EcoDataCenter Raises Nearly $500 Million in Partnership with CoreWeave for Eco-Friendly AI Facilities

The Swedish company EcoDataCenter recently raised €450 million—around $478 million—in equity funding led by its parent company Areim. The new investment will be used to develop and expand its environmentally responsible data services.

According to TechCrunch, the new capital anticipates EcoDataCenter’s expansion needs and future demand as the AI market develops. The Swedish firm builds eco-friendly data centers and provides services to major providers to manage AI traffic.

One of its major customers is CoreWeave, an American cloud-computing company backed by Nvidia that recently filed for an IPO in the United States.

According to EcoDataCenter’s official announcement, the company has secured a total of €1.2 billion in funding.

“It is a strong confirmation of our ability to raise capital of this scale. We will continue to drive the market for how digital infrastructure should be built together with our customers,” says Leif Andersson, founder of Areim and Chairman of EcoDataCenter.

The company, founded in 2019, has built new partnerships to boost its leadership in digital infrastructure in Europe, and, along with CoreWeave, it expects to build one of the largest AI clusters in Europe, in the Swedish city of Falun.

“We are establishing one of the most exciting companies in the Nordics,” said Peter Michelson, CEO of EcoDataCenter. “Through our platform, we have established partnerships with some of the world’s leading companies, which creates great investor confidence in what we do.”

The new investment will help the company enhance its technology and expand its operations and presence in the region.

More companies in Europe have been raising funds to expand taking advantage of the development of AI technologies. The Swedish startup Neko Health—co-founded by Spotify’s CEO Daniel Ek—raised $260 million in January during a series B round, reaching a 1.8 billion valuation.

A few weeks ago, France and the United Arab Emirates announced a partnership to build a 1-gigawatt data center in France dedicated to artificial intelligence technologies.