Sandton Capital Partners led the oversubscribed round to support the hyperscaler's growth across Europe and North America.
"The AI market is scaling rapidly, and so are we. Nscale manages every layer of infrastructure in the value chain to meet the intensive needs of large-scale AI customers. In particular, the largest risk to the market’s ability to scale is the large contiguous tranches of electricity required to power these large GPU superclusters. Nscale has a 1.3GW pipeline of sites in our portfolio, which allows us to design from the ground up, the data centre, the supercluster and the cloud environment end-to-end for our customers. This means we can deploy bespoke GPU clusters tailored to customers’ requirements, do this faster than competitors and at any scale, all while delivering superior unit economics. With the support of our investors, we can now reach more customers globally with bespoke designed, sustainable and cost-effective AI infrastructure that unlocks new AI capabilities, products, and services."
The funding from FIGR Ventures serves as match-funding for an Innovate UK grant supporting collaborative fashion resale projects.
"FIGR has been an incredible investment partner for TRUSS, providing critical match-funding for our Innovate UK grant, as well as invaluable support. Their dedication and belief in our mission have been instrumental in advancing our technology and driving innovation forward. FIGR also provides a personal touch that’s rare in the VC world. I immediately recognised that their approach was different – they were the only VC to ask to meet the entire team before making an investment. This thoughtful, hands-on approach set them apart and gave us confidence in their commitment to our vision."
The investment round was led by A.P. Moller Holding and will fund the upcoming current account and artificial intelligence initiatives.
"Today’s fundraise validates our financial performance and growth potential. Since launching our bank in 2020, we’ve consistently offered financial products that offer great value and ease to our customers, supporting our vision to build Britain’s best bank. We are thrilled to have investors who share our excitement at the opportunity to serve more customers across more product categories as we aim to become the go-to bank for millions of consumers."
The funding round was backed by existing investors Mercia Ventures, NorthStar Ventures and North East Finance.
"Newcells has a great product and a strong team, and has the potential to become a leader in its field. The past year has been tough for the pharmaceutical industry as economic uncertainty has affected investment, resulting in fewer drugs under development. Newcells has navigated the changing markets effectively, while also improving efficiency and strengthening its commercial team. It is now well positioned for growth as activity levels recover and more companies make the decision to move away from animal testing."
