EU approves €403 million in funding for companies to boost medical device innovation

BRUSSELS (Reuters) -The European Commission approved on Tuesday up to 403 million euros ($471 million) in public funding for 10 mostly small and medium-sized companies in a bid to support innovation in medical devices.

The funding is expected to unlock an additional 826 million euros ($966 million) in private investments to the companies, the commission said in a statement.

The commission said the projects are expected to create around 800 jobs and will include the introduction of new digital and artificial intelligence features in medical devices.

($1 = 0.8548 euros)

(Reporting by Makini Brice; Editing by Benoit Van Overstraeten)