The Italian government intends to establish an investment fund, supported by state lender Cassa Depositi e Prestiti (CDP), to foster startups focused on Artificial Intelligence (AI), according to cabinet undersecretary Alessio Butti. The forthcoming fund aims to advance AI study, research, and programming in Italy, as stated by Butti. The widespread adoption of AI and automation, along with the rapid progress of tools like ChatGPT, has garnered attention from policymakers and regulators globally. Due to its potential impact on national security, education, and employment, many experts argue that new regulations are necessary to govern AI.

Butti emphasized the government's recognition of the need to strike a balance between human rights and technological evolution in the field of artificial intelligence. The objective is to enhance the independence of Italian industry and foster national capabilities in developing expertise and research in this critical sector. Reuters reported that the Italian government plans to allocate approximately EUR 150 million (USD 165 million) for the fund's launch. CDP is expected to invest its own resources in the initiative through CDP Venture Capital, a fund managing around EUR 3.2 billion in assets.

Source:
https://www.reuters.com/technology/italy-plans-state-backed-fund-promote-ai-startups-2023-05-30/