A newly formed artificial intelligence infrastructure company backed by Canadian asset manager Brookfield has reached a $1.3 billion valuation after completing a combination with a London-based cloud computing startup, according to three sources familiar with the transaction and documents reviewed by Reuters.
The company, called Radiant, was established by Brookfield Asset Management to offer on-demand access to artificial intelligence processing chips. Tuesday’s announcement of the merger with Ori Industries did not include financial details of the transaction.
Sources indicate that all existing Ori investors have transferred their ownership stakes into the combined entity, while Brookfield provided additional funding to the new venture. The specific portion of the valuation attributed to Ori’s contribution could not be determined.
Documents show the $1.3 billion valuation was determined earlier in February, though it’s unclear whether this figure has been adjusted since then. Both Brookfield and Ori representatives declined to provide comment on the matter.
The sources requested anonymity since the deal terms were not disclosed publicly.
Corporate filings reveal that Ori held 42.5 million pounds ($57.2 million) in total assets minus current liabilities at the close of 2024. The company’s total debt increased to 11.3 million pounds from 4.4 million pounds the previous year.
This transaction occurs as investors compete to construct the data center facilities, power systems, and chip infrastructure required for advanced artificial intelligence applications, driven by a scarcity of high-performance computing resources.
Ori’s founder Mahdi Yahya, whose startup received backing from Saudi Aramco’s investment division, will assume the role of president at Radiant.
“For more than seven years we have been designing software to support AI infrastructure at scale, and it was clear Brookfield was the right partner,” Yahya stated Tuesday. “Through Radiant we can help address the supply-demand imbalance that has defined AI since 2023.”
Radiant’s executive chair Vishal Padiyar explained that the company combines infrastructure and software solutions to serve government agencies and large corporations, with goals of reducing computing expenses and enhancing performance capabilities.
Radiant represents one of the initial projects supported by Brookfield’s AI infrastructure investment fund, which is pursuing $10 billion in investor commitments and plans to expand to as much as $100 billion through additional co-investment and financing arrangements.
The fund allocates up to $5 billion for Bloom Energy to deploy up to 1 gigawatt of behind-the-meter power solutions for data centers and AI manufacturing facilities, while semiconductor company Nvidia provided initial capital contributions and will supply processing chips to Radiant.
The United Kingdom is accelerating data center development and intends to increase national computing capacity by 20 times before 2030, as data centers receive classification as critical infrastructure.
International technology giants including Google and Microsoft have committed multi-billion-pound investments in the UK sector, alongside up to 2 billion pounds ($2.70 billion) in government funding through the UK’s Compute Roadmap initiative.
