Finnish AI cloud startup Verda lands $189m funding round

Verda is a Finland-based cloud infrastructure startup that builds systems specifically for artificial intelligence workloads. The company has raised 189 million US dollars in a funding round led by Emergence Capital, bringing its valuation to at least one billion US dollars. Additional participants in the round include MUFG Innovation Partners, Super Micro Computer, Varma Mutual Pension Insurance, and Lifeline Ventures.

Chief executive Ruben Bryon stated that the company will use the new capital to expand its computing capacity. Bryon also reported that Verda reached an annualized revenue run rate of 165 million US dollars in July and aims to raise up to 1.5 billion US dollars in equity and debt over the course of the year.

Verda currently operates two data centers and has announced an upcoming AI data center located in Sundsvall, Sweden. Alongside the funding, Super Micro has partnered with Verda to work on full-stack AI cloud infrastructure. These expansion efforts take place while Europe's broader data center sector deals with ongoing challenges related to power availability, grid connections, and permitting constraints.