21st June 2019, LONDON: Augnet, a London-based technology start-up set to revolutionise the SMS and messaging space, has announced it has been selected to receive much sought after funding from the European Innovation Council.
The “SME Instrument” is part of a European Innovation Council (EIC) pilot that supports top class innovators, entrepreneurs and small companies with funding opportunities and acceleration services. The scheme is aimed at market-creating innovations. Acceptance under the scheme was highly competitive – with 277 companies spread over 25 countries being selected out of 2,822 proposals in the latest round of the SME Instrument.
Daniel Gill, founder of Augnet, said:
“We are delighted to have received not only funding from the EIC, but also the recognition that comes with it.“
“Augnet was formed in 2018 and since then has received a lead investment from highly respected VC Triple Point and has been selected for the prestigious EIC grant, which is given to those the Council believe have what it takes to scale up and create new markets.“
“We are excited to take Augnet to the next level and are on track to show substantial growth by the end of 2019.”
The instrument grants a total amount of €13.7 million, spread across 274 projects. Funding covers drafting of business plans and feasibility studies.
The SME Instrument is part of a European Innovation Council (EIC) pilot, under the Horizon 2020 umbrella, the biggest EU Research and Innovation programme devoted to funding breakthrough discoveries and world-firsts by taking great ideas to the market.
Most companies selected for funding are in the field of information and communication technology (ICT), health and engineering. Most companies are based in Spain (46), Switzerland (23) and France (22).
The European Commission received 2,822 proposals for grant, from which 277 companies were accepted.
Augnet receives £1.3m investment led by Triple Point Venture Fund
Funds will be used to further develop the platform, support testing and invest in sales and marketing channels
Platform will enable the delivery of SMS messages from consumer-focused organisations to reduce fraud, cut costs and improve marketing features