The European Commission and European Investment Fund (EIF) has launched a new investment scheme for artificial intelligence (AI) and blockchain in Europe.
On Nov. 20 an announcement was published in a blog post that reads:
“With the European Commission, we are launching a dedicated investment scheme that will make EUR 100m available to venture capital funds or other investors that support AI and blockchain-based products and services. Because these are cornerstone investments, we expect a total of EUR 300m to be generated for AI and blockchain from other private investors ‘crowding in.’”
Investment Primarily On Research
The project will be focused on development and growth beyond the research and proof of concept stage.
According to the data, Western Europe is expected to spend $674 million on blockchain technology in 2019. That makes it the second highest-spending region in the world while putting behind the United States ($1.1 billion), but ahead of China ($319 million).
Although the fund is directed towards research and proof-of-concept stages, with little to further development and growth. The organization notes:
“The blockchain and AI ‘financing gap’ in Europe presents an opportunity for the EIF to support these new technologies through its existing and future venture capital networks
Source: Cointelegraph | European Investment Fund