Romanian tech start-up Amsimcel raises 4.8 mln euro

Romanian deep tech start-up Amsimcel-HyperPV said it has raised 4.8 million euro ($4.68 million) in blended financing through the European Innovation Council (EIC) Accelerator, a funding program established by the European Commission.

Amsimcel was selected alongside 75 other European start-ups out of a pool of over 1,000 companies, it said in a press release on Monday.

Amsimcel will receive the funds in the form of grants (2.5 million euro), and an equity component (1.1 million euro) co-financed by an additional VC round (1.2 million euro), backed by existing and new investors. The company will receive the funds over the next three years.

“Funding of HyperPV by the European Innovation Council, one the most competitive EU accelerators in the world, is a recognition of the innovation proposed by Amsimcel. HyperPV will strengthen the European Semiconductor Ecosystem by bringing the much-needed disruption and solving the bottlenecks in the existing chip design flows,” said Catalin Tugui, Co-Founder and CEO of Amsimcel.

Amsimcel is a Romanian deep tech start-up established in 2017. The company is specialized in high-performance computing for accelerating integrated circuit design, deep learning, and verification of complex systems.

The European Innovation Council is an European entity with a budget of 10.1 billion euro, which aims to support game changing innovations coming from small and medium enterprises (SMEs). Its Accelerator program provides blended funding for a number of selected SMEs each year.