EU plans new Scaleup Europe Fund for AI and quantum tech
European Commission plans to use EU funds to buy stakes in artificial intelligence and quantum companies, according to Politico.
The Commission will create a new Scaleup Europe Fund next year, privately managed and co-financed by private investors, to counter U.S. dominance in tech. The fund addresses a “clear funding gap” for European companies scaling risky, capital-intensive technologies, with investments above €100 million.
The lack of scale-up capital poses risks for the EU, including loss of companies and critical technologies, according to the plan. A European scale-up with critical mass is needed to fill this gap and strengthen the EU’s economic security and tech sovereignty.
The fund will allow the Commission and investors to take a direct stake in companies operating in strategic sectors such as artificial intelligence, quantum technology, clean tech, semiconductors, advanced materials, and biotech. The European Innovation Council has already made such investments, but only for smaller companies just starting up.
The Commission also aims to let startups establish their business more quickly, possibly within two days, by introducing a new regime with “a single set of rules based on digital-by-default solutions” for setting up and scaling a company. The two-day incorporation model is inspired by business-friendly U.S. states such as Delaware.
Tech startups have long rallied against the lengthy processes of establishing their businesses, which they often have to repeat when scaling their businesses in new countries.
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