NexGen Cloud raises $45M to build Europe’s sovereign AI infrastructure
UK-based startup NexGen Cloud raised $45m in Series A funding to enhance its AI infrastructure platform for European enterprises.
Initially focused on blockchain, the company pivoted to AI and now operates as a GPU-as-a-Service provider, offering high-performance computing resources for AI training and inference.
NexGen Cloud partners with major hyperscalers for GPU resources, providing on-demand access through its Hyperstack platform, which includes consulting for AI projects.
The company reported significant growth, with revenue increasing from $3m in 2023 to over $70m in 2024, and a 380% rise in AI cloud operations revenue.
“We are thrilled to have the backing of our esteemed investors who share our vision for a robust and sovereign AI infrastructure in Europe. This Series A funding is a pivotal step towards realising our goal of becoming the backbone for AI-powered solutions across the continent,” commented Chris Starkey, CEO and co-founder of NexGen Cloud.
NexGen Cloud serves over 10,000 clients, including Red Hat and Ingenix.AI, and positions itself as a “sovereign AI infrastructure provider” focused on data privacy and regulatory compliance.
The global GPU-as-a-Service market is projected to grow from $3.3bn to $34bn by 2032, with NexGen Cloud competing against firms like Vultr and Akamai Technologies.
The new funding will be used to expand GPU capacity, develop its platform (including Fine Tuning-as-a-Service), grow its team, and explore acquisitions. Co-founder Youlian Tzanev highlighted the demand for alternative cloud solutions in a market dominated by large US tech companies.
NexGen Cloud’s series A funding round underscores the accelerating adoption of sovereign, GPU-driven edge AI infrastructure in Europe.
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