Antimatter is a French vertically integrated neocloud for AI inference. It combines energy sourcing, modular micro data centres (Policloud) and distributed cloud software (Hivenet), and was formed in 2026 from the merger of Hivenet, Policloud and Data Factory. OneRagtime first invested in 2022.

FROM A PRE-REVENUE SEED TO A €1 BILLION NEOCLOUD

OneRagtime backed David Gurlé early. It invested in Hivenet's Seed in 2022, when the distributed-cloud start-up had 12 employees and no revenue. It reinvested in Hivenet's Series A led by SC Ventures in 2024, and backed Gurlé's second company, Policloud, at Seed in 2025 alongside Global Ventures and Inria. In 2026 Hivenet and Policloud merged with US energy infrastructure company Data Factory to form Antimatter, valued at €1 billion at the merger. The fund's gross unrealised TVPI is 4.5x and its gross IRR is 83%, as of 30 April 2026.

TWO COMPANIES BEFORE THE MERGER

Hivenet built a distributed cloud with storage and GPU compute services used by more than 500,000 people. Its team grew from 12 FTE at the time of the investment in Q3 2022 to 50 FTE in Q3 2025, its last standalone reporting. Policloud developed sovereign containerised micro data centres and had 10 units running across 8 sites within a year. It had 6 FTE in Q1 2026.

ANTIMATTER: A FULL-STACK NEOCLOUD

Antimatter is a vertically integrated neocloud for AI inference. It combines energy sourcing, modular micro data centres (Policloud) and distributed cloud software (Hivenet). Where traditional hyperscalers rely on large, centralised data centres, Antimatter deploys modular micro data centres on sites where power is already available, and connects them through its cloud software into a single, coordinated system.

SPEED, COST AND SOVEREIGNTY

The model addresses three key challenges for AI infrastructure: deployment speed, cost and digital sovereignty. By bringing compute closer to available power and to end users, Antimatter brings capacity online faster and at a lower cost, with a frugal energy footprint and zero water use. Customers keep control over where their data is stored and where their workloads run. The infrastructure can be deployed in six months, against 24 months or more for traditional hyperscale solutions, at around half the cost.

POWER AND ORDER BOOK

Antimatter has secured nearly 160 MW of power in the US, of which 79 MW will be in operation by the end of the year. In 2026 it signed €1.4 billion of framework agreements, a signed order book rather than recognised revenue. David Gurlé is now CEO of Antimatter, and Queenie Chan has taken over as CEO of Hivenet.

THE INVESTORS

OneRagtime invested through its Rhapsody I, Rhapsody II and Paragon funds and its co-investment vehicles. Notable co-investors in later rounds are SC Ventures by Standard Chartered (Hivenet Series A lead, 2024), Global Ventures (Hivenet and Policloud), Inria (Policloud) and GA Invest (Hivenet, 2025). The company has raised €30.9 million in total.

WHAT'S NEXT

The latest funding will:

- Fund the deployment of the first 100 Policloud units, targeted for 2027.

- Expand compute capacity on Data Factory's powered sites in Texas and Oregon.