EU Unveils 'Trusted Investors Network' to Boost Tech Investments

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Table of Content

In today edition we talk about

• EU Unveils 'Trusted Investors Network' to Boost Tech Investments

• Northern Data Eyes Sale of Peak Mining to Focus on AI Expansion

• Transak Data Breach Exposes Over 92,000 Users

EU Unveils 'Trusted Investors Network' to Boost Tech Investments

The European Union has launched the "Trusted Investors Network" to attract venture capital into key tech sectors such as biotechnology and artificial intelligence (AI). EU Commissioner Iliana Ivanova introduced the initiative on Oct. 21 in Athens, Greece, during a meeting with Prime Minister Kyriakos Mitsotakis. The network aims to increase investments in startups and deepen the EU's tech sector.

Strengthening EU Tech Sector

The Trusted Investors Network focuses on bringing venture capital into deep-tech fields, especially biotechnology and AI-related semiconductor development. With 71 investors already committed, the initiative is backed by 90 billion euros ($98 billion) in assets aimed at supporting European deep-tech startups. This effort aligns with recommendations from the European Central Bank to boost tech investments and maintain the EU’s competitive edge.

Regulatory Progress and AI Strategy

The EU continues to advance its regulatory framework, including the EU AI Act and the Markets in Crypto-Assets Regulation (MiCA), aiming to create a safe and innovative environment for tech companies. Additionally, the EU recently gathered experts to draft an AI "Code of Practice" to further guide responsible development in this sector.

Greece’s Growing Role in Tech

Greece is playing a key role in the EU's tech push. With support from the EU Innovation Council, Greece recently launched its first cargo drone airline through the Dronamics project. The country is also set to open a $330-million AI data center in November, thanks to an investment from Data4, further solidifying Greece’s tech footprint. Moreover, the Greek government has formed an AI advisory committee to shape its national strategy on the matter.

Northern Data Eyes Sale of Peak Mining to Focus on AI Expansion

Northern Data Group, backed by Tether, is exploring the sale of its cryptocurrency mining unit, Peak Mining, to shift its focus toward expanding its artificial intelligence (AI) and high-performance computing (HPC) operations. The company also hinted at a possible Nasdaq IPO in 2025.

Divestment Plans and AI Focus

On Oct. 21, Northern Data announced it is in talks to divest Peak Mining, though the sale will depend on market conditions. The proceeds from the sale would be used to grow its AI platform, expand data centers, and acquire more AI graphics processing units (GPUs).

Tether's Involvement and Growth Strategy

Tether, Northern Data’s largest shareholder with 46% ownership, has been actively supporting the company with substantial investments, including $610 million in debt financing in 2023. Northern Data earned 59 million euros ($64 million) in Q3, with $52 million coming from AI and HPC. CEO Aroosh Thillainathan emphasized their commitment to expanding in these areas.

IPO and Global Expansion

Northern Data is considering an initial public offering (IPO) for 2025, which could list its Taiga and Ardent units on the Nasdaq. Meanwhile, Tether is also expanding its own mining operations in Latin America and continues to express interest in AI.

Transak Data Breach Exposes Over 92,000 Users

Crypto on-ramp provider Transak revealed a data breach affecting more than 92,000 users after an employee’s laptop was compromised in a phishing attack. On Oct. 21, the company disclosed that a hacker accessed sensitive user information via a third-party Know Your Customer (KYC) vendor’s system.

Details of the Breach

The attacker gained access to names, dates of birth, passports, driver’s licenses, and selfies of 92,554 users, representing 1.14% of Transak’s user base. However, no financial data, such as credit card details or passwords, were compromised.

Response and Notifications

Transak is notifying affected users and has informed data protection authorities in the UK, EU, and US. If users do not receive an email from the company, they have not been impacted.

Fidelity Investments Also Hit by Breach

A similar breach recently impacted over 77,000 Fidelity Investments customers, marking its fourth such incident within the past year.

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