Italy sets up €1B AI fund, mulls new penalties for the tech’s misuse

Backed by state lender Cassa Depositi e Prestiti (CDP), Italy is committing €1bn to AI development over the course of the next five years. Prime Minister Giorgia Meloni first announced the plan for a dedicated AI fund last month. “The purpose of this mechanism is clearly to act as a multiplier and serve to attract further investment,” Meloni said in a video message. CDP’s venture capital arm will provide the capital, divided into three areas. Some €580mn will be invested in startups, while €300mn will go to more mature companies that are ready to scale abroad. The remaining €120mn will…

This story continues at The Next Web