[PRESS RELEASE] Stuttgart, Germany – 17. 7. 2024 Value Chain Generator® by VCG.AI, a pioneering German AI circular economy deep-tech solution, has been selected as one of the top 68 deep-tech companies in Europe by the European Innovation Council (EIC). This prestigious recognition comes following the EIC Accelerator cut-off in March 2024, marking a significant milestone in the company’s journey towards revolutionising the circular economy.
The EIC Accelerator is a highly competitive programme designed to support groundbreaking innovations across Europe. Out of 969 companies that submitted full proposals by the cut-off in March 2024, 347 were shortlisted for interviews by experienced investors and entrepreneurs. From this selection process, VCG.AI emerged as one of the 68 elite companies chosen to receive funding.
The selected companies will collectively receive an estimated €411 million in funding, with up to €165 million in grants and approximately €245 million in equity.
“We are thrilled and honored to be selected by the EIC Accelerator,” said Jon Goriup, co-founder and CEO of VCG.AI. “Such funding and recognition, following a rigorous selection and validation process, confirm our innovative approach to leveraging AI for advancing the circular economy. An efficient transition to a circular and net-zero economy is one of the most pressing challenges of our time, and AI must play a pivotal role in it. The backing of the EIC Fund will help us scale our solution further.”
The selected companies represent a diverse geographical spread, spanning 17 countries. Notably, 21% of the selected companies are led by women, highlighting the growing prominence of female founders in European deep-tech, and the EIC’s commitment to promoting diversity and inclusion in the tech industry.
“This recognition for our innovation comes at a crucial moment,” said Mateja Dermastia, co-founder and COO of VCG.AI. “The rate of circularity in Europe is dropping despite the billions of euros invested into it yearly. This is a clear sign that the EIC recognizes a more efficient and technology-driven approach is needed to achieve significant impact.”
VCG.AI’s platform, Value Chain Generator®, offers a deep-tech solution for extending the lifecycle of materials by building data-driven, localised circular value chains. It identifies optimal use cases for industrial by-products and waste, decreasing carbon emissions while simultaneously increasing economic value. This approach promises to achieve a globally scalable circular transformation that will positively impact both the economy and the environment.
About the VCG.AI
VCG.AI is a leading deep-tech company based in Stuttgart, Germany, specialising in AI solutions for the circular economy. The company is dedicated to transforming how businesses manage resources, reduce waste, and achieve sustainability goals through advanced technology and circular value chains.
For more information about VCG.AI, please visit the company’s website and LinkedIn page.
About the EIC Accelerator
The EIC Accelerator is a funding programme under Horizon Europe that offers support to start-ups and SMEs that have an innovative, game-changing product, service, or business model that could create new markets or disrupt existing ones in Europe and worldwide. So far over twelve thousand start-ups have submitted ideas since the EIC launch in 2021.
More about the EIC Accelerator’s latest funding round – European Innovation Council and SMEs Executive Agency
Media Inquiries
Please send all media inquiries to our Head of Marketing Lenca Zorko – lenca@vcg.ai.
