European AI & Open-Source Momentum: Current AI $400M, CuspAI $450M, Helsing $1.8B
Key Questions
What funding did Current AI raise and for what purpose?
Current AI raised $400M at a $2B+ valuation for open-source AI models. The round was backed by Index, Accel, and government funds with a focus on energy efficiency.
Which European AI company raised for materials discovery?
CuspAI raised $450M in Series B funding to launch an AI Materials Foundry for materials discovery as part of AI-for-science efforts.
What is Helsing's latest valuation milestone?
Helsing raised funding at an $1.8B valuation in the defense AI sector. Europe overall saw $24B in Q2 venture funding, with 60.3% of deal value going to AI.
Current AI (Europe) raises $400M at $2B+ val for open-source AI models, backed by Index, Accel, and government funds; energy efficiency focus. CuspAI $450M (materials discovery) adds to AI-for-science. Helsing $1.8B (defense). Europe Q2 $24B venture funding (UK $10.4B). 60.3% of deal value to AI. Open-source vs proprietary dynamics intensifying. Capital clustering into mega-rounds.