VEIR has raised $110 million in a Series C round. The Massachusetts company makes superconducting power cables for AI data centres. Matter Venture Partners and Tyche Partners co-led the round, which VEIR called oversubscribed.
LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures and Hui Capital joined as new investors. Existing backers also took part, including Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures and VXI Capital. VEIR has now raised $225 million in total. It did not disclose its valuation.
“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, VEIR’s chief executive.
Cables cooled to carry more power
Superconducting cables carry electricity with almost no resistance when they are cooled to very low temperatures. VEIR’s systems combine the cables with cryogenic cooling, controls, termination units and monitoring.
The company says the systems move much more power through a smaller space than copper. It says that cuts the labour, materials and installation work needed as data centre campuses grow larger and more power-hungry. Its first focus is behind-the-meter power at AI data centres. That is power on the operator’s side of the utility meter.
VEIR, founded in 2019 in Woburn, Massachusetts, has demonstrated a 3-megawatt system. It says it is working with customers and partners on reference designs for AI data centres and on commercial deployments. It has not named those customers.
“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.
From demonstration to factory
The money will pay for more manufacturing capacity and new products. VEIR is moving from testing its technology to its first commercial projects. VEIR raised a $75 million Series B in January 2025.
In September, TAR raised $120m in a Series A round to build off-grid power for AI. The same month, Google and Nvidia launched an alliance to make data centres more flexible. In June, US regulators ordered a grid fast lane for data centres.