Recently, the European Investment Fund (EIF) and the European Commission has set up a new fund with the aim of preventing the EU lagging behind nations like the US and China on blockchain and artificial intelligence (AI) innovation.
According to the post on Nov. 20, with the European Commission, EIF has launched a dedicated investment scheme that will make €100 million available to venture capital funds or other investors that support AI and blockchain-based products and services.
Moreover, with the cornerstone investments, the EIF also stated:
“We expect private investors will bring up to €300 million into the fund for AI and blockchain.”
The scheme is expected to allow co-investments with national promotional banks, which will increase the capital even further. The process will start from 2020.
Europe is always considered home to a world-leading AI and blockchain research community, with vibrant start-ups and a wide range of traditional industries looking to adopt innovative processes and models based on these technologies. However, investment levels in Europe have traditionally fallen those in the US and China.
Even though the EU is expected to spend is $674 million$674 million on blockchain technology in 2019, this is directed towards research and proof-of-concept stages. This would put it behind the United States ($1.1 billion), but ahead of China ($319 million), according to the International Data Corporation. And thus, the aim of the fund is to narrow this investment gap and support the development of innovation in this field.
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