(Alliance News) - Telecom Italia Spa and CDP Venture Capital announced on Monday the signing of a memorandum of understanding "to identify high-potential innovative startups and SMEs of mutual interest, featuring technologies critical to digital sovereignty, belonging to CDP Venture Capital's portfolio or TIM's deal flow scouting, and to evaluate potential industrial, commercial, and technological collaboration initiatives," the statement read.
The agreement "was established with the aim of strengthening Italy's capacity to develop and enhance Italian technologies in strategic areas for the country's digital sovereignty, providing a coordinated set of industrial expertise, technological capabilities, and financial resources. The objective is to accelerate the development of innovations in areas such as artificial intelligence, cybersecurity, cloud, smart cities and smart infrastructure, defense, and new services and technological enablers in the consumer sector," the companies continued in the press release.
TIM's share price rose 1.3% to EUR0.60 per share.
By Chiara Bruschi, Alliance News reporter
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