Substrate AI

www.substrate.ai ↗ ·Madrid ·Other

Substrate AI (Substrate Artificial Inteligence, S.A.) is a Madrid-headquartered AI company positioning itself as a European 'sovereign' AI stack: the Serenity Star / Serenity platform for building and governing generative-AI agents under EU AI Act and GDPR compliance, plus GPU data centres and a sovereign AI cloud, alongside AI-driven ventures in health, HR, industry and energy. It is publicly listed on BME Growth (ticker SAI) since May 2022 and is now the Spanish subsidiary of Stockholm-based Subgen AI (Nasdaq First North: SUBGEN); it reports 500+ customers and 200+ employees across Madrid and Talavera de la Reina. It was founded in December 2010 by Serratosa and García as KAU Finanzas, renamed Zona Value in 2018 and Substrate AI in June 2021.

Founded
2010
Founders
2
Total funds raised
—
Rounds
0
Investors
6
SectorsAI & Data, Enterprise Software, Cloud & Data Center Infrastructure, Healthtech, HR Tech, Energy Start-up MapAI & Data › AI data infrastructure

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Founders

José Iván García
Co-founder & Vice President of the group (head of the health division); former CEO
Lorenzo Serratosa Gallardo
Co-founder & CEO (Consejero Delegado); CEO of parent Subgen AI

Global models 5

Mistral AI
France · mistral.ai ↗
European sovereign AI stack combining enterprise agent-building and governance tools with its own Mistral Compute GPU cloud and data centres.
~$3.0BComparable
G42
United Arab Emirates · www.g42.ai ↗
Sovereign national AI group running GPU data centres and a sovereign cloud alongside AI ventures in health, energy and industry, the closest match to Substrate's conglomerate model.
~$2.3BComparable
Cohere
Canada · cohere.com ↗
Sells a private, sovereign-deployable enterprise AI and agent platform (North) to regulated businesses and governments with data-residency needs.
~$1.6BComparable
Nscale
United Kingdom · www.nscale.com ↗
Builds European GPU data centres and a sovereign AI cloud for enterprises and governments, matching Substrate's infrastructure arm.
~$1.5BComparable
Aleph Alpha
Sovereign European generative-AI platform for building and governing compliant AI applications in the public sector and regulated industries.
~$640MComparable

In the same niche 31 others

See all in the Start-ups Map →

Notes: Most funded first

Investors 6

Open as list →
SETT
sett.gob.es
Post-IPO 2026 · not counted Spain
JMSAN Agentes Financieros Globales
Investor Spain
Yaro Investment Holding
Investor United Kingdom
8 International LTD
Post-IPO 2026 · not counted HQ unknown
Alpha Blue Ocean
Post-IPO 2022 · not counted United Kingdom
Loft Structured Opportunities Fund I
Post-IPO 2026 · not counted United Kingdom

Funding rounds 0

·5 not counted
Not counted (5)

Not counted in totals

DateRoundAmountLead
PublishedArticle
2026-10-19 Dealflow #531: Liquidity for Factorial and Marosa employees. Qilimanjaro and Causa Prima raise $20M. ↗
Dealflow.es newsletter
2026-10-19
2026-10-09 Substrate AI avanza en su ronda para impulsar la inteligencia artificial española ↗
Diario Digitalis
2026-10-09
2026-08-03 Substrate AI establishes data center REIT to accelerate investments in AI infrastructure ↗
BeBeez International
2026-08-03
2026-06-29 Spanish government authorises investment of EUR 19.2 million as part of a planned EUR 39.2 million convertible note issue in Subgen AI's subsidiary Substrate AI ↗
Nasdaq (press release)
2026-06-29
2026-04-03 Subgen AI announces final outcome of the voluntary public offer to shareholders of Spanish subsidiary Substrate AI and resolves on directed issue of 291,284,082 ordinary shares with payment in kind ↗
Nasdaq (press release)
2026-04-03
2026-03-31 Spanish AI firm Substrate AI plans 10MW data center outside Toledo ↗
Data Center Dynamics
2026-03-31
2026-03-04 Subgen AI announces a voluntary public offer to the shareholders of its controlled Spanish subsidiary Substrate AI and publishes offer document ↗
Nasdaq (press release)
2026-03-04
2025-07-15 Substrate AI grows 92% in ebitda to 3 million euros at the end of June in comparable data, strongly boosting its profitability ↗
Substrate AI (press release)
2025-07-15
2024-12-05 SubgenAI to present Serenity Star tool at AI Summit NY ↗
Proactive Investors
2024-12-05
2024-07-17 Substrate AI — AI venture builder (initiation of coverage) ↗
Edison Investment Research
2024-07-17
2024-03-12 Substrate AI's latest deal values Subgen business at €150mln ↗
Proactive Investors
2024-03-12
2024-02-21 Subgen AI unveils Serenity Star: a generative AI ecosystem designed to transform business and government operations ↗
Proactive Investors
2024-02-21
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