European Innovation Council Boosts Deep Tech Ventures with €1 Billion Investment
To date, the EIC Fund, managed independently with the European Investment Bank as the investment adviser, has facilitated significant co-investments. The global AI market, closely linked with deep tech, is expected to grow significantly, driven by advancements in AI technologies. However, the development of AI faces challenges like data availability, quality, and biases in AI outputs.
The global artificial intelligence market, a key area of deep tech, was valued at USD 150.2 billion in 2023 and is projected to reach USD 1,345.2 billion by 2030, growing at a CAGR of 36.8%. This market growth is driven by advancements in generative models, federated learning, and autonomous AI systems across multiple industries. However, challenges like data availability and quality, along with bias and inaccuracies in AI outputs, pose significant hurdles.
In the latest funding round, engineering and tech-based companies showed strong performance, with health tech companies also maintaining their traditionally strong presence. The EIC Accelerator program, set to announce its 2024 cut-off dates, will continue to propel innovation in Europe's deep tech sector.
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