Vertikal AI receives EU grant
The European Commission's Horizon 2020 program awards the ‘SME Instrument phase 1 grant’ of 50.000 EUR to Vertikal AI.
EU program for breakthrough-innovations now benefits Vertikal AI
Vertikal AI was awarded a €50.000 grant under the SME Instrument Phase 1 program, with the project “PAVIMON”. The program is offered by the European Innovation Council (EIC), which supports innovators developing breakthrough innovations with the potential to create new markets and boost jobs, growth, and prosperity in Europe.
The SME Instrument funding success rate is relatively low, at around 8,4% for Phase 1 projects. Only the most convincing and excellent proposals can be funded after a thorough evaluation by multinational panels of technology, business, and finance experts. For the September 2019 call, the European Commission received 3.299 proposals and only 287 applicants received the grant - 14 of which came from Denmark.
PAVIMON will validate Vertikal’s growth potential
Vertikal AI is focused on the implementation of advanced artificial intelligence (AI) to analyze data from wind turbine sensor data streams. The aim is to increase the resource efficiency of signal analysis and improve predictive capabilities. The PAVIMON project is a feasibility study at technical, transformational and commercial levels - in its essence, an advanced business and market analysis.
"We are extremely pleased to receive this grant. The funding means that we can dedicate extra resources to conduct a thorough business analysis” Says Allan Larsen, CEO of Vertikal AI. “Project PAVIMON will also provide further evidence of our business potential to investors and help us break down potential barriers to growth".
The project is expected to be completed before March 2020.
Vertikal AI was established in July 2018 and is located in Vejle, Denmark.
About Vertikal AI:
Vertikal AI is an industrial artificial intelligence company that specializes in AI for predictive maintenance in Wind Power. We help our clients scale their O&M business through innovative software technologies.
Vertikal AI: https://www.vertikal-ai.com/
Contact Vertikal AI: firstname.lastname@example.org | +45 52 887 999
Vækstfonden is the Danish state's investment fund. The fund strives to improve access to risk capital to enable Danish businesses to innovate, and to generate growth and new jobs. In close collaboration with banks and domestic and international private investors, Vækstfonden finances companies from all sectors nation-wide. The fund can accompany companies for the entire journey – from the company’s infancy through growth phases to expansion abroad and even to an initial public offering.