Photo source: European Commission
The European Commission has unveiled InvestAI, an ambitious initiative designed to mobilize 200 billion euros for investment in artificial intelligence (AI). This includes a new 20 billion euros European fund aimed at developing AI gigafactories across Europe.
The fund’s goal is to establish a robust AI infrastructure to foster collaborative development of advanced AI models, positioning Europe as a global leader in the AI field.
The announcement was made by EU Commission President Ursula von der Leyen at the AI Action Summit in Paris on Tuesday. She likened the scale of the initiative to the establishment of CERN (European Organization for Nuclear Research), one of the world’s largest scientific institutions known for groundbreaking discoveries in particle physics. She highlighted that InvestAI aims to have a similar transformative impact in the field of artificial intelligence, fostering collaboration and innovation across Europe.
“AI will improve our healthcare, spur our research and innovation and boost our competitiveness. We want AI to be a force for good and for growth,” the Commission’s president said.
Targeted AI Investment
European Commission President Ursula von der Leyen speaking at the AI Action Summit. Photo source: European Commission
InvestAI will finance the construction of four AI gigafactories, each dedicated to training highly complex AI models. These next-generation AI systems require substantial computing power for breakthroughs in fields such as medicine and science. The gigafactories will feature cutting-edge AI chips — approximately 100,000, four times more than those being set up in current AI facilities.
In addition to the EU’s contribution, member states will also be able to allocate funds from their Cohesion envelopes, and the initiative will be supported by the EU’s existing digital funding programs, including Horizon Europe and Digital Europe.
AI innovation across Europe
Photo source: European Commission
The Commission’s broader AI agenda, presented in January 2024, aims to drive European leadership in AI through several key initiatives:
– Financial Support for AI: Horizon Europe and Digital Europe will back generative AI research.
– Talent Development: The Commission plans to invest in education and training programs to strengthen Europe’s AI workforce.
– AI Startups and Scale-ups: The Commission is encouraging public and private investment in AI startups, particularly through venture capital.
– Data Infrastructure: The development of Common European Data Spaces to support AI models.
– Industry Collaboration: The GenAI4EU initiative will foster the development of AI applications across various sectors, including healthcare, robotics, and manufacturing.
Greece among initial AI Factory locations
As part of this initiative, the Commission has selected seven AI factory locations across Europe. Greece is represented with the Pharos facility, based at GRNET in Athens. Other locations include Barcelona, Bologna, Kajaani, Bissen, Linköping, and Stuttgart.
A historical milestone
Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security, and Democracy, referred to the announcement as a “historical day” for AI in Europe. She underlined the transformative potential of AI gigafactories in enabling innovation and scaling up AI solutions in critical fields.
Looking ahead, the Commission will also establish a European AI Research Council to explore the untapped potential of data and support AI development. Later in 2025, the Commission will launch an Apply AI initiative to accelerate the adoption of AI across various industries.
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