A New Dawn for AI and Blockchain: European Investment Fund Unleashes €100 Million for Innovation

Overview of the New Investment Scheme

In a monumental move to bolster technological advancements, the European Commission and the European Investment Fund (EIF) have announced a dedicated investment scheme. This initiative will unleash an impressive €100 million to venture capital funds and investors focused on artificial intelligence (AI) and blockchain technologies.

Goals and Expectations

The primary aim of this scheme is to catalyze innovation beyond the research and proof of concept stages. As outlined in a blog post from November 20, this is not just some loose change; it’s anticipated that this initial investment will unlock a whopping total of €300 million through private sector contributions.

Investment Trends in Europe

Europe has made quite a splash on the blockchain spending scene, with Western Europe projected to allocate around $674 million in 2019 alone. Although it sits snugly behind the U.S. ($1.1 billion) and ahead of China ($319 million), the focus tends to lean heavily towards research rather than heftier growth stages.

The Financing Gap

As the EIF notes, this unfortunate “financing gap” offers a ripe opportunity to back emerging technologies that could potentially reshape markets. With fewer venture capitalists ready to invest in the blockchain domain, many entrepreneurs find themselves heading across the Atlantic for funds, taking their groundbreaking ideas—and the economic potential they carry—along with them.

The Future of AI and Blockchain in Europe

Delving into specifics, starting in 2020, the EIF will deploy the pledged €100 million towards AI and blockchain ventures, creating a domino effect of investment that’s expected to total €300 million with private sector involvement. With additional support from national promotional banks, the financial muscle behind this initiative should grow substantially.

Keeping Innovation Home

This investment is crucial. By fortifying the blockchain and AI ecosystems within Europe, the EU hopes to retain valuable technologies and spur local entrepreneurship. Simply put, the game is on, and every tech enthusiast in Europe should be tuning in.

Rumblings of a Digital Euro

The excitement doesn’t stop at new funding—reports suggest that the European Central Bank is mulling the issuance of a digital Eurocoin. Could this be the cherry on top of Europe’s tech investment cake? Time will tell, but we can be sure of one thing: the future of AI and blockchain in Europe is looking bright!