The German Ministry for Economic Affairs and Energy is seriously beefing up its support for innovative young artificial-intelligence companies.
The ministry has announced it will put an additional EUR 46.5 million specifically for AI into two programs, the EXIST Business Start-UP Grant and the German Accelerator, that help firms get off to flying starts.
“With the EXIST program we support the transfer of research into practical application…now also by putting additional funds into the founding of start-ups in the area of artificial intelligence,” said Economy Minister Peter Altmaier in a statement. “The success of Celonis – the start-up founded with help from EXIST and supported by the German Accelerator that was last week valued at eleven billion dollars – shows how much potential there is in the combination of start-up promotion and AI.”
Nearly EUR 7 million has already been awarded to Science & Startups, a collaborative project of Berlin’s three major universities and the German capital’s Charité research hospital.