Bpifrance will invest $100 billion in the French AI ecosystem by 2029

French Public Investment Bank announcement It plans to invest 10 billion euros (approximately $10.3 billion at its current exchange rate) in the French artificial intelligence ecosystem. The announcement comes just days before heads of state and global technology leaders gather. Artificial Intelligence Action Summit In Paris.

BPIFRANCE has been a major investor in the high-tech ecosystem for the past decade, handing out small grants to early-stage startups, taking part in large funding rounds in exchange for some equity, and “fund funds.” Strategies to invest directly in VC companies.

“(France) already boasts 750 world-renowned AI startups. We have a robust ecosystem with the talent and skills needed to make a difference. Our investment and continuous support Thanks to this, we are strengthening France’s position as a global player in this strategic field,” BPIFRANCE CEO Nicolas Dufourcq (pictured above) said in a statement.

Bpifrance is a shareholder of some of France’s largest AI startups. Mistral, H, and Poolside (The poolside is technically based in the US). They also invest in smaller startups such as Ekimetrics, Artefact, Braincube, and Chapsvision.

It is expected to double in larger rounds over the next few years. Investment companies are working on basic models, AI infrastructure companies, and hardware companies working on AI chips as key areas for the future.

Investment companies are also hoping to invest other Investment companies – that is, VC companies that plan to focus on AI investments. Especially because of this strategy, BPIFRANCE is not restricted to French investment companies. He is willing to invest in both French and foreign organizations. bpifrance name fuel and FRST As two VC companies raised funds from Bpifrance and participated in several AI-focused investment rounds.

This investment commitment comes just a few hours after the United Arab Emirates and France announcement That they plan to invest 50 billion euros ($52 billion) to build a large AI data center in France with capacity of up to 1 GW.

More AI Action Summits unfold in Paris, likely to be announced in the coming days.