Verne Global, the UK-based developer of energy efficient data centers, announced earlier this week that it has secured $98 million of equity funding, led by Stefnir, an Icelandic asset management and private equity firm that is working with several of the largest Icelandic pension funds. Verne Global’s existing investors include Wellcome Trust, Novator Partners & General Catalyst.
Iceland’s low risk for natural disasters, mild year-round temperatures and vast renewable energy provided by Landsvirkjun, the National Power Company, have made the country an appealing location for data centers. Verne Global’s recent funding ensures that the company can deliver the infrastructure needed to serve the growing demand from international customers looking to house their data centers in the Nordic country.
Jeff Monroe, CEO of Verne Global said, “The unprecedented amount of new data created and processed by companies each day is forcing the industry to re-evaluate where that data resides. In order to succeed in a data driven economy, power capacity, reliability of the power grid and low-cost power are imperatives for delivery. All of these factors point to Iceland as the logical choice for computing.”
Arnar Ragnarsson of Stenfir said “Through this investment, Stefnir and its co-investors are supporting Verne Global in the continued growth of the Icelandic data center industry and in creating added value from Iceland’s valuable energy resources. The team at Verne Global has successfully executed a compelling business plan that we believe will only increase in relevance as companies worldwide look to address the on-going data center power demands.”
Since opening only three years ago in 2012, companies such as BMW, RMS, CCP Games, Datapipe, COLT, RVX Studios and others have selected Verne Global’s award-winning campus to lower the operational and power costs of scaling their data center requirements.