EU-Startups has received exclusive investment data directly from our partners at the European Innovation Council (EIC), revealing the ten companies that secured the largest EIC Fund commitments during the first three quarters of the year.
From quantum computing and nuclear fusion to biotechnology and space technology, the total 85 investments made by the EIC in 2026 offer a closer look at where European public investment is flowing – with the top 10 representing the forefront of European innovation.
We’ve ranked the companies by their total EIC Fund commitments signed between January and September 2026, combining multiple investments in the same company and outlining EIC contributions from larger funding rounds involving other investors. Here are the ten biggest recipients so far!
€34.5 million
EnduroSat (Bulgaria): Founded in 2015 by Raycho Raychev, EnduroSat is a Bulgarian SpaceTech company making satellite technology accessible and affordable. The startup designs, manufactures and operates satellites, offering a satellite-as-a-service model that allows clients to deploy space missions without developing their own spacecraft.
Its €34.5 million EIC commitment was signed on 17 August 2026. The company subsequently announced a €182 million ($205 million) funding round in September, with the EIC among its backers.
€33.3 million
Reverion (Germany): Founded in 2022 as a spin-off from the Technical University of Munich, Reverion is developing reversible power plants that can generate electricity from gases such as biogas and hydrogen, while also converting surplus electricity into storable fuels. The company is working to make renewable energy available when solar and wind production cannot meet demand. Its EIC commitments total €33.3 million across two investments signed in June and August 2026.
EU-Startups covered Reverion’s €154.2 million Series B round in September 2026, which included participation from the EIC Fund alongside Kembara, Allianz, KfW Capital and other investors.
€30 million
Pasqal (France): Founded in 2019, Paris-based Pasqal develops quantum computers powered by neutral atoms manipulated using lasers. Its technology aims to tackle complex calculations in areas such as materials science, optimisation and pharmaceutical research. The company was co-founded by a team including Alain Aspect, the 2022 Nobel Prize winner in Physics.
Pasqal secured an EIC Fund investment of almost €30 million on 30 January 2026, when it was still a privately held quantum computing scaleup. The company subsequently went public on Nasdaq in August 2026, marking a significant milestone in its growth.
Focused Energy (Germany): Founded in 2021, Darmstadt-based Focused Energy is working to turn nuclear fusion into a commercially viable electricity source. The company uses powerful lasers to compress and heat fuel, pursuing a fusion process that could eventually generate electricity without the carbon emissions associated with fossil fuels.
The German-American startup secured an EIC commitment of almost €30 million in May 2026. That same month, it announced a €213 million ($240 million) Series A, with investors including RWE, SPRIND, Prime Movers Lab and the EIC Fund. The company aims to develop a laser-fusion power plant in Biblis, Germany, during the 2030s.
€25 million
SMART Photonics (The Netherlands): Founded in 2012 and headquartered in Eindhoven, SMART Photonics manufactures photonic integrated circuits, chips that use light to transmit and process information rather than relying exclusively on electrical signals.
Its indium phosphide technology has applications in telecommunications, data centres, artificial intelligence infrastructure and sensing. The company operates as an independent manufacturer, allowing customers to develop their own chip designs without building fabrication facilities.
SMART Photonics secured €25 million from the EIC Fund in May 2026. The investment comes as the company participates in efforts to expand European photonic chip manufacturing, including a new six-inch wafer pilot line in Eindhoven.
€20 million
Leyden Labs (The Netherlands): Founded in Amsterdam in 2020, Leyden Labs is developing nasal sprays designed to protect people against respiratory viruses, including influenza and coronaviruses.
Rather than relying entirely on traditional vaccination approaches, the company’s technology delivers broadly protective antibodies directly to the respiratory tract, where many airborne infections begin. Its research aims to develop protection against multiple viral strains, including emerging variants.
Leyden Labs received an EIC commitment of almost €20 million in April 2026. EU-Startups covered its €40 million funding round in June, which brought together the EIC Fund, Invest-NL, the Gates Foundation Strategic Investment Fund, ClavystBio and other investors.
€14 million
Quandela (France): Founded in 2017 near Paris, Quandela is building quantum computers that use photons, or particles of light, to process information. The company develops both the hardware behind these machines and the software infrastructure needed to make quantum computing accessible to researchers and businesses.
Its technology combines photonic processors, single-photon sources and cloud-based computing services. In April 2026, the company reached another milestone with the inauguration of Lucy, a photonic quantum computer installed at France’s CEA computing centre.
Quandela secured an EIC Fund commitment of almost €14 million in July 2026.
€12.5 million
AURA AERO (France): Founded in 2018, Toulouse-based AURA AERO is developing lower-emission aircraft, including electric training planes and hybrid-electric regional passenger aircraft.
Its product portfolio includes the INTEGRAL family of aircraft and ERA, a proposed hybrid-electric regional airliner. The company is also developing unmanned aerial systems as it works towards expanding production in Europe and the United States.
AURA AERO received an EIC commitment of almost €12.5 million in March 2026. In April, it announced a €50 million Series B round, backed by the EIC Fund, Bpifrance’s French Tech Souveraineté fund, Safran Corporate Ventures, Innovacom and other investors.
Quobly (France): Founded in 2022 in Grenoble, Quobly is developing silicon-based quantum computers using semiconductor manufacturing techniques. A spin-off from CEA-Leti and CNRS, the startup aims to make quantum processors easier to manufacture and integrate into existing computing infrastructure.
Its approach uses silicon qubits built with industrial semiconductor processes, potentially helping quantum computing move beyond specialised research environments.
Quobly secured an EIC Fund commitment of almost €12.5 million in May 2026. EU-Startups covered its €115 million Series A round in June, led by Bpifrance, SEALSQ and STMicroelectronics, with participation from the EIC and other investors.
Proxima Fusion (Germany): Founded in 2023 as a spin-off from the Max Planck Institute for Plasma Physics, Munich-based Proxima Fusion is developing nuclear fusion power plants using stellarators, magnetic confinement devices designed to hold extremely hot plasma in place.
The company is working towards its Alpha demonstrator, a major step in testing the technologies needed for commercial fusion energy. Its longer-term ambition is to develop power plants capable of delivering electricity at scale.
Proxima Fusion secured an EIC commitment of approximately €12.48 million in July 2026. EU-Startups covered its €411 million financing round that same month, with participation from the EIC Fund alongside investors including XTX Ventures, East X Ventures, RWE and Google.
More Information
Together, these ten companies account for approximately €224.1 million in EIC Fund investment commitments signed during the first nine months of 2026.
Interested in learning more about the EIC? Watch our interview with Momchil Sabev, Director of the European Innovation Council and SMEs Executive Agency (EISMEA).
Editor’s Note: Exclusive EIC Fund investment data shared with EU-Startups, covering Q1, Q2 and Q3 2026. Amounts have been rounded for readability, with rankings determined using the original commitment figures. These figures represent EIC Fund commitments rather than total funding rounds or confirmed cash disbursements.
