GREECE Trends and Developments Contributed by: Stathis Orfanoudakis, Theodore Konstantakopoulos and Yolanda Antoniou-Rapti, Zepos & Yannopoulos
will act as catalyst for AI, driving technological progress in the fields of health, environmental sustainability, culture and language, and – with the support of the “Daedalus” supercomputer – will provide an integrated ecosystem for the development and adoption of AI. Pharos will be a hub of research and knowledge for the wider geographical area, creating growth opportunities for Greek businesses, researchers, and society in general through innovative AI products and services, and turning Greece into a technologi- cal pole. According to announcements by the Minister of Digital Governance, the private sector will play a leading role, while the Hellenic Corporation of Assets and Participations will financially support the implementation and promote public–private sector collaboration. The establishment of the AI factory is of strategic importance for Greece, as it will strengthen its position in the European innovation network, offer opportunities for inter- national collaborations, and facilitate the devel- opment of new technologies in the field of AI. The AI factory and the use of the “Daedalus” supercomputer will enable Greece to participate effectively in the AI factory network and enhance its competitiveness, as well as the services pro- vided to citizens. The EC’s initiatives to foster the innovation, security and resilience of digital infrastructures are also crucial for deploying new technologies. Fast, secure and widespread connectivity is essential for telemedicine, automated driving, predictive maintenance, and precision agricul- ture. The proposed Digital Networks Act aims to master the transition to new technologies and business models, ensuring secure and resilient infrastructures. This legislation is expected to
address the challenges of digital transforma- tion by setting standards for network security, data protection, and interoperability. By creat- ing a robust regulatory framework, the Digital Networks Act will support the deployment of advanced digital services and applications, driving innovation and economic growth across Europe. Furthermore, the Digital Networks Act will promote investment in digital infrastructure, ensuring that all regions have access to high- speed connectivity and the benefits of the digital economy. New Era of Funding Opportunities Following a record year in 2021 – when fundrais- ing levels hit new highs – and a strong first quar- ter in 2022, the Greek tech M&A market faced a slowdown in 2023. This could be attributed to a number of factors, including the fact that many Greek venture capital funds that started their operations as part of the EquiFund initia- tive of the Greek State and the European Invest- ment Fund (2017–18) had concluded their initial investment period. Private equity funds also opted to primarily support their existing invest- ments, instead of further enhancing their port- folios. However, the tide is now shifting, with venture capital and private equity funds both actively seeking opportunities. More than a few domestic funds have now raised successor funds and are evaluating targets to deploy significant amounts of dry powder. In addition, the HDBI continues to embrace the role of the main Greek sovereign anchor investor and is expanding its fund portfo- lio, which currently comprises 29 private equity/ venture capital funds (with the number being expected to increase in early 2025). This renewed activity is driven by the recog- nition of the Greek market’s potential and the
193 CHAMBERS.COM
Powered by FlippingBook