Allegro receives EIB financing for AI and technology

The Polish e-commerce group Allegro has received research and development funding of PLN 1 billion (around 236 million euros) from the European Investment Bank (EIB). The company announced this on June 1. The six-year financing is intended to support the implementation of Allegro's strategy for the period 2026 to 2030 and strengthen the company's technological competitiveness. "This groundbreaking financing will accelerate our investments in advanced technologies and help us achieve our strategic goals," explained Allegro CEO Marcin Kuśmierz. The company wants to drive forward the digitalization of e-commerce in Poland and other markets, expand the marketplace and tap into new growth areas. At the same time, the financing will enable the further development of algorithms, AI models and system architectures as well as the protection of the company's own innovations and technologies. Focus on artificial intelligence The EIB financing will cover around 40% of Allegro's planned investments in research, development and innovation in the coming years. It also improves the company's financing structure, extends the maturities of existing debt until 2032 and 2033 respectively and increases the financial scope for new technology projects. A particular focus is on artificial intelligence applications. Plans include AI-supported personalization functions, modern data analysis processes, new machine learning models and the expansion of security and governance structures for AI applications. Largest EIB research project in Poland This is the European Investment Bank's first collaboration with Allegro. According to the EIB, it is also the largest research and development program supported by the bank for a company in Poland. EIB Vice-President Marko Primorac emphasized that the financing will strengthen Allegro's ability to develop innovative technologies, particularly in the field of artificial intelligence. At the same time, it should strengthen the company's position on the Polish market, promote regional growth and support the development of a competitive European trading platform. Expansion of the digital infrastructure The most important projects include the further development of the online marketplace, the improvement of the customer experience, AI-supported customer services and the establishment of a central AI hub for machine learning and large-scale language models. Allegro is also investing in data analysis, system architectures and security and control mechanisms for AI applications. With the financing, the company aims to further expand its technological leadership in Central and Eastern European e-commerce and position itself as one of Europe's leading digital commerce platforms in the long term. The post Allegro receives EIB financing for AI and technology appeared first on ostwirtschaft.de.