The European Union said this week it had joined forces with leading venture capital firms from the region to boost investment in tech innovation in Europe, amid concerns that Europe’s tech sector is lagging the United States and China.

The initiative, dubbed by the EU as the “Trusted Investors Network”, comes as Europe tries to keep pace with the bigger and more innovative tech industries in China and world-leader the United States.

The EU said 71 investors from across Europe, holding in total more than 90 billion euros ($98 billion) worth of assets, had signed up to the initiative whereby they will invest in European deep-tech companies.

It added that the agreement with the venture capital firms fitted with recommendations in a report published last month by former European Central Bank chief Mario Draghi, in which Draghi said the EU needed far bigger and quicker investments to keep pace economically with the United States and China.

“By joining forces with venture capital, we are responding to the urgent challenges laid out in the Draghi report that call for bold action to ensure Europe’s competitiveness in critical technologies,” said EU Commissioner Iliana Ivanova in a statement.

Data published in July showed that artificial intelligence deals had lifted US venture capital funding to its highest level in two years.