'We're now ready': Peter Thiel-backed company raises $1bn to send data centers out to sea to harness…
- Panthalassa's valuation now sits near $1 billion after fresh funding
- Peter Thiel led a $140 million investment round into the ocean tech company
- Investors see ocean energy as a vast, untapped computing resource
A US-based ocean technology company, Panthalassa, is advancing its plan to relocate data processing into open waters, backed by fresh funding that places its valuation near $1 billion.
The start-up has spent ten years developing wave energy technology and is now backed by PayPal co-founder and early Facebook investor Peter Thiel, who led a $140 million investment round into the company.
"We're now ready to build factories, deploy fleets, and provide a sustainable new source of energy for humanity," said Garth Sheldon-Coulson, co-founder and CEO of Panthalassa.
Bypassing the grid by going offshore
Panthalassa’s idea connects two pressures which rarely meet directly — rising demand for AI computing and limits on land-based energy systems.
By placing...
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