Milan-based Domyn, formerly known as iGenius, is preparing one of the largest funding bids in Europe’s tech scene this year. The company is seeking to raise €1 billion over the next six months, a bold step to accelerate its AI gigafactory projects and expand its large language model (LLM) offerings for regulated industries. With a valuation tarobtain of a few billion euros for its upcoming Series B, Domyn is placing itself at the centre of Europe’s push to reclaim ground in advanced computing.
Building AI for regulated frontiers
Founded in 2016 by Uljan Sharka, Domyn has carved out a niche by focutilizing on sensitive, high-stakes applications of LLMs rather than broad consumer tools. Its models are designed for industries, such as defence, finance, and advanced manufacturing, where trust, control, and data isolation are paramount.
The company has already launched two models: a compact-scale language model for general enterprise necessarys and a mission-critical LLM benchmarked against global leaders like OpenAI’s GPT-4o and Anthropic’s Claude 3.5 Sonnet.
Domyn markets these under an “open enterprise” approach, allowing clients access to the codebase and the ability to pre-train models with their own datasets. This flexibility aims to give institutions, from banks to government agencies, the ability to operate foundational models inside their secure environments.
Gigafactories as Europe’s supercomputing backbone
Beyond software, Domyn is betting on infrastructure. The company is constructing AI gigafactories across Italy, with its first facility in northern Italy expected to go live by early 2026. Powered by 6,000 Nvidia Blackwell chips, the site is set to become Europe’s largest supercomputer. A second gigafactory is already in development in the south of the countest.
These facilities will not only run Domyn’s models but also provide clients the ability to train and customise them. This dual-purpose strategy, selling LLMs while providing compute infrastructure, positions Domyn as both a technology vfinishor and a builder of Europe’s digital backbone.
In 2024, Domyn secured €650 million in project financing, split evenly between debt and equity, at a €1.7 billion valuation to kickstart its gigafactory build. The company now wants to leverage momentum in European funding for data centres, where governments and investors are pouring billions to close the gap with the US and China.
Scaling ambition amid global competition
Domyn first reached unicorn status after raising €70 million in its Series A last year. Now, the startup is eyeing €10 billion in total funding over the next three years to support global expansion and broaden its commercial operations. Despite not disclosing official revenue figures, sources suggest Domyn is already generating tens of millions in annual recurring revenue. The company’s internal tarobtain is to generate €1 billion in revenue within three years.
The European AI landscape is often portrayed as lagging behind the US and China, but Domyn is playing a different game. Instead of chasing mass-market dominance, it is focutilizing on mission-critical deployments that require a mix of advanced models, secure infrastructure, and close regulatory alignment. This strategy could give Europe a foothold in areas where trust and sovereignty matter most.
As Europe scrambles to build supercomputing capacity, Domyn’s dual role as both a model creater and gigafactory builder may prove vital. If its €1 billion raise succeeds, it won’t just strengthen the company’s balance sheet, it could also mark a turning point in Europe’s ability to compete on its own terms in the AI race.
Leave a Reply