The European Innovation Council (EIC) has launched a new €1.4 billion program aimed at the most ambitious science-based, deep-tech companies. This funding is also available to Estonian entrepreneurs.
In Estonia, grant applicants need to break the myth that applying for EU funding is too complicated. It isn’t. The deep-tech application process has been made faster, more transparent, and closer to market logic. Every company developing complex technology should at least assess whether it fits the EIC program. If bringing a solution to market involves multiple steps and extensive development work, then the company is indeed a suitable candidate.
So far, Estonian companies have stood out positively in terms of EU funding. Nearly ten companies have received grants or investment offers, and several processes are still ongoing. For example, Better Medicine received a €2.5 million EIC grant. The company develops AI-based medical solutions, primarily for radiology-related cancer diagnostics, to assist in detecting oncological findings. Nanonordica Medical received both a grant and an investment offer, fintech company Mifundo has obtained EIC investment approval, and packaging technology developer Raiku Packaging has previously received EIC funding.
Heidi Kakko, EIC Ambassador in Estonia, explains that the bureaucracy involved in applying has been significantly reduced: the previously intimidating 50-page application is now a thing of the past, and applications exceeding 20 pages cannot be submitted at all. As a result, the application process has become shorter, more precise, and more entrepreneur-friendly. Evaluators prefer clarity over long narratives. “We cannot afford to leave good ideas in the lab. Estonia has no large natural resources or advantage of cheap labor. This means that in international competition, our only realistic path is to create complex, high value-added solutions—those that take years to develop and have a global impact. And if needed, this can be achieved with the support of EIC grants and investment,” she says.
Olesja Bondarenko, founder and CEO of Nanonordica Medical: “In the healthcare technology sector, clinical testing and regulatory approval create a well-known ‘valley of death,’ where grants are needed to finance early R&D, while private investors generally want to invest later. For Nanonordica Medical, EIC funding was crucial in bridging this gap, validating our technology, and transitioning from research to commercial maturity. With EIC support, we have conducted one of the largest clinical trials in the field of diabetic foot ulcers, are obtaining regulatory approval, and were able to raise our first venture capital round. Without this support, achieving this would have been extremely difficult.”
According to Heidi Kakko, there is another important aspect. Until now, Estonian startups seeking larger funding rounds have relied on US funds, UK investors, and Nordic capital. In the deep-tech sector, the EIC is becoming Europe’s largest investor, which translates into more funding opportunities for Estonian deep-tech companies, larger equity investments, and a clearer focus on the technologies being developed locally.
