VEIR: Superconducting Power Innovator Secures $75 Million Series B
Deal News | Feb 04, 2025 | Congruent Ventures
Superconducting power delivery company VEIR has successfully secured a $75 million Series B funding round, led by Munich Re Ventures. This investment round, which was oversubscribed, also saw participation from new investors like Microsoft's Climate Innovation Fund and existing investors such as Congruent Ventures. VEIR plans to utilize this capital to accelerate the commercialization of its revolutionary superconducting solutions, which are designed to meet the demands of data centers, utilities, and renewable energy developers. VEIR's technology promises to offer significant improvements in power delivery efficiency and sustainability, crucial for AI-driven infrastructures and global energy needs. Key quotes from prominent participants, including representatives from Munich Re Ventures and Microsoft's Climate Innovation Fund, underscore the importance of supporting advanced grid technologies to meet future power demands and resilience goals.
Sectors
- Energy Technology
- Data Center Energy Solutions
Geography
- United States – VEIR is a U.S.-based company, and the investment activity involves American and international investors with an interest in U.S. energy infrastructure improvements.
Industry
- Energy Technology – This industry involves the development and implementation of technologies to improve energy efficiency and delivery, particularly relevant as VEIR's superconducting solutions enhance power capacity and infrastructure.
- Data Center Energy Solutions – This sector focuses on providing energy solutions specifically for data centers, crucial as VEIR is targeting this market with their high-power-density superconducting cables.
Financials
- 75,000,000 – The amount raised in the Series B investment round by VEIR.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| VEIR | Target Company | Company | VEIR is a superconducting power technology company focusing on enhancing power transmission and delivery systems. |
| Congruent Ventures | Investor | Company | A venture capital firm that invests in early-stage sustainable technology companies. |
| Munich Re Ventures | Lead Investor | Company | The venture capital arm of Munich Re, investing in transformative tech companies. |
| Microsoft's Climate Innovation Fund | New Investor | Company | Part of Microsoft's initiative to invest in sustainable energy and climate technologies. |
| National Grid Partners | New Investor | Company | The innovation and investment arm of National Grid, focusing on energy transformation. |