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France ’s public investment bankannouncedthat it design to invest as much as € 10 billion ( around $ 10.3 billion at current exchange charge per unit ) in the unreal intelligence ecosystem in France . This annunciation add up a few twenty-four hour period before heads of commonwealth and global tech leader gather for theArtificial Intelligence Action Summitin Paris .
Bpifrance has been a key investor in the technical school ecosystem for the past 10 , handing out small grants to former - point startups , participate in big funding round in exchange for some equity , and also endow in VC business firm directly with its “ fund of finances ” scheme .
“ [ France ] already boasts 750 world - renowned AI inauguration . It has a satisfying ecosystem with the endowment and attainment needed to make a departure . Thanks to our investment and ongoing sustenance , we are beef up France ’s position as a ball-shaped player in this strategic battleground , ” Bpifrance CEO Nicolas Dufourcq ( pictured above ) said in a statement .
Bpifrance is already a shareholder in some of France ’s biggest AI startup , such asMistral , H , andPoolside(Poolside is technically found in the U.S. , though ) . It has also invested in smaller startups , such as Ekimetrics , Artefact , Braincube , and ChapsVision .
It project to double down with more massive rounds in the come year . The investiture firm names fundament poser , AI infrastructure company , and hardware company working on AI chips as key orbit of interest going forward .
The investment business firm also expects to invest inotherinvestment firms — namely VC firms that project to focalise on AI investments . For this strategy in particular , Bpifrance does n’t restrict itself to French investment firms . It is willing to invest in both Gallic and strange entity . Bpifrance namesElaiaandFrstas two VC business firm that have raised money from Bpifrance and enter in several AI - focalise investment rounds .
This investing commitment comes just a few minute after the United Arab Emirates and Franceannouncedthat they contrive to clothe as much as € 50 billion ( $ 52 billion ) to work up a monolithic AI data center in France with a capacity of up to 1 GW .
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There will likely be more announcement in the coming days as the AI Action Summit unfolds in Paris .
take our full coverageof the Artificial Intelligence Action Summit in Paris .
