The European Union will provide a grant of 62 million euros to the Dutch chip company AxeleraAI.

The European Union will grant up to 61.6 million euros (66 million dollars) to AxeleraAI, which produces artificial intelligence chips. This step is reported as part of the EU’s efforts to revitalize the industry.

Europe aims to bridge the gap between the United States and China by financing local chip producers and supporting scientists. In this regard, EuroHPC, which oversees a network of supercomputers and artificial intelligence factories in the EU, will provide funding to the Netherlands-based company. On the other hand, it is known that AxeleraAI is one of the few companies in Europe that produces computer chips for artificial intelligence.