1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is a crucial funding initiative designed to support small and medium-sized enterprises (SMEs) and startup companies in Europe that are developing groundbreaking innovations. The program is part of the EIC's broader goal to foster innovation and stimulate the growth of deep technology across the European Union. By providing financial support and strategic guidance, the EIC Accelerator aims to enable ambitious companies to bring their innovative products to market, scale rapidly, and attract private investment.

Funding Structure

The EIC Accelerator employs a blended finance approach, which combines grant funding with equity investment. Under this model, eligible companies can receive grants of up to €2.5 million to cover development costs associated with their projects. This funding is intended to minimize the financial risks associated with innovation and help companies reach critical milestones.

In addition to grants, the EIC Accelerator offers equity investments of up to €15 million until 2024, decreasing to a maximum of €10 million starting in 2025. This equity component is designed to provide the necessary capital for companies to scale operations, enhance product development, and expand their market reach. By integrating both grant and equity funding, the EIC Accelerator plays a pivotal role in bridging the funding gap that often hampers the growth of innovative startups.

Purpose in the Startup Ecosystem

The EIC Accelerator’s primary objective is to enhance Europe's competitive position in the global innovation landscape. It focuses on supporting DeepTech sectors, which encompass advanced technologies that often require significant time and investment to develop. By providing both financial support and strategic mentorship, the program helps startups navigate the complexities of scaling their businesses. The EIC Accelerator also aims to attract additional private sector investment by showcasing the potential of its funded projects, thereby amplifying the impact of public funding.

Role in Scaling and Funding

The EIC Accelerator not only offers financial resources but also serves as a facilitator for networking and collaboration. It connects startups with industry experts, potential partners, and investors, creating an ecosystem that encourages knowledge sharing and co-development. This holistic approach is vital for startups that often lack the necessary connections and resources to scale effectively. By building a robust support network, the EIC Accelerator increases the likelihood that companies will successfully transition from innovative ideas to market-ready products.

QUSTOMDOT and the QustomDot Project

Company Overview

QUSTOMDOT, based in Belgium, is a pioneering startup that has emerged as a winner of the EIC Accelerator program. The company specializes in developing advanced color conversion ink technology specifically for microLED applications.

Project Description

The project's acronym, QustomDot, refers to QUSTOMDOT's innovative approach to creating highly efficient, heavy metal-free color conversion inks. These inks are designed for use in microLED displays, which are increasingly favored in various applications due to their superior energy efficiency, brightness, and color accuracy compared to traditional display technologies.

Technology Background

MicroLED technology represents a significant advancement in display technology, utilizing microscopic LEDs to create images. Unlike conventional displays that rely on backlit liquid crystals or organic compounds, microLEDs emit their own light, leading to more vibrant colors and deeper blacks. However, the challenge has been developing effective color conversion materials that can enhance the performance of these microLEDs.

QUSTOMDOT’s color conversion ink technology addresses this challenge by providing a solution that is both efficient and environmentally friendly. Traditional color conversion materials often contain heavy metals, which pose environmental and health risks. QUSTOMDOT's inks are designed to eliminate these concerns while maintaining high levels of performance and efficiency.

The EIC Accelerator funding will enable QUSTOMDOT to further develop and refine this technology, paving the way for its commercialization and adoption in various sectors, including consumer electronics, automotive displays, and large-scale digital signage. By securing funding through the EIC Accelerator, QUSTOMDOT is positioned to scale its operations and establish itself as a leader in the growing microLED market.

In conclusion, the EIC Accelerator program plays a vital role in nurturing innovative startups like QUSTOMDOT. By providing a blend of grant funding and equity investment, along with strategic support, the program facilitates the growth and scalability of groundbreaking technologies in the DeepTech landscape.

2 The Funding Rounds

# QustomDot: Belgium's Quantum Dot Innovator Secures EIC Accelerator Funding

QustomDot, a Belgium-based quantum dot technology company, has successfully secured significant funding through the European Innovation Council (EIC) Accelerator program, complementing additional investments from private sources to fuel its growth in the advanced materials sector.

Funding Overview

QustomDot raised €2.7 million ($2.9 million) in a recent funding round, which was complemented by a €2.5 million ($2.7 million) grant from the European Innovation Council (EIC) Accelerator program. The company received this funding after successfully navigating the EIC Accelerator's competitive selection process, which typically involves multiple stages including remote evaluation by EIC expert evaluators and an interview with an EIC jury.

The funding round attracted support from several key investors, including:

• PMV
• QBIC
• Vigo Ventures
• Noshaq (new backer)
• EIC Fund (new backer)

This blended finance approach, combining both grants and equity investment, represents the most popular funding model within the EIC Accelerator program, with 79% of approved applications falling under this category.

Company Background

Founded in 2020 as a spin-off from Ghent University, QustomDot has positioned itself as a specialist in cadmium-free quantum dot technology. The company develops quantum dot-based inks and resins primarily for advanced display applications, with a particular focus on the emerging MicroLED market. This market is projected to reach $27 billion by 2027, indicating significant growth potential for QustomDot's technologies.

A key differentiator for QustomDot is its use of indium phosphide (InP) materials instead of cadmium-based alternatives, aligning with the European Union's RoHS directive on hazardous substances. This environmentally sustainable approach has helped position QustomDot as an innovative leader in the quantum dot industry.

Strategic Direction

According to CEO Kim De Nolf, the recent financing "validates the significant progress we've made and will help us accelerate commercialization of our cutting-edge ink solutions". The company plans to use the funds to:

QustomDot operates in the growing quantum dots market, which was valued at USD 5.97 billion in 2023 and is projected to grow to USD 25.05 billion by 2032, exhibiting a CAGR of 17.4%. The company is recognized as one of the top players in this market alongside companies such as Shoei Chemical, Samsung Electronics, Nanoco Group, and others.

EIC Accelerator Context

The EIC Accelerator program represents a significant opportunity for deep-tech startups in Europe. In its funding rounds, the program provides support through:

• Grant funding (contributions below €2.5 million for innovation activities)
• Equity investments
• Blended finance combining both grants and equity

The selection process is highly competitive, with companies evaluated through a multi-stage process including remote evaluation and interviews with EIC juries. Successful applicants like QustomDot receive not only financial support but also validation of their technological approach and business model.

QustomDot's success in securing this funding positions it well for continued growth in the quantum dot technology sector, particularly as the company works to commercialize its environmentally friendly quantum dot solutions for next-generation display applications.

Sources: - Display Daily - Quantum Dot Innovator Secures Major Investment

• European Innovation Council - EIC Accelerator
• Fortune Business Insights - Quantum Dots Market Size, Share, Value
• EurA AG - The winners of the last EIC Accelerator funding round
• Dealroom.co - QustomDot company information

3 The Press Releases

QustomDot: A Belgian Innovator in Quantum Dot Technology

QustomDot, a Belgian company specializing in cadmium-free quantum dot technology, has been making significant strides in innovation since receiving funding from the European Innovation Council (EIC) Accelerator in June 2023. This funding has been instrumental in propelling QustomDot's position in the rapidly growing microLED market.

Technology Advancements

QustomDot is known for its breakthrough in cadmium-free quantum dots using indium phosphide (InP)-based materials. This innovation not only aligns with the European Union's RoHS directive on hazardous substances but also provides superior photostability and performance tailored to demanding microLED applications. The company's focus on sustainable and high-performance quantum dot solutions has been key to its success in the display technology sector.

Funding and Partnerships

In November 2024, QustomDot secured a total of €2.7 million in financing, which included a €2.5 million grant from the EIC Accelerator. This funding round was supported by key investors such as the Flemish investment company PMV, QBIC, Vigo Ventures, Noshaq, and the EIC Fund. The additional equity investment facility from the EIC Fund, up to €3.5 million, further highlights the confidence in QustomDot's ability to deliver impactful and sustainable innovations.

Commercialization Plans

The new financing will enable QustomDot to accelerate the commercialization of its next-generation quantum dot ink solutions. This includes further developing their inkjet technology and establishing collaborative projects to meet market demands. QustomDot's entry into the EIC Scaling Club's Next Gen Computing group provides it with strategic access to relevant business partners and investors, further enhancing its market position.

Website and Social Media Updates

As of the latest updates, there are no specific press releases or blog posts directly available on QustomDot's website. However, key announcements have been shared through external media outlets and press releases.

Conclusion

Since receiving the EIC Accelerator funding, QustomDot has demonstrated significant progress in advancing cadmium-free quantum dot technology. The company's strategic partnerships and funding have positioned it as a leader in the microLED market, emphasizing its commitment to sustainable and high-performance solutions.

Sources: - QustomDot Secures EUR 2.7 million in financing to propel innovation and market growth

EIC Accelerator winners and statistics June 2023

4 The Technology Advancements

QustomDot: A Belgian Pioneer in Quantum Dot Technology

QustomDot, a Belgian startup founded in 2020 as a spin-off from Ghent University, specializes in developing cadmium-free quantum dots for display applications. The company has made significant strides in advancing quantum dot technology, particularly in the microLED market.

Current Capabilities

QustomDot focuses on producing InP-based quantum dots, which are used for color conversion in microLED displays. These quantum dots are photostable at high blue flux, making them suitable for on-chip and on-wafer microLED applications. The company offers customized QD inks tailored to clients' manufacturing processes, ensuring superior display performance without using toxic heavy metals like cadmium.

Advancements Since EIC Accelerator Funding

Following the EIC Accelerator funding in June 2023, QustomDot has continued to advance its technology. In November 2024, the company secured an additional €2.7 million in financing, accompanied by a €2.5 million EIC accelerator grant. This funding supports the development of environmentally sustainable and high-performance quantum dot solutions for the rapidly growing microLED market.

Technology Improvement and New Features

QustomDot's technology improvements include the development of stable cadmium-free quantum dots suitable for advanced applications. The company has also been enhancing its inkjet technology to meet market demands and accelerate the commercialization of quantum dot-enabled microLED applications.

Market Demonstration

QustomDot has engaged with top microLED display manufacturers worldwide, starting product sampling and testing activities. The company's technology has been recognized internationally, including participation in the European Innovation Council Scaling Club, which fosters growth among European deep tech scale-ups.

Patents and Scientific Publications

While specific new patents or scientific publications directly linked to the period after June 2023 are not detailed in available information, QustomDot's commitment to innovation is underscored by its existing patents and ongoing research efforts.

Conclusion

QustomDot continues to innovate in the quantum dot sector, focusing on sustainable and high-performance solutions for microLED displays. With ongoing funding and partnerships, the company is poised to further advance its technology and market presence.

Sources

• QustomDot Raises €5M To Advance Quantum Dot Technology For MicroLED Displays
• Quantum of Innovation - Anton Paar
• QustomDot secures EUR 2.7 million in financing to propel innovation and market growth
• QustomDot - Company Profile
• Advancements in Quantum Dot Technologies 2025-2029
• QustomDot company information, funding & investors

5 The Partnerships and Customers

QustomDot: Partnerships, Customers, and Market Positioning

QustomDot, a Belgian company specializing in cadmium-free quantum dot technology, has been making strides in the display industry since receiving funding support. Founded as a spin-off from Ghent University, QustomDot has established itself as a key player in the development of quantum dot-based solutions for microLED displays.

Partnerships and Collaborations

• Aledia: QustomDot partnered with French company Aledia to co-develop full-color micro-LED displays targeting the video wall and luxury TV markets. Aledia's 3D GaN nanowire technology complements QustomDot's quantum dot synthesis, enhancing color quality and performance in micro-LED products.
• XTPL: In May 2023, QustomDot joined the EU-supported BAMBAM project alongside nanoprinting company XTPL, focusing on developing printed flexible structures.
• MICLEDI: QustomDot collaborates with MICLEDI to co-develop polychromatic micro-LEDs via color conversion, further advancing microLED technology.

New Partners and Customers

Recent funding rounds have attracted new investors, including Noshaq and the EIC Fund, alongside existing investors like PMV, QBIC, and Vigo Ventures. While specific new customer names are not disclosed, QustomDot has engaged in product sampling and testing with top microLED display manufacturers in Taiwan and plans to expand these collaborations globally.

Nature and Purpose of New Relationships

These partnerships and investments are designed to accelerate QustomDot's commercialization of quantum dot ink solutions and enhance its position in the rapidly growing microLED market. The focus is on developing environmentally sustainable and high-performance display technologies, aligning with global trends towards more eco-friendly electronics.

Market Positioning and Technology Advancements

The new relationships will significantly enhance QustomDot's market presence by facilitating the development of high-quality, cadmium-free quantum dot technologies. This not only meets regulatory requirements like the EU's RoHS directive but also provides a competitive edge in the display market. The collaborations with technology leaders and manufacturers will help QustomDot scale its operations and advance its technology, particularly in microLED applications for products like smartwatches and AR glasses.

Scaling and Advancements

The funding and partnerships will enable QustomDot to further develop its inkjet technology, set up collaborative projects, and meet market demands more effectively. The company's inclusion in the European Innovation Council Scaling Club highlights its potential to drive growth and innovation in the display sector.

Sources

• QustomDot Secures EUR 2.7 Million in Financing
• QustomDot Raises €5M To Advance Quantum Dot Technology For MicroLED
• Aledia and QustomDot to Co-Develop Full-Color Micro-LED Displays
• QustomDot BV Copyright
• QustomDot Secures EUR 2.7 Million in Financing
• Quantum Dot Innovator Secures Major Investment
• SWIR Sensor with Lead-Free Quantum Dot Photodiodes
• QustomDot - Company Profile and News

6 The Hiring and Company Growth

QustomDot's Team Growth and Hiring Strategy As a 2020 spin-off from Ghent University, QustomDot has rapidly positioned itself as a leader in cadmium-free quantum dot (QD) technology. While exact headcount remains undisclosed, the company's trajectory and recent funding round indicate strategic scaling efforts.

In December 2024, QustomDot secured €5 million in Series A funding, with participation from Noshaq, EIC Fund, Qbic Fund, PMV, and VIGO Venture. This capital is earmarked to accelerate the commercialization of its QD solutions for microLED displays in smartwatches and AR glasses, suggesting increased hiring in R&D and production roles.

While specific new hires are not publicly detailed, collaborations with Aledia (2022), MICLEDI (August 2022), and XTPL (May 2023) imply cross-functional team growth to support technical partnerships. The company emphasizes co-development services, requiring specialists in quantum dot synthesis, ink formulation, and display integration.

The founding team remains intact:

• Kim De Nolf (CEO): Former PhD researcher under Prof. Zeger Hens at Ghent University.
• Willem Walravens (CPO): Leads product development for display applications.
• Mohammad Kiaee: Material scientist overseeing ink rheology using Anton Paar instruments.

Recent investments likely fund roles critical for scaling manufacturing capabilities and customer-facing operations ahead of microLED market expansion projected post-2030.

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Sources

7 The Media Features and Publications

QustomDot's Media Presence and Industry Engagement Post-EIC Accelerator Funding Belgium-based QustomDot, a 2023 EIC Accelerator winner, has actively shaped its public profile through strategic media engagements, conference participation, and collaborations. Below is an overview of their visibility since mid-2023:

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Media Features and Publications

• Display Daily: Highlighted QustomDot’s €2.7 million financing round and €2.5 million EIC grant in December 2024, emphasizing their cadmium-free quantum dot technology for microLED displays.
• MicroLED-Info: Profiled the company’s on-chip quantum dot solutions for microLED applications in December 2024.
• Optica Newsroom: Detailed QustomDot’s funding milestones in November 2024, including endorsements from Taiwanese manufacturers during product testing.

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Podcasts and Interviews

While no podcasts are explicitly cited in available sources:

Phosphors and Quantum Dot Industry Forum (2020): CEO Kim De Nolf discussed on-chip quantum dots' role in microLED displays during a virtual presentation. Though predating the EIC award, this established early thought leadership.

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Conference Participation

• SID/DSCC Business Conference (May 2023): De Nolf presented on “Unmatched Color Conversion for MicroLED Applications,” outlining the company’s roadmap for commercializing quantum dot inks.
• EIC Scaling Club Recognition: QustomDot joined this network of deep-tech scale-ups to collaborate with investors and industry stakeholders post-funding.

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Event Involvement

Collaborations with manufacturers like XTPL, MICLEDI, and Aledia were announced publicly by late 2024, though specific trade fair attendance beyond conferences remains unlisted.

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Sources

• QustomDot Secures EUR 2.7 Million Financing • Optica Newsroom (Nov 26, 2024)
• QustomDot Company Profile • MicroLED Info (Dec 8, 2024)