The EU has approved $1.3 billion (EUR1.2 billion) in funding for a European cloud computing project to compete with US companies.
The companies involved in the project will create open-source software designed to enable real-time and low-latency services using computing resources located near the user. This approach is intended to reduce the need to send large amounts of data to centralized cloud servers. The project is expected to initially create about 1,000 jobs for data scientists and AI specialists and later add around 5,000 more jobs.
Marty Puranik, the CEO of Atlantic.Net, a cloud hosting provider that plans to expand into Europe soon, said in an interview that the EU project could have a “significant” impact on the market.