‘We are here to stay’: CEO Axelera AI reacts to $250 million

In a headline-grabbing move, Axelera AI has secured an unprecedented 250 million dollar in its latest funding round — more than the company raised in its first four years combined. By far the largest round for a semiconductor and hardware company in the EU, it cements Axelera’s status as a rising force. CEO Fabrizio Del Maffeo reflects on the milestone: “It shows that we are here to stay. After four years of navigating the pain of a startup, we’re finally starting to see the light at the end of the tunnel”, he says to IO+.

Founded in 2021 in Eindhoven, Axelera AI has rapidly grown from a startup into one of Europe’s leading AI chip designers, creating fast, energy-efficient processors and software that power complex AI tasks in devices and businesses alike. It’s no surprise, then, when Del Maffeo says, “We’re doing well. Today, we serve over 500 customers worldwide.”

The company’s ambitions extend far beyond traditional AI applications. Five years ago, when artificial intelligence was still largely confined to the cloud, Axelera envisioned embedding intelligence in the physical world — powering cars, computers, surveillance systems, and robots. “Today, that vision is becoming reality. Our technology enables intelligence inside devices at a fraction of the power consumption and cost of existing solutions. Because the platform scales so effectively, we are now expanding beyond the edge into large-scale AI factories,” he says.

‘Speed is everything’

What has driven Axelera’s remarkable rise? The CEO thinks he knows why. “Speed”, he says, “has been at the core of our strategy.” From the start, the company delivered its first product to customers in just 18 months. “We proved we could scale — in talent, in products, and in execution. That kind of pace requires a mindset that runs counter to conventional startup wisdom. Many founders believe capital should be stretched as far as possible, but moving too cautiously can slow development and stall ambition.”

Instead, the company chose to deploy capital quickly to create value early — value first recognized by customers, and ultimately validated by investors. 

‘Not a one-man show’

And then there is the team, he continues. Building a company of this scale, he said, is never a one-man show. “We have an extraordinary group — so strong, in fact, that I sometimes joke they might not even choose me as their CEO. But that’s exactly the point. Building a company like Axelera is a team effort. The leaders around the CEO should surpass him in their respective fields — the CFO in finance, the marketing head in strategy. Great companies are built by people who are better than you, and we’ve made that a principle from day one.”

Proof of Europe’s potential

The CEO sees Axelera’s journey as proof of Europe’s potential. “We’re proving that Europe can compete — that it can build and deliver cutting-edge technology to sustain its own growth. Strengthening our own ecosystem has never been more important.”

Scaling a European startup has been a challenge, though. European corporations are often skeptical of startups; they hesitate to buy from them because they fear the company might disappear. Across the ocean, it’s the opposite: large corporations bet on startups. “That makes it hard for European startups to generate revenue early on. But with enough funding, you gain credibility — a signal to big customers that you’re here to stay. Even in a risk-averse Europe, we made it this far.”

A bold picture

Looking ahead, the CEO paints a bold picture. “This won’t be our last round — our ambitions are too big for that.” Del Maffeo believes Axelera can become a cornerstone of Europe’s semiconductor ecosystem, alongside NXP, STMicroelectronics, and Infineon Technologies. “AI computing will underpin every computer, and what some once dismissed as ‘just an accelerator’ is on its way to becoming the core of future infrastructure. Intelligence, at its heart, will run on this technology.”

When asked if Axelera AI has now truly “made it,” he grins. “We’re in the process of making it, yeah. But we definitely haven’t made it yet!”