16 Nov 2020
R3 has gained another shareholder: European innovation network EIT Manufacturing has provided R3 - Reliable Realtime Radio Communications GmbH with €475,000 to acquire new warrants. This new funding will be converted into a corresponding R3 company share during R3’s next round of financing. EIT Manufacturing will also provide R3 with expert consultation to expand EchoRing business opportunities across Europe.
The EIT (European Institute of Innovation & Technology) initiative, founded by the European Union, provisioned a total of €60 million at the beginning of 2020 to ensure that promising European technology projects can continue operations seamlessly amidst the COVID-19 pandemic. Startups, scaleups and SMEs from all EU regions submitted their business cases in sector-specific evaluations. In the end, 207 innovation projects and ventures from numerous sectors throughout 32 European countries received funding, either as project-specific funding or as company shares.
The EIT Manufacturing category set aside 3,000,000 euros in pro rata funding for companies that could demonstrably deliver essential and sustainable contributions in securing the future of European manufacturing. Over 70 interested parties applied to this category in total, from which R3 and seven other applicants were selected in a multi-stage process.
The EIT jury, composed of representatives from several European venture capital firms, selected R3 on its EchoRing solution’s potential in wireless production facilities. The representatives agreed that EchoRing provides an essential breakthrough in improving the reliability and cost-effectiveness of Industry 4.0 manufacturing in Europe and beyond. The jury recognized that complex solutions such as EchoRing require years of continuous development to reach a return on investment, therefore operations must continue uninterrupted amidst the economic turmoil brought about by the COVID-19 pandemic. Last but not least, the jury praised the high technical competence of the R3 team and the demonstrably efficient use of capital provided to the company in the past by various other investors.
"EIT Manufacturing's decision in favor of R3 is a testament to the high potential that manufacturing companies already see in EchoRing technology," said Dr. Mathias Bohge, co-founder and CEO of R3. "Now it's important not to miss the boat despite adverse circumstances, and with EIT Manufacturing as our partner, we see ourselves in an excellent position to do so."
EIT Manufacturing will also receive an observer position on the R3 advisory board. EIT Manufacturing Business Creation Director Godwill Bancole, whose role is to support startups in Europe’s manufacturing technology sector, has been appointed as the initiative’s representative. Through this partnership with EIT Manufacturing, R3 is committed to continue the development EchoRing’s technology and expand distribution of EchoRing products to all regions of Europe.
About the European Institute of Innovation and Technology (EIT)
EIT Manufacturing is an association of 53 partners from 17 European countries. These include high-profile industrial corporations as well as universities, research institutes and government institutions. EIT Manufacturing’s primary goal is to increase European-based manufacturing long-term global competitiveness. EIT Manufacturing's activities are also directly integrated with innovation programs in seven other EIT categories such as EIT Digital, EIT Food, EIT Health and EIT Raw Materials.
About R3: Reliable Realtime Radio Communications GmbH
Founded in 2015, Berlin-based R3 - Reliable Realtime Radio Communications GmbH aims to revolutionize industry with high-performance wireless industrial data transmission. The company’s EchoRing solution combines the reliability of industrial cables with the flexibility of wireless networks, delivering latencies of under 5ms. EchoRing is suitable for a wide range of machine-to-machine (M2M) communication applications, including high-throughput manufacturing and automatic workplace safety features. EchoRing’s list of users already includes well-known companies such as Airbus, BMW and Kuka.
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