- The venture capital arm of Cassa Depositi e Prestiti (CDP), Italy’s national bank, will invest €1 billion ($1.1 billion) in AI and cybersecurity over the next five years.
- The government has announced its intention to set up an investment fund focused on the impact of AI on employment and inequality.
- CDP Ventures will invest €580 million in start-ups and another €300 million will be available to companies preparing to expand overseas.
Italy investment fund to support AI
The venture capital arm of Cassa Depositi e Prestiti (CDP), Italy’s national bank, will invest €1 billion ($1.1 billion) in artificial intelligence (AI) and cybersecurity over the next five years.
In March, the government announced its intention to set up an investment fund to promote projects in the field of artificial intelligence, with CDP’s support, as part of its broader push as chair of the Group of Seven (G7), focusing on the impact of AI on employment and inequality.
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Composition and function of funds
CDP Venture Capital will invest 580 million euros in start-ups and another 300 million euros will be available to companies preparing to expand overseas, CDP Venture Capital said in a statement.
Another €120 million will be spent on so-called “technology transfer”, mainly for university research projects.
In the period 2024-2028, the fund plans to invest a total of 8 billion euros. Agostino Scornajenchi, CEO of CDP Ventures, said: “With its strong roots in innovation and numerous scientific and technological firsts, it is time for Italy to regain its leading role in the international economy and restore its vision and competitiveness.
