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 innovative small and medium-sized enterprises (SMEs) and startups in Europe. It aims to help these companies develop and scale groundbreaking technologies and innovations, particularly in the DeepTech sector. The program is structured to provide blended finance solutions, which combine grants and equity investments, to support projects that have the potential to create significant market impact.

Funding Structure

The EIC Accelerator can provide grants of up to €2.5 million. This financial support is typically aimed at covering the costs associated with the development of prototypes, testing, and other early-stage activities that require funding prior to market entry.

The program also includes equity investments that can amount to €15 million until the end of 2024 and €10 million from 2025 onwards. This equity investment is designed to help companies scale their operations, expand their market reach, and attract additional private sector funding. The EIC takes a minority stake in the company, allowing the founders to maintain control while still receiving the necessary capital to grow.

Purpose of the EIC Accelerator

The primary purpose of the EIC Accelerator is to foster innovation and entrepreneurship in Europe, particularly within the DeepTech and startup ecosystem. By providing financial support and resources, the EIC Accelerator aims to:

• Stimulate Innovation: Encourage the development of cutting-edge technologies and solutions that address pressing societal challenges.
• Enhance Competitiveness: Support SMEs and startups in becoming competitive players on a global scale.
• Drive Economic Growth: Create jobs and promote economic development through the commercialization of innovative products and services.

Role in Scaling and Securing Funding

The EIC Accelerator plays a crucial role in helping companies scale by:

• Bridging the Funding Gap: Many innovative startups struggle to secure funding from traditional sources due to high risk and uncertainty. The EIC Accelerator provides a safety net, allowing companies to pursue ambitious projects without the immediate pressure of profitability.
• Facilitating Private Investments: By providing initial funding and validation, the EIC Accelerator helps attract additional investments from private sectors. Companies that receive EIC support often find it easier to engage with venture capitalists and other investors.
• Networking and Mentorship: The EIC Accelerator connects startups with a network of industry experts, mentors, and potential partners, which can be invaluable for scaling operations and accessing new markets.

EIC Accelerator Winner: Ekkono Solutions AB

Company Name: Ekkono Solutions AB
Project Acronym: Ekkono FLIIoT
Description: Ekkono Synthesis: Federated Learning for the Industrial IoT
Funding Type: Blended finance
Website: ekkono.ai
Country: Sweden
Date of Cut-off: 2022-10-05

Project Summary: Ekkono FLIIoT

Ekkono’s project, Ekkono FLIIoT, focuses on leveraging federated learning for the Industrial Internet of Things (IoT). Federated learning is a machine learning technique that allows models to be trained across multiple decentralized devices holding local data samples without exchanging them. This approach enhances data privacy and reduces latency.

Technology Basics and Background

Federated Learning:

Federated learning enables the training of machine learning models on data located on various devices while keeping the data on those devices. This method addresses privacy concerns and regulatory compliance, particularly in industries where data security is paramount.

Industrial IoT (IIoT):

The Industrial IoT refers to the interconnected network of devices, sensors, and machinery used in industrial settings. IIoT applications can optimize processes, enhance productivity, and reduce operational costs through data-driven insights.

Ekkono's Solution:

Ekkono’s FLIIoT aims to provide a platform that integrates federated learning into IIoT applications, allowing for real-time analytics and predictive maintenance without compromising data privacy. The technology focuses on enabling devices to learn from their environment while retaining control over their data, thereby fostering a more secure and efficient industrial landscape.

Impact:

By implementing federated learning, Ekkono’s solution can significantly reduce the need for centralized data storage and processing, leading to enhanced speed, lower costs, and improved data security. This technology has the potential to revolutionize how industries handle data, making it a vital component of the modern industrial ecosystem.

In summary, Ekkono Solutions AB, with its innovative project Ekkono FLIIoT, exemplifies the EIC Accelerator's mission to support groundbreaking technologies that address real-world challenges while contributing to the growth of the European DeepTech sector.

2 The Funding Rounds

Since receiving €2.5 million in funding from the European Innovation Council (EIC) on December 20, 2022, Ekkono Solutions AB has not publicly announced any additional funding rounds. The EIC funding was allocated to accelerate the development of federated learning to complement Ekkono's software suite. (ekkono.ai)

Prior to this, Ekkono secured €3 million in a funding round on August 11, 2022, with Finnish technology service company Etteplan Oyj acquiring a 20% stake in the company. Etteplan also agreed to resell Ekkono's software to their customers in machine and equipment manufacturing. (ekkono.ai)

Earlier, in April 2019, Ekkono raised €1.8 million from Lindeblad Venture, Walerud Ventures, and Almi Invest. (mynewsdesk.com)

As of April 2025, there are no publicly available reports of new funding rounds or changes in company valuation for Ekkono Solutions AB.

3 The Press Releases

Since receiving €2.5 million in funding from the European Innovation Council (EIC) on October 5, 2022, Ekkono Solutions AB has published several press releases detailing their advancements and partnerships.

1. Ekkono's Edge Machine Learning Simplifies AI Deployment for Automotive Applications

On March 20, 2024, Ekkono announced that their edge machine learning technology now supports automotive applications on Infineon's AURIX™ TC3x and TC4x microcontrollers. This development enables automotive component suppliers and OEMs to deploy AI solutions more efficiently, addressing the unique challenges posed by the diverse operating conditions of vehicles. (ekkono.ai)

2. Appointment of Petra Sundström as Chairwoman of the Board

On June 12, 2024, Ekkono appointed Petra Sundström as the chairwoman of the board. Sundström, currently the Managing Director of TRATON Charging Solutions AB, brings extensive industrial experience to Ekkono, aiming to strengthen the company's strategic direction and governance. (ekkono.ai)

3. €3 Million Funding Round and Strategic Investment from Etteplan

In August 2022, Ekkono closed a €3 million funding round, with Finnish technology service company Etteplan Oyj acquiring a 20% stake in the company. This strategic investment is intended to accelerate Ekkono's business growth and extend its reach to more customers through Etteplan's comprehensive solutions. (ekkono.ai)

4. Federated Learning Product 'Synthesis' Development Accelerated

Following the EIC funding, Ekkono accelerated the development of 'Synthesis,' their federated learning product. This technology enables decentralized devices to learn from each other without sharing data, enhancing personalized condition monitoring, predictive maintenance, and performance optimization for IoT devices. (ekkono.ai)

5. Recognition and Awards

• Red Herring Top 100 Europe Winner (2021): Ekkono was recognized for its innovative technology and market potential. (ekkono.ai)
• Winner of University Startup World Cup 2021: Ekkono secured first place in the Growth Digital category, highlighting its successful commercialization of academic research. (ekkono.ai)
• Gold at German Innovation Award 2020: Ekkono was honored with the Gold award, acknowledging its contribution to making the world better and simpler through innovative technology. (ekkono.ai)

These developments underscore Ekkono Solutions AB's commitment to advancing edge machine learning technologies and expanding its strategic partnerships to drive innovation in the IoT and industrial sectors.

4 The Technology Advancements

Ekkono Solutions AB, a Swedish software company specializing in edge machine learning, has made significant advancements since receiving €2.5 million in funding from the European Innovation Council (EIC) on December 20, 2022. (ekkono.ai)

Current Capabilities:

Ekkono's technology enables machine learning to run directly on connected devices, facilitating personalized condition monitoring, predictive maintenance, and performance optimization. Their solutions are tailored for industrial equipment, automotive applications, and energy systems, allowing devices to learn from their individual usage patterns and environments. (ekkono.ai)

Advancements Since EIC Funding:

Following the EIC funding, Ekkono accelerated the development of "Synthesis," their federated learning product. This innovation allows decentralized devices to collaboratively learn from each other without sharing raw data, enhancing the personalization and efficiency of machine learning models across a fleet of devices. (ekkono.ai)

Technology Improvements and New Features:

In March 2024, Ekkono introduced an enhanced software development kit (SDK) that simplifies the deployment of AI for automotive applications on Infineon's AURIX™ TC3x and TC4x microcontrollers. This adaptation enables developers to train and generate AI algorithms optimized for secure and safety-critical automotive applications without additional hardware adjustments. (elettronica-plus.it)

Market Demonstrations:

Ekkono has demonstrated its technology through various collaborations:

• Automotive Sector: In March 2024, Ekkono's SDK was adapted for Infineon's AURIX™ microcontrollers, facilitating the integration of AI in automotive applications. (elettronica-plus.it)
• Industrial Equipment: Ekkono's solutions have been implemented in predictive maintenance applications, such as monitoring the health of equipment like heat exchangers, enabling proactive maintenance and reducing downtime. (ekkono.ai)

Intellectual Property and Publications:

As of the latest available information, Ekkono has not publicly disclosed new patents, scientific studies, clinical trials, or whitepapers filed since the EIC funding. Their focus appears to be on product development and strategic partnerships to expand market reach.

In summary, since receiving the EIC funding in December 2022, Ekkono Solutions AB has advanced its federated learning capabilities, enhanced its SDK for automotive applications, and demonstrated its technology in both automotive and industrial sectors.

5 The Partnerships and Customers

Since receiving €2.5 million in funding from the European Innovation Council (EIC) on October 5, 2022, Ekkono Solutions AB has made significant strides in expanding its partnerships and customer base.

New Partnerships:

Etteplan Oyj: In August 2022, Ekkono secured €3 million in funding, with Etteplan acquiring a 20% stake in the company. This strategic investment allows Etteplan to resell Ekkono's software, aiming to accelerate the fourth industrial revolution in machinery and equipment manufacturing. (ekkono.ai)

New Customers:

Six Strategic Customers: Following the EIC funding, six strategic customers signed letters of intent expressing interest in Ekkono's federated learning product, Synthesis. While their identities are not publicly disclosed, this interest indicates a growing customer base. (ekkono.ai)

Nature and Purpose of Relationships:

• Etteplan Oyj: The partnership involves Etteplan investing in Ekkono and reselling its software. This collaboration aims to integrate Ekkono's edge machine learning solutions into Etteplan's offerings, enhancing the digital transformation of machinery and equipment manufacturing. (etteplan.com)
• Six Strategic Customers: The letters of intent from these customers signify a commitment to exploring Ekkono's federated learning technology, Synthesis, for applications such as personalized condition monitoring, predictive maintenance, and performance optimization in their respective industries. (ekkono.ai)

Market Positioning:

• Etteplan Oyj: The partnership with Etteplan positions Ekkono as a key player in the industrial sector, leveraging Etteplan's extensive network and credibility to reach a broader audience in machinery and equipment manufacturing. (etteplan.com)
• Six Strategic Customers: Engaging with these customers enhances Ekkono's reputation and visibility in various industries, demonstrating the versatility and applicability of its technology across different sectors. (ekkono.ai)

Technology Advancements and Scaling:

• Etteplan Oyj: The partnership provides Ekkono with access to Etteplan's engineering expertise and resources, facilitating the development and scaling of its edge machine learning solutions. (etteplan.com)
• Six Strategic Customers: Collaborating with these customers offers Ekkono valuable insights and real-world applications for its federated learning technology, driving further innovation and refinement of its products. (ekkono.ai)

These developments underscore Ekkono Solutions AB's commitment to advancing edge machine learning technologies and expanding its influence in the industrial sector.

6 The Hiring and Company Growth

Ekkono Solutions AB, a Swedish software company specializing in edge machine learning, has experienced notable growth and strategic developments since receiving €2.5 million in funding from the European Innovation Council (EIC) on October 5, 2022.

Current Team Size and Growth:

As of December 2022, Ekkono Solutions employed approximately 30 individuals, reflecting a 67% increase in their workforce over the previous year. (growjo.com) This expansion indicates a significant scaling of operations to support their growing initiatives.

Hiring Status and Key Positions:

The EIC funding was earmarked to accelerate the development of their federated learning product, Synthesis. CEO Jon Lindén highlighted the challenge of recruiting the necessary talent to drive this advancement. (ekkono.ai) While specific details about recent hires are not publicly disclosed, the emphasis on federated learning suggests a focus on recruiting experts in machine learning, data science, and software development to enhance their product offerings.

Strategic Partnerships and Investments:

In August 2022, Ekkono secured an additional €3 million in funding, with Finnish technology service company Etteplan Oyj acquiring a 20% stake in the company. This partnership not only provided growth capital but also positioned Etteplan as a reseller of Ekkono's software, aiming to drive the fourth industrial revolution in machinery and equipment manufacturing. (ekkono.ai)

Management Changes:

In June 2024, Petra Sundström was elected as the Chairwoman of the Board at Ekkono Solutions. Sundström, currently the Managing Director of TRATON Charging Solutions AB, brings extensive industrial experience to the company, potentially influencing strategic direction and growth initiatives. (ekkono.ai)

Impact on Company Growth and Scaling:

The strategic investments and partnerships have enabled Ekkono to enhance its technological capabilities, particularly in federated learning, and expand its market reach. The recruitment of specialized talent and the addition of experienced board members are expected to bolster product development and operational efficiency, facilitating the company's scaling efforts.

In summary, since receiving EIC funding in October 2022, Ekkono Solutions AB has demonstrated significant growth through increased hiring, strategic partnerships, and management enhancements, positioning itself for continued expansion and innovation in the edge machine learning sector.

7 The Media Features and Publications

Since Ekkono Solutions AB received the EIC Accelerator funding on October 5, 2022, the company has been featured in various media outlets, participated in industry events, and engaged in strategic partnerships. Below is a summary of these activities:

Media Features:

• December 23, 2022: Ekkono Solutions was featured in Edge Industry Review, highlighting the €2.5 million funding from the European Innovation Council (EIC) to accelerate the development of their federated learning software. (edgeir.com)
• December 20, 2022: The company announced the EIC funding in a press release, emphasizing the impact on their federated learning product, Synthesis. (mynewsdesk.com)
• August 11, 2022: Ekkono raised €3 million in funding, with Etteplan Oyj acquiring a 20% stake in the company. (mynewsdesk.com)
• August 9, 2022: Etteplan's strategic investment in Ekkono was covered, highlighting the potential of machine learning and AI in accelerating the fourth industrial revolution. (placera.se)
• May 27, 2020: Ekkono was honored with a Gold award at the German Innovation Awards for their Edge Intelligence software. (mynewsdesk.com)

Publications:

• Edge Industry Review: Covered Ekkono's €2.5 million EIC funding and federated learning software development. (edgeir.com)
• Mynewsdesk: Published press releases on Ekkono's EIC funding, €3 million funding round, and strategic investment from Etteplan. (mynewsdesk.com, mynewsdesk.com)
• Inderes: Reported on Etteplan's investment in Ekkono, emphasizing the role of machine learning and AI in the industrial sector. (inderes.fi)
• Placera: Detailed Etteplan's strategic investment in Ekkono, focusing on the impact of machine learning and AI on the fourth industrial revolution. (placera.se)

Podcasts and Interviews:

February 6, 2025: Anders Berg from Ekkono Solutions presented at the "Embedded AI" Meetup in Gothenburg, discussing the use of machine learning for predictive maintenance. (meetup.com)

Conferences and Events:

• February 6, 2025: Ekkono Solutions participated in the "Embedded AI" Meetup in Gothenburg, featuring a talk by Anders Berg on predictive maintenance. (meetup.com)
• June 1, 2020: Ekkono was selected for the Plug and Play Japan acceleration program, focusing on the future of mobility. (mynewsdesk.com)

Strategic Partnerships:

• August 9, 2022: Etteplan acquired a 20% stake in Ekkono Solutions, aiming to integrate machine learning and AI into their service solutions. (placera.se)
• June 12, 2024: Petra Sundström was elected Chairwoman of the Board at Ekkono, bringing extensive industrial experience to the company. (mynewsdesk.com)

These activities highlight Ekkono Solutions AB's ongoing growth, strategic collaborations, and active participation in industry events since receiving the EIC Accelerator funding.