Three Enterprise Ireland-backed companies have been selected and approved for a total of €24.3m in funding from the European Innovation Council (EIC) Accelerator Programme.

The EIC Accelerator Programme is part of the EU's Horizon Europe 2021-2027 Research and Innovation Programme.

It provides grant funding of up to €2.5m along with an equity investment ranging from €0.5-€15m in a blended finance offer.

The three successful Irish companies are ATXA Therapeutics, Peregrine Technologies and Ostoform Limited.

The Irish led projects cover areas including accelerating the clinical path of a modifying drug targeting cardiopulmonary disease, AI development and robotics targeting the WEEE recycling sector and the development of an appliance to improve the skin condition of ostomy bag users.

The EIC Accelerator supports individual SMEs, focusing on start-ups and spin-out companies to develop and scale up game-changing innovations.

In this second round of the 2022 EIC programme, 75 companies from 21 European countries were selected by panels of experienced investors and entrepreneurs to receive over €396m in funding.

Over 1,000 organisations applied, 265 of which were shortlisted for the interview phase.

Leo Clancy, CEO of Enterprise Ireland, said news of the funding for the three companies is a great success for Ireland and is testament to the capability and talent within the Irish research and innovation system.

"Start-ups, particularly in the deep-tech sector play a critical role in the development and growth of regional innovation ecosystems," Mr Clancy said.

"The three successful Enterprise Ireland applicants, working with the EIC, will be able to enhance their entrepreneurial capability and get the critical support required at this juncture in their development and scaling journey," he added.

Headquartered in Dublin, ATXA Therapeutics Limited is a clinical-stage pharmaceutical company which aims to bring innovative, life-changing treatments to the market and the patient, mainly for heart and lung diseases.

Its founder and chief executive Professor Therese Kinsella said the funding endorses it as a disruptive, deep-tech, innovative technology within the wider EC community.

"We believe it will be transformational in enabling us to fulfil our mission to bring accessible, affordable, and life-changing treatments for heart and lung diseases," she added.

Headquartered in Limerick, Peregrine Technologies is a clean-tech AI robotics company. It drives the circular economy, ensuring that e-waste is recycled in a safe, sustainable and profitable process driven by AI.

Its CEO Paudy O'Brien said that the EIC Accelerator funding will be a game-changer for the company as it scales FPD Recycling, its dedicated end-to-end solution for recycling flat panel displays.