Italy Powers Up AI Ambitions with €1 Billion Investment Fund

Italy is revving up its artificial intelligence (AI) engine with a €1 billion investment fund spearheaded by CDP Venture Capital, a subsidiary of the state-backed financial institution Cassa Depositi e Prestiti (CDP). This public initiative aims to propel Italy's competitiveness in the global AI race.

CDP Venture Capital CEO Agostino Scornajenchi, speaking at a recent AI conference in Rome, revealed plans to leverage this initial €1 billion investment by attracting an additional €2 billion from private sector partners. This combined €3 billion war chest signifies Italy's commitment to fostering domestic AI development.

Italy's push for AI leadership extends beyond just funding. As the current president of the G7, Italy intends to spearhead discussions on the impact of AI on labor markets and social equality. Prime Minister Giorgia Meloni emphasized the importance of establishing ethical standards and safeguards for responsible AI development.

Further bolstering Italy's national AI strategy, Cabinet Undersecretary Alessio Butti announced forthcoming legislation and the creation of a dedicated agency to support these initiatives. This multi-pronged approach positions Italy as a frontrunner in shaping a future powered by ethical and responsible AI.