Italy is moving towards becoming an economic powerhouse through investments in AI and cybersecurity.
On the 8th (local time), Italy’s state-run lending institution announced that the venture capital division of the Italian Cassa Depositors’ Association (Cassa Depositi e Prestiti, CDP) would invest 1 billion euros ($1.1 billion) in AI and cybersecurity over the next five years.
In a statement, CDP Venture Capital announced that it plans to invest 580 million euros ($629.79 million) in startups and provide an additional 300 million euros ($542.92 million) to companies prepared for overseas expansion.
Additionally, 120 million euros ($130.3 million) will be invested in technology transfer, a university research project.
This fund plans to invest a total of 8 billion euros ($8.68686 billion) during the period from 2024 to 2028.
Agostino Scornajenchi, the CEO of CDP Venture Capital, stated, “Italian innovation has firm roots and numerous scientific and technological priorities, and now, as we recover vision and competitiveness, we will return as a leading player in the international economy.”
In March, the government expressed its intention to establish an investment fund to promote AI projects supported by CDP. The fund will focus on AI’s impact on employment and inequality as part of its role as chair of the G7.
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