DataCrunch Secures $64.6M to Expand AI Cloud Infrastructure

DataCrunch, a Helsinki-based AI cloud provider, has secured $64.6 million in a Series A funding round. The round was led by byFounders, Skaala, Varma pension fund, and Tesi, with additional participation from J12 Ventures and select angel investors. Debt financing was also part of the funding, led by Nordea and Armada Credit Partners.

The funding will be used to scale DataCrunch's compute platform, aiming to become Europe's first AI cloud hyperscaler. The company plans to enhance its infrastructure to provide secure, compliant, and sustainable AI compute services across Europe.

DataCrunch has also submitted an expression of interest to the European Commission to develop an "AI gigafactory" in Latvia. This facility is expected to house 100,000 GPUs and provide critical compute resources for startups, SMEs, and research institutions across the EU, powered by renewable energy.

Founded in 2020, DataCrunch currently operates data centers in Finland and Iceland, utilizing 100% renewable energy to power its operations. The company is committed to maintaining this sustainable approach as it expands its data center operations to hyperscaler levels.