VEIR raises $110m to start building superconducting power lines for AI data centers

VEIR, a Massachusetts company that makes superconducting cables to carry electricity inside data centers, has closed a $110m Series C round to move from demonstrations to its first commercial installations and to scale up manufacturing.

Matter Venture Partners and Tyche Partners co-led the oversubscribed round, VEIR said on Oct. 8. LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures and Hui Capital joined as new investors, alongside existing backers including Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures and VXI Capital. The round takes VEIR's total funding to $225m.

The company said it would spend the money on expanding manufacturing capacity, broadening its product line and building the engineering and sales teams it needs for wider adoption.

"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. "This financing gives us the resources to move from demonstrating the potential of superconducting power delivery to manufacturing and deploying systems at commercial scale."

VEIR's pitch rests on a problem inside the building rather than on the grid. As AI server racks draw more power, operators need ever more copper cable and busbar to feed them, which takes up space, material and installation labor. VEIR's systems pair superconducting cables, which carry current with zero electrical resistance, with their own cryogenic cooling, controls, termination units and monitoring. The company says the result moves far more power through a much smaller footprint.

It has put numbers on that claim. In November 2025 VEIR said its first-generation system, which it calls STAR, short for Superconducting Technology for AI Racks, had carried 3 megawatts through a single low-voltage cable in a simulated data center near its headquarters in Woburn, Mass. The system is designed for up to 800 volts. VEIR said the technology carries up to 10 times the power of conventional cables over more than five times the distance, with a routing footprint more than 20 times smaller for low-voltage power.

The new round follows a $75m Series B in January 2025 led by Munich Re Ventures, in which Microsoft's Climate Innovation Fund and National Grid Partners also invested. Tyche, a co-lead this time, was already a backer; the company described its new commitment as continued support. VEIR was founded in 2019. Its early work also targeted high-capacity transmission lines for utilities, but the company now says its initial focus is AI data centers, with systems installed behind the meter on the operator's side of the grid connection.

The investors leading the latest round framed power delivery as a limit on how densely AI chips can be packed. "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," said Wen Hsieh, founding managing partner of Matter Venture Partners. Weijie Yun, managing partner at Tyche, said "the physics of copper has become a fundamental limitation" and that VEIR had "reached an inflection point."

VEIR said it is working with customers and industry partners on reference designs for AI campuses and on commercial deployments. It has not named a customer or disclosed revenue. When it announced the 3-megawatt demonstration last November, the company said it expected to name its first adopters "in the coming months" as it moved toward full commercialization in 2026. It has yet to name one. The new money is meant to close that gap by building the factory, supply chain and installation crews needed to turn a single demonstration into repeatable projects.