€ 9 mln. for IMSystems’ Archimedes Drive from European Innovation Counsil
The European Innovation Council (EIC) invests a total of € 9 million in IMSystems to commercialize the Archimedes Drive. UNIIQ was one of the first to recognize the potential of this important technologie that is the first real breakthrough in the world of transmissions in over sixty years. IMSystems invented the Archimedes Drive, a new highly precise speed reducer technology which is fundamental to enable the creation of more accurate robotic technologies. With this funding, EIC shows the importance of automation improvement in further strengthening the position of Europe. After UNIIQ, InnovationQuarter participated in 3 follow-on funding rounds through its fund IQCapital.
“We are very pleased with this announcement of EIC,” says Jack Schorsch, Founder and CEO of IMSystems and inventor of the Archimedes Drive. “With this fund, the European Innovation Council recognizes the importance of investing in robotic technologies, which is vital for the growing demand of high precision industrial automation.”
The European Commission selected innovative deep tech start-ups after this year’s second EIC Accelerator cut-off in June. The companies were selected in a highly competitive process, which can be classified as the flagship of European investments. A total of 232 companies were interviewed by EIC juries out of a total of more than 1000 applications. The jury panel consists of industry leading experts, investors, and entrepreneurs throughout Europe. They thoroughly examine and evaluate each proposal provided by SME’s.
IMSystems will use this funding to further commercialize the Archimedes Drive. This means that the product catalogue will be extended, and furthermore, IMSystems will be able to adapt even quicker to worldwide market needs.