The AI gold rush has moved beyond consumer chatbots. In 2026, smart capital in Europe is flowing into the infrastructure layer, with plumbing that enables enterprises to build, deploy, and secure AI models at scale. This is the domain of B2B AI Infrastructure.
Generalist VCs often struggle here because the products, such as vector databases, synthetic data engines, and edge compute protocols, are invisible to the average user. The investors on this list are different. They are often computer scientists and former CTOs who perform diligence on code repositories, not just pitch decks. They are funding the sovereign technology stack that will define Europe’s digital autonomy.
Here are the 10 European VCs you need to know if you are building the rails for the AI revolution.
Air Street Capital
Led by Nathan Benaich, Air Street Capital is the undisputed intellectual heavyweight of the European AI scene. Based in London, they operate as an AI-native firm, investing exclusively in AI and life sciences. They are famous for authoring the annual State of AI Report, which sets the global industry agenda. Their thesis focuses on “rational optimism,” backing founders who are solving fundamental problems in computing, biology, and defence. With portfolio companies like Adept and Isomorphic Labs, they are the first port of call for research-led founders building foundational technology.
Lunar Ventures
Based in Berlin, Lunar Ventures has a unique rule: no business guys on the investment team. Every partner is a computer scientist or technical expert. This allows them to underwrite complex algorithmic innovations that other funds deem too science-heavy. They invest in deep-tech software, cryptography, and cloud infrastructure. Their due diligence process involves reading white papers and reviewing architecture rather than just analysing TAM (Total Addressable Market). If you are building a new database standard or privacy-preserving computation protocol, Lunar is your partner.
Crane Venture Partners
Krishna Visvanathan and the team at Crane Venture Partners have built a London-based firm dedicated entirely to the Intelligent Enterprise. They specialise in open-source infrastructure, data tools, and developer platforms. Crane understands that the future of B2B software is open and composable. They were early backers of companies creating the data fabric for modern AI. Their open enterprise thesis drives them to support founders who are commoditising the complex layers of the tech stack, making enterprise-grade AI accessible to every developer.
Fly Ventures
Fly Ventures operates out of Berlin with a thesis centred on day-one automation and technical founders. They look for startups applying machine learning to challenging B2B verticals or building development tools that enable that application. Their team leverages a proprietary data-driven sourcing platform to find engineering talent before they even incorporate. They are particularly active in the pre-seed and seed stages, backing unproven yet highly technical teams building middleware and APIs that connect legacy systems to modern AI models.
468 Capital
Founded by Alexander Kudlich, Florian Leibert, and Ludwig Ensthaler, 468 Capital brings Silicon Valley speed to the German deep tech market. With backgrounds in building infrastructure giants like Mesosphere, the partners understand the scale of OS-level technology. They are aggressively investing in Sovereign AI, which is a foundation model and infrastructure built and hosted in Europe. Their capital supports companies that are ensuring Europe does not become a vassal state to US tech giants, focusing on open-source models and secure, local compute.
IQ Capital
Based in Cambridge, the heart of the UK’s deep tech cluster, IQ Capital invests in hard science. Max Bautin and the team focus on breakthrough technologies in AI, quantum computing, and cybersecurity. They are comfortable with long R&D cycles and significant technical risk. Their IQ isn’t just a name, it reflects their connection to the university ecosystem, where many infrastructure innovations begin. They provide the patient capital needed to turn a research paper on neural network optimisation into a commercial B2B platform.
Dawn Capital
Dawn Capital is Europe’s largest specialist B2B software investor. While they invest later than some on this list (Series A/B), they are the kingmakers for infrastructure scale-ups. They have backed data heavyweights like Dataiku and Collibra. Their focus is on the tools that allow enterprises to manage their data assets and deploy software efficiently. Dawn provides the massive capital injection required to take a working infrastructure product and scale its sales organisation globally.
Episode 1
Episode 1 recently raised a fresh £76m fund to double down on being the contrarian B2B investor in the UK. Led by Hector Mason, they hunt for infrastructure opportunities that look boring or niche to outsiders but generate massive value. They invest heavily in the picks and shovels of the digital economy, like data governance, API management, and automated code refactoring tools. Their proprietary welcome-to-the-fold platform helps technical founders navigate the transition from engineer to CEO.
Speedinvest (Deep Tech)
While Speedinvest is a generalist pan-European fund, its dedicated Deep Tech team is a powerhouse in its own right. Operating across Vienna, Berlin, and London, they invest in the fundamental building blocks of the digital world. Their portfolio includes companies revolutionising quantum software and edge computing. They are particularly interested in Generative AI Infrastructure, focusing on the tools that monitor, debug, and optimise LLMs in production. Their massive network of corporate partners helps infrastructure startups find their first enterprise pilots.
MMC Ventures
MMC Ventures serves as the research-led investor for the London ecosystem. They have a dedicated data science team that maps the AI landscape to identify market gaps. This allows them to invest with conviction in enabling technologies such as the privacy layers, synthetic data generators, and MLOps platforms that the market will need in two years. They back founders building the governance and compliance infrastructure that will enable regulated industries (like finance and health) to adopt AI safely.
