1 The EIC Accelerator Project

EIC Accelerator Program: An In-Depth Overview

The EIC Accelerator program is a pivotal initiative under the European Innovation Council (EIC) designed to support innovative startups and Small and Medium Enterprises (SMEs) in Europe, particularly those engaged in DeepTech sectors. Focused on providing financial backing and strategic guidance, the program fosters innovation and drives the commercialization of cutting-edge technologies. The EIC Accelerator aims to bridge the gap between research and market, helping companies navigate the complex landscape of funding and scaling.

Funding Structure: Grants and Equity

The EIC Accelerator offers a unique funding structure that combines grants and equity investments. It provides grants of up to €2.5 million to support the development and commercialization of innovative projects. This financial assistance is particularly beneficial for covering costs related to research, development, and testing.

In addition to grants, the EIC Accelerator provides equity funding, which can be as high as €15 million until 2024. Starting from 2025, this equity investment will be capped at €10 million. This blended finance approach allows companies to leverage both non-dilutive funding (grants) and dilutive funding (equity), thereby enhancing their financial flexibility and facilitating growth.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a crucial role in the European DeepTech landscape by nurturing groundbreaking technologies and innovative solutions. Its primary purpose is to empower startups and SMEs that possess high-risk, high-reward projects, enabling them to scale and compete on a global stage. By focusing on transformative sectors such as biotechnology, artificial intelligence, and sustainable technologies, the program aims to enhance Europe's innovation capacity and economic resilience.

Furthermore, the EIC Accelerator seeks to create a sustainable ecosystem where startups can thrive. This involves not only financial support but also access to a network of investors, industry experts, and mentors who can provide valuable insights and guidance. The program encourages collaboration between startups and established enterprises, fostering a culture of innovation and knowledge exchange.

Role in Scaling Companies and Attracting Private Funding

One of the critical roles of the EIC Accelerator is to assist companies in scaling their operations and securing additional funding from private sectors. By providing substantial initial funding, the program reduces the financial risks associated with early-stage projects, making them more attractive to private investors. The validation and support from the EIC mark these companies as credible, instilling confidence in potential stakeholders.

Moreover, the EIC Accelerator offers tailored business coaching and mentorship, helping companies refine their business models and go-to-market strategies. This comprehensive support system enhances their attractiveness to private investors, thereby facilitating further fundraising efforts and strategic partnerships.

EIC Accelerator Winner: Risutec and Project Forest Maker

Company Overview: Risutec
Risutec is a Finnish company recognized for its innovative approach to reforestation and sustainable land management. The company specializes in developing advanced technologies that streamline and enhance the planting process, contributing significantly to environmental conservation efforts.

Project Overview: Forest Maker
The project, known as Forest Maker, centers around a new-generation integrated automated planter platform. This innovative solution aims to revolutionize reforestation efforts by increasing efficiency and reducing costs associated with planting trees. The technology is designed to address the challenges faced in traditional planting methods, such as labor shortages and environmental conditions.

Funding Type: Blended Finance
Risutec has secured funding through the EIC Accelerator's blended finance model, which combines a grant component with equity investment. This financial support will enable Risutec to further develop the Forest Maker platform and expand its operational capabilities.

Website: risutec.fi
Location: Finland
Date of Cut-off for Proposal: June 16, 2021

Technology Basics and Background

The Forest Maker technology utilizes advanced automation and precision engineering to facilitate the planting of trees in various environments. By harnessing robotics and data analytics, the platform can efficiently plant a large number of trees with minimal human intervention. This method not only enhances planting efficiency but also improves survival rates of saplings by ensuring optimal planting conditions.

The technology is designed to operate in diverse terrains and under varying weather conditions, making it adaptable to different ecological settings. This flexibility is particularly important in addressing global reforestation needs, especially in areas that have suffered from deforestation or environmental degradation.

In summary, Risutec's Forest Maker initiative exemplifies the transformative potential of the EIC Accelerator program in supporting innovative solutions for pressing global challenges. By fostering the development of such technologies, the EIC Accelerator plays a vital role in enhancing Europe’s sustainability efforts while empowering startups in the DeepTech ecosystem.

2 The Funding Rounds

Risutec Oy, established in 2004 and headquartered in Nakkila, Finland, specializes in modernizing silviculture and enhancing forest utilization through innovative systems and equipment. The company focuses on agricultural planting, maintenance, precision forestry applications, bioenergy solutions, and forestation equipment, aiming to increase yields and reduce establishment risks for clients. (pitchbook.com)

On June 16, 2021, Risutec received a grant of $3.04 million from the European Innovation Council Fund, marking a significant milestone in its funding history. (pitchbook.com) This grant was intended to support the company's efforts in modernizing silviculture and enhancing forest utilization.

As of the latest available information, Risutec has not publicly disclosed any additional funding rounds or investments following the EIC Accelerator funding in June 2021. The company remains privately held, with no further details on subsequent financial activities or valuations publicly available.

The absence of publicly disclosed funding rounds or investor information suggests that Risutec has not pursued additional external financing since the EIC Accelerator grant. Consequently, there is no available data regarding the company's valuation or any exit events post-2021.

In summary, Risutec Oy's most recent known funding event is the $3.04 million grant received from the European Innovation Council Fund on June 16, 2021. No subsequent funding rounds, investor details, or valuation information have been publicly disclosed.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, Risutec, a Finnish manufacturer of forestry machinery, has been actively involved in several significant developments and collaborations.

Partnerships and Technological Advancements

In November 2023, Risutec collaborated with Metsä Group to develop an accessory that enables forwarders to prepare soil while harvesting logging residue. This innovation aims to enhance productivity and reduce fossil emissions in forestry operations. The accessory allows for the dual use of forwarders in both soil preparation and logging residue collection, streamlining processes and minimizing machinery transfers. The development is a continuation of the Asta application, which calculates and reports mound location density in real time, extensively used by Metsä Group’s contract entrepreneurs. (metsagroup.com)

Additionally, Risutec introduced the MG-Combi accessory for forwarders, designed to integrate soil preparation with logging residue collection. This device can be quickly detached and mounted on the forwarder, facilitating efficient and environmentally friendly forest management. The innovation aims to reduce emissions across the wood supply chain and maintain high-quality soil preparation. (koneviesti.fi)

Product Developments

Risutec has also focused on enhancing its planting equipment. The company has developed the PM60 planting machine, intended for use with excavators, to lower the investment threshold for planting operations. This initiative aims to make planting equipment more accessible and cost-effective for various forestry applications. (koneviesti.fi)

Team Updates

While specific team updates post-funding are not detailed in the available sources, Risutec's ongoing product development and strategic partnerships suggest a commitment to growth and innovation within its team.

Press Releases and Blog Posts

Risutec has actively communicated its developments through various press releases and blog posts. The company's website, risutec.fi, serves as a primary platform for disseminating information about new products, technological advancements, and collaborative efforts. For the most current updates, visiting their official website is recommended.

In summary, since receiving the EIC Accelerator funding, Risutec has made significant strides in advancing forestry machinery technology, forming strategic partnerships, and enhancing its product offerings to promote sustainable and efficient forest management practices.

4 The Technology Advancements

Risutec, a Finnish company specializing in mechanized reforestation, has been at the forefront of integrating technology into forestry practices. Their innovative solutions aim to enhance forest establishment efficiency, improve seedling survival rates, and extend planting seasons. Central to their offerings is the Forest Maker platform, designed for large-scale reforestation projects.

Advancements Post-EIC Accelerator Funding

In June 2021, Risutec secured funding from the European Innovation Council (EIC) Accelerator program, a testament to their innovative approach in forestry machinery. (businessfinland.fi) Since receiving this support, Risutec has focused on several key areas to advance their technology and market presence:

Risutec has been dedicated to refining their machinery to meet the evolving demands of modern forestry. Their Forest Maker platform integrates various stages of forest establishment, including soil cultivation, planting, watering, and fertilization. This holistic approach ensures optimal conditions for seedling growth and survival. Additionally, the incorporation of a guidance system allows for precise planting, even during nighttime operations, thereby increasing planting efficiency and accuracy.

Risutec has actively demonstrated their technology in real-world settings to validate its effectiveness and gather user feedback. Their machinery has been showcased in various forestry projects, highlighting its capability to handle diverse terrains and conditions. While specific details of customer collaborations or pilot projects post-2021 are not extensively documented, the company's ongoing commitment to innovation suggests active engagement in such initiatives.

As of the latest available information, Risutec has not publicly disclosed new patents, scientific studies, clinical trials, or whitepapers since their EIC Accelerator funding. This absence of publicly available documentation may be due to strategic decisions regarding intellectual property or the proprietary nature of their technological advancements.

Conclusion

Since receiving the EIC Accelerator funding in June 2021, Risutec has made significant strides in enhancing their forestry machinery, focusing on integrated solutions that address multiple aspects of forest establishment. Their commitment to innovation is evident in the development of the Forest Maker platform and its associated features. While specific details regarding new patents or scientific publications are not readily available, Risutec's ongoing efforts underscore their dedication to advancing sustainable forestry practices through technological innovation.

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding on June 16, 2021, Risutec, a Finnish manufacturer specializing in forestry machinery, has established significant partnerships and collaborations to enhance its market presence and technological capabilities.

Partnerships and Collaborations

In November 2023, Risutec collaborated with Metsä Group, a leading Finnish forest industry company, to develop an accessory that enables forwarders to prepare soil while harvesting logging residue. This innovation aims to improve productivity and reduce fossil emissions in forestry operations. The accessory allows for the dual use of forwarders in soil preparation and logging residue harvesting, thereby streamlining processes and minimizing machinery transfers. (metsagroup.com)

Nature and Purpose of the Collaboration

The joint development with Metsä Group focuses on mechanizing forest management by integrating soil preparation into the harvesting process. This approach seeks to enhance the efficiency and environmental sustainability of forestry practices. By combining soil preparation with logging residue harvesting, the collaboration aims to alleviate the workload during the busy forest management season and reduce emissions across the wood supply chain. (metsagroup.com)

Impact on Market Position

This partnership positions Risutec as a key innovator in the forestry machinery sector, demonstrating its commitment to sustainable and efficient forest management solutions. The collaboration with a prominent industry player like Metsä Group enhances Risutec's credibility and visibility in the market, potentially leading to increased demand for its products and services.

Advancements in Technology and Scaling

The development of the soil preparation accessory signifies a technological advancement for Risutec, showcasing its ability to integrate new functionalities into existing machinery. This innovation not only broadens the company's product offerings but also opens avenues for scaling operations by addressing a wider range of customer needs in the forestry sector. The collaboration with Metsä Group also provides valuable insights and resources, facilitating further technological advancements and operational scaling for Risutec.

Through strategic partnerships and a focus on technological innovation, Risutec continues to strengthen its position in the forestry machinery market, contributing to more sustainable and efficient forest management practices.

6 The Hiring and Company Growth

Risutec, a Finnish company specializing in mechanized forest management, received EIC Accelerator funding on June 16, 2021. This support has been instrumental in facilitating the company's growth and expansion.

Current Team Size and Hiring Status

Specific details regarding Risutec's current headcount or team size are not publicly disclosed. However, the company has demonstrated active hiring and team expansion since receiving the EIC Accelerator funding. In November 2023, Risutec collaborated with Metsä Group to develop an accessory that enables forwarders to prepare soil while harvesting logging residue. This joint development indicates a scaling of operations and the need for specialized personnel to support such initiatives. (industryintel.com)

Growth and Recent Hires

While specific information about recent hires and key positions filled is not publicly available, the partnership with Metsä Group suggests that Risutec has expanded its team to include professionals with expertise in forestry machinery development, soil cultivation, and environmental sustainability. These additions are likely aimed at enhancing the company's product offerings and operational capabilities.

Impact of New Team Members

The integration of new team members, particularly those involved in the development of the soil preparation accessory, is expected to bolster Risutec's ability to innovate and meet the evolving demands of the forestry industry. By combining soil preparation with logging residue harvesting, Risutec can offer more efficient and environmentally friendly solutions, thereby strengthening its market position and supporting sustainable forestry practices.

Management and Founding Team Updates

There are no publicly available reports indicating major changes in Risutec's management or founding team since the receipt of the EIC Accelerator funding. The company's leadership continues to focus on technological innovation and strategic partnerships to drive growth and expansion.

In summary, Risutec has utilized the EIC Accelerator funding to enhance its team and capabilities, positioning itself for continued growth and success in the forestry machinery sector.

7 The Media Features and Publications

Since receiving the EIC Accelerator funding on June 16, 2021, Risutec, a Finnish company specializing in robotic sawmills, has garnered notable media attention, participated in various industry events, and engaged in significant collaborations.

Media Features and Publications

Risutec's innovative approach to sawmill automation has been highlighted in several publications:

• AzeriTimes reported on Finnish companies suspected of supplying technology to Russia in violation of sanctions, mentioning Risutec in the context of such investigations. (azeritimes.com)
• Health Capital Helsinki featured Risutec during a global media visit, showcasing Finland's health ecosystem and technological innovations. (healthcapitalhelsinki.fi)

Podcasts and Interviews

While specific podcast appearances or interviews featuring Risutec's team since June 2021 are not readily available, the company's advancements in automation and technology have been discussed in various industry forums and media outlets.

Conference and Event Participation

Risutec has been actively involved in several conferences and events:

• Radical Health Festival Helsinki 2023: Risutec participated in this inaugural event, which focused on health innovation and digital health advancements. (messukeskus.com)
• Pitch Finland DefSec Event: Risutec showcased its dual-use technologies at this event, emphasizing the potential applications of its robotic sawmills in both civilian and defense sectors. (riihimaki.fi)

Collaborations and Partnerships

Risutec has engaged in strategic collaborations to enhance its technological offerings:

NATO Innovation Fund: In May 2023, Risutec's parent company, Tesi, invested €35 million in the NATO Innovation Fund, aiming to support dual-use technologies with applications in both civilian and defense sectors. (riihimaki.fi)

Through these media features, event participations, and strategic collaborations, Risutec continues to strengthen its position in the global market, driving innovation in sawmill automation and exploring new applications for its technologies.