VEIR Raises $110M to Scale Superconducting Power Systems for AI Data Centres

VEIR, an American power technology firm, has secured $110 million in Series C funding to develop superconducting power systems for AI data centers. The financing round was led by Matter Venture Partners and Tyche Partners, with participation from LG Technology Ventures, Gates Frontier, and other investors. Existing investors Engine Ventures and Piva Capital also contributed to the round, bringing VEIR's total capital raised to $225 million.

AI data centers demand significant power density, straining existing electrical infrastructure. VEIR's technology combines superconducting cables with cryogenic cooling systems, controls, termination units, and monitoring technology to move more electricity through a smaller physical footprint. The company's initial focus is on behind-the-meter power delivery for AI data centers, targeting dense and flexible power infrastructure.

VEIR has demonstrated a 3-megawatt superconducting power delivery system and is now developing reference designs for next-generation AI data center campuses. The company plans to expand manufacturing capacity, refine its product portfolio, and prepare for commercial deployments. VEIR's transition from technology validation to manufacturing and commercial deployment marks a significant milestone in its journey.

The company's latest financing will help VEIR increase manufacturing capacity, support further product development, and expand its supply chain. VEIR aims to create a scalable path from initial pilots to repeatable installations, positioning superconducting power delivery as an essential infrastructure layer for AI data centers.