UK-based GPU cloud provider NexGen Cloud has raised $45 million in a Series A funding round.

The investment has come primarily from high-net-worth individuals and family trusts and will be used to expand NexGen Cloud’s AI infrastructure in Europe.

Details about the investors have not been shared.

“We are thrilled to have the backing of our esteemed investors who share our vision for a robust and sovereign AI infrastructure in Europe,” said Chris Starkey, CEO and co-founder of NexGen Cloud. “This Series A funding is a pivotal step towards realizing our goal of becoming the backbone for AI-powered solutions across the continent.”

According to NexGen, the company’s Hyperstack platform now has more than 10,000 users, including the likes of Red Hat, Ingenix.AI, Tyne, and ArchiLabs.

NexGen said that its future strategy will focus on “developing partnerships that enhance the access to and delivery of AI compute services.” The company further plans to launch infrastructure services and AI products, including Fine-Tuning-as-a-Service to help increase the efficiency of pre-trained AI models.

NexGen launched in September 2023 with its flagship platform Hyperstack, and has a revenue for 2024 and 2023 totaling £72 million ($91.7m). In October 2023, the company announced plans to invest $1bn in an “AI Supercloud” which is available via Hyperstack and features 20,000 Nvidia H100 GPUs. Deployment was planned for completion by June 2024.

The Supercloud was later announced to be hosted in AQ Compute’s Oslo data center in Norway.