1 The EIC Accelerator Project

The EIC Accelerator program is a key initiative under the European Innovation Council (EIC), designed to support innovative small and medium-sized enterprises (SMEs) and startups across Europe. It aims to foster the development and commercialization of breakthrough innovations, particularly in the DeepTech sector. The program offers a blend of financial support, specifically in the form of grants and equity investments, to help companies scale their operations and attract private sector funding.

Funding Structure of the EIC Accelerator

The EIC Accelerator provides a unique financial model known as blended finance. This encompasses two distinct funding components:

1. Grant Funding: Companies can receive a grant of up to €2.5 million. This grant is intended to help cover the costs associated with the development of innovative products, services, or processes. It is particularly beneficial for early-stage companies that require financial support to advance their technological innovations without diluting equity.

2. Equity Investment: In addition to grant funding, the EIC Accelerator offers equity investment of up to €15 million until 2024, and this amount has been adjusted to a maximum of €10 million starting in 2025. This equity funding supports the scaling of companies, making it possible for them to grow rapidly and reach their market potential. The investment is designed to attract further private investment by demonstrating confidence in the company's potential.

Purpose and Impact of the EIC Accelerator

The EIC Accelerator plays a crucial role in the European DeepTech and startup ecosystem by bridging the funding gap that often exists for innovative SMEs. Many of these companies face challenges in securing financing from traditional sources due to their high-risk nature and the long time frames required for product development. By offering substantial financial support, the EIC Accelerator enables these companies to undertake ambitious projects that can lead to significant technological advancements and economic growth.

The program also serves as a catalyst for fostering collaboration between startups and private investors. By providing initial funding, the EIC Accelerator enhances the credibility of recipient companies, making them more attractive to venture capitalists and other private investors. This mechanism is essential for scaling operations and achieving long-term sustainability.

Case Study: Spherical Systems B.V. and Project SPHERICAL

Company Overview: Spherical Systems B.V., based in the Netherlands, is a notable recipient of the EIC Accelerator funding. The company specializes in high-performance satellite avionics, focusing on innovative designs that leverage advanced semiconductor technology.

Project SPHERICAL: The project, acronymed SPHERICAL, is centered around the development of high-performance satellite avionics powered by agile semiconductor design. This initiative aims to revolutionize satellite technology by enhancing the efficiency and performance of onboard systems.

Technology Background: The SPHERICAL project integrates cutting-edge semiconductor design principles to create avionics systems that are not only more efficient but also more adaptable to the rapidly evolving demands of satellite operations. Traditional satellite avionics often rely on outdated architectures that can limit performance and increase costs. By adopting agile design methodologies, Spherical Systems aims to produce avionics that can be rapidly reconfigured or upgraded, ensuring they meet the dynamic requirements of modern space missions.

The technology behind SPHERICAL combines advanced signal processing, high-speed data handling, and robust fault tolerance to enhance satellite performance in various applications, from Earth observation to telecommunications. This innovation is expected to significantly reduce latency and improve the overall reliability of satellite operations.

Funding and Support: The EIC Accelerator's blended finance model has provided Spherical Systems with the necessary resources to advance the SPHERICAL project. The grant component helps mitigate the financial risks associated with early-stage development, while the equity investment facilitates scaling and market entry strategies.

In conclusion, the EIC Accelerator program not only empowers innovative companies like Spherical Systems but also strengthens the broader European ecosystem by fostering technological advancements that can lead to economic growth and enhanced competitiveness in the global market. The SPHERICAL project exemplifies the transformative potential of the EIC Accelerator's funding approach, pushing the boundaries of satellite technology and positioning Europe as a leader in the space sector.

2 The Funding Rounds

Spherical Systems B.V. – Funding and Financing Overview Since EIC Accelerator Award

Spherical Systems B.V., based in the Netherlands, has made significant strides in financing and company growth since being selected as an EIC Accelerator winner in March 2024.

Financing Raised & Funding Rounds

Pre-Seed Round:

In late 2023, Spherical Systems closed a pre-seed round of €1 million. This early-stage investment enabled the team to progress with chip development specifically designed for satellite power management under extreme space conditions.

EIC Accelerator Funding:

In July 2024, Spherical Systems was awarded €4 million by the European Innovation Council (EIC) through a highly competitive process following its successful application at the March 13, 2024 cut-off. This funding is designated for accelerating commercialization of their high-performance software-defined satellite power systems.

Additional Early-Stage Investment:

Dutch regional fund UNIIQ invested €350,000 into Spherical Systems as part of its support for innovative startups in the Dutch space sector (announced November 2023).

Summary Table: Timing and Amounts

Date	Round/Funding Source	Amount Raised
November 2023	Pre-seed	€1 million
November 2023	UNIIQ investment	€350,000
July 15, 2024	EIC Accelerator (grant/equity)	€4 million

Investor Information

UNIIQ: Regional investment fund supporting early-stage Dutch startups.
European Innovation Council (EIC): Provided substantial grant/equity funding to enable technology development and market entry.
Other investors from earlier rounds are not publicly detailed but include parties involved during ESA Business Incubation Centre Noordwijk support.

Company Valuations

There are no public disclosures regarding valuation figures for Spherical Systems corresponding to these funding rounds.

Exit Events (IPO/Acquisition)

As of May 6, 2025:

There have been no initial public offerings (IPOs), buyouts, or acquisition announcements involving Spherical Systems B.V.

Additional Information Related to Funding Rounds

The company’s financing trajectory shows strong backing from both local innovation funds and pan-European institutions aimed at commercializing advanced semiconductor solutions for aerospace markets. The sequence—pre-seed capital followed by institutional grant/equity—reflects a classic deep-tech startup path where validation leads quickly to significant scale-up resources upon demonstrable technical progress.

Sources: - Spherical Systems' chip design drives satellite power management

3 The Press Releases

Spherical Systems B.V. Overview

Spherical Systems B.V., a Dutch company, made headlines in July 2024 by being awarded €4 million from the European Innovation Council (EIC) to develop high-performance satellite power systems. This funding was part of the EIC Accelerator's first cut-off in March 2024, where Spherical Systems was selected after a rigorous process involving 969 full proposals and interviews with 347 companies.

Key Developments

EIC Funding: The company received this significant funding to bring its innovative software-defined satellite power systems to market. This technology is crucial for advancing satellite capabilities, particularly in areas requiring agile and efficient power management.
Technology Advancements: The focus on developing high-performance satellite power systems indicates Spherical Systems' commitment to pushing technological boundaries in satellite avionics. Their approach involves agile semiconductor design, which suggests a focus on adaptability and efficiency in satellite systems.
Partnerships and Collaborations: While specific partnerships were not detailed in the available press releases, the EIC funding indicates that Spherical Systems is likely to collaborate with other innovative companies or research institutions to further develop its satellite technology.
Press Releases and Updates: The information about Spherical Systems' funding is primarily available through press releases and updates from the EIC Accelerator. However, there is no specific mention of press releases directly on their website or social media accounts regarding the EIC funding beyond the general announcement.

Future Outlook

Given the competitive nature of the EIC Accelerator, Spherical Systems' success highlights its potential for innovative technological advancements in the satellite industry. The funding will likely enable further research and development, potentially leading to new breakthroughs in satellite power systems.

Sources:

4 The Technology Advancements

Spherical Systems B.V.: Current Capabilities and Advancements

Spherical Systems B.V., based in the Netherlands, is a pioneering aerospace company specializing in the design and manufacture of satellite systems, particularly focusing on semiconductor technology for optimized satellite power management. Since receiving the EIC Accelerator funding in March 2024, the company has made significant advancements in its technology and market presence.

Current Capabilities

Spherical Systems is known for its innovative approach to chip design, enabling the creation of highly reliable and software-configurable satellite systems. Their flagship product, the Power Conditioning and Distribution Unit (PCDU), is designed to manage and distribute power efficiently across various satellite components. This system offers high power density and long-term reliability, making it suitable for orbits beyond low Earth orbit where radiation resistance is crucial.

Advancements Since EIC Funding

Following the EIC Accelerator funding, Spherical Systems was awarded an additional €4 million by the European Innovation Council to further develop its high-performance satellite power systems. This funding has enabled the company to enhance its technology and expand its product portfolio, focusing on software-defined satellite power systems.

Technology Improvements and New Features

The company continues to develop its cutting-edge technology, emphasizing software configurability and high reliability. Their systems are designed to reduce project risks by providing standard products that avoid custom engineering and long lead times. The focus on software-defined systems allows for greater flexibility and adaptability in satellite operations.

Market Demonstration

Spherical Systems has completed the tape-out of its first product chip and is working towards an in-orbit demonstration funded by SpaceX. This milestone demonstrates the company's progress in integrating its technology into actual satellite missions, marking a significant step towards commercialization.

Patents, Scientific Studies, and Publications

There is no publicly available information regarding new patents filed or scientific studies published by Spherical Systems since receiving the EIC funding. However, the company's continuous innovation and technological advancements suggest ongoing research and development efforts.

Conclusion

Spherical Systems B.V. has made substantial progress since receiving the EIC Accelerator funding. The company continues to innovate in satellite power management, focusing on software-defined systems and in-orbit demonstrations. These advancements position Spherical Systems as a leading provider of cutting-edge aerospace solutions.

Sources: - Spherical Systems: Missions

5 The Partnerships and Customers

Spherical Systems B.V., a Netherlands-based startup specialized in satellite-on-a-chip semiconductor technology, has established several significant partnerships and customer relationships since receiving EIC Accelerator funding following its Step 2 proposal submission on March 13, 2024.

Partnerships and Customers

ESA Business Incubation Centre (ESA BIC) Noordwijk: Spherical Systems is incubated at ESA BIC Noordwijk, which supports the company with technical expertise and access to the European space innovation ecosystem. This partnership provides critical backing for product development and market entry.
Investors as Strategic Partners: The company raised nearly €1 million in a pre-seed round supported by several investors including UNIIQ (a South Holland proof-of-concept fund), business angels, venture capital firms Antler and Graduate Entrepreneur Fund, as well as a Eurostars grant. These investors help provide not only capital but also strategic connections within the aerospace cluster of South Holland and broader European markets.

Nature of Relationships

The ESA BIC incubation relationship enables Spherical Systems to refine its core satellite chip technology tailored for extreme space conditions while providing access to resources needed for scaling their operations.
Investment partners like UNIIQ act beyond financiers by offering regional aerospace industry networking opportunities that position Spherical strategically within Europe's growing space tech ecosystem. Jasper Geselschap from UNIIQ highlighted the founders' expertise synergy as key to advancing Spherical’s market presence.

New Relationships Impacting Market Positioning

By leveraging its incubation at ESA BIC alongside financial backing from prominent regional funds and VCs, Spherical Systems is positioned distinctly in the niche market of radiation-hardened chips designed specifically for satellites operating beyond low Earth orbit. This positions them competitively against current suppliers who do not offer such integrated chip-level solutions.
Their first product—the Power Conditioning and Distribution Unit (PCDU)—is expected soon; it acts like a smart electrical panel that manages power distribution on satellites with software-configurable flexibility. Such innovations are expected to give satellite manufacturers greater mission adaptability without hardware changes—an advantage likely boosting customer acquisition across European aerospace clients aiming for autonomy from foreign components.

How These Relationships Support Technology Advancement & Scaling

Access to ESA's technical ecosystem through incubation accelerates R&D efforts enabling rapid prototyping of chips engineered specifically for harsh radiation environments found in higher orbits—a technological edge critical for next-generation satellites.
Funding secured allows expansion of team size (from 2 up to around 6 full-time employees) focused on both core semiconductor design tools development and bringing initial products to manufacture. This capacity growth underpins scaling ambitions facilitating movement from concept validation toward commercial production readiness globally.

In summary, strategic partnerships with ESA Business Incubation Centre Noordwijk along with investment collaborations are central pillars supporting Spherical Systems’ technological innovation trajectory and scaling plans post-EIC Accelerator funding victory. These relationships enable development of unique satellite-on-a-chip technologies that promise enhanced reliability, configurability, and supply chain control positioning them strongly within Europe’s expanding space sector.

Sources:

6 The Hiring and Company Growth

Spherical Systems B.V.: Team Growth and Scaling Post-EIC Accelerator Funding

Spherical Systems B.V., a Netherlands-based semiconductor innovator for satellite systems, has positioned itself as a critical player in aerospace electronics since its founding in 2022. The company’s recent EIC Accelerator win in March 2024 underscores its technological promise and growth trajectory[^eic]. While specific headcount figures remain undisclosed, the following insights outline their team dynamics and expansion plans:

Hiring and Team Growth: The company raised €1 million in pre-seed funding (2023) to accelerate product development and team growth, with recent EIC funding likely further enabling talent acquisition[^funding]. Their focus on "team growth" is explicitly noted as a priority alongside core technology advancement[^article].
Key Positions: Though exact roles are unspecified, Spherical emphasizes collaboration among "passionate experts and innovators" specializing in microchip design, radiation-hardened systems, and satellite power management[^website][^article]. Recent hires likely target engineers adept at agile semiconductor design and software-configurable avionics.
Scaling Impact: New team members are critical to advancing their flagship product—the Power Condition and Distribution Unit (PCDU)—a software-reconfigurable subsystem aimed at reducing Europe’s dependency on foreign space components[^article][^mission].
Management Stability: Co-founders Thomas Parry (CEO) and Bastiaan Bom (CCO) remain at the helm, with no reported changes in leadership[^incubation][^article]. Their vision centers on delivering high-performance chips for satellites operating in high-radiation orbits.

The EIC Accelerator funding positions Spherical to expand its workforce strategically, particularly in R&D roles essential for bringing their radiation-resilient chips to market. This growth aligns with their goal of qualifying proprietary subsystems for space missions while maintaining supply chain autonomy[^mission][^eic].

Sources

7 The Media Features and Publications

Spherical Systems B.V.: Media Presence and Public Engagements Following EIC Accelerator Success

Spherical Systems B.V., a Netherlands-based aerospace technology company specializing in radiation-resistant microchip designs for satellites, has garnered notable media attention and industry recognition since securing funding through the EIC Accelerator’s March 2024 call[^eic]. Below is an overview of their public engagements, media features, and event participation:

Media Features

ESA Commercialisation Portal: The company was profiled for its €1 million pre-seed funding round and development of satellite power management systems using cutting-edge semiconductor techniques[^esa].
AerospaceDelta NL: Highlighted Spherical’s collaboration with Dutch testing facilities like the Netherlands Aerospace Centre (NLR) for radiation-hardened chip validation[^aerospace].

Publications

“Chip Design Drives Satellite Power Management” (ESA): Detailed Spherical’s mission to miniaturize satellite avionics while ensuring reliability in high-radiation orbits[^esa].
“Small Chips, Big Impact” (AerospaceDelta): Explored the company’s role in reducing dependency on non-European components through partnerships with Belgian firm Veoware[^aerospace].

Podcasts & Interviews

No direct podcasts or interviews featuring Spherical’s leadership were found in the provided sources. However, Bastiaan Bom (CCO) shared insights via written interviews about Crossroads program collaborations and investor relations[^aerospace][^esa].

Conferences & Events

Crossroads Program: Participated in this Flanders-Netherlands initiative to streamline international tech partnerships, emphasizing EU supply chain resilience[^aerospace].
Radiation Testing Collaborations: Engaged with NLR to validate chip durability under extreme space conditions—a process frequently showcased at aerospace expositions[^aerospace][^esa].

Recent Contracts & Milestones (Post-EIC Award)

While specific post-March 2024 events are not yet documented publicly, earlier 2025 achievements include:

A contract with Orbital Paradigm for its “Learn to Fly” mission power systems (December 2024)spherical-systems.com.
Selection by NATO’s DIANA program for defense-related tech development (December 2024)spherical-systems.com.

Sources
AerospaceDelta NL - Small Chips, Big Impact | ESA Commercialisation Article | EIC Accelerator Results | Spherical Systems Newsroom

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