Italy wants to set its own set of rules for AI development Credit: Getty Images / solarseven

Italy is launching an investment fund with initial funding of €1bn to promote AI projects, Prime Minister Giorgia Meloni announced on Tuesday (12 March).

The fund, backed by CDP Venture Capital, a unit of Italian investment bank Cassa Depositi e Prestiti, could raise a further €2bn from the private sector, according to CEO Agostino Scornajenchi. 

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Meloni also stated the country was looking to create its own set of rules for AI development.

“We are convinced that there can and must be an Italian way to AI,” Meloni said.

In 2024, the country assumed the Presidency of the G7 for the seventh year in a row. The G7 brings together: Canada, France, Germany, Italy, Japan, the UK, and the US.

The PM said he wanted to use Italy’s presidency to focus on AI’s impact on jobs and inequality. 

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The value of AI deals in Italy significantly increased in 2021 and saw a major decline in 2022, according to GlobalData’s deal database.

In 2021, the value of AI deals in Italy totalled $203m, a significant increase over the year prior which saw deals total just $49m.

In 2022, the value of AI deals dropped significantly, bringing in an investment of just $29m.

GlobalData forecasts that the overall AI market will be worth $909bn by 2030, having grown at a compound annual rate of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022, to $33bn in 2027, a compound annual growth rate of 80%.

According to the research company, GenAI will impact every industry and become a catalyst for broader AI capabilities such as machine learning and computer vision.