(Alliance News) – Swedish investor EQT is in talks to acquire a stake in UK-based artificial intelligence start-up CuspAI, Sky News reported on Sunday.
Cambridge-based CuspAI, which uses generative AI to design new materials, gained an investment from Amazon.com Inc founder Jeff Bezos earlier this month as part of its USD400 million financing, in which EQT and other “potential major new investors” are also looking to participate.
Sky News’ sources told it that discussions are ongoing as to whether the European Union’s EUR5 billion Scaleup Europe Fund for fast-growing technology companies, which EQT was chosen to manage last month, will itself take part in the fundraising.
The financing, which Sky said is expected to be finalised in the coming weeks, will bring CuspAI’s valuation to around USD2.6 billion, more than quadruple the USD520 million it was worth last September.
Sky said it was unclear as of Sunday whether the Scaleup fund would be permitted to acquire an interest in UK-based companies, but that “sources close to the process” confirmed that EQT and CuspAI were holding talks on a potential deal.
It noted that EQT and CuspAI both declined to comment.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.