EIC ACCELERATOR PROGRAMME: €2.5 MILLION GRANT FOR TWINSITY
Your path to a faster and smarter inspection process with Twinspect
7. Juni 2023
Twinsity, the leading deep tech startup specializing in AI-based infrastructure inspection, is thrilled to announce its recent success in securing a € 2.5-million funding round from the prestigious European Innovation Council Accelerator (EIC). This significant achievement not only validates Twinsity's outstanding advancements but also drives the company towards further development and expansion on a global scale.
Twinsity has achieved special recognition in the highly competitive funding program for future-oriented innovations and its advanced work in the field of infrastructure monitoring. As a testament to their achievements, Twinsity is one of the few selectively chosen applicants (9%) to receive €2.5 million in funding, and is also selected as a prime example of success by the European Union. The EIC Accelerator serves as a springboard for breakthrough innovations, offering substantial support to innovative companies with ideas that possess the high market potential and the capability to revolutionize industries. This funding initiative, provided by the European Union, combines financial assistance and support services to empower companies that take risks, develop pioneering technologies, and contribute to a sustainable economy.
"We are incredibly honoured to receive this funding from the European Innovation Council Accelerator, as it reflects the immense potential of our AI-based automated inspection platform," said Fabien Chalas, Founder and CEO of Twinsity. "This investment will fuel our mission to transform the way large infrastructure is inspected and maintained, ultimately increasing operational safety and minimising risks. We are excited to continue empowering industries to thrive in a safer and more efficient manner."
Accelerating the inspection industry-
The funding from the European Innovation Council Accelerator will be instrumental in driving Twinsity's continued growth and enabling the realization of its ambitious goals. Twinsity plans to allocate resources towards enhancing its core technologies, accelerating research and development efforts, and expanding its team of industry-leading experts.
Theo Woik, Managing Partner from C3 Venture Capital, the first institutional investor in Twinsity, said: ”We were convinced from the beginning that Twinspect would be able to automate most of the work associated with large-scale infrastructure inspections. Twinspect has the potential to transform the infrastructure inspection industry, both by reducing costs 10-fold and by predicting maintenance needs on a regular basis. Drone-captured digital twins in combination with AI-driven analytics will be the industry standard in the near future; with the strong support of the EIC, Twinsity is accelerating the industry forward.”
As Twinsity embarks on this new phase of growth, the company remains committed to pushing the boundaries of what is possible in the deep tech sector. By leveraging the funding from the European Innovation Council Accelerator, Twinsity aims to strengthen its position as an industry leader, expand its global reach, and forge strategic partnerships with key players in the large infrastructure sector.
About Twinsity-
Twinsity is a pioneering technology company specializing in AI-driven solutions for infrastructure inspection, with a clear mission to enhance operational safety and extend the lifespan of critical infrastructure worldwide. Twinsity develops an advanced inspection platform that leverages artificial intelligence, drone technology, and digital twins to enable continuous, efficient, and data-driven monitoring of essential assets such as bridges and oil platforms. Twinsity's collaborative platform empowers expert teams to gain a comprehensive understanding of the condition of assets, to ensure accurate decision-making. With Twinspect, users can capture a complete inspection history over the entire lifecycle of assets, providing valuable insights and facilitating proactive maintenance planning. Twinsity is a privately held company based in Germany.
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