FASTinov and UBQ II are the most recent Portuguese SMEs in the Champions League of European innovation, with funded projects under Horizon 2020. More than 2 million euros of European funds that will foster the launch of disruption solutions developed by Portuguese companies.
FASTinov is an SME with ties to the Faculty of Medicine of Porto University, and has just become the first Portuguese company to coordinate a project funded under the Horizon 2020 Fast Track to Innovation program. Through this program, the European Commission aims to support disruptive ideas with significant economic potential. FASTinov’s project is one of the 16 selected out of 263 applications, and aims to launch a technology that takes less than 2 hours to establish the best approach to fight an infection. The consortium of partners led by FASTinov will receive from the European Commission 2,6 million euros to foster the market launch of this technology.
UBQ II is the second Portuguese SME funded through Fase 2 of the SME Instrument, one of the most popular and competitive programs of Horizon 2020, that aims to support SMEs with disruptive solutions and global ambitions. UBQ II is a micro company located in the Madeira region, that produces natural extracts from marine macroalgae. Out of the 16 proposals submitted under the blue growth topic, UBQ’s was the only to get funded. Its project, with a total budget of 1,1 million euros, will support the market launch of an iodine bio-extract with potential to address several endocrine system diseases.
Overall, the Portuguese participation in the SME Instrument has now reached 27 Fase 1 project beneficiaries, and two Fase 2, to which we can add four additional participants in Fast Track to Innovation projects. This translates now into more than 5 million euros in European funding for Portuguese companies.
The list of Portuguese SME instrument participants may be found here.