1 The EIC Accelerator Project

EIC Accelerator Program Overview

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 with high growth potential. It aims to bridge the funding gap for businesses that are developing disruptive technologies and solutions. The program provides a combination of grant funding and equity investment to help companies scale their operations and bring their innovations to market.

Funding Structure

The EIC Accelerator offers financial support in two main forms: grants and equity investments. The grant component can reach up to €2.5 million, which is primarily aimed at funding research and development activities, prototyping, and market introduction. This funding is essential for startups looking to validate their concepts and develop their technologies further.

In addition to grants, the EIC Accelerator provides equity funding to enable companies to secure additional capital. The equity investment can range up to €15 million until the end of 2024, while from 2025 onwards, the maximum equity support is set at €10 million. This funding is crucial for companies that require substantial capital to scale their operations, expand their market presence, and attract further investment from private sectors.

Purpose and Impact of the EIC Accelerator

The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by fostering innovation and enhancing competitiveness. It focuses on supporting projects that have the potential to create significant societal and economic impact. By providing funding and resources, the EIC Accelerator helps startups overcome the challenges of scaling, which often include high upfront costs and the need for extensive market validation.

Furthermore, the program not only provides financial support but also offers mentoring, coaching, and access to a network of investors and industry experts. This holistic approach ensures that companies receive the guidance and resources necessary to effectively navigate the commercialization process.

Case Study: VEXLUM OY and the SEMIQLEAP Project

VEXLUM OY, a Finnish company, emerged as a winner of the EIC Accelerator program with its project, SEMIQLEAP, which stands for "Novel Semiconductor Lasers for the Industrial Quantum Leap." The company submitted its Step 2 proposal and successfully advanced to the Step 3 interview on November 8, 2023.

Project Overview: SEMIQLEAP

The SEMIQLEAP project focuses on the development of novel semiconductor lasers that have the potential to revolutionize various industrial applications. These lasers are designed to offer enhanced performance, efficiency, and versatility compared to existing technologies. The project aims to position VEXLUM OY at the forefront of semiconductor laser technology, enabling significant advancements in sectors such as telecommunications, manufacturing, and medical devices.

Technology Basics and Background

Semiconductor lasers, also known as laser diodes, are devices that convert electrical energy into coherent light. They operate on the principle of stimulated emission, where electrons in a semiconductor material are excited and subsequently emit photons that create a laser beam. This technology has been widely used in applications such as optical communications, barcode scanners, and laser cutting.

However, current semiconductor laser technologies face limitations in terms of efficiency, wavelength tunability, and thermal management. VEXLUM OY's SEMIQLEAP project addresses these challenges by leveraging advanced materials and innovative design approaches to create lasers that operate at higher efficiencies and provide greater spectral flexibility.

The project envisions not only improving the performance of semiconductor lasers but also making them more accessible for various industrial applications. By enhancing the capabilities of these lasers, VEXLUM OY aims to facilitate new applications in quantum computing, precision manufacturing, and beyond, thereby driving a significant technological leap in the industry.

Conclusion

The EIC Accelerator program represents a vital mechanism for nurturing innovation and driving technological advancement within the European startup ecosystem. By providing crucial funding and support, it empowers companies like VEXLUM OY to scale their operations and realize their potential in developing groundbreaking technologies. The SEMIQLEAP project is a testament to the impact of the EIC Accelerator, showcasing how innovation can lead to transformative changes across industries.

2 The Funding Rounds

Financing Raised

Vexlum Oy, a Finnish provider of advanced laser systems for quantum technologies, has raised approximately $2.62 million (about €2.4 million) over four funding rounds as of March 2024. The latest and most significant injection was a €2.4 million grant awarded under the European Innovation Council (EIC) Accelerator Programme following the November 8, 2023 cut-off.

Funding Rounds and Timeline

Date	Round	Amount	Source/Notes
Mar 18, 2024	Grant II	Not specified (included in total $2.62M)	Likely follow-on from EIC Accelerator round
Mar 13, 2024	Grant	Not specified (part of €2.4M EIC grant)	EIC Accelerator official announcement
Jan 1, 2017	Spinoff/Spinout	Not specified	Company spinout formation event

The primary publicized funding is the competitive €2.4 million EIC grant announced in early March 2024 and referenced as part of both March funding events above.

Investor Information

• The major disclosed investor is the European Innovation Council via its deep-tech Accelerator Programme.
• There have been four fundings listed by CB Insights but details on other investors or individual investment amounts outside the EIC are not publicly disclosed as of May 2025.
• The company’s own statements highlight that this direct public support is pivotal for scaling their semiconductor laser platform to industrial-level production targeting quantum computing markets.

Additional Funding Round Details

• Vexlum’s participation in the EIC Accelerator followed a rigorous evaluation process with only a ~3.9% success rate among applicants for this cut-off round.
• The awarded funds are earmarked to mature Vexlum’s laser technology and develop new volume production processes supporting growth into global quantum technology markets.
• As with most recent winners in this scheme, direct equity investments may also be offered later via the EU's dedicated investment arm; however, no equity component or private co-investors have been announced for Vexlum to date.

Company Valuations

There are currently no publicly available valuation figures reported by independent sources or cited by Vexlum itself following these latest grants/funding rounds.

Exit Events: IPOs, Buyouts & Acquisitions

There is no record or announcement regarding any exit event—such as an initial public offering (IPO), buyout, merger, or acquisition—for Vexlum Oy since receiving its EIC Accelerator grant through May 2025.

---

Summary

Since winning highly competitive backing from the European Innovation Council in February/March 2024 after submitting its Step 2 proposal on November 8th 2023:

• Total financing raised: ~$2.62M (€2.4M), nearly all from non-dilutive grants
• Four documented funding events; chief among them is the recent €2.4M EIC award
• Main investor: European Innovation Council
• No public company valuations post-funding
• No exits reported—Vexlum remains privately held focused on scaling up quantum-enabling laser technologies.

---

Sources: - EIC Accelerator-November Cut-Off Official PDF

• VEXLUM Awarded €2.4 Million Highly Competitive EIC Grant
• CB Insights – VEXLUM Financials
• The Quantum Insider – News on VEXLUM's Grant
• Optics.org – Photonics Funding News

3 The Press Releases

Overview of Vexlum Oy

Vexlum Oy, a leading supplier of advanced laser systems for quantum technology applications, is based in Tampere, Finland. The company has been recognized for its innovative semiconductor laser platform, which is crucial for enabling industrial-level scaling of quantum technology systems, including quantum computers and high-precision optical atomic clocks.

EIC Accelerator Grant

In March 2024, Vexlum Oy received a €2.4 million grant from the European Innovation Council (EIC) as part of the EIC Accelerator Programme. This grant is intended to support the development of Vexlum's semiconductor laser technology through the SEMIQLEAP project (Novel Semiconductor Lasers for the Industrial Quantum Leap). The project aims to improve system performance, making it economically viable for industrial scaling of quantum computers and ultra-high precision optical atomic clocks.

Technology Advancements and Partnerships

• SEMIQLEAP Project: The project focuses on enhancing the maturity of Vexlum's lasers and developing new volume production processes. This will help capture market potential and ensure future growth by leveraging advanced III-V semiconductor technology.
• Quantum Technology Applications: Vexlum's laser platform is validated by early adopters in key quantum system experiments, demonstrating its potential for disruptive innovation in quantum computing and precision optical clocks.

Team Updates

• Philip Makotyn Appointed as President of Vexlum US: In September 2023, Vexlum appointed Philip Makotyn as the President of Vexlum US, marking a significant step in expanding its presence in the U.S. quantum technologies market.
• Awards and Recognitions: Vexlum was awarded the Entrepreneur of the Year 2023 in Tampere, Finland, showcasing its growth and achievements.

Press Releases and Updates

Vexlum publishes press releases and updates on its website, including news about the EIC Accelerator grant and participation in conferences such as the European Conference on Trapped Ions and the European Quantum Technologies Conference. These updates highlight Vexlum's involvement in advancing quantum technology through its laser systems.

Sources

• Vexlum Was Awarded 2.4M€ Highly Competed EIC Accelerator Grant for Laser Technology Developments
• Vexlum Awarded €2.4 Million Highly Competitive EIC Accelerator Grant for Laser Technology Developments
• News - Page 2 of 7 - Vexlum
• Vexlum is entrepreneur of the year 2023 in Tampere, Finland

4 The Technology Advancements

Vexlum OY: Current Capabilities and Recent Advancements

Vexlum OY, based in Finland, is a prominent company specializing in advanced laser systems, particularly Vertical-External-Cavity Surface-Emitting Lasers (VECSELs). Since its founding as a spin-off from the Optoelectronics Research Centre (ORC) of Tampere University, Vexlum has capitalized on leading expertise in Molecular Beam Epitaxy (MBE) and laser technology to develop high-quality semiconductor gain structures.

Current Capabilities

• VECSEL Technology: Vexlum's VECSELs combine the benefits of semiconductor lasers with those of optically-pumped external-cavity disk lasers, offering versatility in wavelength coverage, multi-watt power, and tunable narrow-linewidth operation with high beam quality.
• Product Range: The company provides high-power, low-noise single-frequency lasers with broad wavelength coverage in the near infrared and visible spectrum. They also offer lasers with intracavity frequency doubling, capable of producing diffraction-limited, watt-level lasers across the blue spectral region.

Advancements Since Receiving EIC Accelerator Funding

After receiving the EIC Accelerator funding in November 2023, Vexlum has continued to advance its semiconductor laser platform. The grant of €2.4 million is specifically aimed at enabling industrial-level scaling of quantum technology systems.

• Technological Improvements: The funding will likely enhance Vexlum's capabilities in developing scalable manufacturing processes and application-specific systems engineering, focusing on III/V semiconductor materials for new wavelengths.
• Market Demonstration: While specific market demonstrations or customer deployments since the funding are not detailed, Vexlum's technology is designed for industrial integration, suggesting ongoing efforts to integrate their systems into practical applications.

New Features, Patents, or Scientific Studies

There is no explicit information on new patents filed or scientific studies published specifically since the EIC funding. However, Vexlum's ongoing research and development efforts are likely to contribute to future publications and intellectual property filings.

Conclusion

Vexlum OY continues to be at the forefront of laser technology development, particularly in the quantum technology sector. Their expertise in VECSELs and recent funding support position them well for further advancements in scalable and high-performance laser systems.

Sources

• Vexlum: Home
• Vexlum VECSELs: novel lasers for quantum technology - SPIE
• Vexlum OY - GovTribe
• RIBER receives order to equip an autonomous pilot line for the design and manufacturing of optical devices in Europe
• Vexlum Ltd, profile with contact details and 17 photonics product
• Vexlum Awarded €2.4 Million Highly Competitive EIC Accelerator Grant for Laser Technology Developments

5 The Partnerships and Customers

Vexlum OY's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding

Vexlum OY, a Finnish manufacturer of VECSEL-based laser systems for quantum technologies, has actively expanded its global footprint through strategic collaborations and market-focused initiatives following its €2.4M EIC Accelerator grant award in March 2024. While specific customer names remain undisclosed in public records, the company’s activities reveal key partnerships and market strategies:

• Business Finland Trade Missions: Participation in the April 2024 trade mission to Japan underscores efforts to engage with the Japanese quantum community, positioning Vexlum as a supplier for industrial-scale quantum computing applications.
• ESA Quantum Technology Community: Vexlum introduced its laser platform at an ESA-hosted event in Matera, Italy, targeting collaboration with European space and quantum researchers.
• Academic Conferences: Recent exhibitions at APS March Meeting 2024 (Minneapolis) and Photonics West 2024 (San Francisco) highlight outreach to U.S. research institutions and potential customers advancing neutral-atom quantum computing.
• Leadership Expansion: Philip Makotyn’s appointment as President of Vexlum US in September 2023 strengthened stateside operations for customer engagement and technology scaling.

Technology Advancements & Scaling
The EIC funding supports R&D for wavelength-tunable lasers critical for trapped-ion/neutral-atom systems. Partnerships with academic consortia (e.g., through Horizon Europe projects like MAPWORMS) enable access to cutting-edge research environments where Vexlum’s lasers are trialed under real-world conditions. Collaborative participation in conferences accelerates feedback loops for product refinement while expanding visibility among end-users seeking compact, high-power laser solutions.

Market Positioning
By aligning with policymakers (Business Finland), research bodies (ESA), academia, and industry leaders globally, Vexlum reinforces its role as an enabler of scalable quantum hardware—a niche increasingly prioritized by governments investing in post-silicon technologies. The company’s focus on "wavelengths on demand" addresses unmet needs across optical atomic clocks and quantum simulators, reducing reliance on legacy laser systems that lack modularity or cost efficiency.

---

Sources

• Press release: Vexlum Was Awarded 2.4M€ Highly Competed EIC Accelerator Grant
• Business Finland Trade Mission to Japan
• European Quantum Technologies Conference Participation
• APS March Meeting Exhibition
• Photonics West Exhibition
• Philip Makotyn Appointed President of Vexlum US
• Horizon Europe Project Involvement (see row referencing MAPWORMS)
• VEXLUM Technology Overview

6 The Hiring and Company Growth

Vexlum Oy: Team Growth and Development

Vexlum Oy, a Finnish company specializing in high-power semiconductor laser systems based on VECSEL technology, has been experiencing significant growth since its inception in 2017. The company is a spin-off from the Optoelectronics Research Centre at Tampere University of Technology, where VECSELs have been developed for over a decade.

Current Headcount and Team Size

As of recent data, Vexlum employs approximately 15 people. The company's management team includes Jussi-Pekka Penttinen as CEO and CTO, Mircea Guina as Executive Chairman and CSO, Emmi Kantola as COO, and Philip Makotyn as President of Vexlum US.

Hiring and Team Growth

There is no specific information available on whether Vexlum is currently hiring. However, the company's growth and recent achievements suggest a need for skilled professionals to support its expanding operations.

Growth and Scaling

Vexlum's growth has been facilitated by its innovative VECSEL technology, which offers unique benefits in performance, cost, and usability for quantum technology applications. The company's vision is to bring VECSEL technology to high-impact applications, enabling significant advancements in quantum computing and optical atomic clocks.

Key Positions and Recent Hires

While specific recent hires are not detailed, the company's management and technical team include key positions such as Laser Specialist and Semiconductor Epitaxy Manager, indicating a focus on technical expertise.

Future Impact and Scaling

New team members are crucial for Vexlum as they help scale the company's operations and enhance its technological capabilities. The addition of skilled professionals in laser technology and semiconductor manufacturing will be vital in expanding Vexlum's product offerings and meeting the growing demand for advanced laser systems in quantum technology applications.

Management and Founding Team Changes

There are no reported major changes in the management or founding team of Vexlum Oy. The company continues to be led by its founding experts, who have a strong background in VECSEL technology and semiconductor fabrication.

Sources

• Vexlum Oy
• Vexlum: Home
• Company - Vexlum
• Vexlum Information - RocketReach
• Vexlum Management Team | Org Chart - RocketReach

7 The Media Features and Publications

Overview of Vexlum Oy

Vexlum Oy, a Finnish company based in Tampere, is a renowned spin-off from the Optoelectronics Research Centre (ORC) at Tampere University. The company specializes in developing high-power, low-noise single-frequency lasers, particularly Vertical External Cavity Surface Emitting Lasers (VECSELs), for applications in quantum technology and other fields.

Media Features and Publications

Since receiving the EIC Accelerator funding on November 8, 2023, Vexlum Oy has been featured in publications due to its innovative laser technologies and significant funding achievements. Notably, the company was awarded a 2.4 million Euro grant from the EIC Accelerator for its laser technology developments, which garnered press coverage highlighting its role in advancing quantum technology applications.

Content from Publications

Publications have emphasized Vexlum's expertise in VECSEL technology, which offers versatile laser platforms by combining semiconductor and optically-pumped external-cavity disk laser benefits. The company's focus on quantum technology applications has been highlighted, with its lasers being used in quantum computing and high precision measurements.

Podcasts and Interviews

There is no specific information available regarding podcasts or interviews featuring the Vexlum team. However, their participation in conferences and trade missions suggests their active engagement with the industry.

Conference and Fair Visits

Vexlum Oy actively participates in international conferences and exhibitions, showcasing its advanced laser systems:

• Business Finland Trade Mission to Japan: The company participated in this mission to connect with the Japanese quantum community and deliver lasers to this market.
• APS March Meeting 2024: Vexlum exhibited at this event in Minneapolis, introducing updates to its VALO and VXL laser platforms.
• Photonics West 2024: The company was part of the Photonics Finland pavilion in San Francisco, highlighting its latest developments.
• ESA – 6th Quantum Technology Conference: Vexlum presented its VECSEL laser platform to the ESA quantum technology community in Matera, Italy.
• IEEE Quantum Week 2024: Vexlum's new Product Manager, Dr. Tommi Hakulinen, attended this event, marking his first work trip with the company.
• Quantum World Congress 2024: Philip Makotyn gave a presentation at this event in Washington D.C., focusing on quantum innovation.

Involvement in Events

Vexlum Oy's participation in these events underscores its commitment to advancing quantum technology through its cutting-edge laser systems. The company's recognition as the "Entrepreneur of the Year 2023" in Tampere, Finland, further highlights its impact and growth in the industry.

Sources

• Vexlum: Home
• Vexlum Oy Company Profile
• Company - Vexlum
• Vexlum Ltd, profile
• Vexlum Information
• News - Page 2 of 7 - Vexlum
• News - Vexlum