Munich Re Ventures led the round, joined by new investors Microsoft’s Climate Innovation Fund, National Grid Partners, Piva Capital and Tyche Partners
January 28, 2025 09:00 AM Eastern Standard Time
WOBURN, Mass.–(BUSINESS WIRE)–VEIR, a leader in superconducting power delivery, today announced the successful closing of an oversubscribed $75 million Series B led by Munich Re Ventures, with participation from new and existing investors. This investment will accelerate VEIR’s commercialization efforts for its innovative solutions serving data centers, utilities, and renewable energy developers.
VEIR’s groundbreaking superconducting solutions provide a transformative solution for data centers, delivering up to 10 times the power of traditional cables while operating at the same voltage and enabling a smaller electrical footprint. As AI models and advanced GPUs drive unprecedented power demands, traditional copper cabling and busbar systems struggle to keep pace. VEIR’s high-power-density solutions offers data center operators opportunities for efficiency, improved server latency, and simplified campus designs – paving the way for a new era of power delivery in AI-focused infrastructures.
Simultaneously, as global energy demand is projected to increase by over 30% in the next two decades, renewable energy resources remain trapped in interconnection queues due to bottlenecked transmission and distribution systems. VEIR’s superconducting solutions address these challenges by enabling existing transmission lines to carry significantly more power within the same corridor, and establish simple, high voltage solutions to integrate new resources onto the grid.
“The transmission grid must evolve to support tomorrow’s infrastructure, including rapidly growing, power-intensive AI-driven data centers, while addressing the urgent need for climate resilience through cleaner, more efficient energy systems. VEIR’s advanced superconducting power lines represent a critical innovation to meet this demand. Additionally, risk transfer mechanisms have a vital role to play in supporting the adoption of emerging grid technologies. We’re excited to partner with VEIR on this transformative journey,” said Timur Davis, Director at Munich Re Ventures.
“At Microsoft, we seek to enable a decarbonized grid for our company, our customers, and the world. One of the biggest challenges for greater availability of clean energy is that improved infrastructure is needed to deliver carbon free electricity at scale,” said Brandon Middaugh, Sr. Director of Microsoft’s Climate Innovation Fund. “VEIR’s technology can enhance the efficiency and sustainability of energy systems.”
VEIR offers a portfolio of superconducting solutions to bring higher power density to a range of customers across the electricity market. “The entire electricity value chain needs to grow quickly to meet the infrastructure and power demands of data centers for AI, renewable generation, power grid expansion and to support broader societal goals for electrification, manufacturing growth, and energy resilience,” said Tim Heidel, CEO of VEIR.
Heidel continued: “VEIR is solving these challenges with innovative designs that replace conventional solutions, enhance existing infrastructure with superconductor technology, and eliminate the restrictions that typically delay the delivery of power density necessary for data center buildouts, global decarbonization, and grid resilience.”
Munich Re Ventures led the Series B round with participation from new investors Microsoft’s Climate Innovation Fund, Tyche Partners, Piva Capital, National Grid Partners, Dara Holdings and SiteGround. Existing investors VXI Capital, Breakthrough Energy Ventures, Congruent Ventures, Engine Ventures, Fine Structure Ventures and Galvanize Climate Solutions also joined the round.
About VEIR
VEIR’s mission is to revolutionize the future of power and data infrastructure by delivering superconducting solutions that drive unparalleled performance in AI-driven data centers and empower utilities to deliver expanded, accessible, and resilient energy solutions. To learn more, please visit http://www.VEIR.com
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