The European Union will provide a grant of 62 million euros to the Dutch chip company AxeleraAI.

As part of the EU’s efforts to revive the industry, a grant of up to 61.6 million euros (66 million dollars) will be given to AxeleraAI, which produces artificial intelligence chips. The move is seen as a step towards closing the gap between the U.S. and China by funding local chip manufacturers in Europe and supporting scientists. In this regard, EuroHPC, which oversees a network of supercomputers and artificial intelligence factories in the EU, will provide funding to the Netherlands-based company. AxeleraAI is known to be one of the few companies in Europe that produces computer chips for artificial intelligence.