Verda, a Finnish technology company building cloud infrastructure for AI, has announced that it has raised US$ 189 million in new funding, including an oversubscribed Series B funding round that will assist to scale its full-stack AI cloud from compute capacity to platform services for frontier AI teams.
According to a press release, Verda’s Series B funding round was led by Emergence Capital. Other investors which participated in the funding include MUFG Innovation Partners, Supermicro, Varma Mutual Pension Insurance Company, Lifeline Ventures, ENDUR, 6 Degrees Capital (6DC), byFounders, Tesi (Finnish Industry Investment Ltd), and a group of angel investors including Ola Tørudbakken and Mark Saroufim (Core Automation and GPU MODE).
“AI is becoming critical infrastructure across industries, and the next few years are a pivotal window for Europe. Our north star is to build the first true tech company in Europe, with AI infrastructure as the starting foundation, and to bring down the carbon footprint of compute worldwide. We’re proud of our progress but are a long way from being done,” said Ruben Bryon, Verda Founder and Chief Executive Officer.
“Demand for AI compute is insatiable, and the gap between demand and supply is growing,” said Joe Floyd, Emergence Capital General Partner. “Verda is moving quickly to secure and scale capacity, with the technology, ambition, and momentum to become a defining AI infrastructure company.”
In June Verda announced its revenue run rate had reached US$ 100 million, growing ten-fold in 18 months. The company also said it raised US$ 117 million in a funding round in April. The company has raised as much as US$ 450 million in funding from investors.
Verda announced in March that it was building an AI infrastructure hub in Sundsvall, Sweden. Verda said the data center will lean on Sweden’s renewable energy resources and climate conditions to operate efficient large-scale infrastructure. The company operates data center facilities in Finland and Iceland, where it already makes use of renewable energy and natural cooling.