EU commits €525 million to help chip startups scale up
The European Commission and EU countries will provide €525 million to support chip startups, EU tech chief Henna Virkkunen said. Of that, €440 million will fund grants for developing chips for commercial use, while €85 million will support a European Chips Design Platform.
Bottom line — The European Commission says chip design companies in Europe account for less than 1% of global revenue in the segment.
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The design platform will offer startups chip-design tools, support services, intellectual-property blocks and access to manufacturing capacity, Reuters reported.
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Virkkunen said stronger chip-design capabilities could create demand for manufacturing facilities and strengthen Europe's semiconductor value chain.
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Reuters reported that demand linked to AI is driving a boom in the chip industry.