British artificial intelligence group Nscale has successfully raised $1.1 billion from investors to expedite the expansion of its data centre infrastructure. Key investors in this Series B funding round include Norway’s Aker ASA and Finland’s Nokia. Aker ASA is an industrial investment company that focuses on energy and maritime sectors, while Nokia is a global leader in network infrastructure and technology.
The funding round was spearheaded by Aker, the investment firm of Norwegian billionaire Kjell Inge Roekke, contributing $285 million through a combination of cash and assets. This investment secures Aker a 9.3% stake in Nscale, with a potential earn-out agreement that could elevate their ownership to 12.2%, according to the Norwegian group.
Nscale is partnering with U.S. artificial intelligence company OpenAI to construct its inaugural European data centre in Narvik, a city located in the Arctic region of Norway. Aker also participates in this venture. Other participants in the funding round include Sandton Capital, Blue Owl Managed Funds, Dell, Fidelity Management & Research Company, G Squared, NVIDIA, Point72, and T.Capital.
Aker also disclosed that its 50% stake in the Aker-Narvik joint venture is convertible into additional shares of Nscale upon a future initial public offering, indicating strong confidence in Nscale’s growth trajectory and market potential.
