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Exciting Funding Opportunities for Cyprus Startups: €6.2 Million Budget Announced!

The Cyprus Research and Innovation Foundation (RIF) has unveiled two groundbreaking initiatives aimed at enhancing the competitive edge of both existing and startup enterprises. These initiatives, named the Seed and Innovate programs, are geared towards accelerating the development of cutting-edge products and services and broadening their international market presence. The total budget allocated for these initiatives stands at an impressive €6.2 million.

Innovate Seed Announcement

INNOVATE Program

Targeted at companies already active in the market, the INNOVATE program focuses on optimizing product or service development, kickstarting commercial production, and facilitating entry into the global market.

  • Total Call Budget: €3.2 million
  • Maximum Funding per Project: €1 million
  • Submission Deadline: September 9, 2025

For more insights, visit: Innovate Program Details

SEED Program

The SEED program aims to support the rapid development of dynamic, innovative startups seeking to create globally competitive products or services.

  • Total Call Budget: €3 million
  • Maximum Funding per Project: €500,000
  • Submission Deadline: September 12, 2025

Discover more here: Seed Program Details

These calls are co-funded by the Republic of Cyprus and the European Regional Development Fund (ERDF) under the Cohesion Policy Program “Thalia 2021-2027”. For further information, contact the RIF Partners Support Center at 22205000 or email support@research.org.cy.

Mirendil Signs $100 Million Google Cloud Deal To Advance Self-Improving AI

AI startup Mirendil has signed a multi-year agreement worth more than $100 million with Google Cloud to secure computing infrastructure for its self-improving AI research.

The partnership reflects growing competition among AI companies to lock in access to high-performance computing, while cloud providers race to attract promising startups developing next-generation AI models.

Backing The Next Stage Of AI Research

Mirendil plans to use Google’s Tensor Processing Units (TPUs), Nvidia GPUs and managed training infrastructure to develop AI systems capable of improving their own performance over time.

Known as recursive self-improvement, the concept focuses on building AI that can refine its knowledge and capabilities with minimal human intervention. The technology is attracting growing interest across the industry, with several startups and leading AI labs exploring similar approaches.

According to co-founder and Chief Executive Behnam Neyshabur, the long-term goal is to develop AI that can automate scientific research and accelerate discoveries in fields such as medicine, biology and materials science.

Compute Capacity Becomes A Strategic Asset

Training increasingly advanced AI models requires enormous computing resources, making long-term infrastructure agreements a critical competitive advantage.

Mirendil said Google’s combination of TPUs and GPUs allows workloads to be matched with the most suitable hardware, improving efficiency while reducing costs for customers.

For Google Cloud, the agreement strengthens its position in the race to provide infrastructure for frontier AI developers, while giving the company exposure to one of the industry’s emerging approaches to next-generation artificial intelligence.

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