EU allocates €525 million to support startups in the semiconductor industry

Brussels, Nov 4 (KUNA) -- European Commissioner for Technological Sovereignty, Security and Democracy, Mairead McGuinness, announced here on Wednesday that the European Union will allocate 525 million euros ($590 million) to support startups in the field of electronic chip design. Speaking to journalists on the sidelines of the launch ceremony for a European chip design platform, McGuinness said the funding also aims to accelerate the growth of these startups and enhance Europe’s competitiveness in the semiconductor industry. She emphasized that strengthening Europe’s global position in the semiconductor sector requires success in developing its chip design capabilities. She noted that the funding includes 440 million euros in grants provided by the European Commission and member states to help startups cover the costs of developing chips for commercial use, as well as 85 million euros to finance the European design platform. She stressed that the platform will help startups access design tools, technical services, intellectual property, and manufacturing capabilities. According to the European Commission, European chip design companies account for no more than 1 percent of global revenues in this sector. The move comes as part of the EU’s efforts to catch up with the United States and China and secure a foothold in the industry amid rising demand for chips driven by the boom in artificial intelligence applications. (End) A.R.N. / S.A.M.