The EIF (European Investment Fund) and the European Commission have partnered together to invest €100 million into a fund that has been created to boost the EU’s spending on blockchain technology and AI (Artificial Intelligence) innovation.
The fund will be focused on providing capital for blockchain and AI projects, with the intention to develop larger scale projects. The EU’s projected total spend on blockchain for 2019 is $674 million, however the EIF believes this is directed at research-type projects. The plan is to create an investment portfolio of blockchain and AI companies that will bring a community of investors together to innovate at a ‘national level’. The objective of the fund is to prevent the EU from falling behind the U.S. and China, who are sending enormous amounts on blockchain technology, with the U.S. spending the most with a reported $1.1 billion spend.
With a solid foundation of investment capital, the EIF has stated that an additional €300 million is expected from private investors. This could continue to rise as NPBIs (National Promotional Banks and Institutions) have the ability to co-invest under the new programme, with reports speculating funds reaching an astonishing €2.2 billion.
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