EU invests millions in UPTEC incubated spin-offs

The spin-off companies Smartex and Addvolt, incubated at the Science and Technology Park of the University of Porto- UPTEC, are shortlisted for the European Council of Innovation funding, with the total investment amounting up to Euro 278 million.

"Smartex and Addvolt are among the most promising start-up businesses", stated the European commission.

Smartex is a company designed to help textile manufacturers improve their production yields, thus reducing the production of defective products to nearly 0% and by providing monitoring and production software fit for Business Intelligence analysis.

Addvolt has developed the first plug-in electric system for the transport system. The start up's patented technology electrifies refrigeration units, by reducing fuel (diesel or gasoline) dependence, noise level and carbon emissions.

The main factor to be shortlisted as one of the 75 companies for this major investment round of the pilot phase of the European Council Innovation Accelerator is the innovative technology used.

Besides Smartex and Addvolt, the Portuguese company Ophiomics is also listed among the selected companies by the European Commission.