Estonia-based Skeleton Technologies, a global AI infrastructure and grid power systems provider, announced the first close of a larger funding round at €33 million, raising its total venture capital funding to €392 million in preparation for its planned initial public offering (IPO) in the United States in 2027.
The new round expands Skeleton’s investor base with the addition of Axon Partners Group, SmartCap and Taiwania Capital, with more investors to be announced as part of a larger round ahead of the IPO.
The new funding will further enable Skeleton to meet the demand for its high-power energy storage solutions that address power constraints within AI data centers. In addition to its mass-scale supercapacitor manufacturing in Germany and one-gigawatt SuperBattery factory in Finland, Skeleton is preparing to expand production to the United States.
“As AI infrastructure continues to scale, reliable, high-performance power solutions have become critical,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies.
“This funding round brings additional strategic partners to the table and strengthens our ability to deliver the next generation of power solutions that cut AI data center energy consumption by 40%, increase computing power by 40%, and enable faster power grid connection …
“We are pleased to strengthen our investor base with new partners such as Axon, whose technology investment and growth-stage expertise will support Skeleton’s IPO preparations. Through Taiwania Capital, we are also deepening our relationship with the Taiwanese chip industry, creating more strategic opportunities as demand from AI data centers continues to grow.”
Francisco Velazquez, Founder and Managing Partner at Axon Partners Group, said: “AI data centers are one of the most critical drivers of global energy demand and scaling them sustainably requires fundamentally new approaches to power infrastructure.
“Skeleton Technologies is uniquely positioned to deliver the solutions enabling the continued growth of AI, and we are excited to support the company as it scales its solutions globally and prepares for its next chapter as a public company.”
Taiwania Capital CEO David Weng said: “Taiwan acts as the global hub for the AI data center supply chain, while Europe is a powerhouse of deep-tech innovation.
“We view Skeleton’s technology as a critical solution for enabling the next generation of AI infrastructure. By backing Skeleton Technologies, we are connecting their breakthrough energy solutions with Taiwan’s robust AI data center supply chain.
“Together, we are building the resilient energy backbone needed to unlock the full potential of the AI era.”
Skeleton CEO Madiberk added: “While the US, with its large hyperscalers, is the leader in AI globally, our solutions are being delivered to AI data center customers in Europe and Asia, as well. The power bottleneck is limiting growth across the entire AI market, driving the accelerated demand for our solutions, and the backing of our strong investor base is essential in supporting our fast growth.”