France’s Public Investment Bank announced It plans to invest up to 10 billion euros (about $ 10.3 billion in current exchange rates) in the artificial intelligence ecosystem in France. This announcement comes a few days before the leaders of state and global technological leaders gathered for the Summit of Artificial Intelligence in Paris.
BPIFRANCE has been a key investor in the technological ecosystem for the last decade, providing minor grants to newly established businesses, participating in large rounds of funding in exchange for certain shareholders and also investing in VC companies directly with the “Fund” Strategy Fund.
‘[France] It already has 750 world -renowned new AI companies. It has a stable ecosystem with the talent and skills needed to make the difference. Thanks to our investment and continuous support, we are strengthening France’s position as a world player in this strategic sector, “BPIFRANCE CEO Nicolas Dufourcq said in a statement.
BPIFRANCE is already a shareholder in some of France’s largest newly established AI companies, such as Incorrect; OR, and Beside the pool (The pool side is technically based on the US). It has also invested in smaller businesses such as Ekimetrics, ArtEfact, Braincube and Chapsvision.
Plans to double with more massive rounds in the coming years. Models of the Companies Investment Foundation, AI infrastructure companies and hardware companies working in AI brands as key areas of interest are moving forward.
Investment Company also expects to invest other Investment companies – that is, VC companies planning to focus on AI investments. For this strategy in particular, BPIFrance is not limited to French investment companies. It is willing to invest in both French and foreign entities. Names bpifrance Selves and FRST As two VC companies that have raised money from BPIFrance and participated in several rounds of investment focusing on the c.
This investment commitment comes just hours after the announcement of the United Arab Emirates and France that they plan to invest up to 50 billion euros ($ 52 billion) to create a huge AI data center in France with a capacity of up to 1 GW.
There will probably be more announcements in the coming days, as the AI Action summit unfolds in Paris.
