AI infrastructure startup Nscale is in talks to raise $2bn, according to reports. The London-based company secured $1.1bn in September last year.
UK-based Nscale is working with Goldman Sachs and JPMorgan Chase to secure the funds, Bloomberg reported, citing people familiar with the matter.
Nscale, which was founded less than two years ago, is working on projects in the UK, Portugal, the US, Iceland and Norway.
Last year, the UK government announced the lesser-known Nscale would be responsible for delivering the British version of “Stargate” — a large-scale data centre project in the US. Nscale has also signed partnerships with Nvidia and OpenAI.
Investors in Nscale’s $1.1bn Series B include Aker, Sandton Capital, Blue Owl, Dell, Fidelity Management & Research Company, G Squared, Nokia, Nvidia, Point72 and T.Capital.
In October, a month after its Series B, Nscale announced it had closed $433m in SAFE (Simple Agreement for Future Equity) notes, which convert into equity shares at a later date.
All has not been rosy, however. Last November, Sifted reported on a copyright lawsuit brought against Nscale, and a botched acquisition deal involving the company.
