Frore Systems Valuation, Funding & Investors

Frore Systems is valued at $1.6B as of March 2026.

Last Frore Systems valuation

$1.6B

Series D · Mar 2026

Last Frore Systems funding round

$143M

Series D · Mar 2026

Cumulative funding Frore Systems raised

$323M

across 3 funding rounds

Key investors in Frore Systems

  • Qualcomm Ventures
  • Mayfield Fund
  • Clear Ventures
  • Alumni Ventures
  • Fidelity
  • Aramco Ventures

Frore Systems Overview

About Frore Systems

Frore Systems is a developer of solid-state active cooling technology for consumer electronics. Its AirJet Mini and AirJet Pro chips provide silent heat removal, boosting device performance in thin profiles. Headquartered in San Jose, California, the company maintains offices in Taiwan and South Korea to serve global OEMs in laptops and mobile devices.


Founded

2018

HQ

United StatesSan Jose, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.6B (Mar 2026)

Frore Systems Valuation

Frore Systems is currently valued at $1.6B, based on its Series D in March 2026. Read the announcement ↗

The $143M round was led by MVP Ventures, with participation from Qualcomm Ventures, Top Tier Capital Partners, Fidelity, StepStone Group, Addition and 4 other investors.

Frore Systems valuation by funding round

Frore Systems valuation by funding round
DateStageValuation
Mar 2026Series D$1.6B

Frore Systems Funding History

Frore Systems has raised a total of $323M across 3 funding rounds.

Frore Systems' first fundraising round was a $100M Series C in December 2022. The most recent completed round was a $143M Series D in March 2026.

Frore Systems funding rounds

Frore Systems funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2026Series DMVP Ventures (lead); Qualcomm Ventures; Top Tier Capital Partners; Fidelity; StepStone Group; Addition; Clear Ventures; Alumni Ventures; Mayfield Fund; Aramco Ventures$143M$1.6BFrore Systems raised a $143 million Series D round in March 2026, led by MVP Ventures, at a post-money valuation of $1.64 billion. Fidelity Management & Research Company, Top Tier Capital Partners, Mayfield Fund, Clear Ventures, Addition, Qualcomm Ventures, StepStone Group and Alumni Ventures took part. The financing brought total capital raised to $340 million and gave the company unicorn status. Frore said the proceeds would accelerate the global scale-up of its thermal platforms, LiquidJet, LiquidJet Nexus and AirJet, across data center and edge markets as demand for AI infrastructure grows. MVP Ventures said it was backing founder Seshu Madhavapeddy and the team as they scale globally. Frore Systems is a San Jose-based thermal technology company founded in 2018 by two former Qualcomm engineers. Its LiquidJet is a multi-stage direct liquid cooling coldplate for data center GPUs, LiquidJet Nexus integrates several coldplates into a lightweight tray design, and AirJet is a solid-state active air-cooling chip for consumer, industrial and IoT devices. Its products are integrated into offerings from major OEMs and system builders, and it has manufacturing operations in Taiwan.
May 2024Series CFidelity (lead); Qualcomm Ventures; StepStone Group; MVP Ventures; Clear Ventures; Alumni Ventures; Mayfield Fund; Aramco Ventures$80M-Frore Systems raised an $80 million Series C in May 2024, led by Fidelity Management & Research Company with participation from Prosperity7 Ventures. Existing backers Mayfield, Clear Ventures, Addition, Qualcomm Ventures, MVP Ventures, StepStone Group and Alumni Ventures also took part. The company said the proceeds would scale operations and expand its AirJet product line. Frore is a San Jose-based thermal technology company founded in 2018 by Seshu Madhavapeddy and Suryaprakash Ganti. It develops solid-state active cooling chips, branded AirJet, that remove heat from thin devices such as laptops and tablets without fans, and later extended into liquid cooling for AI hardware. Its customers are device and hardware makers who need to sustain processor performance in compact enclosures. The round took total funding to roughly $196 million according to the company announcement. Valuation was not disclosed in the announcement.
Dec 2022Series CQualcomm Ventures (lead); Addition; Clear Ventures; Mayfield Fund$100M-Frore Systems is a San Jose-based semiconductor thermal technology company founded by two former Qualcomm engineers. The company specializes in advanced cooling solutions, including solid-state and liquid-cooling technologies for high-performance computing, AI accelerators, and mobile devices. Its proprietary platforms, including LiquidJet, LiquidJet Nexus, and AirJet, are designed to address thermal constraints that limit device performance and miniaturization. The company's technology was initially developed for air-cooling fanless electronics but evolved to focus on liquid-cooling solutions for AI chips after CEO Jensen Huang suggested the direction during a product demonstration approximately two years before March 2026. In December 2022, Frore raised $100 million in a funding round that included Qualcomm Ventures and Clear Ventures among its backers. The company subsequently achieved unicorn status in March 2026 with a $143 million Series D round led by MVP Ventures at a $1.64 billion post-money valuation, bringing total capital raised to $340 million. The latest funding round included participation from Fidelity Management & Research Company, Mayfield Fund, Top Tier, Addition, Qualcomm Ventures, StepStone Group, and Alumni Ventures, with proceeds designated to accelerate manufacturing scale-up and global expansion across data center and edge markets.

Who has invested in Frore Systems?

10 investors have backed Frore Systems across its funding rounds, including Qualcomm Ventures, Mayfield Fund, Clear Ventures, Alumni Ventures, Fidelity and Aramco Ventures.

Lead investors include MVP Ventures, Fidelity and Qualcomm Ventures.


Frore Systems Investors

Investors in Frore Systems by funding rounds participated
InvestorHQRoundsRoleFirst check
Qualcomm VenturesUnited StatesSan Diego, CA3LeadDec 2022
Clear VenturesUnited StatesSan Francisco, CA3ParticipantDec 2022
Mayfield FundUnited StatesIndia, TX3ParticipantDec 2022
FidelityUnited StatesBoston, MA2LeadMay 2024
StepStone GroupUnited StatesNew York City, NY2ParticipantMay 2024
MVP VenturesUnited StatesSan Francisco, CA2LeadMay 2024
AdditionUnited StatesUnited States2ParticipantDec 2022
Alumni VenturesUnited StatesManchester2ParticipantMay 2024

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Frore Systems Competitors

Frore Systems competitors include listed companies like Grand Process Technology, Aehr Test System, AEM and Oxford Instruments, and private ones like Efficient Computer and Ayar Labs.

Public and private companies comparable to Frore Systems
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Grand Process TechnologyTaiwanTaiwanPublicly listed$200M$55M$1.6B6.5x
Aehr Test SystemUnited StatesUnited StatesPublicly listed$50M($10M)$1.8B33.7x
AEMSingaporeSingaporePublicly listed$312M$36M$1.9B3.8x
Oxford InstrumentsUnited KingdomUnited KingdomPublicly listed$566M$104M$1.9B3.1x
Efficient ComputerUnited StatesPittsburgh, PAPrivate--$650M-
Ayar LabsUnited StatesSan Jose, CAPrivate--$5B-

Frore Systems Public Comps

Frore Systems is still privately-owned, but its public comps include IQM Quantum Computers, Qisda, Photronics, Grand Process Technology, Hana Micron, Vtech, 5N Plus, Silex Microsystem, Kaga Electronics and Txc.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
IQM Quantum Computers$35M($47M)44.0x-(33.1x)-
Qisda$6.4B$330M0.7x0.7x13.4x13.2x
Photronics$849M$277M1.7x1.6x5.1x-
Grand Process Technology$200M$55M7.9x6.5x28.7x27.2x
Hana Micron$1.1B$225M2.2x1.5x11.4x6.4x
Vtech$2B$226M0.8x0.8x6.9x7.2x
5N Plus$391M$93M4.4x3.7x18.6x16.4x
Silex Microsystem$141M$49M11.2x-32.3x-

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Common questions about Frore Systems

When was Frore Systems founded?Frore Systems was founded in 2018.
Where is Frore Systems headquartered?Frore Systems is headquartered in San Jose, CA, United States.
Is Frore Systems publicly listed?No, Frore Systems is a private, VC-backed company.
What is Frore Systems' valuation?Frore Systems was last valued at $1.6B in its Series D in March 2026.
How much funding has Frore Systems raised?Frore Systems has raised $323M across 3 funding rounds.
What was Frore Systems' last funding round?Frore Systems' last funding round was a $143M Series D in March 2026, led by MVP Ventures.
Who are Frore Systems' investors?Frore Systems' investors include Qualcomm Ventures, Clear Ventures, Mayfield Fund, Fidelity, StepStone Group, MVP Ventures, Addition, Alumni Ventures, Aramco Ventures and Top Tier Capital Partners.
Which companies are comparable to Frore Systems?Companies comparable to Frore Systems include Grand Process Technology, Aehr Test System, AEM, Oxford Instruments, Efficient Computer and Ayar Labs.

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