DIG Ventures Closes $120M AI Infrastructure Fund

DIG Ventures’ new fund is a useful signal for where European AI investors are finding opportunity.

What happened

London-based DIG Ventures closed a $120 million Fund III focused on around 30 European pre-seed and seed startups building infrastructure for AI. The firm is led by MuleSoft founder Ross Mason.

The strategy centres on data, identity, security, compliance and orchestration. These are the less glamorous but essential layers that help companies deploy AI systems safely, reliably and at scale.

Why it matters

European AI investing is becoming more specialised. Instead of trying to compete directly with frontier-model labs, funds like DIG are targeting infrastructure businesses that could benefit regardless of which model provider wins.

That approach also fits Europe’s enterprise market. Large companies often care less about having the newest model and more about governance, integration, security and measurable workflow impact.

The bigger picture

The AI stack is starting to split into layers. Frontier models get the most attention, but durable value may also sit in the control points around them: data pipelines, identity permissions, compliance systems, monitoring, orchestration and developer tooling.

For early-stage European startups, that creates a more realistic path to global relevance. They do not need to outspend the biggest labs if they can own the infrastructure that makes AI usable inside real organisations.