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The European Union (EU) has initiated the Trusted Investors Network, geared at attracting venture capital to boost European technology startups, particularly in biotech and AI semiconductors. The initiative has gathered 71 investors with over €90bn ($98bn) to invest in European AI tech companies. This follows suggestions from a European Central Bank report advising swift and large-scale investments into Europe’s tech sector. The network was launched in tech-hub Greece, home to the EU’s first cargo drone airline and a soon-to-be-opened $330m AI data center.

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The European Union (EU) is stepping up its game to attract more money from venture capitalists (VCs) into its technology scene, trying to keep up with the tech innovations happening in the US and China. EU Commissioner Iliana Ivanova recently talked about the start of the “Trusted Investors Network” while meeting the Greek Prime Minister. The goal of this network is to help startups grow and increase tech investments across the EU.

The Trusted Investors Network is especially interested in getting venture capital money for projects in the areas of biotech and semiconductors for artificial intelligence (AI). So far, they’ve roped in 71 investors across Europe, who have over 90 billion euros ($98 billion) to spend on European tech companies focused on AI and other advanced technologies.

Ivanova posted on her social media about how the EU is teaming up with these investors to give a massive boost to tech startups and scale up innovation. The aim of this is to shape the future of European tech.

This new wave of investments aligns with advice from a European Central Bank report, which stressed the need for Europe’s tech sector to get bigger and quicker investments if it wants to stay competitive.

The EU actively looks to settle down proper rules for its tech sector, believing that having clear regulations will help companies and tech creators to thrive and innovate safely. This can be seen in the EU’s recent decisions, such as the passing of the EU AI Act and the Markets in Crypto-Assets Regulation. They even gathered a bunch of international experts to help write an “AI Code of Practice”.

The Trusted Investors Network was launched in Greece, a country that’s been growing its tech scene rapidly. An EU Innovation Council-backed project named Dronamics set up the first-ever cargo drone airline in the region recently. In addition, a new $330 million AI data center, funded by Paris company Data4, is planned to open its doors in November in Greece.

The AI data center is predicted to give a big boost to local economy and digital innovation. As a matter of fact, Microsoft is also invested in a similar project, which was announced last year and recently got approved by the authorities.

Back in 2023, the Greek government revealed their new AI advisory committee. Made up of the country’s top tech, ethics and science professionals, the committee’s task is to help shape a national strategy for the future.

Source: Cointelegraph