The Estonian DeepTech sector is making it big. This May, Tallinn-founded Skeleton Technologies announced the first close of a pre-IPO funding round, raising €33M and bringing its total venture capital funding to €392M. The Estonian energy storage company, which manufactures supercapacitors and hybrid battery systems for AI data centres and power grids, is targeting a listing on a US stock exchange in 2027.
The fresh capital comes from three new investors: Axon Partners Group, a Madrid-based technology growth fund; SmartCap, Estonia’s state-backed venture and growth capital firm; and Taiwania Capital, a Taiwanese deep-tech investor with close ties to the island’s semiconductor and AI supply chain. Further investors are expected to be announced as the round continues.
Skeleton’s pitch rests on a straightforward problem: power availability has become one of the most acute constraints on AI infrastructure growth. The company claims its high-power energy storage solutions can cut AI data centre energy consumption by 40% and increase computing performance by the same margin, while also accelerating connection to the power grid.
The company already operates supercapacitor manufacturing in Germany and is building a one-gigawatt SuperBattery factory in Finland. A US production facility is also in preparation, reflecting where much of its data centre customer base sits — though CEO and co-founder Taavi Madiberk notes that demand is strong in Europe and Asia as well. “Hardware is hard, and DeepTech hardware is deeply harder! But we got a tough, smart team at Skeleton solving the global power bottleneck,” he wrote in the post announcing a new round.
The Taiwania partnership is notable for its strategic dimension beyond the capital itself. David Weng, CEO of Taiwania Capital, described Skeleton’s technology as a bridge between European DeepTech and Taiwan’s dominant role in the global AI data centre supply chain — a combination that could open procurement and partnership channels in one of the world’s most important hardware ecosystems.
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