To support AI companies across Europe, the European Investment Bank (EIB) and the European Investment Fund (EIF) have co-investment of up to EURO 150 million. The initiative is part of the EU’s overall support to the European ecosystem of excellence and trust in AI and the Commission’s European Digital Strategy. It will mainly target companies in early or growth-stages, investing in the development of breakthrough AI applications and technologies that directly complement AI, such as Blockchain, the Internet of Things and robotics.
Thierry Breton, Commissioner for Internal Market stated that “Europe has all it takes to become a hub for cutting-edge developments in Artificial Intelligence. We have the talent and a wealth of industrial data – both of which will give us an important comparative advantage in AI if we use them wisely. We are putting a framework in place to leverage our strengths and build trust – including through clear and predictable rules.” (Source)
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This initiative marks a significant step forward in fostering AI innovation throughout Europe empowering companies with substantial financial support to drive technological advancements.
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