CIVITTA Slovakia helped a Bratislava-based company Sensoneo get the prestigious grant and equity funding from Horizon 2020 scheme EIC Accelerator.
Sensoneo is only the second ever recipient of the competitive grant from Slovakia and first-ever Slovak company to be offered equity funding from EIC.
Sensoneo offers a smart enterprise-grade waste management technology for cities and waste management businesses to efficiently manage their waste while improving the environment and well-being of people. Sensoneo combines in-house developed, and EU manufactured ultrasonic Smart Sensors that monitor waste in real-time with sophisticated software.
The impact of ineffective waste collection is a burden on the environment due to consequent CO2 emissions and on city budgets due to high costs for fuel, FTEs or vehicle wear. Due to the ever-increasing population in cities, more waste is produced each year, with continuing inadequate recycling rates. Sensoneo’s solution has been validated with 230+ small-scale pilots with target customers and partners with a presence in over 50 countries.
After advanced international validation, Sensoneo was looking for funding to execute large-scale piloting with two EU capitals. Additionally, Sensoneo was looking to fund additional advancements and become the first solution to enable “Pay-as-you-sort” and volume-based “Pay-as-you-throw“ models which will create full transparency and financial incentives for recycling.
Horizon 2020 EIC Accelerator provides staged funding and coaching support for SMEs to bring their disruptive innovations to the global market. Through this program, innovative SMEs can attract up to €2.5 million in the form of a grant for innovation activities to prepare for rapid commercialization of their solutions. Additionally, SMEs can receive an equity investment of up to €15 million from EIC – European Innovation Council.
Sensoneo is only the second Slovak company ever to receive the prestigious EIC grant and first to benefit from the equity-based investment from EIC.
Sensoneo will receive €1.368 million in grant funding and leverage an equity-based investment offer of €3 million. In this project, Sensoneo plans to tag all 110,000 bins in one EU capital and demonstrate its capability to provide full coverage and transparency, enabling waste management companies to monitor the waste production of individual households. Sensoneo would be the first market player in the world to unlock the pay-as-you-waste business model. Sensoneo also wants to finalize a prototype of its sensor with radar technology that can detect contamination of different types of waste, particularly with a focus on biowaste. Sensoneo would be the first solution to enable such detection, helping reduce harmful methane emissions.
„Receiving the prestigious EIC Accelerator grant is a strong validation of our company’s vision and proof that Slovak companies can develop ground-breaking technologies. In less than 4 years, Sensoneo has become one of the top global smart waste management players, and our solution is already present in more than 50 countries. We are excited that the grant and equity funding from EIC will enable us to showcase the competitive edge of our solution in large-scale deployments and enrich our product portfolio, “ Martin Basila, CEO and founder of Sensoneo.
EIC Accelerator is a great opportunity to get equity-free funding and coaching support for global commercialization of disruptive innovations. With the significant number of successful applications of Horizon 2020 internationally, CIVITTA has developed impressive expertise and is a great partner to attract the funding.