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), particularly startups and scale-ups, in developing and scaling innovative technologies. With a focus on deep tech, the program aims to bridge the funding gap that often exists for high-risk, high-potential ventures. The EIC Accelerator offers a unique blend of grant funding and equity investment, thereby providing financial support to innovative companies at various stages of their development.

Funding Structure

The EIC Accelerator funding structure is categorized into two primary components: grants and equity investment.

Purpose of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by facilitating the growth of innovative companies that have the potential to disrupt existing markets or create entirely new ones. The program aims to:

• Enhance Innovation Speed: By providing financial support, the EIC Accelerator enables companies to accelerate their innovation processes, ultimately contributing to faster product development and market entry.
• Cultivate Market Readiness: The program helps companies reach a level of market readiness that attracts further investment from private sectors, fostering a sustainable growth environment.
• Support Risk-Taking: By offering blended finance, the EIC Accelerator encourages companies to take calculated risks that are necessary for groundbreaking innovation.

Role in Scaling Companies

The EIC Accelerator plays an instrumental role in helping companies scale by:

• Attracting Private Investment: The combination of grant funding and equity investment from the EIC serves as a strong signal to private investors, demonstrating the viability and potential of the supported technology. This can lead to additional funding from venture capitalists and angel investors.
• Providing Strategic Guidance: Beyond financial support, the EIC Accelerator offers advisory services, mentorship, and networking opportunities, all of which are vital for navigating the complexities of scaling a business in the competitive landscape.

EIC Accelerator Winner: IRIS AI AS

Company Overview: IRIS AI AS, based in Norway, is recognized for its innovative approach to automating scientific knowledge handling. The company aims to transform the way research and development (R&D) is conducted, significantly enhancing the speed and efficiency of innovation within European R&D entities.

Project Overview: The project, referred to as "The Digital R&D Team Member," aims to automate the handling of scientific knowledge. This automation is intended to streamline the R&D process, allowing researchers to focus on high-value tasks rather than being bogged down by the manual handling of data and information.

Technology Basics and Background

IRIS AI's technology leverages advanced artificial intelligence and machine learning algorithms to process and analyze vast amounts of scientific literature and data. The core functionalities of the technology include:

• Natural Language Processing (NLP): This aspect enables the system to understand and interpret scientific texts, extracting relevant information and insights that can assist researchers in their work.
• Automated Data Management: The platform automates the organization and management of research data, making it easier for teams to access and utilize existing knowledge.
• Collaboration Facilitator: By acting as a digital team member, the technology enhances collaboration among researchers, ensuring that teams can effectively share insights and findings in a timely manner.

Impact of the Project

The implementation of "The Digital R&D Team Member" is expected to significantly reduce the time required for research and development processes. By automating the handling of scientific knowledge, IRIS AI AS aims to increase the overall speed of innovation within European R&D sectors. The expected outcome is not only a more efficient research process but also the facilitation of groundbreaking discoveries that can lead to new products and services in the market.

In conclusion, the EIC Accelerator program, with its innovative funding structure and support mechanisms, plays a pivotal role in fostering the growth of companies like IRIS AI AS. Through its project, "The Digital R&D Team Member," IRIS AI is positioned to revolutionize the R&D landscape in Europe, paving the way for faster and more efficient innovation processes.

2 The Funding Rounds

# Iris.ai Funding and Investment Profile

Iris.ai, an Oslo-based AI company founded in 2015, has established itself as a leading provider of AI solutions for scientific text understanding. The Norwegian startup has successfully secured multiple funding rounds to support its growth and innovation in AI-assisted scientific research.

Funding History

Series A Funding (May 2024)

Iris.ai recently raised €7.64 million in a Series A funding round announced on May 29, 2024. This investment was led by Silverline Capital, a European growth equity firm based in Sofia, Bulgaria, with matching funds from the European Innovation Council (EIC) Accelerator Fund. This latest round brings Iris.ai's total funding to €16 million.

EIC Accelerator Funding (January 2023)

Prior to the Series A round, Iris.ai was selected by the EIC Accelerator in January 2023 for a €2.4 million grant with the potential for up to €12 million in equity investments. This followed the company's successful application in the October 5, 2022 cut-off, where it submitted a Step 2 proposal and later won in the Step 3 interview.

Investor Information

The company's investor portfolio includes:

• Silverline Capital: A pioneering European growth equity firm founded in 2019 and based in Sofia, Bulgaria, which led the Series A round.
• European Innovation Council (EIC) Accelerator Fund: The flagship startup grant from the EIC, which has provided substantial backing to Iris.ai through both the January 2023 grant and matching Silverline Capital's contribution in the Series A round.

Company Valuation

While precise valuation figures for Iris.ai are not explicitly stated in the search results, an estimated valuation of approximately $0.47 million has been reported by UpMarket. However, this figure should be treated with caution as it appears to be significantly lower than would be expected given the company's total funding of €16 million and may not reflect the company's actual market value.

Use of Funds

The capital raised through these funding rounds is being deployed strategically to:

Exit Events

There is no information in the search results regarding any IPO plans, buyouts, or acquisitions involving Iris.ai. The company appears to be in a growth phase, focusing on expanding its product offerings and market reach rather than pursuing exit strategies at this time. Any predictions about when or if the company will go public would be speculative without official announcements from Iris.ai.

Business Model and Market Position

Iris.ai addresses a significant challenge for R&D departments across organizations - managing the overwhelming volume of research being published. The company combines proprietary scientific language models developed over eight years with generative AI to accurately process academic papers, patents, and technical documentation. This approach has attracted clients in diverse fields including material science, food science, medical, biotech, agriculture, chemistry, automotive, and cosmetics.

Sources: - European scientific AI startup Iris.ai raises €7.64million with its Series A funding round

• Oslo-based Iris.ai Secures €7.64M Funding for Research Processing
• Iris.ai Raises €7.64 Million in Funding | The SaaS News
• funding Archives Iris.ai
• Iris.ai Raises €7.64M in Series A Funding - FinSMEs
• Norwegian startup Iris.ai raises €7.6M to accelerate scientific research
• Buy Iris.ai stock and other Pre-IPO shares on UpMarket
• Iris.ai raises €7.64M to enhance its AI engine to accelerate scientific research
• Oslo-based Iris.ai raises €7.64m to grow research platform

3 The Press Releases

Iris.ai: Post-EIC Accelerator Funding Developments

Since winning the European Innovation Council (EIC) Accelerator’s blended finance package in December 2022, which included a €2.4 million grant and up to €12 million in equity, Iris.ai has advanced its AI-driven scientific research tools, expanded its client base, and secured additional funding. Below are key updates on the company’s progress:

Funding Milestones

• 2023 EIC Funding: The Norway-based startup received its initial EIC grant and equity investment in January 2023, with the jury emphasizing Iris.ai’s role as a strategic European AI player amid global competition.
• 2024 Series A Round: In May 2024, Iris.ai raised €7.64 million in a Series A round led by Silverline Capital and matched by the EIC Accelerator Fund, bringing total funding to approximately €16 million. This capital will enhance its RSpace platform’s factual accuracy and scalability for corporate and academic researchers.

Technology Advancements

• RSpace Platform: The company integrates proprietary scientific language models with generative AI to reduce hallucinations while categorizing, summarizing, and systematizing data from patents, academic papers, and technical documentation.
• Domain-Specific AI: Its algorithms specialize in text similarity analysis, entity disambiguation, tabular data extraction, and knowledge graph creation for cross-disciplinary research applications.

Market Expansion

• Client Growth: Iris.ai onboarded clients across material science biotech agriculture automotive cosmetics medical chemistry food science since 2023 using RSpace tools .
• Global Ambitions: Positioned as a European alternative to US/China-dominated AI ecosystems it focuses on privacy-compliant fact-based solutions .

Team & Strategic Vision

Co-founders CEO Anita Schjøll Abildgaard (noted for leading one of only 15% female-led EIC Accelerator winners) and CTO Victor Botev emphasize resilience amid geopolitical challenges like the Ukraine war market downturns while scaling hiring efforts post-funding . The team prioritizes turning research into “novel products already loved by users”.

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Sources

• Iris.ai chosen by prestigious EIC Accelerator (Jan 11 2023) | EIC October Results | Iris Wins EIC (Jan 3 2023) | Funding Tag Archive |
• May ’24 Funding Announcement |
• €16M Total Funding Confirmation

4 The Technology Advancements

Iris.ai AS: Post-EIC Accelerator Funding Progress and Capabilities

Since securing EIC Accelerator funding in January 2023 (submitted in late 2022), Oslo-based Iris.ai has advanced its AI-driven scientific research tools, focusing on enhancing accuracy, scalability, and interdisciplinary application. Below is a detailed overview of their progress:

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Current Capabilities

Iris.ai’s flagship platform, RSpace, combines proprietary scientific language models with generative AI to process academic papers, patents, and technical documents. Key functionalities include:

• Smart search: Context-aware filtering of research documents.
• Reading list analysis: Automated extraction of key data points from large document sets.
• Auto-summarization: Generation of concise summaries while minimizing hallucinations.
• Data extraction: Systematization of facts into structured formats for analysis.

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Technological Advancements Post-Funding

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Market Demonstrations and Client Onboarding

Iris.ai has successfully deployed RSpace across industries including:

• Fortune 500 enterprises: Steelmaker ArcelorMittal uses the platform for patent analysis.
• Biotech and healthcare: Clients apply it for literature reviews in drug discovery.
• Academia: Universities leverage the toolsuite for interdisciplinary research mapping.

The company reports onboarding "a range of new clients" since early 2023 across material science, agriculture, automotive, and cosmetics sectors.

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IP Development & Research Outputs While specific patents or whitepapers are not explicitly mentioned in available sources:

Proprietary NLP/ML Models: Iris.ai emphasizes its eight years of in-house model development as a core differentiator. These models specialize in scientific text parsing with minimized bias—a priority highlighted by EIC evaluators during funding approval due to EU-US-China AI competition concerns .

Sources

• Iris.ai | Scalable AI Knowledge Solutions
• European scientific AI startup Iris.ai raises €7.64million

5 The Partnerships and Customers

Iris.ai AS, the Oslo-based AI company specializing in scientific text processing, has significantly expanded its market presence and technological capabilities following its EIC Accelerator funding. While specific customer names remain undisclosed in publicly available information, the company’s recent developments reveal strategic partnerships and client engagements across multiple industries.

Partnerships and Collaborations
The Bardo Foundation collaboration stands out as a key partnership, focusing on pediatric cancer research through AI-driven analysis of scientific literature. This aligns with Iris.ai’s mission to apply its technology to critical healthcare challenges while demonstrating cross-sector innovation capabilities.

Client Base Expansion
The company has onboarded clients in material science, food science, medical research, biotechnology, agriculture, chemistry, automotive engineering, and cosmetics. These sectors benefit from Iris.ai’s RSpace toolsuite for literature review automation and knowledge systematization.

Strategic Positioning Through Relationships

Technological Scaling Drivers
Client feedback from diverse domains enhances the RSpace platform’s adaptability through:

• Domain-Specific Model Refinement: Exposure to varied terminology across scientific fields improves language understanding precision
• Fact-Checking Mechanisms: The 2023 factual accuracy measurement system evolves through enterprise-scale deployment challenges

Recent €7.64M Series A funding led by Silverline Capital will accelerate these developments through enhanced R&D capacity and go-to-market efforts targeting global corporate R&D departments.

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Sources

• European scientific AI startup Iris.ai raises €7.64million with its Series A funding round
• Norwegian Iris.ai raises €7.64 million in Series A funding

-X collaboration Archives Iris.ai (Bardo Foundation reference) -X Invalid link formatting corrected below Note: The third source appears malformed due to input formatting constraints. Valid source below: -Bardo Foundation collaboration reference via iris.ai domain

6 The Hiring and Company Growth

IRIS AI AS Team Growth and Hiring Overview Since securing EIC Accelerator funding in 2022, Iris.ai has significantly advanced its AI-driven scientific research platform, culminating in a €7.64 million Series A round in May 2024 led by Silverline Capital and the EIC Accelerator Fund. While specific details about current headcount or exact team size are not publicly disclosed, the company describes itself as a cross-European team headquartered in Oslo, indicating a multinational structure typical of scaling startups.

The funding will drive further development of its RSpace tool suite, which integrates proprietary scientific language models with generative AI to streamline research processes across industries like biotech, materials science, and agriculture. Though recent hires are not detailed explicitly, Iris.ai emphasizes onboarding new clients and enhancing factual accuracy tools for researchers—priorities that likely necessitate technical talent in machine learning, natural language processing (NLP), and domain-specific research roles.

No major management changes have been reported since co-founders Anita Schjøll Abildgaard (CEO), Jacobo Elosua (serial entrepreneur), and Victor Botev (CTO/AI researcher) established the company in 2015. The leadership’s focus remains on combining generative AI with specialized scientific models to reduce hallucinations while scaling actionable insights for global R&D teams.

Future Scaling Trajectory
With total funding now at €16 million, Iris.ai is positioned to expand its technical capabilities and client base. The emphasis on “streamlined processes for researchers” suggests hiring efforts aimed at improving product robustness and customer support infrastructure. Additionally, CEO Schjøll Abildgaard’s public critique of restrictive AI research practices highlights the company’s commitment to open collaboration—a stance that could attract talent aligned with transparent innovation frameworks.

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Sources

• European scientific AI startup Iris.ai raises €7.64million
• Oslo-based Iris.ai snaps €7.64M funding
• Norwegian startup Iris.ai raises €7.6M

7 The Media Features and Publications

Overview of IRIS AI AS

IRIS AI AS, a Norwegian company founded in 2015, specializes in artificial intelligence (AI) technologies, particularly in scientific text understanding. The company offers AI-powered solutions for deep knowledge management, leveraging natural language processing (NLP) and machine learning (ML) to analyze vast collections of research papers and patents. IRIS AI AS primarily serves research and development (R&D) professionals and students by facilitating tasks such as literature reviews, data extraction, document summarization, and competitive intelligence.

Media Features and Publications

IRIS AI AS has been recognized in several publications for its innovative AI solutions:

• Bionity: Features IRIS AI AS as a leading start-up in AI research and development, highlighting its award-winning AI engine for scientific text understanding.
• CB Insights: Lists IRIS AI AS in expert collections related to artificial intelligence, noting its focus on deep knowledge textual understanding.
• XPRIZE Foundation: Mentions IRIS AI AS as a team involved in building AI researcher tools for scientific knowledge processing.

Content from Publications

Publications often highlight IRIS AI AS's ability to streamline knowledge processes, making complex information accessible and actionable. The company's tools are praised for reducing manual work in tasks like literature reviews and data extraction, thereby enhancing innovation capabilities.

Podcasts and Interviews

There is limited publicly available information on podcasts or interviews featuring IRIS AI AS's team. However, the company is known for its collaborative approach, working with innovation-oriented universities and corporate customers.

Conference and Fair Visits

While specific conference participations by IRIS AI AS are not widely documented, the company's involvement in AI and research communities suggests it likely participates in relevant events focused on AI innovation and scientific research.

Involvement in Events

IRIS AI AS is noted for its commitment to fostering Open Science and innovation through joint research projects. The company's presence in international AI and research communities implies involvement in events that promote AI-driven innovation.

EIC Accelerator Funding

IRIS AI AS received EIC Accelerator funding in October 2022, reflecting its potential for scalable AI solutions in deep knowledge management. This funding supports the company's mission to empower enterprises to innovate faster and smarter.

Sources: - Iris.ai

• Iris.ai AS
• Iris.ai
• Iris.ai - XPRIZE Foundation