Skeleton raises €33m ahead of US IPO plans in 2027

Skeleton Technologies has secured a first close of €33 million in its Series F funding round as part of its preparations for a planned US initial public offering in 2027.

The funding brings Skeleton's total venture capital backing to €392 million and adds new investors Axon Partners Group, SmartCap and Taiwania Capital. Existing investor CBMM also joined the round, the first close of a larger pre-IPO fundraising process.

Skeleton makes energy storage systems for AI data centres and grid applications. Demand is being driven by US data centre operators facing limits on power availability and delays in grid connections.

The company says its products can reduce energy consumption and increase computing power by up to 40% in AI data centres. It manufactures supercapacitors in Germany and operates a one-gigawatt SuperBattery factory in Finland, while preparing to expand production in the US.

The fundraising comes as investors and operators focus more closely on the energy demands of AI infrastructure. Rapid growth in computing workloads has increased pressure on electricity networks, making power supply and connection times a more prominent issue for data centre developers.

Chief Executive and Co-founder Taavi Madiberk linked the new capital to that market shift.

"As AI infrastructure continues to scale, reliable, high performance power solutions have become critical. 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," said Taavi Madiberk, Chief Executive Officer and Co-Founder, Skeleton Technologies.

He added that the round broadens the company's investor base as it moves towards the public markets.

"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," said Madiberk.

Investor mix

Axon Partners Group is a Madrid-listed technology investment and consulting firm. Through its Next Technology fund, it backs deep-tech businesses, including climate technology companies and those that require significant capital as they scale their operations and governance.

Founder and managing partner Francisco Velazquez said Axon sees power infrastructure as central to the expansion of AI data centres.

"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," said Francisco Velazquez, Founder and Managing Partner, Axon Partners Group.

SmartCap invested through its Green Fund, which is financed by the European Union's NextGenerationEU Recovery and Resilience Facility and targets research-led green technology companies in Estonia.

The investment also aligns with broader European efforts to increase regional control over AI infrastructure manufacturing and improve grid stability as AI data centres and renewable energy generation expand.

Taiwania Capital's involvement adds an investor with close ties to Taiwan's semiconductor and AI hardware industries. Skeleton said the relationship could help it work more closely with hardware and infrastructure groups in the region, where demand for reliable energy systems is rising alongside AI deployment.

Chief Executive David Weng said the investment reflects the link between Taiwan's AI supply chain and Europe's engineering base.

"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," said David Weng, Chief Executive Officer, Taiwania Capital.

Expansion plans

Skeleton said the current fundraising cycle is intended to support growth in response to demand from AI data centre operators across the US, Europe and Asia. According to Madiberk, the pressure from power shortages is not confined to a single region.

"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," said Madiberk.

CBMM's participation highlights the role of materials supply in Skeleton's product strategy. The Brazilian group supplies niobium for Skeleton's SuperBattery technology, which the company said is used in its GrapheneBBU system for AI data centres.

Skeleton said niobium offers advantages over lithium-ion systems in data centre settings, including safety, performance and sustainability. The latest financing gives the company additional support as it increases production in Europe and lays the groundwork for a US manufacturing presence.