Euclyd, a Dutch startup developing chips and data center systems for running AI models, has raised more than €200 million (around $230 million) in Series A funding.

Samsung, Somerset Capital Partners, EQT-managed Scaleup Europe Fund and Innovation Industries co-led the round, Euclyd said Tuesday. Denmark's Export and Investment Fund, imec.xpand, Brabant Development Agency and Quadri also participated.

Peter Wennink, the former president and CEO of Dutch chip equipment giant ASML, has joined Euclyd as chairman of its board.

Euclyd did not disclose its valuation or provide a timeline for launching its technology. The startup previously reportedly raised less than €10 million in seed funding and was seeking at least €100 million for its next round in April.

What is Euclyd?

Founded in 2024 by Bernardo Kastrup and Atul Sinha, Euclyd is based at High Tech Campus Eindhoven in the Netherlands. The startup said it is building technology to make running large AI models cheaper and use less power. Euclyd's platform combines AI chips, a new type of memory, and data center systems. The startup said this approach is designed to address limits involving memory use and energy efficiency that can restrict AI performance.

"AI is becoming a foundation of economic growth, scientific discovery, and national competitiveness, but its potential will remain constrained unless we fundamentally change the infrastructure beneath it," said Kastrup, Euclyd's CEO.

Developing AI chips and data center systems

Euclyd is developing an AI chip called craftwerk. The startup describes it as "agentic AI silicon" for running AI systems that can plan and complete tasks.

Euclyd is also developing craftwerk station CWS, a computing system for AI data centers. It will combine programmable chips with a memory architecture designed alongside the processors to improve performance and energy efficiency, Euclyd said.

Euclyd calls CWS the world's lowest-power exascale AI factory, though it has not released technical benchmarks supporting the claim.

"The next phase of AI will be defined not only by model innovation, but also by the efficiency and scalability of its infrastructure," said Dede Goldschmidt, senior vice president at Samsung Electronics and head of Samsung Semiconductor Innovation Center.

Euclyd said it will use the new funding to grow its engineering team, develop its technology, build industry partnerships and prepare to launch its products.

The funding follows other large investments in AI chip startups. Last week, U.S.-based Positron raised $875 million at a $5 billion valuation to develop AI inference chips. Also last week, the U.S. Commerce Department finalized five CHIPS and Science Act research and development awards worth up to a combined $775 million for GlobalFoundries, PsiQuantum, Quantinuum, D-Wave and Rigetti. Meanwhile, Euclyd's fellow Dutch startup Axelera AI raised more than $250 million in February to expand its AI hardware business.