship. It aids companies in:
- Scaling Operations: By providing substantial financial backing, companies can expand their operations, enter new markets, and accelerate growth.
- Attracting Private Investment: The EIC’s involvement signals credibility and potential to private investors, making it easier for companies to secure additional funding.
- Accessing Networks and Expertise: Participants gain access to a broad network of experts, investors, and industry leaders, further enhancing their growth prospects.
Quanturi Oy and HAYTECH AI
Quanturi Oy, based in Finland, is a notable winner of the EIC Accelerator, recognized for its innovative project HAYTECH AI. Submitted on June 15, 2022, Quanturi secured funding under the blended finance category, highlighting its potential to revolutionize dairy farming.
HAYTECH AI Project
HAYTECH AI focuses on hay data analytics and fermentation control to increase milk yield on dairy farms. This project leverages advanced technology to optimize the quality of hay, a crucial component in dairy farming. By ensuring optimal fermentation, HAYTECH AI aims to enhance the nutritional quality of hay, directly impacting milk production efficiency.
Technology Basics and Background
The core of HAYTECH AI lies in its sophisticated data analytics and AI capabilities. It utilizes sensors to monitor hay conditions, including temperature and moisture levels. This data is processed using AI algorithms to predict and manage fermentation processes effectively. By providing real-time insights, the technology helps farmers make informed decisions, ensuring optimal hay quality and maximizing milk yield.
Quanturi's approach not only improves the quality of dairy production but also contributes to sustainable farming practices. By minimizing waste and optimizing resources, HAYTECH AI offers significant economic and environmental benefits to the agriculture sector.
For more information, visit Quanturi's website.
2 The Funding Rounds
Since receiving EIC Accelerator funding on June 15, 2022, Quanturi Oy has secured additional financing. On December 20, 2023, the company completed a later-stage venture capital round, raising $1.09 million. (pitchbook.com)Quanturi's investors include the European Innovation Council Fund, Demeter Partners, Voima Ventures, VTT Ventures, and the Runar Bäckström Foundation. (pitchbook.com) However, specific details regarding the amounts contributed by each investor in the December 2023 funding round are not publicly disclosed.
Regarding company valuations, the available sources do not provide explicit figures for Quanturi's valuation during this funding round or any subsequent exit events.
In summary, following the EIC Accelerator funding in June 2022, Quanturi Oy raised an additional $1.09 million in December 2023 through a later-stage venture capital round. While the identities of the investors are known, specific investment amounts and company valuation details remain undisclosed.
3 The Press Releases
Since receiving EIC Accelerator funding on June 15, 2022, Quanturi Oy has published several press releases detailing significant developments:1. Exclusive Partnership with John Deere (May 21, 2024): Quanturi Inc. announced a strategic partnership with John Deere to expand the presence of their HAYTECH product in the US and Canada. This collaboration enables HAYTECH to be available in-store at John Deere dealers across North America. HAYTECH offers wireless, real-time temperature monitoring for hay stored in stacks or barns, allowing farmers to track temperature changes via mobile devices and respond swiftly to potential hazards like spontaneous haystack fires. Key features include 24/7 real-time tracking, mobile accessibility, customizable alerts, historical data analysis, and safety and quality assurance. John Deere's Baling and Mowing Business Manager, Rob Rippchen, highlighted that HAYTECH complements John Deere’s hay equipment portfolio, enhancing dealers' ability to assist farmers in managing and monitoring hay inventory. (quanturi.com)
2. Launch of Compost Monitoring System (December 2019): Quanturi introduced a new system for compost monitoring, designed to monitor the temperature of biowaste throughout all composting phases. The system comprises extra-robust wireless temperature probes placed in compost windrows, measuring real-time temperatures and sending data to a secure cloud-based platform for online visualization. Key features include guaranteed traceability, monitoring from fermentation to maturation, and conformity reports to ensure compliance with sanitary regulations. (quanturi.com)
3. Prevention of Warehouse Damage (December 2018): Quanturi's wireless temperature monitoring system prevented damage worth approximately €250,000 in Blomberg Stevedoring's warehouse in Vaasa. The system detected a temperature increase in stored raw materials for feed, allowing for immediate action to prevent potential damage. Blomberg's terminal manager, Kari Seranto, praised the system's ease of use and effectiveness, leading to plans for further implementation in other warehouses. (quanturi.com)
These press releases highlight Quanturi Oy's advancements in agricultural technology, strategic partnerships, and the effectiveness of their monitoring systems in preventing significant losses.
4 The Technology Advancements
Since receiving EIC Accelerator funding on June 15, 2022, Quanturi Oy has made significant strides in advancing and scaling their HAYTECH AI technology.Technology Advancements and Scaling:
On May 21, 2024, Quanturi Inc. announced an exclusive partnership with John Deere to expand the presence of HAYTECH in the US and Canada. This collaboration aims to enhance farmers' ability to monitor and manage stored hay safely and efficiently. HAYTECH will be available in-store at John Deere dealers across North America. (quanturi.com)
Market Demonstration:
The partnership with John Deere signifies that Quanturi's HAYTECH system has moved beyond the development phase and is being actively deployed in the market. By making HAYTECH available through John Deere dealers, Quanturi is demonstrating its technology directly to customers, facilitating widespread adoption among farmers in the US and Canada. (quanturi.com)
Patents and Publications:
As of April 5, 2023, Quanturi Oy holds a total of 27 patents. However, there is no specific information available regarding new patents filed, scientific studies, clinical trials, or whitepapers published by Quanturi Oy since June 15, 2022. (discovery-patsnap-com.libproxy.mit.edu)
In summary, since receiving EIC Accelerator funding, Quanturi Oy has successfully scaled its HAYTECH AI technology through a strategic partnership with John Deere, leading to active market deployment in North America. While the company holds multiple patents, specific details about new intellectual property or publications since June 2022 are not readily available.
5 The Partnerships and Customers
Since receiving EIC Accelerator funding on June 15, 2022, Quanturi Oy has established several significant partnerships and acquired new customers, enhancing its market position and technological capabilities.New Partnerships:
New Customers:
Nature and Purpose of Relationships:
- John Deere Partnership: This exclusive distribution agreement aims to provide North American farmers with advanced hay monitoring solutions, enhancing safety and efficiency in hay management.
- AGRAVIS AG and OMP Trade GmbH Partnerships: These collaborations focus on expanding the reach of Quanturi's products in Germany and Austria, respectively, by leveraging the partners' established distribution networks.
- Customer Implementations: The adoption of Quanturi's systems by various customers addresses specific challenges related to hay and raw material storage, such as preventing spontaneous combustion and ensuring product quality.
Market Positioning:
These partnerships and customer acquisitions position Quanturi Oy as a leading provider of innovative agricultural technology solutions. The collaboration with John Deere, in particular, significantly enhances Quanturi's visibility and credibility in the North American market. The European partnerships and diverse customer base further solidify its presence and reputation in the industry.
Technology Advancements and Scaling:
The strategic relationships facilitate the scaling of Quanturi's operations by providing access to broader markets and distribution channels. The feedback and data collected from these diverse implementations contribute to the continuous improvement and advancement of Quanturi's technology, ensuring it meets the evolving needs of the agricultural sector.
6 The Hiring and Company Growth
Since receiving EIC Accelerator funding on June 15, 2022, Quanturi Oy, a Finnish IoT company specializing in agricultural technology, has experienced notable developments in its team structure and growth.Current Headcount and Team Size: As of recent reports, Quanturi Oy employs approximately 26 individuals. (crustdata.com) This places the company within the 11-50 employee range. (theorg.com)
Hiring Status: Specific information regarding current hiring activities at Quanturi Oy is not readily available in the provided sources.
Growth Since EIC Accelerator Funding: While exact figures detailing growth since June 2022 are not specified, the company's current headcount suggests a stable team size.
Recent Key Hires: Detailed information about recent key hires at Quanturi Oy is not available in the provided sources.
Impact of New Team Members: Without specific details on recent hires, it's challenging to assess their impact on the company's future scaling and growth.
Changes in Management or Founding Team: According to available data, there have been no recent changes in the board or management team of Quanturi Oy in the past six months. (merit500.com)
In summary, since securing EIC Accelerator funding in mid-2022, Quanturi Oy has maintained a team size of approximately 26 employees, with no significant changes in management reported.
7 The Media Features and Publications
Since receiving EIC Accelerator funding on June 15, 2022, Quanturi Oy has been featured in several media outlets and has actively participated in various events. Below is a summary of their media features, publications, podcasts, interviews, conference participations, and event involvements:Media Features and Publications:
Podcasts and Interviews:
Specific podcasts or interviews featuring the Quanturi team since June 15, 2022, are not readily available in the provided sources.
Conference and Fair Participations:
While detailed records of conference and fair participations are not specified in the provided sources, Quanturi has been actively involved in webinars:
Event Involvements:
Quanturi has been involved in various events, including:
For the most current and detailed information on Quanturi Oy's media features, publications, interviews, and event participations since June 15, 2022, it is recommended to visit their official website or contact them directly.