1 The EIC Accelerator Project

EIC Accelerator Program: An Overview

The EIC Accelerator is an initiative designed to support innovative small and medium-sized enterprises (SMEs) and start-ups in Europe, particularly those engaged in deep-tech sectors. The program is part of the European Innovation Council (EIC) and aims to foster breakthrough technologies and innovative business models that can significantly impact the market.

The EIC Accelerator provides funding through a combination of grants and equity investments, facilitating the commercialization of innovative products and services. The funding structure is designed to support projects at various stages of development, enabling recipients to scale their operations and enhance their market competitiveness.

Funding Structure

Under the EIC Accelerator framework, companies can receive a grant of up to €2.5 million. This grant is intended to cover various costs associated with the development and scaling of innovative projects. The grant can be used for activities such as research and development, prototyping, and market entry strategies.

In addition to the grant, the EIC Accelerator offers equity financing, which allows companies to secure up to €15 million until 2024. Starting from 2025, the maximum equity financing available will be reduced to €10 million. This blended finance model is aimed at minimizing the financial risks associated with innovation, while also encouraging private investors to participate in funding rounds, thus leveraging additional capital for deep-tech initiatives.

Purpose of the EIC Accelerator

The primary purpose of the EIC Accelerator is to bolster the European deep-tech and startup ecosystem by providing necessary funding and support mechanisms. The program focuses on high-potential projects that can address significant societal challenges and contribute to technological advancements. By facilitating access to finance, the EIC Accelerator plays a crucial role in helping companies scale their operations, attract private sector investments, and navigate the complexities of bringing innovative solutions to market.

Role in Private Sector Funding

The EIC Accelerator not only provides direct funding but also serves as a catalyst for attracting private sector investment. By validating the innovative nature of the projects it supports, the program enhances the credibility of recipient companies, thereby increasing their appeal to private investors. This dual approach helps to create a robust funding ecosystem that promotes sustainable growth and technological development.

Example of EIC Accelerator Winner: Sightec (Israel) Ltd.

Sightec, an innovative company based in Israel, emerged as a winner of the EIC Accelerator with its project, AUTOFLY. This project focuses on developing GPS-free, beyond the visual line of sight (BVLOS) navigation systems for logistics drones operating in urban environments. The proposal was submitted on October 6, 2021, during the Step 2 phase, ultimately leading to success in the Step 3 interview.

AUTOFLY Project Overview

AUTOFLY aims to revolutionize urban logistics by enabling drones to navigate autonomously without relying on GPS signals. This capability is especially critical in urban settings where tall buildings and other structures can obstruct GPS signals, leading to potential navigation errors. The project's innovative technology is grounded in advanced algorithms and sensor integration, allowing drones to utilize alternative methods for positioning and navigation.

Technology Basics and Background

The technology behind AUTOFLY leverages sensor fusion, which combines data from various sensors such as cameras, LiDAR, and inertial measurement units (IMUs). This multi-sensor approach allows for enhanced situational awareness and real-time decision-making capabilities. By employing machine learning algorithms, the system can continuously adapt and improve its navigation accuracy, ensuring reliable delivery even in challenging environments.

The background of Sightec’s technology is rooted in the growing demand for efficient logistics solutions in urban areas. As e-commerce continues to expand, traditional delivery methods are increasingly strained. Drones present a viable alternative for last-mile delivery, provided they can operate safely and effectively in urban settings.

In conclusion, the EIC Accelerator program plays a vital role in fostering innovation within the European deep-tech ecosystem. Through its blended finance approach, it not only supports the development of groundbreaking projects like Sightec's AUTOFLY but also encourages private sector engagement, thus creating a more dynamic and robust environment for startups and SMEs.

2 The Funding Rounds

Sightec (Israel) Ltd., an Israeli startup specializing in Visual Intelligence technology for autonomous flights, has been a recipient of the European Innovation Council (EIC) Accelerator funding. The company submitted its Step 2 proposal and won in the Step 3 interview on October 6, 2021.

Financing Raised and Funding Rounds

Specific detailed public data on Sightec’s individual funding rounds, including precise timing, amounts raised per round, company valuations at each stage, and investor identities are not fully disclosed in commonly accessible sources.
However, it is known that Sightec was part of a significant EIC Accelerator funding round where 99 companies collectively received EUR 627 million. This was described as the largest-ever single tranche from the EIC Accelerator program.
The EIC Accelerator typically provides blended finance options combining grants and equity investments through its dedicated investment arm (the EIC Fund), which often attracts additional co-investors to scale total investment beyond the initial amount.

Investor Information

The main investor related to this stage of financing for Sightec is the European Innovation Council via its Accelerator program and associated EIC Fund.
Additional private investors or venture capital firms involved with Sightec have not been publicly detailed in available sources.

Company Valuations and Exit Events

No explicit information on valuations achieved by Sightec during or after these funding rounds is publicly available.
There have been no public reports of exit events such as acquisitions or IPOs involving Sightec since receiving EIC support.

Contextual Insights

Israel’s tech sector remains robust with over $12 billion raised across many startups in recent years; however, overall funding rounds have seen fluctuations due to global economic conditions.
Early-stage investment sizes typically range widely but can be expected from tens of thousands up to several million dollars depending on milestones reached; later-stage rounds like Series B or C can reach tens of millions with valuations scaling accordingly.

Summary

Sightec benefited from substantial financing through the European Innovation Council's largest-ever accelerator fund allocation announced around late 2021 onward. While specific granular details about subsequent private funding rounds, valuation metrics, investor identities beyond EIC Fund involvement remain undisclosed publicly. No exit events are reported as of early 2025.

This positioning supports their development of AI-driven visual intelligence solutions for autonomous aviation safety enhancement underpinned by solid EU backing combined potentially with other undisclosed venture capital participation.

Sources: - Startup Nation Finder - Sightec Financials

-EIC News Release February 2025 -PRNewswire January 2025 Israel Tech Sector Report

3 The Press Releases

Sightec Overview

Sightec, an Israeli company, specializes in machine vision and AI technology, primarily used to enhance drone capabilities. They have developed software that allows drones to operate autonomously, providing real-time visual situational awareness without relying heavily on GPS or human intervention. Their technology is applied in various sectors, including aerospace, public safety, security, inspection, delivery, and advanced air mobility.

EIC Accelerator Funding

Sightec won the EIC Accelerator funding in October 2021, during the Step 3 interview, following their Step 2 proposal submission[Input Data]. This funding is part of the European Innovation Council's (EIC) initiative to support innovative companies in Europe and beyond.

Recent Developments and Partnerships

Partnerships: Sightec has entered into a technology partnership with Alpha Unmanned Systems, a Spanish company. This partnership involves integrating Sightec's image stabilization and object detection software into Alpha's UAS platforms, enhancing the drones' capabilities for surveillance and inspection tasks.
Technology Advancements: Sightec received almost €2.5 million from the EU for the AUTOFLY project. This project focuses on developing autonomous navigation technology for drones, ostensibly for logistics and delivery, but also has potential military applications. Their technology allows drones to navigate without GPS, even under conditions of targeted jamming, which is crucial for military and security operations.
Team Updates: Sightec's leadership includes Roy Shmuel as CEO and Yonatan Shmuel as CTO. Roy has extensive experience in global strategy formulation and execution, while Yonatan brings over 15 years of experience in computer vision and has worked with companies like Mantis-vision and Mobileye.

Press Releases and Social Media

Sightec's website includes a news section where they post updates on their projects and partnerships. For instance, they have participated in initiatives to combat illegal landfills using drones, reflecting their involvement in environmental monitoring. However, there is no specific information available about recent press releases on their website or social media accounts.

Conclusion

Sightec has been actively involved in enhancing drone technology for various applications, from civilian logistics to security and military use. Their receipt of EIC Accelerator funding in 2021 marked a significant milestone in their development and expansion plans. The company continues to innovate in the field of autonomous flight, collaborating with other industry leaders to advance drone capabilities.

Sources: - News - Sightec

4 The Technology Advancements

Sightec's Current Capabilities and Post-2021 EIC Accelerator Developments Sightec (Israel) Ltd. specializes in AI-driven visual situation awareness systems for autonomous aviation, particularly targeting drones and urban air mobility (UAM) vehicles. Their technology enables GPS-independent navigation, real-time environmental analysis, and beyond-visual-line-of-sight (BVLOS) operations using onboard cameras paired with proprietary computer vision algorithms.

Post-EIC Accelerator Advancements (October 2021 Onward)
Publicly available information does not explicitly confirm new feature releases or technological breakthroughs directly tied to the EIC Accelerator funding. However, Sightec's website emphasizes ongoing improvements in lightweight AI integration, enabling their software to function across diverse drone platforms without hardware modifications. The company continues to focus on enhancing real-time analytics for security, infrastructure inspection, and multi-drone operations.

Market Demonstrations and Client Engagements
Sightec has consistently partnered with industry leaders like Israel Aerospace Industries (IAI), though recent client announcements post-2021 remain unspecified. Their technology is positioned as critical for emerging UAM applications such as flying taxis, aligning with global trends but lacking specific pilot program disclosures since 2021.

Intellectual Property and Research Outputs
No new patents or peer-reviewed studies published by Sightec are cited in available sources post-October 2021. The company’s foundational patents relate to visual orientation systems mimicking human situational awareness, but updates remain undisclosed.

Key Observations

While Sightec’s core capabilities align with autonomous aviation demands, detailed progress updates following the EIC Accelerator award are absent from accessible records. The company likely prioritizes proprietary advancements given its focus on defense and enterprise clients.

Sources Used

Sightec - XPONENTIAL Europe Profile Sightec Raises $2M Seed Round Sightec Official Website Sightech YouTube Feature

5 The Partnerships and Customers

Since receiving the EIC Accelerator funding in October 2021, Sightec (Israel) Ltd., a pioneer in AI-powered visual intelligence for drones, has established and expanded several significant partnerships and customer relationships that reinforce its market position and support its technology advancement and scaling efforts.

Partnerships and Customers

Key Existing Partners: Sightec’s clients include major aerospace manufacturers and integrators such as Israel Aerospace Industries (IAI) and Elta Systems. These partnerships focus on reconnaissance, homeland security missions, as well as civil drone applications including delivery, mapping, security, and emergency response.
Technology Partnership with Alpha Unmanned Systems: Since at least 2017, Sightec has partnered with Spain's Alpha Unmanned Systems to integrate its advanced video image stabilization software onto the Alpha 800 gasoline-powered helicopter UAV platform. This collaboration allows vibration-free crystal-clear imagery without costly hardware like gimbals. The partnership enhances both companies’ technological capabilities in border surveillance to infrastructure inspection use cases.
Collaboration with ParaZero: In June 2022, Sightec partnered with ParaZero to develop revolutionary safety solutions for drones and Urban Air Mobility aircraft. This partnership aims to combine ParaZero’s safety systems with Sightec’s visual intelligence technology to improve operational safety beyond GPS reliance.

Nature of New Relationships

Sightec focuses on alliances that enable enhancing drone autonomy by augmenting situational awareness through AI-driven machine vision. Its software enables drones to operate safely beyond visual line-of-sight (BVLOS), even in GPS-denied or jammed environments—a critical need identified by government agencies such as Israel’s Ministry of Transport.

The collaboration with aerospace integrators like IAI supports military-grade applications while partnerships such as the one with ParaZero target commercial drone safety advancements. The Alpha Unmanned Systems relationship demonstrates an ongoing commitment toward integrating cutting-edge image stabilization directly into UAV platforms for enhanced data capture quality.

Market Positioning Through Partnerships

These strategic relationships position Sightec strongly across multiple verticals:

Defense & Homeland Security: Through partners like IAI and Elta Systems.
Public Safety & Emergency Response: Via integration into first responder drone operations.
Commercial Drone Delivery & Inspection Services: By enabling reliable navigation without GPS dependency.
Urban Air Mobility Safety Platform Development: With partners like ParaZero enhancing drone flight safety systems.

Such diversified but complementary collaborations help place Sightec at the forefront of safe autonomous drone operations globally.

Impact on Technology Advancement and Scaling

The partnerships facilitate multiple key benefits:

Accelerated R&D Innovation: Working closely with OEMs like IAI feeds direct operational insights back into product development cycles.
Broader Market Adoption & Validation: Integration within established UAV platforms (Alpha 800) allows real-world testing across varied mission profiles ensuring robustness.
Enhanced Operational Capabilities at Scale: Enabling BVLOS flights under challenging conditions expands commercial use cases dramatically while reducing reliance on costly hardware upgrades due to their lightweight algorithmic solutions.

In summary, since winning EIC Accelerator funding in October 2021, Sightec has strengthened existing collaborations while forging new ones—especially visible through recent joint ventures like that with ParaZero—all aimed at expanding safe autonomous operations of drones worldwide. These relationships underpin both technological refinements in AI-based visual navigation/safety tools as well as scaling opportunities across defense, public safety, urban air mobility markets thereby solidifying their leadership role internationally.

Sources: - Sightec Official Website

6 The Hiring and Company Growth

Sightec Team Growth and Hiring Status Post-EIC Accelerator Funding Sightec, an Israeli computer vision and AI startup specializing in autonomous flight solutions, has limited publicly available data regarding its current headcount, team growth specifics, or hiring activities since winning EIC Accelerator funding in October 2021. The company’s website (sightec.com) provides no direct information about team size or recent hires.

While Israel’s tech sector employed approximately 396,000 workers in 2023, with 10,000 new employees added that year, Sightec-specific employment figures remain undisclosed. The broader industry context shows challenges such as a 55% drop in total funding for Israeli tech companies in 2023 compared to previous years and a post-2023 war-related decline of ~5,000 high-tech workers, but Sightec’s resilience or vulnerability within this environment is not detailed publicly.

No information was found about recent leadership changes or key hires at Sightec. However, the company’s focus on autonomous flight AI positions it within a niche requiring specialized roles such as computer vision engineers, autonomous systems developers, and aerospace-oriented machine learning experts. For scaling purposes post-EIC funding (typically involving equity-free grants up to €2.5M + equity investments up to €15M), such hires would likely accelerate R&D cycles and commercialization efforts for real-world aviation applications like collision avoidance or navigation automation.

Sources:

7 The Media Features and Publications

Sightec (Israel) Ltd.: Media Features and Involvement

Sightec (Israel) Ltd., an EIC Accelerator winner in October 2021, specializes in developing advanced computer vision and AI technologies for autonomous aerial vehicles. Here are some key media features, publications, interviews, and event participations related to the company:

Media Features and Publications

The Times of Israel highlighted Sightec's achievement in conducting a civilian drone flight without GPS in southern Israel, marking a significant milestone in autonomous drone technology.
Calcalistech reported that Sightec raised $2 million in seed funding from Sherpa InnoVentures and Playfair Capital to develop its AI and computer vision-based spatial navigation system.
Statewatch mentioned Sightec in the context of EU funding for independent navigation technology, noting its military applications.

Podcasts and Interviews

An interview on ILTV featured Roy Shmuel, CEO of Sightec, discussing the company's visual situation awareness system and its applications in autonomous flying vehicles.
While not specifically about Sightec, IsraelTech podcasts explore the broader Israeli tech ecosystem, which could be relevant given Sightec's involvement.

Conferences and Events

Sightec participates in events like XPONENTIAL Europe, showcasing its product suite based on computer vision and AI technologies.
There is no specific information available on recent conference visits or presentations by the company team, but their involvement in tech events like XPONENTIAL Europe highlights their engagement with the industry.

Involvement in Events

Sightec's involvement in events is primarily centered around showcasing its technology and contributing to discussions on drone autonomy and AI. Their participation in such events underscores their commitment to the development and commercialization of advanced drone technologies.

Sources

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