OpenAI, Italian state lender CDP team up for AI use in startups

MILAN (Reuters) – OpenAI and Italy’s state lender CDP have signed a memorandum of understanding to support the take up of artificial intelligence (AI) by Italian startups and innovative firms.

In a joint statement on Wednesday, the two companies said the ChatGPT maker would invest directly and indirectly in start-ups developing AI-based products or services through the venture capital arm of CDP.

The agreement should give Italian companies access to OpenAI’s advanced technologies and funding from U.S. venture capitalists, the statement added.

In April CDP Venture Capital said it would invest 1 billion euros ($1.11 billion) in AI and cybersecurity over the next five years.

The agreement follows a meeting between Italian Prime Minister Giorgia Meloni and OpenAI CEO Sam Altman on the sidelines of the UN General Assembly in New York last week, CDP and OpenAI said.

($1 = 0.9035 euros)