VEIR raises $110M Series C to commercialize superconducting power lines for AI data centers

The oversubscribed round was co-led by Matter Venture Partners and Tyche Partners. New backers LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures and Hui Capital joined existing investors including Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures and VXI Capital. VEIR, founded in 2019, has now raised $225M. No valuation or revenue was disclosed. The company packages superconducting cable with cryogenic cooling, controls, terminations and monitoring, pitching it as a way to move more power through less space than copper. It has run a 3 MW demonstration, and its first market is behind-the-meter power for AI data centers. The money goes to manufacturing capacity, supply chain, AI factory reference designs and first commercial deployments. No customers have been named yet. For anyone building or financing AI compute, getting power to the racks inside a campus is becoming as much of a constraint as grid access. Rack densities keep climbing, and suppliers that cut copper, labor and floor space will shape how fast new clusters can be switched on.