The EU's scientific research fund today said it has awarded a total of €10m in funding for five small Irish companies who wish to bring their ideas to market. 

The companies are Co Limerick-based DP DesignPro, Cork-based Luxcel Biosciences, Dublin's Axonista, Galway-based Slainte Beoga Teor and Altratech of Shannon.

The five Irish SMEs will receive EU grants of up to €2.5m each from the Horizon 2020 SME Instrument Phase 2 funding. 

This funding is designed for innovative small firms to get ideas from the lab to the market and help generate growth and jobs in Europe.

The five companies will also benefit from 12 days of business coaching.

This brings to 26 the total number of Irish SMEs to be granted Phase 2 funding under the SME Instrument since its launch in 2014