The European Commission and European Investment Fund (EIF) has announced that the agencies will be supporting blockchain and artificial intelligence (AI) projects in Europe with a new investment plan.
On November 20th, 2019, the organizations disclosed through a blog post that they will be driving innovation related to blockchain and AI by introducing a scheme to provide funding for these new technologies.
“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,” stated the blog post.
“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.’”
According to Cointelegraph, the organizations added that it will aim to drive blockchain and AI projects to be developed in a more practical way and for European-based projects to go “beyond the research and proof of concept stage,” as there is still a lack of use cases for these technologies.
The agencies also stated, “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.”
At the moment, few venture capital funds are investing in blockchain projects in Europe, resulting in blockchain startups looking to countries like the United States for funding.
However, with the new initiative, 100 million euros will be provided by the European Commission and EIF, with another 300 million euros expected to be raised from investors.
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