EUCLYD raised more than 200 million euros in a Series A with Samsung as co-lead, while Italy's Exein closed a 234 million euro round, both in security-adjacent hardware and software.
Two European technology financings of unusual size were confirmed this week, and both sit in categories that had been difficult to fund at scale on the continent.
EUCLYD, a German AI semiconductor company, raised more than 200 million euros in a Series A, with Samsung as a co-lead investor.
The size is the first notable thing. A Series A above 200 million euros is not a conventional venture round; it is a capital commitment sized for silicon development, where the cost of taping out an advanced chip runs into the hundreds of millions before a single unit ships. European semiconductor startups have historically struggled to raise at that level, which is a significant part of why the continent's chip design capacity lags the United States and Asia.
The second notable thing is who led it. Samsung is not a financial investor in this context. It is one of a small number of companies that can actually manufacture advanced logic, and a foundry co-leading a chip designer's first institutional round is a commercial signal about the design as much as a financial one.
No post-money valuation, use of proceeds or product timeline has been disclosed.
Exein, the Italian embedded-security company, closed a 234 million euro round. The figure has now been reported across multiple independent outlets, having initially circulated through a single source.
Embedded security addresses firmware and operating-system-level protection for connected devices, a category that has drawn regulatory attention in Europe through legislation imposing security requirements on connected products. Regulatory mandates create procurement budgets, and procurement budgets are what convert a security category from a technical concern into a market.
The pattern
Both rounds are in hardware-adjacent, security-relevant technology rather than in application software, and both are considerably larger than the European venture norm for their stage.
That combination fits the current environment. Capital is flowing toward companies whose value is defensible on technical or regulatory grounds rather than on growth rate, which is the rational allocation in a market where the risk-free rate is 5% and growth multiples have compressed.
Neither company has published primary confirmation of the round terms beyond what has been reported, and neither disclosure includes the investor syndicate composition in full.