The Council of Ministers has authorized the Ministry for Digital Transformation and Civil Service, through the Spanish Agency for Technological Transformation (SETT), to invest in the Spanish funds Axon Innovation Growth and Big Sur Ventures, with €85 million and €40 million respectively, in order to support startups and scale-ups focused on transformative technologies.
Axon Innovation Growth invests in Spanish companies and others across Southern Europe whose activities are focused on cloud computing and big data; artificial intelligence; software-as-a-service (SaaS) for process optimization; energy and storage; the Internet of Things; and robotics, among other technologies.
Through this public investment of €85 million in the fund Axon Innovation Growth II FCRE, support will be provided to SMEs with proven business models or products already established in the market, demonstrating significant growth and an ambition to expand internationally.
Likewise, the €40 million investment in Big Sur Ventures (BSV) will support its fund BSV IV Ariadne, which aims to boost deep tech and digital tech startups through technologies such as microelectronics, photonics, nanotechnology, new materials, quantum technologies, cloud computing, artificial intelligence, cybersecurity, and advanced software.
SETT is making both investments through the Next Tech initiative, which aims to facilitate the financing of technology startups and scale-ups both directly—through co-investment in companies—and indirectly, by investing in funds or financial intermediaries regulated by the Spanish National Securities Market Commission (CNMV), the European Securities and Markets Authority (ESMA), or other supervisory bodies.
SETT also manages two additional financial instruments to strengthen the technological business ecosystem: PERTE Chip, focused on microelectronics and semiconductors, and the Spain Audiovisual Hub, which promotes the digitalization of the audiovisual sector.
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