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Europe to invest €525 million in chip startups to catch up with US and China
Reuters • • business
Key Points:
- The European Union plans to invest €525 million ($590 million) in chip startups to accelerate their growth and help Europe compete with the US and China in the semiconductor industry.
- €440 million will be allocated as grants to startups for developing commercial chips, while €85 million will fund a new European Chips Design Platform.
- The platform aims to support startups by providing access to chip design tools, design services, intellectual property, and manufacturing capacity.
- EU tech chief Henna Virkkunen emphasized that strengthening chip design is crucial for boosting Europe's semiconductor position and the entire value chain.
- Currently, European chip design companies generate less than 1% of global revenue in this sector, despite increasing demand driven by AI advancements.
