European Investment Fund (EIF) and European Commission have launched new fund in $400 mln to let the EU not to lag behind the USA and China in blockchain and artificial intelligence (AI) development – investment platform has got to know.
EIF and European Commission invested more than $110 mln in the program, which allows making capital available for companies, working with AI and blockchain, through venture capital funds or other investors. By the way, EIF is going to take an indirect part in financing small and medium-sized enterprises.
Also, European Investment Fund expects that private investors will put about $331 mln into the project, and general capital fund`s sum will grow next year. As a result, thanks to investment program the fund may increase to $2.2 bln.
“Investing in a case of innovative companies, dealing with AI and blockchain, will help to create dynamic society of investors in the EU. Involving banks, we will be able to increase investments volume at the state level”, – EIF informs.
Let us note that this year the EU spending on blockchain made up $674 mln and was mainly aimed at research and proof of concepts. According to International Data Corporation, the United States spends the most on blockchain development – $1.1 bln, as well as China – $319 mln.