Greek diaspora startups have been on an impressive run since early 2026 in terms of funding. Added to this… sequence of events in the first two months was the mammoth round of more than $250 million recorded these days in the assets of Axelera AI, based in Eindhoven, the Netherlands, with co-founder – CTO (Chief Technology Officer) Evangelos Eleftheriou, which specializes in the manufacture of advanced energy-efficient AI chips, a highly topical technological subject.

The Funding Streak

The story: In its early days, Axelera AI raised $12 million in a Seed round in 2021 and, by late 2022, another $27 million in an oversubscribed Series A. In 2023, it secured an additional $23.5 million, with investment inflows continuing steadily.

In June 2024, a further $68 million Series B round followed, with participation from Invest-NL Deep Tech Fund, European Innovation Council Fund, Innovation Industries Strategic Partners Fund, Samsung Catalyst Fund, alongside existing investors Verve Ventures, Innovation Industries, Fractionelera, and the Italian state fund CDP Venture Capital SGR, among others.

In March 2025, the company received an additional €61.6 million through a European grant (via the DARE initiative of EuroHPC Joint Undertaking) for the development of its groundbreaking Titania chip, based on open RISC-V architecture and Digital In-Memory Computing technology. According to the company, total funding had surpassed $200 million at that point.

Add another $250 million today…

From Patras to IBM and Carleton

The impressive résumé of Evangelos Eleftheriou is now widely recognized in the market, the investment community, and international media. His presence — an internationally acknowledged tech expert originally from Aliveri, Evia — on the Axelera AI team naturally places the company within the Greek startup ecosystem. Alongside him is Fabrizio Del Maffeo, CEO and co-founder of the rapidly rising Dutch startup.

Eleftheriou graduated in Electrical Engineering from the University of Patras in 1979 and holds an MSc and PhD in Electrical Engineering from Carleton University (1981 and 1985 respectively), where he was also named a Doctor of the University.

His scientific background began taking shape in the 1980s.

Evangelos Eleftheriou is a member of IEEE and IBM, receiving from IBM its highest technical distinction. In 1986, he worked at the IBM Zurich Research Laboratory, and since 1988 he has held various executive roles in major companies for 36 years.

Axelera AI’s leadership team also appears to include other executives of Greek origin, judging by their names, and the company employs around 200 people, with offices in Athens as well.

Growth and Challenges

According to Axelera AI, the new funding will be used to support its global commercial expansion.

As a European leader in AI semiconductor production, and with fresh financial backing from funds managed by Innovation Industries and SiteGround Capital, among others, as well as EU institutions, the company aims to address the sector’s emerging challenges.

It now competes with major global players by offering solutions that combine high performance, low cost, and energy efficiency.

In a related announcement, the company described the round as “the largest investment in an AI chip specialist in the EU,” citing 500 customers worldwide across sectors including telecommunications, aerospace, defense and public security, industry, retail, agri-tech, robotics, and security.

AI as an Investment Magnet

Startups with Greek “DNA” leveraging AI across various technological fields continue to attract investments worth hundreds of millions of dollars this year.

Even before the year has fully unfolded, within just the first two months of 2026, officially announced major funding rounds have already reached nearly €700 million — for just three Greek-founded companies abroad: Axelera AI ($250+ million), Runway ($315 million), and Resolve AI ($125 million).