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AxeleraAI: A Boost For Europe’s AI Ambitions With A $66 Million EU Grant

by News Editor

March 10, 2025

AxeleraAI, a pioneering force in Europe’s tech landscape, has secured a significant boost with a newly awarded grant of up to 61.6 million euros ($66 million) aimed at revolutionizing AI chip technology for data centers. This pivotal investment aligns with the European Union’s strategy to enhance its competitiveness in the global AI arena against powerhouses like the United States and China.

Europe’s Strategic Move In AI Development

With funding channeled through EuroHPC, Europe is laying the groundwork for advanced AI infrastructures, including the construction of AI factories, which will serve as innovation hubs accessible to scientists and companies across the continent. AxeleraAI aims to develop an efficient chip for ‘inference’ processes, crucial for deploying robust AI models, while steering clear of direct competition with entrenched players like Nvidia.

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Titania Chip: The Next Frontier

Set to be built on the open-source RISC-V standard, the upcoming Titania chip promises enhanced performance and a cost-effective solution for expanding AI applications beyond traditional norms. This potential shift coincides with the emergence of cost-efficient AI models like China’s DeepSeek, further driving global demand for inference computing.

Past Achievements and Future Prospects

AxeleraAI’s journey, bolstered by investments from giants like Samsung, underscores a burgeoning ecosystem of innovation. Their existing chip, Metis, is already making waves in “edge AI” applications, proving indispensable in varied industrial landscapes.

The AI landscape is evolving, and with strategic moves like these, Europe—and Cyprus within it—is poised to become a significant player on the global stage. Explore more about how global tech dynamics are influencing local markets with our insights…

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Cyprus Construction Trends: Permit Count Slips While Value and Scale Surge in 2025

by THEFUTURE.TEAM

July 11, 2025

The Cyprus Statistical Service (Cystat) has reported a notable shift in the construction landscape for 2025. The latest figures reveal a modest 1.9% decline in building permits issued in March compared to the same month last year, signaling a nuanced trend in the nation’s developmental activities.

Permit Count Decline in March

In March 2025, authorities authorised 572 building permits—down from 583 in March 2024. The permits, which total a value of €361.5 million and cover 296,900 square metres of construction, underscore a cautious pace in permit approval despite ongoing projects. Notably, these permits are set to facilitate the construction of 1,480 dwelling units, reflecting an underlying demand in the housing sector.

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Q1 2025: Growth in Value, Construction Area, and Dwelling Units

While the number of permits in the first quarter (January to March) decreased by 15.8% from 1,876 to 1,580, more significant, economically relevant metrics saw robust growth. Total permit value surged by 21.7%, and the authorised construction area expanded by 15.6%. Additionally, the number of prospective dwelling units increased by 16.7% compared to the corresponding period last year. This divergence suggests that although fewer permits were issued, the scale and ambition of the approved projects have intensified.

New Regulatory Framework and the Ippodamos System

Since 1 July 2024, a pivotal transition has taken place in permit administration. The responsibility for issuing permits has moved from municipalities and district administration offices to the newly established local government organisations (EOAs). The integrated information system, Ippodamos, now oversees the licensing process, streamlining data collection on both residential and non-residential projects across urban and rural areas.

Comprehensive Data Collection for Enhanced Oversight

The Ippodamos system categorises construction projects using the EU Classification of Types of Construction (CC). This platform gathers extensive data on the number of permits authorised, project area and value, and the expected number of dwelling units. It covers a broad spectrum of construction activities—from new builds and civil engineering projects to plot divisions and road construction—while excluding renewals and building divisions. The thoroughness of this new regulatory structure promises greater operational transparency and more informed decision-making for policymakers and industry stakeholders.