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- Frore Systems
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
Addition
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
Website
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.
The $143M round was led by MVP Ventures, with participation from Qualcomm Ventures, Top Tier Capital Partners, Fidelity, StepStone Group, Prosperity7 Ventures and 4 other investors.
Frore Systems' valuation has grown 1.0x from $1.6B at its Series C in May 2024 to $1.6B in March 2026, across 2 priced rounds.
Frore Systems valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2026 | Series D | $1.6B |
| May 2024 | Series C | $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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Series D | MVP Ventures (lead); Qualcomm Ventures; Top Tier Capital Partners; Fidelity; StepStone Group; Prosperity7 Ventures; Addition; Clear Ventures; Alumni Ventures; Mayfield Fund | $143M | $1.6B | - |
| May 2024 | Series C | Fidelity (lead); Qualcomm Ventures; StepStone Group; Prosperity7 Ventures; MVP Ventures; Clear Ventures; Alumni Ventures; Mayfield Fund | $80M | $1.6B | Frore Systems, a San Jose-based company founded in 2018 by Seshu Madhavapeddy and Suryaprakash Ganti, develops advanced liquid cooling technologies like LiquidJet Nexus for AI chips, targeting hyperscale data centers, industrial edge systems, and consumer devices to address heat dissipation challenges in AI workloads. The technology outperforms traditional cooling methods, enabling cloud providers and hardware manufacturers to scale AI without performance throttling. Frore positions cooling as the greatest limiter to AI performance, with platforms designed to unleash capabilities from cloud to edge. Frore Systems closed a $143 million Series D funding round in March 2026, achieving unicorn status with a post-money valuation of $1.64 billion and bringing total funding to $340 million. The round was led by MVP Ventures, with participation from Fidelity Management & Research Co., Top Tier, Mayfield Fund, Clear Ventures, Addition, Qualcomm Ventures, StepStone Group, and Alumni Ventures. Funds will support scaling production, expanding manufacturing operations, and deployments in data centers and edge computing. CEO Seshu Madhavapeddy emphasized investor confidence amid surging global demand for advanced thermal solutions as AI infrastructure overheats. The financing aligns with growing investor focus on thermal management as critical infrastructure for next-generation AI compute. |
| Dec 2022 | Series C | Qualcomm 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 Addition.
Lead investors include MVP Ventures, Fidelity and Qualcomm Ventures.
Frore Systems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2022 | ||
| 3 | Participant | Dec 2022 | ||
| 3 | Participant | Dec 2022 | ||
| 2 | Lead | May 2024 | ||
| 2 | Participant | May 2024 | ||
| 2 | Participant | May 2024 | ||
| 2 | Lead | May 2024 | ||
| 2 | Participant | Dec 2022 | ||
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Start Free TrialFrore Systems Competitors
Frore Systems competitors include listed companies like SUESS MicroTec, Koh Young, Oxford Instruments and CTS Corp., and private ones like Ayar Labs and Nearfield Instruments.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $579M | $89M | $1.5B | 2.5x | ||
| Publicly listed | $169M | $21M | $1.4B | 5.9x | ||
| Publicly listed | $568M | $104M | $2B | 3.3x | ||
| Private | - | - | $5B | - | ||
| Publicly listed | $541M | $120M | $1.6B | 2.9x | ||
| Private | - | - | $1.6B | - |
Frore Systems Public Comps
Frore Systems is still privately-owned, but its public comps include CTS Corp., 5N Plus, Skyworth Digital, GCS Holdings, Taiwan Surface Mounting, Nuvoton, Hexing Electrical, Netlist, Pasqal and VSTECS Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $541M | $120M | 3.0x | 2.9x | 13.5x | 12.4x | |||
| $391M | $93M | 4.3x | 3.7x | 18.3x | 16.5x | |||
| $1.3B | $37M | 1.4x | - | 47.5x | - | |||
| $69M | $4M | 22.9x | 16.0x | 373.3x | 71.1x | |||
| $1.6B | $165M | 0.8x | 0.8x | 8.0x | 7.2x | |||
| $957M | $9M | 1.6x | 1.6x | 167.7x | (103.1x) | |||
| $711M | $123M | 1.9x | 1.8x | 11.0x | 10.1x | |||
| $189M | ($25M) | 8.7x | 2.9x | (65.6x) | - | |||
This data is available for Pro users. Sign up to see all Frore Systems competitors and their valuation data. Start Free Trial | ||||||||
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, Prosperity7 Ventures, MVP Ventures, Addition, Alumni Ventures and Top Tier Capital Partners. |
| Which companies are comparable to Frore Systems? | Companies comparable to Frore Systems include SUESS MicroTec, Koh Young, Oxford Instruments, Ayar Labs, CTS Corp. and Nearfield Instruments. |
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