Prem Seeks $100M Series A Amid Export Bans
Prem AI, a Lugano, Switzerland-based startup that lets enterprises run AI models entirely on their own servers, is seeking $100M in a Series A round targeting a valuation of at least $500M, according to Bloomberg. The round is expected to close in Q3 2026. The fundraise coincides with the launch of Fluso, an encrypted AI workspace that runs agents and automates tasks inside a customer-owned private cloud, VPC, or air-gapped on-premise environment - no data leaves the building. Known backers from prior rounds include Fan Zhang, co-founder of Sequoia Capital China, and David Maisel, founding chairman of Marvel Studios. Founder Simone Giacomelli previously co-founded SingularityNET. Prem previously raised a $14M seed (April 2024) and a $6.1M bridge at a $200M valuation; the Series A would represent a 2.5x valuation step-up in two years.
Company and Round
Prem AI, based in Lugano, Switzerland, is seeking $100M in a Series A round at a target valuation of at least $500M, Bloomberg reported on June 18, 2026. The company expects to close the round in Q3 2026. Known investors from prior rounds include Fan Zhang, co-founder of Sequoia Capital China, and David Maisel, founding chairman of Marvel Studios - who engineered its $4B sale to Disney in 2009. Prem has not confirmed which investors are participating in the current raise.
Funding History
Founder Simone Giacomelli previously co-founded SingularityNET, the decentralised AI network, before starting Prem in 2023. The company raised a $14M seed round in April 2024, followed by a $6.1M bridge at a $200M valuation. If the Series A closes above $500M, that would represent a 2.5x valuation step-up in roughly two years.
The Product - Fluso
The fundraise coincides with the launch of Fluso, an encrypted AI workspace that runs agents and automates tasks entirely inside a customer's own infrastructure - private cloud, virtual private cloud, or a fully air-gapped on-premise environment. Data never enters external training pipelines or third-party servers. Customers include hedge funds and law firms - sectors where trading strategies, legal documents, and client records cannot be exposed to providers governed by external legal regimes. A free consumer tier also positions Fluso as an entry point into Prem's broader infrastructure offering. Open-weight models, meaning every parameter can be audited, form the model layer.
Market Context
SiliconANGLE links rising demand for sovereign AI infrastructure to US export restrictions on AI hardware, which are pushing enterprises and governments to seek self-hosted alternatives. Prem packages self-hosted model deployment with a ready-to-use application layer - handling inference, security, and agent automation as a finished product rather than a toolkit. Competitors including Databricks also offer on-premise AI, but Prem's positioning targets the full stack in a single deployment.
Scoring Rationale
A $100M Series A seek - not yet closed - at a $500M+ valuation for a 3-year-old Swiss startup targeting the enterprise sovereign AI niche is solid mid-tier funding news, elevated by Bloomberg as primary reporter and a clear data-sovereignty thesis tied to export restrictions. Adjusted slightly below original 6.8 to reflect that the round remains open rather than closed.
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