VEIR, a U.S.-based company developing superconducting power delivery systems for AI data centers, has raised $110 million in an oversubscribed Series C funding round.
The round was co-led by Matter Venture Partners and Tyche Partners, with participation from LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures and Hui Capital. Existing investors, including Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures and VXI Capital, also participated.
The latest funding brings VEIR’s total capital raised to $225 million.
VEIR will use the new funding to expand manufacturing capacity, develop its product portfolio and strengthen its technical and commercial operations as it moves toward large-scale commercial deployment.
“AI infrastructure is advancing at a pace that requires us to rethink how power is delivered, not simply optimize the systems that exist today,” said Tim Heidel, CEO of VEIR. “This financing gives us the resources to move from demonstrating the potential of superconducting power delivery to manufacturing and deploying systems at commercial scale.”
The company is developing superconducting power delivery systems designed to help AI data centers handle growing electricity demands. Its technology combines superconducting cables with cryogenic cooling, controls, termination systems and monitoring technology.
“The next generation of AI data center will require innovations beyond compute,” said Wen Hsieh, Founding Managing Partner at Matter Venture Partners. “Power delivery to AI server racks is emerging as one of the critical constraints on how efficiently and densely AI compute can scale and cluster, respectively. VEIR has developed a revolutionary high-temperature superconductor-based, small-form factor electrical transmission solution to addressing this power delivery challenge.”
VEIR says its systems can move significantly more power through a smaller physical footprint than traditional copper-based infrastructure. This could help data center operators reduce material use, labor requirements and installation complexity.
“AI is critically important and requires more efficient power delivery systems to continue to scale, while the physics of copper has become a fundamental limitation,” said Weijie Yun, Managing Partner at Tyche Partners. “As technologists and former entrepreneurs, we believe VEIR has reached an inflection point and is uniquely positioned to scale superconducting power systems, with the technology and ecosystem leadership to enable new levels of power density and performance for AI data centers.”
The company has already demonstrated a 3-megawatt superconducting power delivery system and is working with customers and industry partners on AI data center reference designs and commercial deployments.
Founded in 2019 and headquartered in Woburn, Massachusetts, VEIR is now preparing for its initial commercial deployments while expanding its manufacturing, supply chain and industry partnerships.
