Technology Industries of Finland invests more than EUR 13 million in AI: “Utilising AI is crucial for the sustainable growth of the Finnish economy”
This donation will be used to support the recruitment of top experts for joint projects carried out by companies and universities, to fund companies’ AI projects and associated master’s theses, and to establish a business-driven AI network.
“AI is now the fastest-evolving general-purpose technology – harnessing it is crucial to ensure the competitiveness of Finnish companies. We must seize the opportunities opened up by AI without delay,” says Jaakko Hirvola, CEO of Technology Industries of Finland.
AI enables companies to enhance their productivity and profitability, and to create new business models. The development of large language models has been particularly rapid recently. The potential industrial applications include machine learning, the development of new materials, autonomous systems, and the development of industrial processes and predictive maintenance. In particular, it is hoped that the investment will speed up the adoption of AI at SMEs.
We must seize the opportunities opened up by AI without delay.
“We hope that our own investment will serve as a catalyst for investments by other actors,” says Hirvola.
“Europe is lagging behind the USA and China in AI investments. Bolstering AI expertise is absolutely essential to safeguard the sustainable growth of the Finnish economy.
With its investment, Technology Industries of Finland wants to not only accelerate AI utilisation at companies, but also increase applied research cooperation between companies and universities as well as attract international top experts to Finland.
“Finnish AI research represents the European state of the art in selected fields of research such as machine learning. That said, we need to step up interaction with companies. In addition, we need more international top experts to develop new world-class solutions,” says Hirvola.
Technology Industries of Finland is preparing the practical implementation of the project in cooperation with companies and partners. An application page for companies and students will go live in the months ahead.
Breakdown of Technology Industries of Finland’s EUR 10 million investment in AI:
- EUR 3.8 million for the recruitment of international top experts in AI for joint applied research between companies and universities, and AI education
- EUR 2.8 million as seed funding for the AI development projects of the member companies of Technology Industries of Finland
- EUR 2.4 million in grants for master’s theses (thesis, dissertation, thesis for a university of applied sciences) associated with AI development projects of the member companies of Technology Industries of Finland
- EUR 1 million for launching a business-driven AI network.
In addition, the Technology Industries of Finland Centennial Foundation is making a large investment in AI research and its application by donating EUR 3.2 million for the founding of a new AI research centre at Aalto University. The donation is part of the foundation’s long-term investments in AI development in Finland: during the past eight years, the foundation has granted more than EUR 5 million in funding for research to develop and harness AI.
Technology Industries of Finland, Jaakko Hirvola, CEO, tel. +358 (0)40 063 3751, +358 400 633 75, firstname.lastname@example.org
Technology Industries of Finland Centennial Foundation, Antti Aarnio, Executive Director, tel. +358 (0)40 503 6634, email@example.com