Investment firm General Catalyst has announced the launch of the EU AI Champions Initiative, aimed at advancing Europe's AI momentum by coordinating efforts that include technology, industry, capital and policy.

The initiative brings together more than 60 European companies ranging from startups to established incumbents.

Backers of the initiative include pharma giant Siemens, and more than 20 international key capital allocators have earmarked €150 billion ($154 billion) for AI-related opportunities in Europe over the next five years.

In a statement, General Catalyst said its "mission is to foster a resilient partnership between incumbents and technology providers to unlock Europe's full potential in AI."

The initiative reveals how generative AI (genAI) might boost Europe's productivity. 

For example, companies like Novo Nordisk are using AI and Cradle for therapeutic discovery. Cradle is a platform that accelerates the discovery of proteins using genAI models.

"By seizing this moment, working with greater intention, and embracing deep collaboration, Europe can seize a generational opportunity by leading in applied AI, integrating it into our industrial base to boost productivity, resilience, and economic sovereignty, especially in key sectors like manufacturing, energy, healthcare and defence," Jeannette zu Fürstenberg, managing director and head of Europe at General Catalyst, said in a statement.

"Europe has all the essentials for a resilient and competitive AI infrastructure: talent, capital, and a strong industrial backbone with proprietary distribution and data. With the commitment of over 60 leading European companies, we must harness these resources to unlock a functional flywheel between technology, capital and policy."

General Catalyst's report An Ambitious Agenda for European AI outlines GC's vision for Europe's road to AI leadership.

THE LARGER TREND

Recently, the European Union released Guidelines to provide legal clarity on the prohibited uses of AI within the EU AI Act to ensure effective, consistent and uniform application and protect European citizens' rights and safety. 

In August 2024, the EU AI Act, which outlines regulations for the development, market placement, implementation and use of AI in the European Union, came into effect.

In early February, General Catalyst created a new wealth management business, GC Wealth. 

The aim of business is to support clients from their earliest stages through their evolution. The business will provide "specialized support, responsible collaboration and unique experiences that connect clients to global transformations shaping the future." 

It will also focus on prioritizing fee transparency, efficient investments, expert guidance and access to private investment opportunities.

In January, Amazon Web Services (AWS) joined forces with General Catalyst to co-develop and deploy integrated AI-powered offerings focused on critical needs in predictive and personalized care, interoperability, operational and clinical efficiency, diagnostics and patient engagement. 

The two companies said they expect to employ the power of generative AI using Amazon Bedrock, Anthropic and Mistral AI, together with securely trained healthcare-specific models.