Barcelona-based AI startup Restb.ai scores €1.7 million in Horizon 2020 EU funding

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Restb.ai, a Barcelona-based AI startup which provides image recognition for real estate, recently was announced as one of the winners of the European Innovation Council (EIC) pilot, which is part of the European Commissions Horizon 2020 programme. The young company now receives €1.7 million in funding and will also benefit from 12 days of free business coaching and acceleration services.

Restb.ai successfully passed the first and second stage of the application process in the beginning of this year. In the final step, the two Restb.ai co-founders presented their technology in front of an expert jury consisting of entrepreneurs, innovation experts and venture capitalists. In the end, Restb.ai was selected to be one of the 65 final winners – out of roughly 1,660 proposals.

The EIC pilot, as part of Horizon 2020 programme, aims to support top-class innovators, entrepreneurs, SMEs, and scientists that focus on technology and innovation. In total, the current phase of this initiative provides about €110 million to 65 startups and SMEs, while each company received up to €2.5 million. Italian SMEs were the most successful ones with 9 companies selected for funding. Followed by 7 companies from Spain and 5 businesses from Denmark, Germany and France. A complete list can be found here.

Founded in 2015, Restb.ai is a computer vision company specializing in image recognition for real estate. Their plug-n-play solution automatically tags and classifies property photos with real estate-specific information.