The Innovation Fund awarded EUR 9.6 in support


The Innovation Fund, after evaluating applications, has approved funding support in the total amount of EUR 9.6 for 41 projects of innovative companies in the first phase of the IPA project Increasing Innovation Capacities and Growth of Small and Medium Enterprises.

A total of 284 applications were submitted to the public call for the Mini Grants, Matching Grants and the Collaborative Grant Scheme Program. Out of that number, funding was approved for 27 projects of companies in the early stages of development, eight projects of established companies, and six for joint projects of companies and R&D organizations. Depending on the program, innovative projects are supported with grants of up to EUR 120,000 and up to EUR 500,000.

Applications of the approved projects cover various fields, including ICT, mechanical engineering, electronics and environmental protection. Innovative companies will use grants for the development of new or improvement of existing products, services, or technologies, which will contribute to their growth and increased competitiveness. In addition to the application of technical knowledge in the development of innovations, their main task is to follow market trends and build partnership relations with potential investors.

Together with the Ministry of Science, Technological Development, and Innovation and the European Union, supported by the CFCU (Department for Contracting and Financing of EU Funded Programs, Ministry of Finance), the Innovation Fund continues to improve Serbia's innovation environment. In the second phase of the IPA project, additional financial resources of EUR 10.3 were secured. The public call for innovation development in the private and academic sectors is open until April 1, 2024.

The Innovation Fund congratulates the awarded companies and wishes success in the implementation of innovative projects.


Review of approved innovative projects

Mini Grants Program


Project name: Spotter

Town: Beograd

Industry: Software and application development

Project value: EUR 152,566 

IF participation: EUR 106,796

About the project: Spotter is a web platform that simplifies the college recruitment process, by providing direct contact between US universities and talented athletes worldwide, with advanced tools for efficient talent discovery and evaluation.



Project name:  BIFROST HEMP “OKИ” POT

Town: Јagodina

Industry: Green Technologies

Project value: EUR 110,010 

IF participation: EUR 77,007

About the project: Bifrost is empowering plant nurseries and agricultural producers to reduce plastic waste and promote a greener future by offering biodegradable replanting Hemp "OKИ" pots made from industrial hemp.



Project name: OPTIMUS: Revolutionizing Water Well Rehabilitation Through Automation

Town: Belgrade

Industry: Hydrogeology

Project value: EUR 130,875 

IF participation: EUR 90,875

About the project: Optimus is an innovative solution designed to drastically improve the efficiency and safety of the water well rehabilitation process. It offers a new method of treating water wells that combines its proprietary method with process automation. Optimus reduces the water well regeneration cycle from seven to three days, decreases the need for human intervention, and provides significant cost savings by reducing labor and operational downtime.



Project name: PlantYsense

Town: Belgrade

Industry: Smart farming

Project value: EUR 120,092

IF participation: EUR 84,062

About the project: Veles Sense leverages AI and imaging technology to create early grapevine disease detection software. Our solution enables farmers to identify issues before they're even visible to the naked eye, leading to cost savings, streamlined processes, and an extended window for effective plant treatment.



Project name: Brand Social Value (BSV): Revolutionizing Branding and Social Media Strategies with AI- Powered Analytics

Town: Belgrade

Industry: Internet technologies

Project value: EUR 172,000

IF participation: EUR 120,000

About the project: Brand Social Value (BSV) is an AI-powered platform enabling marketers to create and analyze brand personas and social media marketing strategies, pretesting marketing content reactions for different customer segments before public release.



Project name: Yield Hunter MVP

Town: Belgrade

Industry: ICT

Project value: EUR 166,905

IF participation: EUR 116,755

About project: The Yield Hunter provides increased efficiency, performance, savings, security and comfort of the manual fruit harvesting process by using Artificial Intelligence and wearable technology.



Project name: Appcraft AI

Town:  Belgrade

Industry: Artificial Intelligence

Project value: EUR 171,418 

IF participation: EUR 119,992 

About the project: Appcraft AI is a software that allows small businesses and entrepreneurs to create and publish their web applications that utilize Generative Artificial Intelligence without having to write a single line of code.



Project name: Wafian

Town: Novi Sad

Industry: ICT/Blockchain

Project value: EUR 154,732

IF participation: EUR 108,312

About the project: Wafian is a groundbreaking software solution for the live events industry, leveraging NFTs and blockchain to eradicate ticketing fraud, revolutionise user data monetisation through rewards, and amplify market reach for promoters, performers and sponsors.



Project name: OSOI – One Source of Information

Town: Novi Sad

Industry: ICT

Project value: EUR 171,800

IF participation: EUR 120,000

About the project: OSOI is an all-in-one software for builders, designed to bridge the communication and operational gap between the office and on-site teams, by offering one source of information, simplified communication and efficient teamwork.



Project name: Retrievable Check Valve

Town: Novi Sad

Industry: Oil and Gas Production

Project value: EUR 171,270

IF participation: EUR 119,010

About the project: Fluid backflow patent-solution designed for oil and gas production aiming at achieving benefits equivalent to potential production loss, including elimination of costly and hazardous well workover



Project name: Advanced Development Platform for Applied Artificial Intelligence

Town: Belgrade

Industry: ICT

Project value: EUR 114,000 

IF participation: EUR 79,800

About the project: Deep Netts is an artificial intelligence development platform that significantly accelerates and simplifies the development of solutions based on artificial intelligence and their integration into software products. Using the Deep Netts development platform enables greater productivity in software development with artificial intelligence, lower total costs and risk reduction in the introduction of innovations based on artificial intelligence.



Project name: SENSEi ECO

Town: Belgrade

Industry: Chemical industry

Project value: EUR 155,480 

IF participation: EUR 108,013

About the project:  SENSEi ECO has developed an innovative air freshener made of cork and essential oils, natural, sustainable and biodegradable materials, designed to reduce the negative impact on the environment.



Project name: Ant Weld Cleaner

Town: Niš

Industry: Manufacturing industry

Project value: EUR 114,955

IF participation: EUR 78,955

About the project: Ant Weld Cleaner is a machine for electrochemical cleaning, polishing and corrosion protection, which speeds up the work process, reduces production costs and increases productivity - due to the innovative Intelligent Surface Sensing technology. Ant Weld Cleaner integrates into various industries, from auto manufacturing to food processing.



Project name: Quality Control Workstation for Industrial Leather Hides Using AI

Town: Kragujevac

Industry: The leather industry

Project value: EUR 161,755

IF participation: EUR 113,242

About the project: The company Digitalleather Ltd. is developing a prototype FHP1-25 technical solution for detecting defects in industrial leather to optimize the utilization of entire industrial leather in the production process of leather goods in the production process of leather goods



Project name: RapidUp

Town: Belgrade

Industry: ICT

Project value: EUR 173,770

IF participation: EUR 120,000

About the project: RapidUp, an AI-driven cloud SaaS solution, rapidly generates comprehensive project and technical documentation by maximally utilizing existing content from various sources. This innovative platform simplifies and accelerates the creation of technical and project documentation, providing businesses with an efficient and streamlined solution.



Project name: Be kind, rewind

Town: Belgrade

Industry: Gamification

Project value: EUR 170,540 

IF participation: EUR 119,340

About the project: "Be kind, rewind" is an online desktop and mobile board game, based on the nostalgic aesthetics of the 1980s, which, like the legendary DeLorean car from the movie "Back to the Future," transports players to the most memorable decade in pop culture history.

Our solution is a video game with a unique strategic and economic system, bridging the gap between the physical and digital worlds to create a superior experience in the independent video and board game industries.



Project name: Promogation MVP to market

Town: Belgrade

Industry: ICT

Project value: EUR 113,000

IF participation: EUR 79,000

About the project: Promogation is building a digital proximity marketing tool for retail, that offers precise performance analytics and shopper behavior data while improving overall shopper experience and satisfaction in supermarkets. This is a 12-month project that involves finalizing a critical navigation tracking feature with the expertise of an Android engineer and collaborating with an external partner to prototype and manufacture the hardware device that will power the smart grocery retail solution.



Project name: Development of Innovative Fruit Harvester

Town: Kragujevac

Industry: Agriculture

Project value: EUR 169,950

IF participation: EUR 118,965

About the project: A fruit harvester based on a branch shaker and fruit collector, including significant innovations, which allows small and medium-sized fruit growers to harvest much faster, easier and more profitably, with minimal initial investment and minimal operating costs.



Project name: LeanOn: All-in-one solution for online personal trainers and fitness brands

Town: Belgrade

Industry: ICT

Project value: EUR 187,000 

IF participation: EUR 120.000

About the project: LeanOn is a no-code fitness and nutrition app builder that allows personal trainers and fitness brands to create their own fully customisable mobile apps in days, rapidly grow their audience and monetise their knowledge through a highly personalised user experience



Project name: Development of Instrument Transformer Sense

Town: Belgrade

Industry: Energy sector

Project value: EUR 170,964

IF participation: EUR 119,599

About project: Measuring system for live line high voltage fast screening of instrument transformers metrology properties in real operating conditions.



Project name: Farmers Assistance Platform (F.A.P.)

Town: Aleksinac

Industry: ICT

Project value: EUR 147,460

IF participation: EUR 103,222

About the project: F.A.P. -present software (mobile app) for precise detection of plant diseases and insects with recommendations on how to solve them with the right pesticide and application moment.



Project name: Strategies via API

Town: Belgrade

Industry: Fintech

Project value: EUR 172,520

IF participation: EUR 120,000

About the project: With the “Strategies via API project”, the aim of the startup is to offer their investment strategies via API to other crypto investment platforms.



Project name: MusicGuru

Town: Vršac

Industry: Video games

Project value: EUR 116,100 

IF participation: EUR 79,100

About the project: MUSIC GURU is an immersive virtual world made for all music lovers where they can have fun by playing their favorite songs on various instruments either individually or with their friends in front of an audience, to learn from or lecture others, or just to hang out.



Project name: Power Electronics Research KIT (PERK)

Town: Belgrade

Industry: Power Electronics

Project value: EUR 171,450

IF participation: EUR 118,950

About the project: PERK represents a modular research and development platform tailored for the power electronics industry. The project aims to provide both large enterprises and smaller companies with the essential resources to streamline and expedite hardware development processes.



Project name: DigiPro - next-generation manufacturing execution system

Town: Čačak

Industry: ICT

Project value: EUR 185,000

IF participation: EUR 120,000 

About the project: The project is focused on further development of the DigiPro MES solution. DigiPro MES is an Industry 4.0 based solution for SMEs. It represents the next-generation Manufacturing Execution System developed to improve the efficiency of production systems of small and medium enterprises through monitoring and management of production resources in real-time.



Project name: Wearable Flexible Electrostatic Clutch for haptic feedback

Town: Belgrade         

Industry: Biomedical engineering

Project value: EUR 176,000

IF participation: EUR 118,800

About the project: Development of a haptic glove for active force feedback in VR interactions, based on the electrostatic clutch principles, implemented through printed flexible electronics.



Project name: Safety real time

Town: Belgrade

Industry: ICT

Project value: EUR 173,000

IF participation: EUR 120,000

About the project: Safety real time is a Belgrade-based software system that represents an innovation in vehicle fleet safety and maintenance in the transportation industry. The technology assists businesses in harmonizing all procedures so that each individual vehicle meets all safety standards, hence contributing to fewer accidents on the road.


Matching Grants Program


Project name: DKK 260/6 Innovative Wide-range Combined Rotary Mower

Town: Boljevac

Industry: Production of machines for agriculture and forestry

Project value: EUR 1.010.338

IF participation: EUR 500.000

About the project: Innovative wide-range combined rotary mower FPM DKK 260/6 - Intended for mowing on uneven and muddy terrain with an automated hydraulic shock absorber that gives the ability to adapt to extremely uneven terrain with the installation of a mechanism for additional conditioning and crushing of the grass to further accelerate the drying of the mowed grass.



Project name: Rotary servo punch press

Town: Obrenovac

Industry: Production of machines for processing steel

Project value: EUR 793,334

IF participation: EUR 476,600

About the project: Construction of the innovative rotary servo punch press of high energy efficiency for perforation of sheet metal with a roller knife. This press has far higher performance and electricity savings compared to standard hydraulic presses.



Project name: SUMA – superior logistics software for agricultural trade goods

Town: Belgrade

Industry: ICT

Project value: EUR 695,700

IF participation: EUR 486,775

About the project: SUMA is a digital AI-enhanced logistics platform that helps companies in the agricultural trade goods chain make timely decisions, maximize productivity and increase revenue.



Project name: Buckwheat Max (BWM)

Town: Kragujevac

Industry: Food Safety

Project value: EUR 678,880

IF participation: EUR 475,216

About the project: BWM is a production line that uses specifically designed tools that provide separating buckwheat grain from toxic plant and husk with very high precision and secure extremely healthy, gluten-free product with rich nutritional value.



Project name: Surgical Super-Elastic (SE) Needle

Town: Belgrade

Industry: Medical Devices manufacturing

Project value: EUR 600,371

IF participation: EUR 419,570 

About the project: SE Needle is an innovative surgical super-elastic (SE) unbreakable medical needle with a memory effect, made of a special material, Nitinol (a metal alloy of nickel and titanium), intended for various surgeries where laparoscopic methods are used.



Project name: AI Powered Consultants Knowledge Hub

Town: Beograd

Industry: Management and IT consulting

Project value: EUR 639,000

IF participation: EUR 426.855

About the project: AI Powered Consultants Knowledge Hub is designed to transform the consulting industry by addressing the unique challenges of small and boutique consultancies, deploying advanced AI models for creating customized consulting documents, and integrating productivity tools to streamline workflows.



Project name: Scorpion Edge Discs

Town: Stara Pazova

Industry: Manufacturing of abrasive products

Project value: EUR 718,840

IF participation: EUR 500,000 

About the project: Development of an innovative high capacity production line for advanced abrasive cutting discs with improved formula, delivering high-quality, durable cutting discs for unparalleled precision and performance.



Project name: Termomax HVAC system

Town: Indjija

Industry: Production of HVAC systems

Project value: EUR 833,414

IF participation: EUR 500,000 

About the project: Development of the innovative Termomax HVAC system consisting of 75mm of insulation, with a unique formula that adheres to European Energy Efficiency, safety, and ecological standards and specialized packing technology for safe transportation and storage.


Collaborative Grant Scheme Program

Project: Moonstone Monitoring System

Consortium leader: LABORATORIJA

Main partner: Faculty of Pharmaceutical Sciences, University of Belgrade

Town: Belgrade

Sector: Pharma

Project budget: EUR 714,880

IF participation: EUR  500,000

About the project: Moonstone Monitoring System is a predictive quality control solution that provides the complete pharmaceutical chain with real-time monitoring and analysis of the pharmaceuticals' production and distribution environments, supporting complete distribution compliance requirements.


Project: CardCore - Mastering Modern Loyalty

Consortium leader: CORNERSTONE CXS

Main partner: Faculty of Economics, University of Belgrade

Town: Belgrade

Sector: Fintech

Project budget: EUR 711,260

IF participation: EUR 497,882

About the project: The project offers a revolutionary loyalty program platform, seamlessly integrating with Android OS POS terminals, that leverages credit card transactions to enhance user experiences for businesses and customers alike. The goal of the project is to provide businesses with an efficient, cost-effective loyalty program, eliminating the complexities of traditional systems and reducing fraud risks.


Project: ClaimEase® Pro

Consortium leader: MM STUDIO LABS

Main partner: Faculty of Security Studies, University of Belgrade

Town: Belgrade

Sector: ICT

Project budget: EUR 752,166

IF participation: EUR 499,666

About the project: ClaimEase® Pro isn't just an Enterprise B2B product; it's a movement toward a future where insurance processes are seamless, personalized, and secure. This project represents a significant advancement over ClaimEase®, offering a sophisticated solution for insurance companies to bring the most accurate policies to their customers in real time. ClaimEase® Pro enables insurers to insure everything their customers need by calculating the most relevant and competitive offer.


Project: Green Goody – Innovative Osmotic Fruit Dehydration System

Consortium leader: JR TEMPO FOODS

Main partner: Faculty of Engineering, University of Kragujevac

Town: Trstenik

Sector: Food industry

Project budget: EUR 693,536

IF participation: EUR 485,475

About the project: Development of an innovative osmotic fruit dehydration system for maximum retention of product characteristics and values.


Project: LVM DERMS - next gen low voltage measurement system for distributed networks


Main partner: Institute of Electrical Engineering Nikola Tesla

Town: Belgrade

Sector: IoT, Electrical engineering

Project budget: EUR 753,030

IF participation: EUR 500,000

About the project: A novel type of IOT system for monitoring and managing the low-voltage distribution network and distributed sources of electrical energy, which provides drastical improvement of cost efficiency to electricity producers and distributors, optimal network maintenance planning, downtime reduction, and thus customer satisfaction increase.


Project: GreenCycle - Pioneering Organic Fertilizer Solution

Consortium leader: COMPOSTING

Main partner: Faculty of Mechanical Engineering, University of Niš

Town: Smederevo

Sector: Environmental protection

Project budget: EUR  705,006

IF participation: EUR  493,504

About the project: Development, patenting, and commercialization of an innovative line that transforms organic waste into high-quality organic fertilizer, offering a sustainable solution that addresses environmental challenges, improves agricultural performance, and promotes economic efficiency.


Direct Grant -  Increased innovation capacity and growth of SMEs is signed between the Innovation Fund and Ministry of Finance - the Department for Contracting and Financing of EU Funded Programs (CFCU) provides funds for the continuation of Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program.

The total budget of the Direct Grant Agreement is EUR 26 million, of which EUR 16 million is from the European Union Pre-Accession Assistance for 2019 (IPA 2019) and EUR 10 million is from the budget of the Republic of Serbia, under the Ministry of Science, Technological Development and Innovation.

The amount allocated for financing approved projects under the Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program financed under this Direct Grant Agreement is EUR 20.6 million. More about the project can be found on