To keep up with the rapid innovation in China and the United States, the EU is increasing its efforts to attract more venture capital (VC) into its IT industry.
At a conference in Athens, Greece, the Union introduced the Trusted Investors Network to draw venture money to deep-tech industries like biotechnology and artificial intelligence.
The union Commissioner Iliana Ivanova and Greek Prime Minister Kyriakos Mitsotakis met on October 21, and Ivanova announced the creation of the “Trusted Investors Network.” The program seeks to assist new businesses and increase technology industry funding.
Advancing EU technology
The Trusted Investors Network is dedicated to luring venture capital investments, emphasizing biotechnology and semiconductors to advance artificial intelligence.
According to Reuters, seventy-one investors from around the continent have signed on to the EU’s effort to invest in deep-tech companies, with assets valued at over 90 billion euros ($98 billion).
Ivanova wrote about the development on X in several postings. She said:
“The EU joins forces with investors to supercharge deep-tech startups and scale #innovation through co-investment with the #EUeic Fund. Shaping the future of European #DeepTech.”
The venture capital deals follow the country’s Central Bank report’s recommendations, which called for quicker and more substantial investments in the tech industry to keep it competitive.
The country has taken a proactive stance in securing comprehensive and sufficient laws concerning its technology sectors. It asserts that putting such rules in place will support businesses and developers in existing and safely introducing new ideas into the market.
The EU AI Act and the Markets in Crypto-Assets Regulation (MiCA) are examples of recent initiatives. They assembled a panel of international specialists on October 1 to write a “Code of Practice” for AI.
Greece increases its digital presence.
Establishing the Trusted Investors Network in Greece is evidence of the nation’s expanding innovation and technology sector.
Greece’s first drone airline operating for cargo was presented by Dronamics, an initiative funded by the EU Innovation Council.
In addition, a $330 million AI data center is set to launch in Greece in November due to funding provided by Data4, a Paris-based startup.
After Microsoft’s investment in a related project was announced in 2020 and just received ministerial clearance, the data center is anticipated to make a “significant contribution to the local economy and digital ecosystem.”
The Greek government announced in October 2023 the formation of an AI advisory committee, made up of some of the best tech, scientific, and ethics experts in the nation, to assist in developing a national plan.
