EU steps up venture capital investment in technology
Date: 2024-10-22 Author: Oliver Abernathy Categories: IN WORLD
On October 21, EU Commissioner Iliana Ivanova announced the creation of the Trusted Investor Network at a meeting with Greek Prime Minister Kyriakos Mitsotakis. The main goal of the program is to support startups and attract investment in technology projects across Europe.
Focus on deep technology and artificial intelligence
The Trusted Investor Network will aim to attract capital to the biotechnology and semiconductor sectors, especially in the context of the development of artificial intelligence. According to Reuters, the EU has already attracted 71 investors, signing agreements totaling more than 90 billion euros. These funds are planned to be used to develop deep technologies in Europe.
Commissioner Ivanova highlighted the importance of this step in her posts on X (former Twitter), where she noted that the EU is committed to supporting startups and innovation through co-investment with the EUeic fund. This approach, she said, will help strengthen Europe’s tech sector and its global influence.
The need for accelerated investment is also highlighted in a report by the European Central Bank, which points to the need for greater investment to maintain Europe’s competitiveness in the global tech market.
Regulation as a key element
European authorities are actively working to create a clear legal framework for the tech sector. Recent efforts include the adoption of the EU Artificial Intelligence Act and the Markets in Cryptoassets Regulation (MiCA), which aim to create a safe environment for the introduction of new technologies. An expert group was also convened in October 2023 to develop a “Code of Practice” for the regulation of artificial intelligence.
Greece as an emerging tech hub
The choice of Greece to launch the initiative highlights the country’s growing role in the tech sector. One example is Dronamics, which, with EU support, has created the region’s first cargo drone airline.
By November 2024, Greece plans to launch a new $330 million AI data center, which is being built with the support of French company Data4. This project will be a major step for the country, complementing Microsoft’s previously announced investment in a similar data center.
In addition, in 2023, the Greek government announced the creation of an AI committee to develop a national strategy in this area.
