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VEIR, a Woburn, Massachusetts-based developer of superconducting power delivery systems, has raised $110 million in an oversubscribed Series C round as it prepares to move its technology toward commercial deployment. The company announced the financing on October 8, 2026, saying the round was co-led by Matter Venture Partners and Tyche Partners.
The funding brings VEIR’s total capital raised to $225 million. The company said it plans to use the proceeds to expand manufacturing capacity, advance its product portfolio and build the technical and commercial capabilities needed to support broader adoption. It did not disclose a schedule for specific customer installations or provide details about the round’s valuation.
New and existing investors joined the round
LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures and Hui Capital participated alongside the co-lead investors, according to VEIR. Existing backers Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures and VXI Capital also took part.
VEIR said the financing was oversubscribed, but did not identify the amount of additional demand or break down how much each investor contributed. The company was founded in 2019 and is headquartered in Woburn.
Superconducting cables target data-center power constraints
VEIR is developing systems that use high-temperature superconducting materials to transmit substantial amounts of electricity through a smaller physical footprint than conventional power infrastructure. Its platform combines superconducting cables with cryogenic cooling, controls, connection equipment and monitoring, according to company materials.
Superconductors carry current with effectively negligible electrical resistance when held below a critical temperature. That property can reduce resistive heating in the conductor, but the system still requires cooling and specialized engineering. VEIR describes its approach as a way to deliver higher power density in and around data centers, where conventional cabling and busbar systems take up space and generate heat.
Axios, which reported the financing based on an interview with chief executive Tim Heidel, noted that cost and engineering challenges have constrained the wider deployment of high-temperature superconductors. The financing announcement did not disclose VEIR’s manufacturing targets, product prices or expected unit economics, so the extent to which the technology can compete with established electrical systems remains unclear.
Company previously demonstrated a 3-megawatt system
In November 2025, VEIR said it had demonstrated a low-voltage superconducting system delivering 3 megawatts through a single cable in a simulated data-center environment near its Woburn headquarters. The company described the test as a milestone for its first-generation technology; it was a company-reported demonstration, not evidence in itself of widespread commercial operation.
At the time, VEIR said the system was designed for operation up to 800 volts and reported that it could carry more than 3 megawatts per cable. It also said the technology could move more power using less routing space than conventional options. Those performance comparisons were provided by VEIR, and the latest funding announcement did not offer independent test results or new technical specifications.
Commercial timing and customer details remain undisclosed
The Series C is intended to support a shift from technology validation toward commercial deployment and scaled manufacturing, the company said. VEIR also said it is working with customers and industry partners on reference designs for AI facilities, but the financing announcement did not name those customers or disclose signed deployment contracts.
The company has not announced a specific date for its first commercial installation, the scale of initial production or how much of the new capital will go to manufacturing versus product development. Those details will help clarify how quickly the technology moves from a demonstrated system to routine use in data-center projects.
