As a seasoned researcher with a keen interest in technology and innovation, I find the recent developments in the European Union’s tech sector particularly intriguing. Having closely observed the rapid growth of tech industries in the United States and China, it is heartening to see the EU stepping up its game with initiatives like the “Trusted Investors Network.
The European Union is stepping up its initiatives to attract more venture capital (VC) investments towards its technology industry, aiming to match the rapid technological advancements taking place in both the U.S. and China.
On October 21st, EU Commissioner Iliana Ivanova unveiled the “Reliable Investor Community” at a gathering with Greek Prime Minister Kyriakos Mitsotakis. This project is intended to foster the growth of startups and increase technology investments throughout the European Union.
Boosting EU tech
As an analyst, I’m tasked with the mission of drawing in venture capital investments, with a special emphasis on sectors that fuel advancements in biotechnology and semiconductors, pivotal for artificial intelligence growth. In simpler terms, we’re all about funding promising projects that contribute significantly to the field of AI.
Based on Reuters’ report, Europe has mobilized 71 investors totalling over 90 billion euros ($98 billion) in assets who have pledged to finance European businesses specializing in advanced technologies, often referred to as “deep tech” companies.
Ivanova highlighted the development in a series of posts on X. She stated:
“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 terms of the venture capital contracts conform to guidelines suggested by a European Central Bank report, emphasizing the need for quicker and more substantial investments in Europe’s technology industry to preserve its competitive edge.
Europe has taken an active role in establishing robust and comprehensive rules for its technology sectors. They argue that these regulations are essential for businesses and innovators to operate securely and thrive within the market, providing a safe environment for innovation.
More recent developments involve the enactment of the EU AI Act and MiCA (Markets in Crypto-Assets Regulation). On October 1st, the European Union convened a team of international professionals to create a “Guideline for Ethical Artificial Intelligence” (or Code of Practice for short).
Greece expands its tech footprint
Launching the Trusted Investors Network within Greece underscores the nation’s increasing significance in technology and innovation sectors.
A project backed by the EU Innovation Council, called Dronamics, launched the area’s initial cargo drone airline in Greece.
In November, Greece will debut a fresh $330 million AI data center, funded by the investment of the French firm, Data4, situated in Paris.
This new data center is anticipated to have a substantial impact on the local economy and digital infrastructure, much like the project Microsoft invested in previously, which received ministerial approval in 2020.
As an analyst in October 2023, I find myself at the heart of an exciting development: the establishment of a forward-thinking AI advisory committee by the Greek government. Comprising some of the nation’s brightest minds from the fields of technology, ethics, and science, this committee will play a pivotal role in shaping our country’s national strategy concerning artificial intelligence. I am honored to be part of this esteemed group tasked with guiding Greece into a prosperous future in the realm of AI.
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2024-10-21 17:34