1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a key initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs), particularly those engaged in deep tech innovation. This program aims to provide targeted funding and support to startups and scale-ups that demonstrate high potential for growth and innovation. The EIC Accelerator encompasses a blend of grant funding and equity investment, which enables startups to access necessary resources for scaling their operations, developing their technologies, and bringing innovative products to market.
Funding Structure
The EIC Accelerator offers a blended finance model, comprising two main components: grants and equity investments.
Objectives and Impact
The primary purpose of the EIC Accelerator is to foster innovation within the European DeepTech ecosystem, which includes advanced technological sectors such as artificial intelligence, biotechnology, clean technology, and more. By providing financial support, mentorship, and access to a network of investors and industry experts, the EIC Accelerator plays a pivotal role in helping companies navigate the challenges of scaling their innovations.
The EIC Accelerator also facilitates synergies between public funding and private investment. By securing initial funding through the EIC Accelerator, companies can leverage their achievements to attract additional investments from venture capitalists and other private investors, thereby enhancing their growth potential and sustainability.
Case Study: QARNOT COMPUTING and LoCaCloud Project
QARNOT Computing, a French startup recognized as an EIC Accelerator winner, has developed the LoCaCloud project, which stands for Low Carbon Cloud. The project was submitted for consideration on June 15, 2022, and aims to revolutionize data processing and cloud computing through sustainable practices.
Project Overview
LoCaCloud focuses on creating a cloud computing infrastructure that is environmentally friendly, tackling the pressing issue of carbon emissions associated with traditional data centers. By utilizing a unique approach that incorporates the waste heat generated from computing processes, QARNOT Computing aims to provide a dual benefit: efficient data processing and an innovative solution to energy consumption.
Technology Background
The core technology behind LoCaCloud involves the integration of computing resources with heat recovery systems. QARNOT Computing has devised a method where the heat produced from servers is repurposed to provide heating solutions for residential and commercial spaces. This not only enhances energy efficiency but also reduces the carbon footprint typically associated with data centers.
The technology employs a decentralized architecture, allowing for flexible and scalable deployment. Instead of relying on large, centralized data centers, QARNOT's solution utilizes distributed computing resources that can be placed in various locations, thus optimizing energy consumption and reducing latency.
Conclusion
The EIC Accelerator program plays a crucial role in fostering innovation and supporting startups like QARNOT Computing in their pursuit of sustainable technological solutions. Through its blended funding model, the program enables companies to secure necessary financial resources while also paving the way for future investments from the private sector. The LoCaCloud project exemplifies how innovative approaches to cloud computing can align with environmental sustainability goals, showcasing the potential for technology to create positive change within the European ecosystem and beyond.
2 The Funding Rounds
Qarnot Computing: Funding and Financing Overview Since EIC Accelerator Win
Qarnot Computing, based in France, has been a prominent innovator in sustainable high-performance computing (HPC), notably leveraging waste heat from servers for building heating solutions. Since submitting its successful EIC Accelerator Step 2 proposal on June 15, 2022, and later winning the award, Qarnot has experienced significant developments in financing, funding rounds, investor participation, and company valuation as detailed below.
Financing Raised & Funding Rounds
- Early Funding History:
- In 2020, Qarnot raised approximately $6.5 million.
- Prior to that round, it had received about $2.5 million from Data4 Group.
- Major Funding Round in Early 2023:
- Qarnot secured a substantial €35 million (~$37.5 million) package.
- This consisted of a €12.5 million equity round targeted at commercial and technical development—including plans to hire around 40 new employees by the end of that year.
- An additional €22.5 million portion came as credit dedicated to infrastructure expansion and site investments where Qarnot’s technologies are deployed.
- Key investors participating included Société Générale Ventures, ADEME Investissement, Demeter Partners, la Banque des Territoires (CDC), and Colam Impact.
- European Innovation Council (EIC) Fund Investment (April 2025):
- The EIC Fund made a new investment into Qarnot aimed at accelerating deployment of HPC clusters across Europe.
- While the exact amount was not disclosed publicly as of April 2025, this funding marks an important strategic partnership reinforcing both cost-efficient HPC access for critical sectors (aerospace, automotive, energy AI) and European technological sovereignty.
- The investment is part of broader EU efforts to build independent cloud infrastructure compliant with EU data protection laws.
Timing & Amounts of Recent Rounds
| Date | Round/Type | Amount | Investors |
|---|---|---|---|
| Early 2023 | Equity + Credit | €35M total | Société Générale Ventures, ADEME Investissement, Demeter, Banque des Territoires, Colam Impact |
| April 2025 | Strategic/EIC Fund | Undisclosed | European Innovation Council Fund |
<em class="publication">The early-2023 round comprised both equity (€12.5M) for scaling/hiring/R&D and credit (€22.5M) for infrastructure expansion. The EIC Fund investment's amount remains undisclosed but is reported as strategically significant.
Investor Information
Recent notable investors include: - Société Générale Ventures
- ADEME Investissement
- Demeter Partners
- Banque des Territoires (CDC)
- Colam Impact
- European Innovation Council Fund
Historical investors also include Data4 Group.
Company Valuation Estimates
As per Dealroom.co estimates from June 2023:
Exit Events: IPOs or Acquisitions
There is no evidence or reporting indicating that Qarnot Computing has undergone any exit events such as an Initial Public Offering (IPO), buyout by another company, or acquisition since receiving EIC Accelerator support through May 1st, 2025.
Summary Table: Key Post-EIC Accelerator Financial Events
| Event/Date | Description |
|---|---|
| June ‘22 | Submitted Step II proposal; won Step III interview |
| Early ‘23 | Raised €35M package |
| April '25 | Secured undisclosed major strategic investment from EIC Fund |
| Up to May '25 | No IPO/buyout/acquisition reported |
Qarnot continues expanding its distributed cloud HPC footprint across Europe with support from high-profile public/private backers—solidifying its role in sustainable digital infrastructure without pursuing exit events during this period.
Sources:
- Qarnot secures additional funding from the European Innovation Council
- HPC cloud provider Qarnot gets funding from European Innovation Council
- Reclaiming data centre waste heat nets Qarnot €35 million
- Dealroom profile – Company information & valuation estimates
3 The Press Releases
Qarnot Secures EIC Accelerator Funding to Advance Sustainable Cloud HPC Solutions Montrouge-based Qarnot Computing, a pioneer in eco-friendly high-performance computing (HPC), received funding through the European Innovation Council (EIC) Accelerator in 2022. The company’s selection followed the June 2022 cut-off, where it stood among 75 winners from nearly 1,000 applicants.Funding and Strategic Objectives
Qarnot secured investment from the EIC Fund to accelerate its mission of democratizing access to sovereign, sustainable cloud HPC infrastructure. The funding supports deployment of additional computing clusters across Europe, targeting industries like aerospace, automotive, energy, and AI.
Technology Advancements
- Heat-Reuse Innovation: Qarnot’s proprietary technology integrates computing with heating systems via its Q.rad heater-computers. These devices convert computational waste heat into reusable energy for buildings.
- Sovereign Cloud Infrastructure: The company emphasizes compliance with EU data protection regulations and aims to eliminate reliance on non-European HPC providers.
- Scalability: Their platform simplifies R&D workflows by offering intuitive tools for managing large-scale computations while reducing IT complexity.
Partnerships and Vision
The EIC Fund’s investment aligns with broader EU efforts to bolster technological sovereignty in critical sectors. According to Svetoslava Georgieva, Chair of the EIC Fund Board: “Europe is taking a decisive step toward building an independent computing ecosystem”* by supporting companies like Qarnot. CEO Paul Benoit highlighted how this partnership addresses challenges such as rising energy costs and digital autonomy.
Sources
- Qarnot secures additional funding from the European Innovation Council
- European Innovation Council - Investor database
- Time.News | 12/04/2025 - Qarnot's EIC Fund investment
4 The Technology Advancements
Current Capabilities of Qarnot Computing
Qarnot Computing is a French company specializing in cloud high-performance computing (HPC) and artificial intelligence (AI), focusing on sustainability and energy efficiency. The company's innovative solutions include the QBx computing module, which integrates multiple processors and uses a direct water-cooling system to reuse up to 95% of the waste heat generated by servers. This approach significantly reduces operational costs and environmental impact compared to traditional data centers.
Qarnot's cloud platform supports various applications such as machine learning, operations research, molecular docking, medical research, weather forecasting, fluid simulations, and photogrammetry. By utilizing distributed clusters, Qarnot enables businesses to access high-performance computing while minimizing their carbon footprint, achieving an average reduction of 75% in carbon emissions.
Advancements Since Receiving EIC Accelerator Funding
Following the EIC Accelerator funding, Qarnot has continued to enhance its sustainable HPC solutions. In early 2023, the company secured an additional €35 million to expand its operations, focusing on deploying computing clusters across strategic locations in Europe. This investment has been instrumental in accelerating Qarnot's mission to provide a fully sovereign and sustainable European cloud infrastructure for HPC, aligning with the EU's data protection and sustainability regulations.
In 2025, Qarnot showcased its latest innovations at CES 2025, highlighting its ability to combine high-performance computing with environmental responsibility. The company's solutions are designed to meet the growing demand for sustainable computing power in sectors such as aerospace, automotive, energy, and AI.
Technology Improvements and Market Demonstrations
Qarnot has demonstrated its technology through partnerships with various industries, including collaborations with Estaca Formula Team for designing an electric Formula 1 car and with Maïaspace and ArianeGroup for rocket launch preparations. The QBx module's modular design allows for easy deployment and scalability in different environments, from residential buildings to industrial sites, without the need for traditional data center infrastructure.
New Patents and Scientific Studies
While specific details on new patent filings or scientific studies since June 2022 are not readily available, Qarnot's commitment to innovation and sustainability suggests ongoing research and development efforts. The company's focus on reducing environmental impact through heat reuse technology continues to be a central aspect of its product offerings.
Conclusion
Qarnot Computing has made significant strides in developing sustainable HPC solutions since receiving the EIC Accelerator funding. By leveraging its patented heat recovery technology and expanding its infrastructure across Europe, Qarnot is poised to play a crucial role in the region's push for technological sovereignty and environmental sustainability.
Sources:
- CES 2025: Qarnot unveils sustainable HPC and AI innovations
- They support us | Qarnot
- Qarnot dispatches your computations & reduces your carbon footprint
- Qarnot - Cloud Computing Platform
- QBx High Efficiency Computing Clusters - Qarnot
- Qarnot secures additional funding from the European Innovation ...
- HPC cloud provider Qarnot gets funding from European Innovation ...
- Qarnot - QBx High Efficiency Computing Clusters
5 The Partnerships and Customers
Qarnot Computing: Partnerships and Market Positioning
Qarnot Computing, a French company specializing in distributed green computing, has established numerous strategic partnerships and customer relationships since receiving the EIC Accelerator funding in June 2022. These partnerships are pivotal in enhancing Qarnot's technology advancements and scaling efforts.
Partnerships and Customers
Qarnot has formed strong partnerships with various public and private entities, including HP, Microsoft, IBM, Intel, and Orange to strengthen its technologies. Additionally, Qarnot has partnered with the Casino Group, installing data centers in warehouses and storerooms, which helps generate revenue by reusing heat from servers to warm buildings.
Among its notable customers are BNP Paribas, Disney, Air Liquide, and CNRS, indicating a diverse client base across financial services, entertainment, industry, and research. Qarnot also collaborates with Société Générale, which has increased its activities with Qarnot over time. Furthermore, Qarnot's services are used by banks, insurers, 3D animation studios, research centers, pharmaceutical labs, manufacturers, and companies involved in machine learning and artificial intelligence.
New Partners and Customers
In recent developments, Qarnot has secured new investors, including Société Générale, ADEME Investissement, and Demeter, through a successful fundraising round. This funding has positioned Qarnot to expand its operations and meet growing demands for sustainable IT infrastructure.
Nature of New Relationships
The new relationships focus on accelerating Qarnot's growth in developing high-performance, eco-friendly computing solutions. These partnerships aim to enhance technological capabilities and scale operations across Europe and beyond. By integrating with data centers and leveraging waste heat for heating purposes, Qarnot strengthens its commitment to sustainable computing.
Market Positioning and Scaling
These partnerships and funding will position Qarnot Computing as a leader in the European high-performance computing market, emphasizing distributed, economical, and ecological infrastructure. The company's strategic expansion will enhance its cloud computing services, contributing to a more sustainable IT environment while meeting the increasing demand for green computing solutions.
Technology Advancements
Through its partnerships and investments, Qarnot Computing is poised to advance its technology by consolidating in-house R&D and expanding its team, particularly in IT and sales fields. This focus on innovation will maintain Qarnot's technological lead in the industry, ensuring continued competitiveness and growth.
Sources
- Qarnot Computing – Series B
- Qarnot raises €35 million to expand digital boiler ambitions
- Strategic partnership with Qarnot computing
- Qarnot Computing
- Qarnot, French leader in reuse of IT waste heat, raises €35M
6 The Hiring and Company Growth
Overview of Qarnot Computing
Qarnot Computing is a French company based in Montrouge, specializing in low-carbon and high-performance computing solutions. Since receiving the EIC Accelerator funding in June 2022, Qarnot has continued to innovate and expand its operations.
Current Headcount and Team Size
As of the latest available data, Qarnot employs about 70 people. This figure indicates a relatively small but specialized team, focusing on high-performance computing and environmental sustainability.Hiring and Team Growth
Qarnot has been actively expanding its team, particularly after securing significant funding in January 2023. This investment included plans to recruit additional staff, with a focus on increasing its capabilities to handle larger projects.Recent Hiring and Key Positions
While specific key positions recently hired are not detailed, Qarnot's growth in sectors like AI, medical research, and photogrammetry suggests a need for specialized talent in these areas. The company's emphasis on innovation and sustainability indicates that new team members are crucial for developing and scaling its services.Impact on Future Growth
New team members play a vital role in Qarnot's future by enabling the company to scale its operations and expand its offerings in high-performance computing and sustainable technologies. The recent investment and recruitment drive are aimed at increasing Qarnot's capacity to deliver on larger projects, enhancing its position in the market.Major Changes in Management or Founding Team
There are no reported changes in the founding team or management. Paul Benoit and Miroslav Sviezeny, the co-founders, continue to lead the company's strategic direction.Growth and Scale
Qarnot's growth is marked by its increased computing capacity, with over 50,000 computing cores across various sites. The company's ability to quickly adapt to customer needs and its flexible infrastructure model position it well for further expansion.Sources
- Qarnot: Our Story
- Qarnot Computing
- Qarnot History
- Qarnot Computing on CB Insights
- Qarnot Computing - ADEME Investissement
7 The Media Features and Publications
Media Features and Publications on Qarnot Computing Since securing EIC Accelerator funding support in recent years, Qarnot Computing has been featured across industry-specific publications for its innovative heat-recycling computing solutions. Notable coverage includes Data Center Dynamics, which detailed the company’s 2025 EIC Fund backing for expanding its HPC cloud infrastructure, emphasizing its sovereign and sustainable approach to high-performance computing. The outlet also covered Qarnot’s early distributed heating model in 2014, highlighting installations of its Q.Rad heaters in Parisian apartments and schools.Business Wire spotlighted the company’s certification as a “Best Place to Work in France” (2021), underscoring employee trust in management and progressive HR practices. Additionally, 80 Level published an interview discussing the technical design of Qarnot’s rendering-focused hardware, including its application in heating residential spaces via embedded processors.
Podcasts and Interviews
While no direct podcast references appear in available materials, Film Paris Region included an extensive interview with Qarnot’s team (2022), detailing collaborations with animation studios like Illumination Mac Guff and Fortiche Productions. The discussion highlighted how their “digital boiler” clusters provide rendering services while heating swimming pools and industrial sites.
Conference Participation and Events
Qarnot has emphasized R&D advancements tied to public-sector partnerships. Though specific conferences are not named outright, the company regularly engages with European tech ecosystems. For example:
- EU funding announcements: The EIC Fund’s 2025 press release noted Qarnot’s role in strengthening Europe’s compute sovereignty through strategic cluster deployments.
- Film industry outreach: Their work with CNC-aligned sustainability initiatives positions them at events focused on reducing carbon footprints in media production.
Sources
- HPC cloud provider Qarnot gets funding from European Innovation Council
- France's Qarnot says supercomputers heat better
- Qarnott Certified Among "Best Places to Work"
- Qarrot: Rendering Farm That Heats Houses
- Ecological Innovations for Film Productions
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