The country continues to attract tech investment because of its proven skills pool and the presence of giants like Google, Apple, Microsoft and Meta. OpenAI has just moved its European HQ to Ireland, for example.
Continued membership of the EU is another advantage. Understanding of, and familiarity with, EU data and AI regulations create opportunities for Ireland to host business functions dedicated to pan-European AI governance, compliance and risk management.
A welcome recent development is the Government’s increased funding for AI research and development. This includes increased support for Rinn Artificial Intelligence (Rinn AI), Ireland’s flagship national research centre for data science and AI, and the other State-backed AI research centre CeADAR. These centres will support the development of AI research talent and the next generation of AI start-ups.
State funding for AI and digital innovation is also increasing. Ireland Strategic Investment Fund’s (ISIF) commitments include €75 million to the Cordiant Digital Infrastructure Equity Fund, supporting the expansion of datacentres, communications towers and fibre networks, and €22.5 million to Molten Ventures Investments (Ireland) that backs early-stage, high-growth technology businesses.
ISIF has partnered with Elkstone to anchor an early-stage €100-million venture capital fund that will back Irish companies developing innovative, internationally scalable businesses, with a particular emphasis on AI and cybersecurity.
Key deals
Ireland’s AI industry continues to attract investment across a diverse range of sectors including fintech and quantum computing to healthcare, space technology and AI infrastructure.
