The European Union has unveiled 525 million euros in public funding to help European startups develop and commercialize chips. Of the total, 440 million euros is earmarked for grants supporting proof-of-concept prototypes and chip development toward commercialization. The remainder will fund the platform itself, support services and open-source design tools. The assistance is offered through the European Chips Design Platform , the Imec-led cloud-based consortium that provides access to design tools, intellectual property blocks, technical support and manufacturing capacity. The initiative is part of the EU Chips Act and aims to strengthen Europe’s tiny position in the global chip design market. According to the European Commission, European companies account for less than 1 percent of global revenue in this segment. The Commission also argues that expanding European design activity is necessary to generate demand for new manufacturing capacity in the region. The funding comes from the EU budget and participating member states in the Chips Joint Undertaking, contributing 285 million euros and 240 million euros, respectively.