Italy AI Startup Fund
Italy is embracing the exciting world of artificial intelligence (AI) with open arms. In a bid to become a leading global hub for AI, the Italian government is launching a €150 million fund to support AI startups. This initiative, backed by state lender Cassa Depositi e Prestiti (CDP), is part of Italy’s ambitious Strategic Program for Artificial Intelligence.
The goal is clear: Italy wants to foster the growth of AI within its borders by promoting research, study, and programming in this groundbreaking field. It’s understandable that politicians all across the world are paying careful attention given the rapid expansion of AI and automation. After all, AI has significant consequences for the economy, education, and national security. Striking a balance between technological progress and protecting human rights is crucial, as emphasized by Alessio Butti, Italy’s cabinet undersecretary.
CDP, through its venture capital arm known as CDP Venture Capital, will invest its considerable resources into the fund. While the exact allocation of the fund remains undisclosed, insiders suggest that it will be around €150 million. This substantial investment will provide the much-needed support for AI startups to thrive and flourish.
Italy is not alone in its AI aspirations. The value of fostering local AI talent has been acknowledged by several nations, including the UK. The UK government recently allocated £100 million to create a task force focused on the creation and uptake of safe AI technologies.
Italy’s Strategic Program for Artificial Intelligence, launched in 2021, outlines an array of policies to be implemented over the next three years. These policies encompass a wide range of initiatives, such as supporting domestic AI development, encouraging STEM subjects, attracting international researchers, and building robust data infrastructure for public administration. Additionally, the program extends specific assistance to startups in the GovTech sector, enabling them to address critical challenges within the public domain.
With the launch of the AI startup fund and a comprehensive national AI strategy, Italy is positioning itself as a key player in the global AI landscape. By fostering innovation, research, and expertise within its borders, Italy is primed to cultivate its own AI ecosystem and bolster its industrial independence in this strategically vital sector. Exciting times lie ahead for Italy as it ventures further into the realm of AI, paving the way for a future where human ingenuity and technological advancements harmoniously coexist.
