European AI cloud firm Nscale has raised $155 million in a new funding round to finance its expansion plans.
The Series A funding round was led by Sandton Capital Partners with participation from Kestrel, Bluesky Asset Management, and Florence Capital and will fuel its growth plans across Europe and North America.
Nscale officially launched in May 2024. The company offers a GPU cloud based on AMD hardware, specifically AMD's Instinct M1300X accelerators as well as AMD MI250 GPUs and Nvidia’s A100, H100, and V100 GPUs. Nscale operates a 60MW data center at a data center in Glomfjord, Norway, that was previously owned by Arkon.
The company claims it has expanded its pipeline of greenfield data centers across Europe and North America from 300MW to 1.3GW, with 120MW planned for 2025 development.
Nscale said it is launching a public cloud service in Q1 2025 that will provide developers access to purpose-built inference and training solutions in a flexible development environment.
“The AI market is scaling rapidly, and so are we,” said Joshua Payne, CEO of Nscale. “With the support of our investors, we can now reach more customers globally with bespoke designed, sustainable, and cost-effective AI infrastructure that unlocks new AI capabilities, products, and services."
Nscale previously raised $30 million in seed funding in December 2023. Nscale’s 7.4 petaflops AMD-centric Svartisen Cluster was recently included in the most recent Top500 list of the most powerful supercomputers, at 156th.
“We are excited to double down on our investment in Nscale with our lead investment in the Series A round,” said Rael Nurick, co-founder at Sandton Capital Partners. “With a notable founder track record, established industry partnerships, and a unique vertically integrated approach, Nscale is building the hyperscale AI platform to power enterprise AI at scale.”
Nscale has also partnered with Singaporean telco Singtel to access Singtel’s Nvidia H100 GPU capacity in Southeast Asia.
Nscale previously acquired Kontena, a high-density modular data center and AI data center solutions provider. Arkon previously teamed up with Kontena, deploying two of its mining containers at the former’s Glomfjord site.
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