Start-up: Finapp awarded 3 million from the European Innovation Council

Finappthe deep tech start-up funded by Progress Tech Transfer – the investment fund launched by MITO Technology and dedicated to the enhancement of technologies in the field of sustainability – and owned by Tech4Planet And Credit Agricole Italywas among the two Italian winners of the cut off of March 2023 ofEIC Accelerator.

The spin-off company of the University of Padua, which develops and markets a revolutionary neutron sensor for detecting soil moisture, has been awarded a total loan of around 3 million euros, which will be used to scale up the probe commercially Cosmic Ray Neutron Sensing and support growth also on international markets.

Born from a proof-of-concept loan to Luca Stevanato’s team, Finapp is confirmed as best in class, with a technological solution destined to have a profound impact on the management of water resources. In fact, Finapp uses cosmic rays to measure soil moisture. In particular, the idea exploits ambient neutrons, by-products of cosmic rays, which invest our planet. The neutron interaction processes are described by mathematical models which allow us to trace the average amount of water present around the probe, not only in the ground but also outside the ground in the form of snow or biomass.

L’European Innovation Council (EIC) represents the main tool to support innovation promoted by the European Commission within the framework of Horizon Europe and, through the funding programme EIC Accelerator, offers support to start-ups and SMEs with an innovative product, service or business model that can create new markets or revolutionize existing ones. Finapp is one of the two Italian companies winners of this edition.