Team
86Second-time founder. The CTO ran capacity for a European host, not a research lab. They hire operators.
Weight 30
IC
A sovereign inference cloud for European teams that already know which model they want.
Second-time founder. The CTO ran capacity for a European host, not a research lab. They hire operators.
Weight 30
Inference spend is leaving the notebook and hitting procurement. Residency is a buying criterion, not a slide.
Weight 25
€2.1m run-rate, 11 production logos, net retention not yet meaningful. Usage is real and concentrated.
Weight 25
The moat is the boring part: regions, support, and a control plane banks will sign. Not a model.
Weight 20
Investment memo
Screened 12 Oct 2026Pre-written. The replay is simulated.
Foundry rents reliable inference to European companies that have picked a model and now need somewhere legal to run it. The round is €18m at a €72m pre. We would write €8m, about 9% pro forma, and keep reserve for the round that follows utilisation rather than research.
Procurement teams started asking where the weights sit. That question was academic in 2024. It is a security review in 2026. Foundry is already inside that review at three banks and two insurers.
A control plane over capacity they operate in Paris and Amsterdam, with a Frankfurt region in build. Customers bring open weights or a licensed commercial model. Foundry handles isolation, quotas, audit logs, and a support rota that answers in European business hours. There is no foundation-model research group, which is the point.
Usage pricing with a floor. Gross margin is 54% today and should expand if utilisation in Amsterdam gets above 70%. The €2.1m run-rate is not SaaS-pretty. It is contracted infrastructure, and the logo list matches the buyers Lumenstack already has. Concentration is the number IC should stare at: two logos are 38% of revenue.
Invest, with a condition. Elena confirms the two large logos are not terminating inside twelve months, and we cap the first cheque at €8m so the reserve still exists when utilisation, not a demo, sets the next price.