DataCrunch, the Helsinki-based AI cloud platform, has raised €54.5M ($64M) in a Series A round co-led by byFounders, Skaala, Varma Mutual Pension Insurance, and Tesi.
The round also included J12 Ventures, angel investors, and debt financing from Nordea, Danske Bank, Armada Credit Partners, Norion Bank, and LocalTapiola.
The raise comes just a year after its €12M seed round, also led by byFounders, and will fuel the company’s ambition to build Europe’s first sovereign AI cloud hyperscaler.
Closing Europe’s cloud gap
Most European AI companies still depend on U.S. hyperscalers, raising concerns over data security, regulatory compliance, and costs. DataCrunch aims to fix this by offering a GDPR-compliant, sovereign cloud platform powered entirely by renewable energy in Finland and Iceland.
Its infrastructure already supports NVIDIA HGX B200 and will soon deploy Blackwell-based GB300 and B300 systems, giving startups, enterprises, and public institutions access to low-latency GPU compute for AI training and inference.
“European innovators deserve better,” said the company. “We’re building a sovereign, secure, and scalable AI cloud—outside the reach of the US Cloud Act.”
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Product roadmap
The new funding will go toward:
- Expanding to a new AI cloud site in Akaa, Finland
- Rolling out Managed Kubernetes for easier cluster management
- Launching distributed object storage for flexible, secure data handling
- Adding managed inference endpoints optimized for large language, audio, image, and video models
- Enhancing APIs, IAM, and reducing cold start times
Partners and recognition
DataCrunch already works with AI startups (1X, Unbabel), enterprises like Sony and Freepik, and public research institutions. Earlier this year, it was ranked alongside Google Cloud in SemiAnalysis’ GPU Cloud ClusterMAX Rating System, ahead of more than 100 providers.
DataCrunch has also proposed an AI GigaFactory to the European Commission, backed by Latvia and partners, which could house 100,000 accelerators for large-scale model training.
Currently, its team of 60 people from 27 nationalities runs operations on 100% renewable energy, combining clean Nordic grids with natural cooling to minimize environmental impact.
