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

The European Union will award a grant of up to 61.6 million euros (66 million dollars) to AxeleraAI, a company that produces artificial intelligence chips. This step is seen as part of the EU’s efforts to revitalize the sector.

Europe aims to bridge the gap between the United States and China by supporting domestic chip manufacturers and scientists. In this regard, EuroHPC, which oversees supercomputers and artificial intelligence factories network in the EU, will provide funding to the Netherlands-based company. It is known that AxeleraAI is one of the few companies in Europe producing computer chips for artificial intelligence.