The European Union has unveiled the Trusted Investors Network, an effort to attract venture capital to deep-tech sectors such as biotechnology, semiconductors, and artificial intelligence. EU officials made the official declaration in Athens, Greece, during a conference on plans to stimulate expenditure in important areas of technology.
Drawing in venture capital money from all throughout Europe, the Trusted Investors Network seeks to hasten development. Through this network, 71 investors holding assets valued over 90 billion euros ($98 billion) have promised to help European deep-tech companies. Strengthening the EU’s competitiveness in the worldwide IT scene is projected to depend much on the effort.
Productive meeting with @PrimeministerGR Kyriakos Mitsotakis to discuss deepening cooperation on innovation and scaling efforts and 🇬🇷 progress.
— Iliana Ivanova (@Ili_Ivanova) October 21, 2024
Great to see growth in biotech & semiconductors with @EUeic-funded companies!#EUInnovation pic.twitter.com/54dR8CEOR8
EU Commissioner Iliana Ivanova underlined in a run of social media postings the value of co-investment between venture capital companies and the European Innovation Council (EIC) Fund. She underlined how this cooperation will enable deep-tech innovation and propel the expansion of innovative companies all throughout Europe.
This action aligns with a recent study’s recommendation that the EU should increase its technological investment to maintain its competitiveness in the global market. Aimed at creating a secure and creative environment for digital firms to flourish, it follows previous major legislative initiatives such as the Markets in Crypto-Assets Regulation (MiCA) and the EU AI Act.
Further underlined by the introduction of the Trusted Investors Network, Greece is also increasing its participation in the ICT sector. Projects like Dronamics, which brought Europe’s first freight drone airline, and a $330 million AI data center due to launch in November show the nation is making major technological advancements. Together with Greece’s AI advisory group, these developments mirror the country’s increasing sway in the tech scene of the area.
By means of these programs, the EU is establishing itself as a leader in deep-tech investment, therefore enabling European businesses to innovate and compete worldwide. A more tech-driven future for Europe depends critically on the Trusted Investors Network.
