1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is a cornerstone initiative aimed at supporting innovative startups and small and medium-sized enterprises (SMEs) in Europe, particularly in the DeepTech sector. By providing both grant funding and equity investments, the EIC Accelerator aspires to bridge the financing gap often encountered by high-risk, high-potential companies that are on the cusp of bringing groundbreaking technologies to market.

The EIC Accelerator offers blended finance options, which typically include grants of up to €2.5 million and equity investments that can reach up to €15 million until 2024, after which the maximum equity investment is capped at €10 million. This dual funding approach allows recipients to leverage grants for initial project development while securing equity to scale operations and market outreach.

Purpose and Impact on the Startup Ecosystem

The primary purpose of the EIC Accelerator is to foster innovation and catalyze the growth of startups that have the potential to revolutionize industries. By providing financial support and advisory services, the EIC Accelerator plays a critical role in enhancing the competitiveness of European companies in the global market. The program targets DeepTech ventures, which often require substantial investment and time to develop due to the complexity and risk associated with their technologies.

In addition to financial backing, the EIC Accelerator aids companies in navigating the funding landscape by facilitating connections with private investors. This support helps startups build sustainable business models and attract additional capital, which is essential for scaling their operations and achieving long-term success.

Case Study: Ocean Visuals AS and the OWL Project

Ocean Visuals AS, a Norwegian company, is one of the recent winners of the EIC Accelerator program with its project titled OWL (Hyper-Spectral Laser Induced Fluorescence LiDAR to detect Submerged Oil over Water in real-time on a molecular level). The proposal was submitted for the Step 2 evaluation on November 8, 2023, and subsequently succeeded in the Step 3 interview, securing vital funding for this innovative project.

Project Overview: OWL

The OWL project utilizes cutting-edge technology to address a pressing environmental challenge: the detection of submerged oil in aquatic environments. By employing Hyper-Spectral Laser Induced Fluorescence LiDAR, the project aims to provide real-time, molecular-level analysis of oil contamination in water bodies. This technology represents a significant leap forward from traditional methods, offering higher sensitivity and specificity in identifying oil spills and monitoring environmental impact.

Technology Basics and Background

Hyper-Spectral Laser Induced Fluorescence (HS-LIF) LiDAR is an advanced remote sensing technique that combines elements of laser technology and spectral analysis. In essence, it involves illuminating a water surface with a specific wavelength of laser light, which excites oil molecules. The subsequent fluorescence emitted by these molecules is captured and analyzed to determine the presence and concentration of submerged oil.

In conclusion, the EIC Accelerator program represents a vital resource for innovative companies like Ocean Visuals AS, providing the necessary financial backing and guidance to transform groundbreaking ideas into viable market solutions. The OWL project stands as a testament to the potential of advanced technologies in addressing environmental challenges and underscores the importance of strategic funding in fostering innovation within the European startup ecosystem. For more information, Ocean Visuals AS can be accessed at their website: oceanvisuals.no.

2 The Funding Rounds

Ocean Visuals AS: Financing and Funding Overview Since EIC Accelerator Award

Ocean Visuals AS, a Norwegian deep-tech company specializing in real-time detection and classification of oil and organics in marine environments, was selected as a winner of the EIC Accelerator program following the November 8, 2023 cut-off. The results were publicly announced on February 29, 2024.

Financing Raised

• Ocean Visuals secured EIC Accelerator funding after participating in a highly competitive process involving over 1,000 applicants from across Europe. The company is among 42 winners sharing a total budget allocation of €285 million for this round.
• The EIC Accelerator offers up to €2.5 million in grant funding per project alongside equity investments from the EIC Fund ranging from €0.5 to €15 million or more.
• While specific amounts allocated to Ocean Visuals have not been published individually, most companies selected receive "blended finance" (a combination of grant and equity components). In this cycle, about 62% of recipients—including likely Ocean Visuals—were awarded blended finance packages.

Funding Rounds: Timing and Amount

• The principal identified funding round is the EIC Accelerator award:
• Funding decision date: February 28–29, 2024 (following submission at November 8, 2023 cut-off).
• Combined allocation for all winners: up to €285 million.
• Typical individual awards are structured as up to €2.5 million grants plus potential equity investments beyond that amount.
• No additional public information details further private investment rounds or specific amounts raised by Ocean Visuals since receiving the EIC award.

Investor Information

• Primary investor post-EIC award: European Innovation Council Fund (EIC Fund), which provides both grants and direct equity investment into portfolio companies like Ocean Visuals.
• The presence of co-investors has not been disclosed for this period; however, it is common practice for the EIC Fund’s involvement to attract follow-on investors given its role as lead investor within these rounds.

Company Valuation

No explicit valuation data has been made public regarding any post-funding valuation or pre-money/post-money figures associated with the latest financing round.

Exit Events (IPO/Buyout/Acquisition)

• As of May 6th, 2025:
• There are no reports or announcements regarding an IPO (Initial Public Offering), buyout event, acquisition attempt or completion concerning Ocean Visuals AS since their receipt of the EIC Accelerator funding.

Summary Table

Event/Funding Round	Date Announced	Amount	Investor(s)	Notes
EIC Accelerator Award	Feb. 28–29, 2024	Up to €2.5M grant + potential equity (€0.5–15M+)	European Innovation Council Fund	Blended finance likely; part of total €285M shared by cohort

No further independently verifiable financing events have entered public record since this milestone.

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Sources

• Ocean Visuals – Winner Of Eic Accelerator Grants
• Eic accelerator nov 8 2023 cutoff pdf
• Unveiling The Latest eic accelerator results – rasph.com

3 The Press Releases

Ocean Visuals AS: EIC Accelerator Funding and Recent Developments Norwegian deeptech company Ocean Visuals AS secured European Innovation Council (EIC) Accelerator funding in February 2024 through the November 8, 2023, cut-off round. The company specializes in hyperspectral lidar technology for real-time oil spill detection and environmental monitoring.

Key Details

• EIC Accelerator Award: Ocean Visuals received blended finance (grant + equity) for its OWL™ system, which uses Hyper-Spectral Laser-Induced Fluorescence LiDAR to detect submerged oil at a molecular level.
• Technology: The patented OWL™ sensor provides real-time data on oil and organic pollutants in marine environments, reducing reliance on laboratory analysis.
• Leadership: Christian Testman serves as CEO and chairs NOSCA Clean Oceans, a Norwegian cluster targeting ocean plastic pollution.

Partnerships and Initiatives

• NOSCA Clean Oceans: Leading the Bergen-based cluster aiming to commercialize systems for plastic waste collection and harmful algal bloom prediction.
• Global Ambitions: Positioned as a leader in oil spill response technology while expanding into marine debris solutions.

Press Releases and Updates

The company’s website highlights its EIC win alongside participation in industry events like the Saudi Maritime Congress 2023. No recent patents are explicitly mentioned in available sources.

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Sources

• Ocean Visuals - Winner of EIC Accelerator Grants
• Unveiling the Latest EIC Accelerator Results
• EIC Accelerator-Nov 8 2023 Cut Off (PDF)
• European Innovation Council Backs Photonics
• Bergen Cluster Wants to Be World Leader on Ocean Plastic
• OCEAN VISUALS AS - Business Norway

4 The Technology Advancements

Ocean Visuals AS: Current Capabilities and Advancements

Ocean Visuals AS, a Norwegian company, specializes in providing cutting-edge sensor systems for real-time detection and classification of oil and organics in water. Their technology utilizes Hyper-Spectral Laser-Induced Fluorescence (HLIF) and Light Detection and Ranging (LiDAR) to offer precise environmental monitoring solutions.

Current Capabilities

• Technology Overview: Ocean Visuals' OWL™ LiDAR sensor systems are designed to gather data from the air, surface, and subsea levels, enabling the real-time detection and classification of oil types at the molecular level. This capability is crucial for environmental compliance, oil spill detection, and marine asset protection.
• Market Focus: The company targets industries such as oil companies, environmental agencies, aquaculture firms, government monitoring agencies, and research institutions.

Advancements Since EIC Accelerator Funding

After receiving the European Innovation Council (EIC) Accelerator funding in November 2023, Ocean Visuals has demonstrated significant growth and development:

• Market Expansion: The company experienced a pivotal year in 2024, marked by increased sales and global market penetration. This expansion was facilitated by strategic collaborations with stakeholders and users.
• Technological and Market Demonstrations: Ocean Visuals showcased its OWL™ LiDAR technology at events like the EIC Summit 2025, highlighting its potential for real-time oil spill detection and environmental monitoring. This exposure underscores the company's commitment to deploying its technology in real-world scenarios.
• New Features and Improvements: While specific new features have not been detailed, the company's focus on integrating advanced data visualization and predictive analytics suggests ongoing improvements to its software and hardware offerings.

Patents and Publications

Ocean Visuals' technology is patented in both the US and Europe, indicating strong intellectual property protection. However, there is no recent information on new patents filed or scientific studies published since the EIC funding announcement.

Demonstrations and Trials

While specific clinical trials are not applicable to Ocean Visuals' technology, the company has engaged in demonstrations and collaborations, such as working closely with partners like Petrobras to develop tools for oil detection. These partnerships suggest active deployment and testing of their technology in practical scenarios.

Conclusion

Ocean Visuals AS continues to innovate and expand its presence in the environmental monitoring sector. With its advanced LiDAR technology and strategic partnerships, the company is well-positioned to address global challenges related to oil spills and marine pollution.

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Sources: - Ocean Visuals | The world's fastest and most precise way to sense

• Ocean Visuals at EIC Summit 2025
• OCEAN VISUALS AS
• Ocean Visuals AS - 2025 Offshore Technology Conference
• Ocean Visuals' Best-Selling Products
• Ocean Visuals - Winner of EIC Accelerator Grants
• Unveiling the Latest EIC Accelerator Results
• Ocean Visuals Real-Time Detection of Oil and Organics

5 The Partnerships and Customers

Ocean Visuals AS: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding

Since securing EIC Accelerator funding in 2024, Ocean Visuals AS has strengthened its position as a leader in real-time oil spill detection and marine environmental monitoring. The company’s patented Hyper-Spectral Laser-Induced Fluorescence (HLIF) OWL™ lidar technology has attracted collaborations with key industry players and expanded its customer base across sectors prioritizing sustainability and regulatory compliance.

Key Partnerships

• Petrobras R&D: A long-standing collaboration since 2018, focusing on refining remote sensing tools for oil detection, verification, and classification. This partnership has enabled Ocean Visuals to develop custom spectral libraries tailored to Petrobras’ operational needs.
• EIC Accelerator Network: The grant has facilitated access to EU-backed innovation ecosystems, accelerating product development and market expansion into renewable energy and maritime compliance sectors.

Customer Base Expansion

Ocean Visuals serves:

• Oil companies: For spill detection during drilling, transport, and storage operations.
• Environmental agencies: Offering real-time pollution monitoring solutions.
• Aquaculture firms: Detecting organic contaminants affecting fish health.
• Government bodies: Supporting regulatory enforcement with precise data analytics.

While specific new customers are not named publicly, CEO Christian Testman emphasized growth in "environmental compliance" markets during 2024–2025, particularly among operators facing stricter EU sustainability regulations.

Market Positioning via New Relationships

The EIC funding enables deeper integration of AI-driven analytics into Ocean Visuals’ software suite, enhancing predictive modeling for spills and organic pollutants. Collaborations like the Petrobras R&D alliance provide field-tested data to refine machine learning algorithms, improving classification accuracy for diverse oil types (crude, hydraulic, bunker). These advancements position the company as a critical player in sustainable maritime operations globally.

Technology Advancements & Scaling Impact

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Sources

• Meet us at OTC 2023 in Houston – Ocean Visuals News (Mar 15, 2023)
• Ocean Visuals Real-Time Detection Solutions – Business Norway (Mar 24, 2023)
• OceanVisuals.no Homepage – Company Website
• Business Norway: Ocean Visuals AS Profile – Business Norway Directory

#### Note: The EIC Accelerator award year is cited as 2024 per available sources; no direct reference exists for a November 8 submission date due to result limitations.

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This analysis synthesizes verified partnerships/customers from indexed materials while highlighting technological synergies driven by recent funding rounds.

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Search results do not specify November submissions but confirm an EIC Accelerator award in "received...grant in 2024" (Source), aligning with CEO statements about the same.

6 The Hiring and Company Growth

Ocean Visuals AS: Growth and Team Development

Ocean Visuals AS, a Norwegian company specializing in cutting-edge marine oil spill detection and tracking technology, received funding from the EIC Accelerator in November 2023. This support has likely bolstered their capabilities in developing innovative solutions for environmental sustainability.

Current Headcount and Team Size

As of the latest available information, specific details on Ocean Visuals' current headcount or team size are not publicly disclosed. However, the company is actively involved in industry events and conferences, indicating a structured team with specialized roles in technology, business development, and operations.

Hiring and Team Growth

Ocean Visuals has been expanding its presence through strategic partnerships and participation in global events. While there is no explicit information on current hiring activities, their involvement in significant industry gatherings suggests ongoing growth and development. The company's focus on advanced technology, such as Hyper-Spectral Laser-Induced Fluorescence (HLIF), indicates the need for skilled professionals in photonics and software development.

Key Positions and Recent Hires

No specific details are available on key positions recently hired. However, the company's emphasis on innovative technologies implies they likely seek talent in areas such as photonics engineering, software development, and environmental science.

Impact of New Team Members

New team members would play a crucial role in helping Ocean Visuals scale by enhancing their technological capabilities, improving real-time data analysis, and expanding market reach. This could involve further development of their OWL™ LiDAR sensors, enhancing real-time detection and classification of oil spills, and strengthening partnerships with international clients.

Management and Founding Team Changes

There is no specific information on recent changes in management or the founding team. Christian Testman is noted as the CEO and co-founder, indicating stability in leadership roles.

Company Growth

Since receiving EIC Accelerator funding, Ocean Visuals has likely experienced significant growth in terms of technological advancements and market presence. Their participation in prominent industry events, such as the OTC 2025 in Houston, underscores their commitment to expanding their global footprint and influence in the green maritime sector.

Future Prospects

Ocean Visuals' future prospects are promising, given their focus on innovative, patented technologies and commitment to reducing environmental impacts. Their growth will likely be driven by the adoption of their advanced sensing systems by maritime and environmental management organizations worldwide.

Sources:

• Ocean Visuals
• Ocean Visuals AS - Business Norway
• News - Ocean Visuals
• Ocean Visuals Ensures Global Competitiveness

7 The Media Features and Publications

Ocean Visuals AS: Media Presence and Industry Engagement Post-EIC Accelerator Funding Norwegian marine technology company Ocean Visuals AS, specializing in hyperspectral LiDAR systems for oil spill detection, has maintained a focused operational profile since its EIC Accelerator win in November 2023. While specific post-2023 media features or publications directly naming the company are not publicly documented in available sources, the following details outline its verified engagements:

Technology and Industry Recognition

Ocean Visuals’ patented OWL™ LiDAR system – designed for real-time oil and organic material detection – remains its flagship offering. The joint venture between Industries Holding and LDI Innovation emphasizes machine learning integration for environmental monitoring.

Event Participation

The company is scheduled to participate in OTC 2025 (Offshore Technology Conference) in Houston as part of "Team Norway," with CEO Christian Testman listed as a contact. No presentations or panel discussions are explicitly detailed.

Media and Content Gaps

Available data does not indicate recent podcasts, interviews, or featured articles involving Ocean Visuals’ team. The absence of press releases or case studies on their website suggests a preference for industry-specific outreach over public media engagement.

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Sources

• Ocean Visuals | Technology
• OCEAN VISUALS AS - Business Norway