A UK-based startup known as NexGen Cloud has recently secured $45 million in Series A funding to further develop its AI infrastructure platform tailored for European enterprises.
Originally focusing on blockchain technology, NexGen Cloud has transitioned its focus to artificial intelligence and now operates as a provider of GPU-as-a-Service, offering high-performance computing resources designed for AI training and inference.
NexGen Cloud has established partnerships with major hyperscalers to access GPU resources on-demand through its Hyperstack platform, which also includes consultation services for AI projects.
The company has experienced significant growth, with its revenue skyrocketing from $3 million in 2023 to over $70 million in 2024, along with a remarkable 380% increase in AI cloud operations revenue.
Chris Starkey, the CEO and co-founder of NexGen Cloud, expressed excitement about the support from investors who share the vision of establishing a robust and sovereign AI infrastructure in Europe. This Series A funding marks a crucial milestone in the company’s journey towards becoming the cornerstone for AI-driven solutions across the continent.
Serving a clientele of over 10,000, including prominent names like Red Hat and Ingenix.AI, NexGen Cloud positions itself as a provider of “sovereign AI infrastructure,” prioritizing data privacy and regulatory compliance.
The anticipated growth of the global GPU-as-a-Service market, projected to rise from $3.3 billion to $34 billion by 2032, places NexGen Cloud in competition with industry players such as Vultr and Akamai Technologies.
The recently acquired funding will be allocated towards expanding GPU capacity, enhancing the platform (including the introduction of Fine Tuning-as-a-Service), team expansion, and potential acquisitions. Co-founder Youlian Tzanev emphasized the growing demand for alternative cloud solutions in a market dominated by major US tech corporations.
The Series A funding round for NexGen Cloud highlights the increasing adoption of sovereign, GPU-driven edge AI infrastructure in Europe.
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AI/ML | funding | GPU | GPUaaS | NexGen
