Dutch company Euclyd is in discussions with investors for a round of at least 100 million euros ($118 million), according to its founder Bernardo Kastrup. The company is developing AI chips that operate in a system that it claims can deliver 100x higher power efficiency for inference compared to Nvidia's latest generation Vera Rubin chips. U.K. startup Optalysys is planning a $100 million fundraising round later this year, and British company Fractile and France's Arago are reportedly fundraising for nine-figure rounds. Investors have already invested over $200 million into two European startups, Axelera and Olix. The rise in AI technology is attributed to a shift towards homegrown silicon due to U.S. export controls, concentration risk around chipmaker TSMC and a European sovereign compute imperative.