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HomeNewsItaly Plans State-backed Funds to Support Local AI Startups

Italy Plans State-backed Funds to Support Local AI Startups

The fund is budgeted for an initial amount of 150 million euros or 165 million dollars.

Italy is considering creating a state-backed fund to expand its domestic market in an effort to support local AI businesses. In order to encourage startup investments in AI, the Italian government intends to establish an investment fund supported by the state lender Cass Depositi e Prestiti (CDP).

The fund will first start with a small sum initially. It is budgeted for an initial amount of 150 million euros or 165 million dollars, according to a statement to Reuters. 

“This will promote study, research, and programming in AI in Italy,” according to Cabinet Undersecretary Alessio Butti. Despite the fact that a ban on ChatGPT in March may have caused some to change their minds on AI, it makes natural that the government would wish to encourage the creation of native AI.

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The restriction caused a stir throughout the European Union, drawing attention from a number of member states as AI quickly grows ahead of legislative requirements. In light of this, it would appear that the Italian government is worried about the same.

Butti claims that their administration is attempting to strike a delicate balance between the development of AI and human rights. “The government is looking at developments in artificial intelligence, an area where a balance between human rights and technological advancement must be struck,” he added.

It is obvious that the Italian government is trying its best to provide domestic AI businesses a competitive edge. According to Butti, “We aim to increase the independence of Italian industry and cultivate our own national capacity to develop expertise and research in such a strategic sector.”

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Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

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