A total of $585 million will be invested to enable Sweden to become a world leader in artificial intelligence (AI), Swedish Television (SVT) reported on Friday.

According to the report, the amount will be invested up till 2029 and most of the investment comes from Wallenberg AI, Autonomous Systems and Software Program (WASP). The Wallenberg Foundations was founded by Sweden’s leading industrial and financial family and is one of Europe’s largest foundations.