Eindhoven chip firm Euclyd raises €200m

Eindhoven start-up Euclyd has raised more than €200 million to develop AI chips, and former ASML boss Peter Wennink has become chairman of the board, the company said on Tuesday.

The company is designing chips for what the industry calls inference, which is when an AI model is being used rather than trained. Most of that work is currently done on US-owned Nvidia processors. Euclyd says its chips will use less power and cost less.

Wennink was chief executive of ASML in Veldhoven from 2013 until 2024. In the statement he said Europe has “world-class capabilities across semiconductors, advanced manufacturing, and systems engineering” and that Euclyd could build these into “a globally competitive AI infrastructure platform”.

Kastrup said in the same statement that the money would go on hiring engineers and speeding up development. “AI is becoming a foundation of economic growth, scientific discovery, and national competitiveness,” he said, “but its potential will remain constrained unless we fundamentally change the infrastructure beneath it.”