The European Union has introduced the Trusted Investors Network to draw venture capital into deep-tech sectors like biotechnology and artificial intelligence. This initiative, announced at a meeting in Athens, aims to accelerate the EU’s technology ecosystem, ensuring it remains competitive with the United States and China.
A New Initiative to Support EU Startups
On October 21, EU Commissioner Iliana Ivanova announced the Trusted Investors Network during a meeting with Greek Prime Minister Kyriakos Mitsotakis. The goal is clear: to attract venture capital investments, particularly in sectors like biotech and AI. The network will support startups across Europe, with the EU gathering 71 investors who manage over €90 billion in assets. This commitment signals a significant push to invest in Europe’s deep-tech companies.
Ivanova emphasized the importance of this initiative in a series of posts on X, stating that the EU is joining forces with investors to boost innovation and scale up deep-tech startups through co-investment with the European Innovation Council (EIC) Fund.
Venture Capital and EU Competitiveness
This move aligns with recommendations from the European Central Bank, which has urged faster and larger investments in the EU tech sector. With venture capital increasingly flowing into tech giants in the US and China, Europe aims to keep up through initiatives like the Trusted Investors Network.
The EU’s regulatory landscape also plays a crucial role in fostering innovation. Recent efforts include the passage of the EU AI Act and the Markets in Crypto-Assets Regulation. Both regulations aim to create a safe and competitive environment for companies and developers to innovate within the EU marketplace.
Greece’s Growing Role in European Tech
The network’s launch in Greece underscores the country’s rising importance in the tech landscape. Greece has been making strides in innovation, with projects like Dronamics, which launched the region’s first cargo drone airline. The country is also set to open a $330 million AI data center in November, funded by Paris-based company Data4, a move expected to boost the local economy and the region’s digital ecosystem.
Additionally, Greece is developing its national AI strategy. In October, the Greek government formed an AI advisory committee, composed of experts in tech, ethics, and science, to guide the country’s efforts in this rapidly advancing field.
Aiming for Long-Term Growth
With the Trusted Investors Network, the EU is taking a bold step toward securing its place in the global tech race. By creating strong partnerships with investors and fostering innovation in key sectors, the EU aims to drive sustainable growth in biotechnology, AI, and other deep-tech industries.
This initiative is not just a boost for the European tech sector, but a critical strategy for ensuring Europe’s long-term competitiveness in an increasingly digital world.
