The EU establishes "Trusted Investor Network," investing $3.6 billion to support startups and promote AI development.

The European Innovation Council (EIC) recently announced the establishment of the Trusted Investors Network in Athens, Greece, aiming to attract more venture capital (VC) investors to participate in Europe's technology sector, especially in deep-tech industries such as biotechnology and artificial intelligence. It encourages EU member states to heavily invest in the technology industry to maintain a competitive edge.

Strengthening Risk Investment in the EU Technology Sector

European Innovation Commissioner Iliana Ivanova and Greek Prime Minister Kyriakos Mitsotakis officially launched a trusted investor network on 10/21. This initiative has attracted more than 50 European venture capital institutions aimed at promoting investments in the fields of biotechnology and AI-related semiconductors. The project not only supports startups but also encourages EU countries to invest in the technology industry, keeping Europe competitive in the global tech race.

The European Innovation Council (EIC) had previously selected 72 tech companies from EU member states to establish the EIC Scaling Club. As of now, this community has gathered 120 promising deep tech companies and pledged to invest over 90 billion euros, approximately 98 billion US dollars, focusing on investing in Europe's deep tech sector.

The EIC Scaling Club provides its members with fundraising support, leadership training, business collaborations, media exposure, and aims to help 20% of its members become unicorn companies. It covers six major market areas:

1. Agriculture and food technology
2. Energy storage
3. Cardiovascular treatment
4. Clean fuels and hydrogen energy
5. Biotechnology platforms
6. Space technology, etc.

Note: Unicorn companies refer to tech startups founded in less than 10 years with a valuation of over 1 billion US dollars but not listed on the stock market.

EU Actively Promoting Technology-related Regulations

Aside from attracting investments, the EU has also been proactive in setting technology regulations. Recent legislations include the EU AI Act and the Markets in Crypto-Assets Regulation (MiCA), providing a stable legal framework for technological advancement. The EU also convened around 1,000 experts from academia, industry, and civil society on 10/1 to draft an AI "code of practice" to regulate the development of AI technology.

The MiCA was unanimously passed by EU member states, and upon enforcement, stablecoins and cryptocurrency exchanges will be regulated.