The European Investment Bank Group (EIB Group) has announced a new financing instrument to support companies working in and developing artificial intelligence systems and services in Europe. The co-investment facility will amount to EUR 150 million and get invested along other funds backed by the European Investment Fund (EIF). The focus will be on AI, as well as systems that complement that technology, such as Blockchain, the Internet of Things and robotics. The funds will be available in the European Union and in Horizon 2020 associated countries over the coming four years. By collaborating with private investors, the EIB Group expects to support 20-30 SMEs.
The EIB noted that Europe’s AI sector has a multibillion-euro funding gap compared with the US and China, and that the facility launched targets that gap. The new instrument is part of a larger initiative of the EIB Group and the European Commission to support the development of Europe’s digital future in areas such as high performance computing, quantum technologies and cybersecurity.
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