Euclyd Raises Over €200 Million, Doubling Its Own Target

Euclyd, a two-year-old chip startup based at High Tech Campus Eindhoven, announced a Series A round of more than €200 million on Sept. 15, more than double the roughly €100 million the company had originally set out to raise, according to Dutch business outlet Dispatches Europe.

The round was co-led by Samsung Electronics, Somerset Capital Partners, the Scaleup Europe Fund managed by EQT, and Innovation Industries, with additional money from Denmark's export credit agency EIFO, imec.xpand, the Brabant Development Agency and Quadri, Euclyd said in its own announcement. Euclyd did not disclose a valuation for the round.

Peter Wennink, who ran ASML for a decade, becomes chairman

Euclyd said Peter Wennink, who stepped down as chief executive of Dutch lithography giant ASML, has joined its board as chairman. Founders Bernardo Kastrup, who holds the chief executive title, and Atul Sinha started the company at High Tech Campus Eindhoven, the same complex where Wennink's former employer runs part of its research operations. Dispatches Europe also named investor Steven Schuurman, the Elastic co-founder and first chief executive, and Federico Faggin, credited with inventing the microprocessor at Fairchild Semiconductor, as part of the backers and advisers around the company, though neither Euclyd's release nor Dispatches Europe specified a formal title for either man at the startup.

Euclyd Founder and Chief Executive Bernardo Kastrup said in the announcement that "AI is becoming a foundation of economic growth, scientific discovery, and national competitiveness, but its potential will remain constrained unless we fundamentally change the infrastructure beneath it."

What Euclyd is selling, and what it has not shown yet

Euclyd's pitch centers on two products still in development: Craftwerk, which it calls "the world's first agentic AI silicon," and the Craftwerk Station CWS, which it markets as "the world's lowest-power exascale AI factory." CNBC covered the round under the headline "Samsung backs Nvidia AI chip rival in $230 million funding round," positioning Euclyd against the GPU maker that dominates AI training and inference hardware today, a comparison Euclyd's own materials do not make directly. Those materials describe the approach as combining programmable chip compute with processor-and-memory co-design, but the company has not published a wattage figure, a memory-bandwidth number, or an independent benchmark to back either superlative claim.

1. Original target100 € millions
2. Amount raised200 € millions

Source: Dispatches Europe, accessed 2026-09-15

An investor list built for a chip company, not a typical Series A

Samsung's involvement is notable because it puts a chipmaker directly inside the cap table of a company pitched as competing with the GPU incumbent Samsung itself supplies memory to, an overlap Euclyd's release does not address. The EQT-managed Scaleup Europe Fund and Denmark's EIFO both draw on public or quasi-public capital, similar to how the Scaleup Europe Fund also led Tandem Health's $100 million Series B in Sweden, part of a broader European push to back domestic AI infrastructure rather than rely entirely on American or Chinese chips. Founders raising a first institutional round rarely land a former Fortune Global 500 chief executive as chairman before their second product has shipped, a step that signals investor comfort with the technical bet more than it proves the bet will pay off.

Euclyd has not said when Craftwerk will reach customers or what its first contracted deployment looks like, so the round's real test, like Fortaegis's oversubscribed Series A for its own unproven chip architecture, will be whether a design win with a named customer follows the funding rather than another round of investor names.