For the time being, the memorandum of understanding signed by CDP Venture Capital and OpenAI emphasises the desire to strengthen Italy’s position in the development and use of artificial intelligence, thus promoting innovation in the national ecosystem.
The initiative supports the government’s stated goals of creating national champions of artificial intelligence in order to stimulate productivity, innovation and economic growth in Italy.
The partnership, which aims to promote the development of the AI ecosystem, and the commercialisation and adoption of cutting-edge AI technologies by Italian start-ups and innovative companies, combines the expertise of OpenAI and CDP Venture Capital, through the newly established ‘Artificial Intelligence Fund’, led by head Vincenzo Di Nicola, which will make investments in start-ups in the fields of AI, cybersecurity and quantum technologies.
The signing of the memorandum of understanding represents a concrete step following the recent meeting in New York between Prime Minister Giorgia Meloni and Sam Altman, CEO of OpenAI, which is part of a broader Italian government strategy to increase competitiveness in the AI and high-tech sectors.
The agreement is structured along three main lines: support for early-stage AI start-ups where OpenAI will be able to invest directly and indirectly in start-ups developing AI-based products or services through CDP Venture Capital’s ‘Artificial Intelligence Fund’. In addition, OpenAI will collaborate with CDP Venture Capital to provide the most promising Italian start-ups with access to its advanced technologies, API credits and connections to US venture capitalists through OpenAI’s Startup Fund. In addition, technical expertise and mentorship will also be available to nurture AI innovation and help start-ups navigate the path from research to commercialisation. Educational Initiatives: In order to support AI research and development and to grow Italian AI talent, OpenAI and CDP Venture Capital will collaborate with a consortium of universities across Italy to develop educational initiatives aimed at increasing AI literacy and programmes to strengthen AI skills in different fields of applicability, in line with what has already been developed through OpenAI’s Residency Programme, designed to cultivate future local AI champions. Business collaborations: CDP Venture Capital and OpenAI will also work with companies to integrate AI technologies and promote technological advances in key sectors.
Brad Lightcap, COO of OpenAI says in a note: “Italy’s rich history of innovation makes it ideal for a competitive AI industry. We are delighted to partner with CDP Venture Capital to boost AI adoption through funding, mentorship and training programmes with top universities to help Italian businesses, citizens and society realise the benefits of AI.”
Agostino Scornajenchi, Managing Director and General Manager of CDP Venture Capital adds: ‘Artificial intelligence represents a major growth opportunity for the Italian corporate world, a cross-cutting enabling technology that is transforming entire sectors by profoundly reshaping value chains and paving the way for new business models. The decision to start this collaboration with a major player such as OpenAI stems from the desire to operate in an ecosystem with an international scope, importing global best practices and promoting innovation on a large scale. This partnership represents a decisive step towards the integration of cutting-edge solutions, fostering a more dynamic, competitive and forward-looking approach for our companies.”
Artificial Intelligence is one of the pillars of CDP Venture Capital’s 2024-2028 Business Plan, which envisages, thanks to the support of the Italian Ministry of Enterprise and Made in Italy, total investments of €1 billion, which will be channelled through the operation of the €500 million “Artificial Intelligence Fund”, and through a further €500 million in co-investments in applications with AI as their object, together with CDP Venture Capital’s other strategies for industry manufacturing, life sciences, energy transition, space, infrastructure mobility and agrifood.
In a separate note circulated almost simultaneously, Microsoft, the main shareholder of OpenAI, announces that it has embarked on a EUR 4.3 billion investment programme over the next two years in Italy to expand its hyperscale cloud and artificial intelligence data centre infrastructure, as well as a training plan to grow the digital skills of more than one million Italians by the end of 2025. (photo by Igor Omilaev on Unsplash)
ALL RIGHTS RESERVED ©