Verda (Finland) raises $189M in Series B

(verda.com)

78 points | by cmrdporcupine 5 hours ago

14 comments

  • herodoturtle 2 hours ago
    Sincere congrats to the Verda team :-)

    Can someone please help me understand what their competitive advantage is, versus the likes of AWS / Azure et al, who are also available in the EU.

    I love a good underdog story, but I'm not understanding the economics of it.

    • traceroute66 59 minutes ago
      > AWS / Azure et al, who are also available in the EU

      Because US-in-EU is fake-EU.

      CLOUD act, PATRIOT act etc. etc. US headquarters doesn't escape the arm of US law.

      Remember a long time ago there was a famous case where Microsoft fought the US DoJ when they came looking for somebody's data in Azure Ireland ?

      That was then. Now is now. Do you honestly think Microsoft would put up the same fight today, especially if the US President decided to lean on them ? I don't !

      CLOUD/PATRIOT etc. has gone from a theoretical risk to a real one. And now you have a US President in office who doesn't care much for bypassing all that anyway.

      • graemep 53 minutes ago
        Is it a risk anyone cares about? There is very little actual switching. In many ways dependence is increasing as everything moves to apps (including the EU's own age verification app) that only run on US controlled devices.
        • luplex 29 minutes ago
          I work in a European government institution. This is definitely a risk we care about, and we would switch to sovereign clouds in a heartbeat if we had any good ones in Europe.
          • traceroute66 0 minutes ago
            > if we had any good ones in Europe

            TBF there are good ones in Europe.

            The problem tends to be how much of the US-cloud cool-aid your organisation has drunk.

            If you've drunk the whole bottle, i.e. the random alphabet-soup of interdependent microservices, then sure you'll have a tough time finding a like-for-like equivalent.

            But if you've still got old-school IT brains in your IT team, then its perfectly feasible to find equivalence in Europe.

            Not only that, but you'll probably pay at least 10x less in Europe because you're not paying through the nose for the alphabet-soup of random interdependency.

            Also the EU providers price sheets are clear and it is easy to reliably forecast how much you will be paying. As opposed to the US provider's muddy price sheets full of small-print and all sorts of random invented proprietary billing units that are nigh on impossible to reason about.

          • koonsolo 10 minutes ago
            > if we had any good ones in Europe

            So you basically confirmed that being located in Europe isn't enough.

    • koonsolo 1 minute ago
      It's a bit sad that the only responses you get is "It's based in EU". If that's the only thing, it's not really impressive is it?

      Don't get me wrong, as a European I'm all for EU, but we should offer products and services that are at least as good as abroad competitors. My company still relies heavily on US tech, for the simple fact that lots of it is plain better and/or cheaper.

    • _ink_ 2 hours ago
      Cloud Act: The CLOUD Act (Clarifying Lawful Overseas Use of Data Act) is a U.S. federal law passed in 2018 that allows U.S. law enforcement to compel U.S.-based tech and cloud companies to hand over customer data, even if that data is stored on servers located outside the United States
      • petcat 1 hour ago
        The data sovereignty stuff is mostly just lip-service. Both the EU and Canada are in the process of negotiating reciprocal CLOUD Act arrangements with the US government similar to what UK and Australia already have in place.

        > EU-US agreement [1]

        > Negotiations with the United States to facilitate cross-border access to e-evidence for judicial cooperation in criminal matters started in September 2019 and are currently ongoing. At present, US-based service providers collaborate with European law enforcement authorities through direct cooperation on a voluntary basis or through mutual legal assistance (MLA) procedures.

        [1] https://www.consilium.europa.eu/en/policies/e-evidence/

        • graemep 54 minutes ago
          Verda's own website is sitting behind Cloudflare! So is consilium.europa.eu! The dependence is pervasive.
      • flipped 1 hour ago
        [dead]
    • 13324 2 hours ago
      There are several regulated industries that need to have their computing done in the EU without ties to US companies. Sovereignty is currently a big political topic.
    • Zigurd 58 minutes ago
      The economics of it are the same as for Hetzner. AWS is trying to split the difference by offering services that are supposedly run exclusively by EU citizens, from data centers located in the EU. The reasoning is pretty solid for at least the next two or three years. It might take another five to restore trust in US tech. Not a bad amount of runway.
    • victorbjorklund 1 hour ago
      They ain’t Americans.
    • bergheim 2 hours ago
      Them putting services in EU (even as subsidiaries) is just a marketing strategy where they are straight up lying to customers so they can get more money.

      See https://en.wikipedia.org/wiki/CLOUD_Act

  • nik736 4 hours ago
    Verda is great! The only thing bad about Verda is that it's sold out fairly often :-) So the $189M will hopefully help with that.
  • ksimukka 1 hour ago
    If only I was in Helsinki. This would be an interesting time to work in this area.
  • welhoilija 2 hours ago
    Gongratulations to the team! Their solutions not only allow the data to actually stay in the EU, but are otherwise competetive as well!
    • huksley 1 hour ago
      Could you clarify what you mean? Cloud-related data stay in the EU, but yeah, marketing/payment stack are more diverse.

      Disclaimer: I work at Verda.

  • paperboy10000 4 hours ago
    Excellent news for European tech stack - congrats!
  • petcat 3 hours ago
    AI cloud? I guess 189 mil will buy nvidia GPUs to host inference for Chinese models for Europeans? Is that what this is?
    • impossiblefork 3 hours ago
      That's a real risk.

      Hopefully it's for buying VSORA or Euclyd machines, but well...

      • lifty 3 hours ago
        Can you buy these already? I think not.
        • impossiblefork 3 hours ago
          The VSORA machines, possibly. They are apparently delivered and being installed at Scaleway.

          The Euclyd machines, probably many months away.

      • ohisthatso 23 minutes ago
        [dead]
  • BiraIgnacio 2 hours ago
    This is wonderful, congrats to everyone at Verda!
  • robotswantdata 3 hours ago
    Very good dev experience! Congrats
  • htrp 4 hours ago
    yet another ai cloud
    • dude250711 3 hours ago
      Yeah, but this time like... In EU!
  • hndhyc0bdt 4 hours ago
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  • ivyBadger920 4 hours ago
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  • hnx0rqy49u 3 hours ago
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  • mrits 4 hours ago
    $198M for AI Cloud when US has a company that pays one of it's employees about that?
    • kryptiskt 1 hour ago
      That American AI companies waste money like that is a good argument for them being vulnerable to leaner companies.
  • hn45e7pbij 3 hours ago
    Yeah the sold out bit is telling, and it's rarely the cards, it's finding racks with enough power and cooling ready to take them.