On Tuesday, the European Union announced it to invest $1.5 billion in AI by the year 2025. Their aim is to compete with the world’s leading countries US and China in tech.

EIC, the European Innovation Council will do the funding. This EU innovation and research programme also represents the surge of 200 million euros worth of investments in 2024. European politicians have been prioritizing the tech and AI sectors to boost the slow economy.

EU Commissioner Illianca Ivanova said in a statement that “The European Innovation Council has emerged as a game-changer in EU support to breakthrough innovation. In 2025, it will boost EU deep tech with even more resources, amounting to 1.4 billion euros from Horizon Europe, our research and innovation programme.”

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