1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs), particularly in the deep-tech sector, by providing financial support and resources to develop and scale their innovative projects. The program aims to foster innovation and growth within the European startup ecosystem, contributing to the competitiveness of European businesses on a global scale.

Funding Structure

The EIC Accelerator offers a unique blended finance model that combines grants and equity investments. The grant component can reach up to €2.5 million, which is intended to support the early stages of project development, including feasibility studies, prototyping, and initial commercialization efforts. This grant provides crucial non-dilutive funding that allows companies to advance their technologies without immediate pressure to give up equity.

On the equity side, the EIC Accelerator offers funding up to €15 million until 2024 and reduces this cap to €10 million starting in 2025. This equity investment is designed to help companies scale their operations, commercialize their innovations, and attract further private investment. By providing substantial financial backing, the EIC Accelerator plays a critical role in helping deep-tech companies bridge the gap between development and market entry.

Purpose in the European Ecosystem

The EIC Accelerator addresses several key challenges faced by deep-tech startups, including high capital requirements, long development timelines, and the need for substantial technical expertise. By providing both financial support and access to a network of experts and mentors, the program enhances the chances of success for innovative companies. This not only promotes technological advancement but also helps create high-quality jobs and drive economic growth across Europe.

Role in Scaling and Funding

The EIC Accelerator serves as a catalyst for companies seeking to scale by offering a structured funding pathway. Through its comprehensive support system, it encourages startups to refine their business models and develop robust strategies for attracting private investment. The program’s backing signals to potential investors that the company has been rigorously vetted and has a credible market opportunity, thus facilitating easier access to additional funding.

Case Study: Swave BV and the HXR Project

Company Overview: Swave BV Swave BV, located in Belgium, is an innovative company focused on developing advanced holographic technologies. In June 2023, Swave submitted a Step 2 proposal for the EIC Accelerator and subsequently won in the Step 3 interview phase, securing funding for its project aimed at revolutionizing augmented reality.

Project Overview: HXR The project, titled Holographic eXtended Reality (HXR), is designed to create true Augmented Reality (AR) experiences through lifelike immersive displays. The technology integrates holographic imaging to enhance user interaction with digital content, making it more engaging and intuitive.

Technology Basics and Background

The HXR project leverages state-of-the-art holographic technology that allows for the projection of 3D images into physical space without the need for headsets or other external devices. This innovation is grounded in several advanced scientific principles, including light manipulation, spatial computing, and human-computer interaction.

Holography, at its core, involves recording and reconstructing light fields to create images that appear three-dimensional. Swave’s approach incorporates advanced algorithms and specialized materials to enhance the clarity and depth of these projections. The result is an immersive display that can be utilized across various applications, from education and training to entertainment and retail.

The development of HXR aims to address the limitations of traditional AR technologies, which often require cumbersome equipment and can lead to user fatigue. By making the experience more natural and accessible, Swave is positioned to disrupt the AR market and offer businesses new ways to engage with customers and clients.

Overall, the EIC Accelerator’s support of Swave BV and the HXR project exemplifies the program's commitment to fostering innovation within the European deep-tech ecosystem, ultimately contributing to the advancement of technology and the economy.

2 The Funding Rounds

# Swave BV: EIC Accelerator Winner Profile and Funding Journey

Swave BV, a Belgian fabless semiconductor company founded in 2022 and based in Leuven, has established itself as an innovative player in holographic display technology. The company focuses on developing holographic chips and Holographic eXtended Reality (HXR) technology that delivers three-dimensional images viewable with the naked eye, particularly targeting metaverse platforms, 3D gaming, AR/VR/XR glasses, and collaborative video conferencing.

EIC Accelerator Funding

Swave BV was among the 47 companies selected to receive European Innovation Council (EIC) funding following the June 2023 EIC Accelerator cut-off. The company was one of four Flanders-based businesses that secured this prestigious funding. Swave submitted their Step 2 proposal and subsequently succeeded in the Step 3 interview, joining a select group where only 7.25% of applicants were successful (47 out of 648 full proposals).

The EIC Accelerator program provides substantial support to deep-tech startups, combining grants and equity investments. In the June 2023 cut-off, the majority of selected companies (68%) received blended finance options, which Swave likely benefited from. This funding round distributed a total of €349 million among the 47 winning companies.

Complete Funding History

Swave has raised a total of $39.23 million across 8 funding rounds since its inception. Here's a chronological breakdown of their funding journey:

Seed Round (March 13, 2023)

• Amount: Not publicly disclosed
• Investors: Not specified in the available data

Seed VC - II (June 22, 2023)

• Amount: Not publicly disclosed
• Investors: Not specified in the available data

EIC Accelerator Grant (November 15, 2023)

• Amount: Not explicitly stated, but part of the €349 million distributed among 47 companies
• Investor: European Innovation Council

Business Plan Competition - II (September 27, 2023)

• Amount: Not publicly disclosed
• Investors: Not specified in the available data

Series A (January 3, 2025)

• Amount: $28.27 million
• Investors: SFPIM Relaunch, imec.xpand, European Innovation Council, IAG Capital Partners, Luminate, Murata Manufacturing, PMV, Qbic Fund, and imec

Investor Information

Swave has attracted a diverse range of investors including:

• European Innovation Council (EIC): Provided both grant and potential equity investment through the EIC Accelerator program
• imec.xpand: A venture capital fund focused on semiconductor and digital technologies
• SFPIM Relaunch: Belgian federal investment fund
• Qbic Fund: Early-stage investment fund
• Luminate: Optics, photonics, and imaging-focused accelerator
• Murata Manufacturing: Global electronics component manufacturer
• PMV: Flemish investment company
• IAG Capital Partners: Venture capital firm
• imec: World-leading R&D and innovation hub in nanoelectronics and digital technologies

Recent Developments

As of May 23, 2024, Swave announced a significant technological breakthrough by demonstrating a prototype of the first true color 3D holographic display technology. This achievement represents a major milestone for the company and potentially validates the investments made by its backers.

Company Valuation and Exit Events

While specific valuation figures for Swave are not publicly disclosed in the available data, the company has successfully progressed through multiple funding rounds, indicating growing investor confidence. As a relatively young company (founded in 2022), Swave has not yet experienced exit events such as an IPO or acquisition. The company appears to be in an active growth and development phase, particularly following its substantial Series A funding of $28.27 million in January 2025.

The Mosaic Score, which measures the overall financial health and market potential of private companies, indicated a 20-point decrease for Swave in the 30 days prior to the data collection, though the specific score and implications are not detailed in the available information.

Sources: - EIC Accelerator winners and statistics June 2023

• NEWS - EIC Accelerator - selected companies June 2023 cut-off
• Swave Stock Price, Funding, Valuation, Revenue & Financial
• Swave - Products, Competitors, Financials, Employees

3 The Press Releases

Swave BV, a Belgian company specializing in holographic eXtended Reality (HXR) technology, successfully secured funding through the European Innovation Council (EIC) Accelerator in June 2023. This achievement marked a significant milestone for the company, as it not only received substantial financial support but also gained recognition for its innovative approach to true holography in augmented reality (AR) applications.

Technology Advancements

Swave Photonics is at the forefront of developing dynamic 3D holographic display products. Its HXR technology is based on proprietary diffractive photonics, enabling a reality-first user experience for AI-powered AR smartglasses and heads-up displays. The company's focus on integrating semiconductor, holographic, and AI technologies positions it as a leader in delivering cost-effective and truly useful AR solutions.

Funding and Partnerships

In January 2025, Swave Photonics announced the closure of its €27 million Series A funding round. This round was co-led by investors imec.xpand and SFPIM Relaunch, with participation from new investors including EIC Fund, IAG Capital Partners, and Murata Electronics North America, Inc. Existing investors such as Qbic Fund, PMV, imec, and Luminate also contributed to this round. This investment will accelerate the introduction of Swave's product development kits and production devices.

Team Updates

Swave Photonics boasts a team with extensive experience in semiconductors and photonics. Key members include Mike Noonen (CEO), Dmitri Choutov (Founder and Chief Operating Officer), and Theo Marescaux (Founder and Chief Product Officer). The team comprises experts in IC design, optical systems, and computer-generated holography.

Patents and Recognition

While specific patent details are not mentioned, Swave Photonics has been recognized as a leader in the holographic field. The company won the $10,000 top prize at the 13th annual SPIE Startup Challenge at Photonics West 2023 for its innovative HXR technology. Additionally, Swave has been honored as a CES Innovation Awards 2025 Honoree and named a "Startup to Watch" by EE Times.

Press Releases and Updates

Press releases and updates on Swave Photonics' progress can be found on their official website, swave.io. These include announcements about funding rounds, technology advancements, and industry recognitions. Social media platforms may also provide additional updates and insights into the company's activities and achievements.

Sources

• EIC Accelerator winners and statistics June 2023: 47 European deeptech startups awarded 349€ million
• Swave Photonics Raises €27M ($28.27M) Series A Funding
• About - Swave Photonics
• Swave Photonics wins SWIE Startup Challenge at Photonics West 2023

4 The Technology Advancements

Swave Photonics’ Post-EIC Accelerator Progress and Technological Advancements

Since securing EIC Accelerator funding in mid-2023, Swave Photonics has advanced its holographic extended reality (HXR) platform through significant financial backing, technical milestones, and industry recognition. The Belgian startup raised a €27 million Series A round in January 2025, enabling accelerated development of its holographic displays for AR/XR glasses.

Key Advancements

• Holographic Display Technology: Swave’s HXR platform now features sub-300nm pixels, enabling high-resolution 3D holograms that eliminate the vergence-accommodation conflict (VAC), a major cause of user discomfort in existing AR devices.
• DynamicDepth Integration: Patented DynamicDepth technology ensures correct image depth relative to real-world surroundings, enhancing realism and reducing nausea risks.
• Form Factor Optimization: By removing waveguides and varifocal lenses, Swave reduced device size while maintaining compatibility with prescription glasses.

Market Engagement
Swave demonstrated prototypes at CES 2025, where it won an Innovation Award for its holographic display tech. The company is preparing product development kits for customer testing ahead of mass production collaborations with partner fabs.

Intellectual Property and Research Outputs
While no new patents or whitepapers are explicitly cited post-EIC funding, Swave’s approach relies on proprietary nano-pixel spatial light modulators (SLMs) and AI-driven compute chips co-developed with manufacturing partners. Earlier IP includes DynamicDepth-related patents referenced in CES award materials.

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Sources

• Swave Honored with CES 2025 Innovation Award
• €27M Series A Funding Announcement (Optics.org)
• Series A Financing Details (EC Europa)
• Funding Round Coverage by SiliconANGLE

+ Market Potential Analysis

5 The Partnerships and Customers

Swave BV: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Swave Photonics, a Belgian fabless semiconductor company, has leveraged its EIC Accelerator funding (including a €2.5M grant in October 2023[^swave_awards]) to solidify its position as a leader in holographic display technology. While specific customer names remain undisclosed, the company’s collaborations and investor-backed roadmap reveal strategic positioning for augmented reality (AR), virtual reality (VR), and spatial computing markets.

Key Partnerships and Investors

• imec.xpand and SFPIM Relaunch: These investors co-led Swave’s €27M Series A round in January 2025[^series_a], underscoring confidence in its Holographic eXtended Reality (HXR) platform. imec.xpand’s involvement provides access to imec’s semiconductor manufacturing ecosystem, critical for scaling CMOS-based holographic chipsets[^about_swave].
• Flanders Government: Supported Swave with €2.1M non-dilutive funding in April 2023[^swave_awards], aligning with regional tech innovation goals.

Market Positioning via Technology Differentiation

Swave targets partnerships with AR/VR/metaverse platforms, emphasizing shared “lifelike 3D experiences” for collaborative applications like virtual meetings[^imec_spinoff]. Its CES 2025 Innovation Award-winning HXR technology resolves critical industry challenges:

• Vergence-Accommodation Conflict Mitigation: Patented DynamicDepth ensures natural image depth perception, reducing user nausea common in existing AR/VR headsets[^ces_2025].
• Form Factor Reduction: Eliminates waveguides and varifocal lenses, enabling sleeker AR glasses designs compatible with prescription eyewear[^ces_2025].

Scaling Pathways

• CMOS Manufacturing Leverage: As an imec spin-off, Swave utilizes cost-effective CMOS processes for rapid commercialization of its chipsets[^about_swave]. This positions it as an enabler for high-volume AR hardware manufacturers seeking compact solutions.
• AI Integration: The HXR platform incorporates AI to optimize holographic rendering, appealing to developers prioritizing real-time spatial computing performance[^about_swave][^series_a_report].

Future Outlook

Swave’s Series A funds will accelerate productization of HXR displays while expanding engineering teams across Belgium and Silicon Valley—key hubs for AR innovation. The lack of disclosed customer names suggests NDAs or early-stage engagements typical of deep-tech startups; however, CES demos indicate active outreach to OEM partners ahead of commercialization phases anticipated post-2025.

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Sources

• Swave Photonics Raises €27M Series A Funding
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6 The Hiring and Company Growth

Swave Photonics: Team Growth and Strategic Expansion Post-EIC Accelerator Funding

Swave Photonics, a Belgian fabless semiconductor company specializing in holographic displays for AR/XR applications, has demonstrated significant growth since securing a €2.5M grant from the European Innovation Council (EIC) in October 2023[^swave-awards]. This non-dilutive funding complemented its earlier €10M seed round and positioned the company to accelerate product development ahead of its recent €27M Series A raise in January 2025.

Team Structure and Growth

• Current headcount: Swave employs a specialized team of ~20 professionals, including 13 PhDs with expertise spanning semiconductors, photonics, IC design, and holography.
• Recent hiring: The company appointed Joel Kollin as Director of Optical Architecture in late 2024/early 2025. Kollin brought critical expertise from his prior work on Microsoft’s HoloLens optics.
• Leadership continuity: The founding trio—CEO Mike Noonen (semiconductor industry veteran), CPO Theo Marescaux (holography specialist), and COO Dmitri Choutov (operational scaling expert)—remains intact.

Scaling Through Strategic Hires

Key additions like Edward Buckley (VP AR Systems) and Andrzej Kaczorowski (Digital Holography Fellow) have enabled vertical integration across:

1. Nano-pixel SLMs: Advanced spatial light modulators with sub-wavelength pixel pitches

2. AI-driven compute chips: Real-time holographic rendering solutions

3. Waveguide-free AR combiners: Reduced system complexity vs competitors like Magic Leap or Meta

The Series A funding is being deployed to expand engineering teams focused on production-scale implementation at partner fabs while preparing product development kits for OEM partners. Swave’s hiring patterns emphasize cross-disciplinary roles merging semiconductor physics with AI optimization—critical for solving vergence-accommodation conflict issues plaguing current AR headsets.

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Sources

• Swave Photonics Raises €27M Series A Funding
• Optics.org Coverage of Swave's Funding Round
• Swave Company Overview

7 The Media Features and Publications

Swave BV Media Presence and Industry Engagement Belgium-based Swave Photonics, a 2023 EIC Accelerator grant recipient, has garnered significant media attention and industry recognition for its holographic display technology. Below is an overview of their public engagements and coverage since mid-2023.

Media Features & Publications

Swave’s innovations have been highlighted in prominent industry outlets:

• EE Times named Swave a “Silicon 100: Startup to Watch” in July 2023.
• Electro Optics Magazine featured VP Edward Buckley in “The Photonics 100” list for leadership in AR systems.
• Photonics West Show Daily (Optics.org) covered Swave’s first-place win at the SPIE Startup Challenge in February 2023 for its holographic chips.

Podcasts & Interviews

CEO Mike Noonen discussed Swave’s holography advancements on the Following the Photons* podcast (December 2024), emphasizing applications for AR glasses and automotive HUDs. A March 2025 interview with SemiWiki detailed the company’s roadmap, including plans to commercialize HXR chipsets for smart glasses and immersive displays.

Conference Participation & Awards

Swave actively presents at global tech events:

• CES Innovation Awards: Honored as a 2025 honoree for spatial computing advancements.
• SPIE Startup Challenge: Won top prize ($10,000) at Photonics West (February 2023) with proprietary diffractive photonics tech.
• Luminate Accelerator: Finalist in March 2023 competition for optics innovation.

Event Involvement Post-EIC Funding

Following its October 2023 EIC grant award, Swave showcased its technology through development kits and demos at industry events. The company also secured €27 million Series A funding (reported January–March 2025), indicating accelerated commercialization efforts.

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Sources