EU Invests $1 Billion in Blockchain Tech and Artificial Intelligence

european union

A vehicle of the European Union called the European Investment Fund (EIF) has signed six equity agreements with venture capital funds to support businesses under the EU’s InnovFin Artificial Intelligence and Blockchain initiative. These agreements amount to more than $800 million available to support blockchain and AI startups across Europe through the equity funds in Austria, Finland, Germany, Luxembourg and the Netherlands. The fund will target B2B software, data/analytics, the Internet of Things, smart cities, automation, language and machine learning, software as a service, fintech, cybersecurity and the future of work. “It is a priority for Europe to be at the forefront of the development of artificial intelligence/blockchain technology in order to remain competitive and improve people’s lives, bringing major benefits to our society and economy,” EIF’s Chief Executive Alain Godard said before adding: “Europe is home to a world-leading AI and blockchain research community with vibrant start-ups and a…

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