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OpenAI and CDP Venture Capital partner to promote the development and adoption of Artificial Intelligence in Italy

Memorandum of Understanding signed to stimulate development, commercialization and adoption of AI technologies by Italian startup and innovation businesses

Rome, October 2, 2024 - OpenAI and CDP Venture Capital have signed a Memorandum of Understanding aimed at strengthening the development and use of Artificial Intelligence in Italy, thus promoting innovation and productivity.

The initiative supports the Italian government's stated goals of creating national champions of Artificial Intelligence in order to stimulate productivity, innovation and economic growth in the Country.

 

The partnership combines the expertise of OpenAI and CDP Venture Capital through the newly established "Artificial Intelligence Fund," led by Vincenzo Di Nicola, which will make investments in startups in the areas of AI, CyberSecurity and Quantum Technologies.

The signing of the MoU is a concrete follow up of the recent meeting in New York between Prime Minister Giorgia Meloni and Sam Altman, CEO of OpenAI, which is part of a broader strategy of the Italian Government to boost competitiveness in AI and high-tech sectors.

 

The agreement has three main focus areas:

  • Support for early-stage AI startups

OpenAI may invest directly and indirectly in startups developing AI-based products or services through CDP Venture Capital's "Artificial Intelligence Fund." Additionally, OpenAI will collaborate with CDP Venture Capital to provide promising Italian startups with access to its advanced technologies, API credits, and connections to US venture capitalists through OpenAI’s Startup Fund. Additionally, technical expertise and mentorship will be available to nurture AI innovation and help startups navigate the path from research to commercialisation. 

  • Educational initiatives

In order to further support AI research & development, and to develop Italian AI talent, OpenAI and CDP Venture Capital will collaborate with a consortium of universities throughout Italy to develop educational initiatives aimed at increasing AI literacy and programs to strengthen AI skills across various sectors. This initiative is similar to OpenAI’s existing Residency Programme, designed to cultivate homegrown AI talent.

  • Commercial collaborations

CDP Venture Capital and OpenAI will also work with companies to integrate AI technologies and promote technological advances in key sectors.

 

Brad Lightcap, COO of OpenAI, said: “Italy’s rich history of innovation makes it ideal for a competitive AI industry. We’re delighted to partner with CDP Venture Capital to boost AI adoption through financing, mentorship, and training programs with top universities, to help Italy's businesses, citizens and society realize the benefits of AI."

 

Agostino Scornajenchi, CEO and Managing Director of CDP Venture Capital said: "Artificial Intelligence represents an important growth opportunity for Italian businesses, a cross-cutting enabling technology that is transforming entire sectors, profoundly reshaping value chains and paving the way for new business models. The decision to enter into this collaboration with a key player like OpenAI stems from a desire to operate in an ecosystem with an international reach, importing global best practices and promoting innovation at scale. This partnership is a decisive step toward integrating cutting-edge solutions, fostering a more dynamic, competitive and forward-looking approach in Italian companies."

 

Artificial Intelligence is one of the pillars of CDP Venture Capital's 2024-2028 Business Plan, which, thanks to the support of the Ministry of Enterprises and Made in Italy, envisages total investments of 1 billion euros deployed through the 500 million euro "Artificial Intelligence Fund" and through additional 500 million euros in co-investments in AI applications along with CDP Venture Capital's other strategies focused on industry and manufacturing, life sciences, energy transition, space, infrastructure and mobility and agribusiness.

The ecosystem supporting innovation in Italy