The French public investment bank has announced it is planning to invest 10 billion euros (approximately $10.3 billion at its current exchange rate) in the French artificial intelligence ecosystem. The announcement comes days before heads of state and global technical leaders gather for the Artificial Intelligence Action Summit in Paris.
BPIFRANCE has been a major investor in the high-tech ecosystem for the past decade, handing out small grants to early-stage startups, taking part in large funding rounds in exchange for some equity, and “fund funds.” Strategies to invest directly in VC companies.
“[France] Already 750 world-renowned AI startups boast. There is a robust ecosystem with the talent and skills needed to make a difference. Thanks to our investment and continued support, we are strengthening France's position as a global player in this strategic field,” BPIFRANCE CEO Nicolas Dufourcq (pictured above) stated in a statement It states.
Bpifrance is a shareholder of some of France's biggest AI startups, including Mistral, H and Poolside (but Poolside is technically based in the US). They also invest in smaller startups such as Ekimetrics, Artefact, Braincube, and Chapsvision.
It is expected to double in larger rounds over the next few years. Investment companies are working on basic models, AI infrastructure companies, and hardware companies working on AI chips as key areas for the future.
Investment companies also expect to invest in other investment companies, namely VC companies that plan to focus on AI investments. Especially because of this strategy, BPIFRANCE is not restricted to French investment companies. He is willing to invest in both French and foreign organizations. Bpifrance has named it as two VC companies that sourced Elaia and FRST from Bpifrance and took part in several AI-focused investment rounds.
This investment commitment is planned to invest up to 50 billion euros ($52 billion) to build large AI data centres in France with capacity of up to 1 GW. It was just a few hours after the announcement.
More AI Action Summits unfold in Paris, likely to be announced in the coming days.