Grovf – an Armenian startup supported by EU4Business and engaged in the Internet of Things (IoT) and database hardware accelaration – has been awarded a grant from Horizon 2020 – the biggest EU Research and Innovation programme.
Grovf was supported and guided by the EU-SMEDA (Support to SME development in Armenia) project throughout the whole application process and this is now their second attempt to obtain an H2020 grant which has turned into success. At their first application, the company was awarded a Seal of Excellence, which is seen as a considerable achievement for the participating companies.
The startup will use the grant to further improve their product, concentrating on market and customer research, IP and phase 2 business plan.
Last year, Grovf took part in a Venture Forum for ‘Innovation Matching Grant’ applicants. It was one of 15 winning teams to receive financial support under EU-SMEDA project, aimed at innovative technology start-ups. In addition to the financial support, EU-SMEDA also provided the company with mentorship, networking opportunities, and expertise in innovation commercialisation strategies and business development, as well as linkages with potential investors. Last September, Grovf was one of 15 start-ups taken to Germany by SMEDA to take part in the Armenian Startup Academy Berlin (ASAB). The academy included 4 days of intensive trainings on investor readiness, business modelling, pitching, marketing and sales, individual meetings with potential partners, clients, and investors.
The EU4Business SMEDA (Support to SME Development in Armenia) project supports the improvement of the business and investment climate for SMEs in Armenia. It aims to strengthen the private sector, support SME coordination mechanisms, and foster links between research institutions and the private sector, as well as providing access to finance for SMEs.