The European Union is increasing efforts to draw more venture capital (VC) into its tech sector to keep pace with booming innovation in the United States and China.
On Oct. 21, EU Commissioner Iliana Ivanova announced the launch of the “Trusted Investors Network” during a meeting with Greek Prime Minister Kyriakos Mitsotakis. The initiative aims to support startups and boost investments in the tech sector across the EU.
Source: Iliana Ivanova
Boosting EU tech
The Trusted Investors Network focuses on attracting venture capital investments, particularly in the fields of biotechnology and semiconductors for artificial intelligence development.
According to Reuters, the EU has gathered 71 investors across the continent, with over 90 billion euros ($98 billion) worth of assets signed on to the initiative committing to invest in European 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 venture capital agreements align with recommendations from a European Central Bank report, which urged faster and larger investments in Europe’s tech sector to maintain its competitiveness.
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Europe has been active in its efforts to secure thorough and adequate regulations relating to its tech sectors. It claims that having such guidelines in place will help companies and developers exist and innovate safely in the marketplace.
Recent efforts include the passage of the EU AI Act and the Markets in Crypto-Assets Regulation (MiCA). On Oct. 1, the EU gathered a group of global experts to draft a “Code of Practice” for AI.
Greece expands its tech footprint
The launch of the Trusted Investors Network in Greece highlights the country’s growing role in tech and innovation.
One EU Innovation Council-supported project, Dronamics, introduced the region’s first cargo drone airline in Greece.
Greece is also opening a new $330-million AI data center in November, thanks to an investment from the Paris-based company Data4.
The data center is expected to make a “significant contribution to the local economy and digital ecosystem” and follows Microsoft’s investment in a similar project, which was announced in 2020 and recently gained ministerial approval.
In October 2023, the Greek government announced the creation of an AI advisory committee to help decide on a national strategy, which comprises some of the country’s top tech, ethics and science professionals.
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