55 North Launches €300M Fund to Power Europe’s Quantum Leap
Venture capital firm 55 North has announced the launch of a €300 million fund aimed at accelerating the development of Europe’s quantum technology ecosystem. The fund, one of the largest of its kind in the region, will back early and growth-stage startups working on quantum computing, communication, and sensing technologies.
The move comes as Europe races to close the innovation gap with the U.S. and China, both of which have made significant strides in quantum R&D and commercialization. 55 North’s new fund seeks to catalyze a robust, sovereign quantum industry in Europe, ensuring strategic independence and global competitiveness.
“Our goal is to build a quantum future that is both European and world-class,” said managing partner Elias Veris. “This fund will support the continent’s most ambitious founders working at the frontier of science and engineering.”
The fund will target breakthrough technologies, including qubit architectures, quantum networking, error correction, cryogenics, and advanced materials. It also aims to foster deeper collaboration between academia, startups, and industrial partners to speed up commercialization pathways.
With headquarters in Brussels and a network across key tech hubs including Paris, Munich, and Copenhagen, 55 North plans to deploy capital over the next four years, investing in up to 25 companies.
The launch aligns with broader EU initiatives like the Quantum Flagship and Chips Act, which seek to reduce reliance on foreign technologies and reinforce Europe’s position in emerging strategic sectors.
As quantum technology inches closer to real-world impact, 55 North’s fund represents a timely injection of capital — and confidence — in Europe’s ability to lead the next wave of deep tech innovation.
After Vimeo, Bending Spoons in Talks to Acquire AOL in $1.4B Deal
Just months after acquiring video platform Vimeo, Italian tech company Bending Spoons is reportedly in advanced talks to acquire AOL in a deal valued at $1.4 billion, signaling its growing ambition to reshape legacy internet brands into modern digital powerhouses.
According to sources familiar with the negotiations, the deal would include AOL’s news, email, and advertising operations, but exclude certain legacy telecom assets still held by its parent company. If finalized, the acquisition would mark Bending Spoons’ most high-profile move yet and significantly expand its global footprint.
Founded in Milan, Bending Spoons has built a reputation through successful consumer apps and recent high-profile acquisitions. The company’s purchase of Vimeo earlier this year surprised many industry observers but now appears to be part of a broader strategy to consolidate underperforming yet iconic digital platforms and revitalize them through design and product innovation.
“AOL is a cultural and technological icon, and we believe there’s immense untapped value in its legacy,” a Bending Spoons spokesperson said, declining to comment directly on the ongoing talks.
Once a dominant force in the early internet era, AOL has since faded from prominence but still maintains a sizable user base and advertising business. Bending Spoons is reportedly eyeing AOL’s strong brand recognition and infrastructure as a foundation for new content and communication offerings.
The deal would represent another step in the trend of European tech firms acquiring aging U.S. internet properties, as they seek to compete with Silicon Valley by leveraging heritage brands with global reach.
If completed, the AOL acquisition could close by the end of the year, pending regulatory approval and final agreement on terms. Both companies have yet to officially confirm the negotiations.
Milan’s Domyn Eyes €1B Raise to Build Europe’s AI Gigafactories
Italian AI infrastructure startup Domyn is seeking to raise €1 billion to fund the construction of Europe’s first AI gigafactories, according to people familiar with the matter. The ambitious plan aims to position Europe as a global leader in AI compute capacity, rivaling efforts underway in the U.S. and Asia.
Founded in 2023, Domyn specializes in designing and operating large-scale, energy-efficient data centers optimized for training and deploying advanced artificial intelligence models. The proposed gigafactories — high-density compute hubs packed with next-generation GPUs and accelerators — would be located across strategic European tech corridors, including Northern Italy, Southern Germany, and the Nordics.
The company is reportedly in discussions with sovereign wealth funds, institutional investors, and strategic tech partners to secure funding. If successful, the raise would be one of the largest in European tech infrastructure to date.
“Our vision is to make Europe sovereign in AI infrastructure,” said Domyn co-founder and CEO Alessia Ferretti in a statement. “We can’t build world-class AI systems without world-class infrastructure — and we believe Europe deserves both.”
Domyn’s facilities aim to address growing demand for local, secure, and sustainable AI compute. With Europe’s strict data privacy laws and rising geopolitical concerns around tech dependency, Domyn’s pitch has found strong resonance with policymakers and enterprise customers alike.
Each gigafactory is expected to deliver over 500 exaFLOPS of AI compute, powered by green energy sources and advanced cooling systems. Construction on the first site is projected to begin in mid-2026.
As AI adoption surges and capacity becomes the new digital currency, Domyn’s €1B bet could reshape the continent’s role in the global AI race — from follower to infrastructure leader.
OpenAI Valued at $500 Billion After SoftBank Buy-In
Artificial intelligence leader OpenAI has reached a staggering $500 billion valuation following a significant investment from SoftBank, marking a milestone in the rapid rise of the AI industry and one of the largest private tech valuations in history.
Sources close to the deal say SoftBank’s Vision Fund led the latest round, acquiring a minority stake reportedly worth between $8 billion and $10 billion, valuing OpenAI at half a trillion dollars. The funding is expected to accelerate OpenAI’s development of general-purpose AI systems and global infrastructure, while also expanding its footprint in enterprise services, robotics, and custom AI chips.
The deal further cements OpenAI’s position at the forefront of the AI revolution, alongside Microsoft, which remains its largest strategic partner. Microsoft’s multibillion-dollar investment and deep integration of OpenAI’s models into Azure, Copilot, and Office products have played a key role in OpenAI’s commercial success.
SoftBank’s involvement signals strong confidence in the future of artificial general intelligence (AGI) and reflects growing investor appetite for foundational AI companies. The Japanese conglomerate, known for bold bets on transformative technologies, has described OpenAI as “central to the next era of human productivity.”
OpenAI CEO Sam Altman has reportedly told investors the new capital will be used to expand training capacity, improve model safety and alignment, and support OpenAI’s global data center initiatives. The company has also been hiring aggressively and working on its next-generation model, rumored to surpass GPT-5 in reasoning, memory, and multimodal capabilities.
With this latest valuation, OpenAI now ranks among the world’s most valuable tech companies — still privately held but increasingly influential across industries from education and healthcare to entertainment and defense. An IPO remains a possibility, but for now, OpenAI’s private momentum continues to accelerate.
Einride Raises $100M to Scale Autonomous Electric Freight and Expand Globally
Swedish autonomous freight company Einride has secured $100 million in a new funding round aimed at accelerating the deployment of its electric, self-driving trucks and expanding its footprint into new international markets.
The round was led by leading venture capital firms specializing in sustainable transportation and deep technology, with participation from strategic corporate investors in logistics and energy sectors. This latest investment brings Einride’s total funding to over $350 million, underscoring growing confidence in the company’s vision to revolutionize freight with sustainable and autonomous solutions.
Founded in 2016, Einride designs and operates electric trucks equipped with advanced AI-based autonomous driving technology. Its trucks are already in operation across several countries, serving industries including retail, manufacturing, and energy. The company’s platform combines electric vehicles with cloud-based fleet management and route optimization software to improve efficiency, reduce emissions, and lower costs.
With the fresh capital, Einride plans to accelerate production of its autonomous electric trucks and enhance software capabilities, including advanced safety features and real-time traffic integration. The company also aims to enter new markets across North America, Europe, and Asia, where demand for clean, automated freight solutions is rapidly growing.
“Freight transport is undergoing a massive transformation, and autonomous electric vehicles are at the center of this shift,” said CEO Robert Falck. “This funding will help us scale quickly and deliver cleaner, safer, and more efficient freight solutions worldwide.”
As supply chains face increasing pressure to decarbonize and digitize, Einride’s innovative approach positions it as a key player in the future of logistics. The company’s ambition to replace diesel trucks with sustainable, autonomous fleets aligns with global climate goals and evolving regulatory landscapes.
