Axelera-FAST (Fueling Axelera’s Semiconductor & AI Transformation) is a scale-up project designed to scale Axelera AI up and mass-produce Europe’s first fully sovereign AI acceleration platform. As AI demand surges, Europe imports 90% of its AI chips, creating a critical vulnerability. Our project will eliminate this dependency by expanding our Digital In-Memory Computing (DIMC) and RISC-V-based AI processors, which deliver 10x faster performance and 3-5x better energy efficiency than GPUs repurposed for AI. To date, Axelera AI has raised €173 in funding, innovation loans and grants, and grown to 200+ employees across 15 countries, and built a 200+-person team across 15 countries. We have developed three AI chips, with over 120 customers integrating them into retail automation, robotics, and security. The next step is mass production, scaling into High-Performance Computing (HPC), and ensuring Europe’s AI sovereignty. However, scaling AI hardware is capital-intensive, requiring substantial investment in chip fabrication, supply chain resilience, and market expansion. Without EU support, Europe risks long-term dependency on non-EU suppliers, threatening its digital infrastructure and economic competitiveness. EIC funding is critical to accelerate production, advance R&D, and establish a sustainable AI ecosystem. With EU STEP funding, Axelera AI will secure Europe’s place in the AI revolution, eliminate reliance on foreign chips, and build a competitive, sovereign AI industry.