Mattias Ljungman, a former co-founder of Atomico, founded Moonfire Ventures in 2020. On Wednesday, Moonfire Ventures announced that it has secured $115 million to invest in European startup technology companies as well as the AI (artificial intelligence) industry.

The Moonfire Ventures fund-raising underlines the development of artificial intelligence in Europe, which has prompted policymakers worldwide to consider how AI may be better regulated.

Ljungman stated that Europe has emerged as a frontrunner in the field of AI, and their primary focus is to nurture the upcoming wave of visionary entrepreneurs who are addressing significant issues in healthcare, employment, finance, and gaming.

Earlier this week, Margrethe Vestager, the technology representative of the European Union, announced an increased collaboration between the EU and the United States in the realm of artificial intelligence. Their aim is to establish essential guidelines and standards for AI before enacting legislation.