European Union launches ambitious €410m venture capital initiative to boost start-ups

European Union launches ambitious €410m venture capital initiative to boost start-ups

Speaking EC's Digital Day 2018 in Brussels this week, Ansip spoke about the importance of European Union countries positioning themselves as innovators in the blockchain space as well as artificial intelligence, and of the EC supporting them both politically and financially.

At the event, Andrus quoting Atomico - a British global technology investment company, claimed that Europe is "home to the world's leading AI research community", while the European technology sector claimed that Europe is "best positioned to play a leading role" in Blockchain as well.

Europe will not have a digital future if "adequate investment" is not ploughed into advancements such as blockchain and artificial intelligence, the vice-president of the European Commission has said.

The Commission said this was expected to unlock €6.5bn of new investment in innovative start-up and scale-up companies across Europe, doubling the amount of venture capital now available on the continent.

Ansip recognized blockchain technology and artificial intelligence as being two of the fields which the continent must commit to work on collectively.

All EU member states except for Croatia, Cyprus, Greece and Romania vowed to modernise national policies as part of an effort to develop large-scale AI research. A large number of Member States agreed to work together on the opportunities and challenges brought by AI. The afternoon session was dedicated to the Blockchain Partnership Initiative.

Oil gains on surprise drawdown in United States crude inventories
The US Energy Information Administrations still expects production to total 10.7 million barrels a day this year - a record. Departures from the accord would result in renewed sanctions against Iran, which would hurt its oil industry.

The partnership is tasked with allowing member countries to share experience and expertise in the emerging technology in order to create a path for a Digital Single Market that will benefit the private and public sectors.

"In the future, all public services will use blockchain technology".

"Blockchain is a great opportunity for Europe and member states to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies", Gabriel said.

Through the VentureEU programme, the European Union will fund six venture capital funds-of-funds to the tune of €410m with a view to the funds raising up to €2.1bn from public and private investors. Around £260m more is to be allocated to blockchain by 2020.

"In a globalized world where the big companies have a huge advantage over individual consumers, we need to level the odds", EU Justice Commissioner Vera Jourova said in a statement.

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