VEIR Valuation, Funding & Investors

VEIR is valued at $53M as of May 2023.

See full VEIR profile

Last VEIR valuation

$53M

Series A · May 2023

Last VEIR funding round

$75M

Series B · Jan 2025

Cumulative funding VEIR raised

$112M

across 4 funding rounds

Key investors in VEIR

  • Breakthrough Energy Ventures
  • Congruent Ventures
  • The Engine
  • Munich Re Ventures
  • Fine Structure Venture
  • Galvanize Climate Solutions

VEIR Overview

About VEIR

VEIR is a Massachusetts-based developer of high-temperature superconducting cables for electricity transmission. The company's passive evaporative cryogenic cooling system uses nitrogen to achieve 20 times the cooling power per kilogram compared to mechanical methods. VEIR's technology supports long-distance, high-capacity power lines with minimal energy loss, backed by U.S. Department of Energy funding and partnerships with National Grid.


Founded

2019

HQ

United StatesBoston, MA

Website

veir.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$53M (May 2023)

VEIR Valuation

VEIR is currently valued at $53M, based on its Series A in May 2023.

The $25M round included Breakthrough Energy Ventures, The Engine, Fine Structure Venture, VXI Capital, Congruent Ventures and 1 other investor.

VEIR valuation by funding round

VEIR valuation by funding round
DateStageValuation
May 2023Series A$53M

VEIR Funding History

VEIR has raised a total of $112M across 4 funding rounds.

VEIR's first fundraising round was a $900K pre-seed round in January 2020. The most recent completed round was a $75M Series B in January 2025.

VEIR funding rounds

VEIR funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2025Series BMunich Re Ventures (lead)$75M-VEIR, a Massachusetts-based company specializing in superconducting power delivery solutions, closed an oversubscribed $75 million Series B funding round on January 28, 2025, led by Munich Re Ventures. New investors included Microsoft’s Climate Innovation Fund, Tyche Partners, Piva Capital, National Grid Partners, Dara Holdings, and SiteGround, with participation from existing investors such as Breakthrough Energy Ventures, VXI Capital, Congruent Ventures, Engine Ventures, Fine Structure Ventures, and Galvanize Climate Solutions. The funding brings VEIR's total raised to approximately $110-115 million across multiple rounds. VEIR's technology develops high-temperature superconducting wires and cables that deliver up to 10 times the power capacity of traditional copper cables at the same voltage, reducing electrical footprints and enhancing efficiency for AI-driven data centers, utilities, renewable energy projects, and grid transmission lines. The solutions address power density challenges for rapid data center buildouts, improve server latency, simplify campus designs, and support global decarbonization and grid resilience by enabling efficient clean energy delivery. Proceeds from the Series B will accelerate commercialization efforts, including pilots and proof-of-concept deployments at data centers planned for 2025. VEIR aims to eliminate transmission bottlenecks, support scaling of the electricity value chain for AI infrastructure, and integrate with existing systems to meet surging energy demands from power-intensive applications while promoting sustainability.
May 2023Series ABreakthrough Energy Ventures; The Engine; Fine Structure Venture; VXI Capital; Congruent Ventures; Galvanize Climate Solutions$25M$53MVEIR develops superconducting power transmission lines using high-temperature superconductors to deliver 5-10 times more power than conventional lines at the same voltage, targeting data centers, utilities, renewable energy developers, and grid modernization to accelerate decarbonization and improve reliability. VEIR's technology addresses surging power demands from AI data centers and renewable integration by enabling high power density transmission beyond limits of existing busbars and cables. Prior to the 2023 round, VEIR closed a $10 million Series A in March 2021 led by Breakthrough Energy Ventures with participation from Congruent Ventures and The Engine, debuting a new architecture for high-voltage HTS lines. The company raised approximately $24.9 million in a Series A - II round on May 25, 2023, matching the specified investors including Breakthrough Energy Ventures, Congruent Ventures, Fine Structure Venture, Galvanize Climate Solutions, The Engine, and VXI Capital. This brought total funding to around $36.7-$99.9 million across multiple rounds by mid-2023. Post-2023, VEIR continued raising capital, including a $75 million oversubscribed Series B in early 2025 led by Munich Re Ventures to accelerate commercialization for AI data centers and high-capacity power lines. Total funding reached $99.9-$117 million across 3-8 rounds by 2025. By June 2023, they energized a first-of-its-kind outdoor demo of the technology. The funds from the A-2 round supported rapid development of full product specifications to meet utility industry standards. Competitive landscape includes energy storage and utility firms like IHI Energy Storage and Eligo Energy.
Mar 2021Series ABreakthrough Energy Ventures (lead); The Engine; Congruent Ventures$11M-VEIR develops a new approach to using High Temperature Superconductors (HTS) for electricity transmission to transform the grid with a new architecture for high-voltage superconducting transmission lines. The company raised $10 million in Series A financing on approximately April 3, 2021, led by Breakthrough Energy Ventures, with participation from Congruent Ventures and The Engine. This round brought VEIR's total funding to more than $12 million.
Jan 2020Pre-seed-$900K--

Who has invested in VEIR?

7 investors have backed VEIR across its funding rounds, including Breakthrough Energy Ventures, Congruent Ventures, The Engine, Munich Re Ventures, Fine Structure Venture and Galvanize Climate Solutions.

Lead investors include Munich Re Ventures and Breakthrough Energy Ventures.


VEIR Investors

Investors in VEIR by funding rounds participated
InvestorHQRoundsRoleFirst check
Breakthrough Energy VenturesFranceParis2LeadMar 2021
The EngineUnited StatesUnited States2ParticipantMar 2021
Congruent VenturesUnited StatesSan Francisco, CA2ParticipantMar 2021
Fine Structure VentureUnited StatesBoston, MA1ParticipantMay 2023
VXI CapitalUnited StatesBoston, MA1ParticipantMay 2023

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VEIR Competitors

VEIR competitors include listed companies like ENOGIA and Energous, and private ones like LumaStream, VoltServer, Xunchi Xunjie and HydrogenXT.

Public and private companies comparable to VEIR
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LumaStreamUnited StatesSt. Petersburg, FLPrivate--$56M-
VoltServerUnited StatesProvidence, RIPrivate--$100M-
Xunchi XunjieChinaChongqingPrivate--$109M-
HydrogenXTUnited StatesLos Angeles, CAPrivate--$130M-
ENOGIAFranceFrancePublicly listed$17M$2M$47M2.9x
EnergousUnited StatesUnited StatesPublicly listed$6M($10M)$65M2.8x

VEIR Public Comps

VEIR is still privately-owned, but its public comps include ENOGIA, Energous, Geospace Technologies, Petrolia, Rompetrol Well Services, Enapter, Alchemy, New Fortress Energy, Trek Development and Robit.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ENOGIA$17M$2M3.1x2.9x33.4x22.6x
Energous$6M($10M)6.1x2.8x(3.6x)(4.1x)
Geospace Technologies$111M($2M)0.6x-(40.4x)-
Petrolia$60M$14M0.3x-1.5x-
Rompetrol Well Services$14M$1M2.2x-20.8x-
Enapter$25M($22M)3.0x2.1x(3.4x)(8.1x)
Alchemy$1M($3M)34.7x-(13.0x)-
New Fortress Energy$1.5B($826M)6.1x-(11.1x)75.0x

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Common questions about VEIR

When was VEIR founded?VEIR was founded in 2019.
Where is VEIR headquartered?VEIR is headquartered in Boston, MA, United States.
Is VEIR publicly listed?No, VEIR is a private, VC-backed company.
What is VEIR's valuation?VEIR was last valued at $53M in its Series A in May 2023.
How much funding has VEIR raised?VEIR has raised $112M across 4 funding rounds.
What was VEIR's last funding round?VEIR's last funding round was a $75M Series B in January 2025, led by Munich Re Ventures.
Who are VEIR's investors?VEIR's investors include Breakthrough Energy Ventures, The Engine, Congruent Ventures, Fine Structure Venture, VXI Capital, Munich Re Ventures and Galvanize Climate Solutions.
Which companies are comparable to VEIR?Companies comparable to VEIR include LumaStream, VoltServer, Xunchi Xunjie, HydrogenXT, ENOGIA and Energous.

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