Dig Ventures raises $120m for European AI infrastructure startups

Venture capital firm Dig Ventures has secured $120 million for its third fund, specifically targeting early-stage startups developing the core infrastructure for artificial intelligence.

The firm intends to back approximately 30 European pre-seed and seed companies. These startups are focused on areas such as AI chips, databases, computing power, and software development tools.

Dig Ventures has previously invested in notable AI companies, including the Helsinki-based NorthQ and the UK's Graphcore. The firm's strategy centers on identifying and supporting European companies whose technologies are critical for AI's future development and scalability.

The new fund aims to support companies building solutions that enable efficient and reliable AI operations. Investments will prioritize technologies deemed fundamental for the widespread adoption of AI.

Previous investments by Dig Ventures include the UK's Graphcore, which raised $120 million in Series B funding, and France-based Mistral AI, which secured €400 million. The firm has also backed Germany's Aleph Alpha.