Last VEIR valuation
$53M
Series A · May 2023
Last VEIR funding round
$110M
Series C · Oct 2026
Cumulative funding VEIR raised
$222M
across 5 funding rounds
Key investors in VEIR
Congruent Ventures
Breakthrough Energy Ventures
The Engine
Galvanize Climate Solutions
VXI Capital
Munich Re Ventures
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
Boston, MAWebsite
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
| Date | Stage | Valuation |
|---|---|---|
| May 2023 | Series A | $53M |
VEIR Funding History
VEIR has raised a total of $222M across 5 funding rounds.
VEIR's first fundraising round was a $900K pre-seed round in January 2020. The most recent completed round was a $110M Series C in October 2026.
VEIR funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2026 | Series C | Matter Venture Partners (lead); Tyche Partners (lead); LG Technology Ventures; Hui Capital; Engine Ventures; VXI Capital; Gates Frontier; Piva Capital; Congruent Ventures; Galvanize Climate Solutions | $110M | - | VEIR, a developer of superconducting power delivery systems for AI data centers, raised USD 110 million in a Series C round announced on 8 October 2026. The round was co-led by Matter Venture Partners and Tyche Partners, with participation from LG Technology Ventures, Gates Frontier, Sabanci Climate Technologies, Hui Capital, Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures and VXI Capital. The financing brings total capital raised to USD 225 million since the company's founding in 2019. The company said the funds will accelerate commercialisation, expand manufacturing and bring its technology into commercial use as data center developers look for alternatives to conventional power distribution infrastructure. No valuation was disclosed, and no timetable for first commercial deployments was given. VEIR was founded by Tim Heidel, its chief executive, and Steve Ashworth, and is headquartered in Woburn, Massachusetts. Breakthrough Energy is among its existing backers. |
| Jan 2025 | Series B | Munich 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 2023 | Series A | Breakthrough Energy Ventures; The Engine; Fine Structure Venture; VXI Capital; Congruent Ventures; Galvanize Climate Solutions | $25M | $53M | VEIR 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 2021 | Series A | Breakthrough 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 2020 | Pre-seed | - | $900K | - | - |
Who has invested in VEIR?
14 investors have backed VEIR across its funding rounds, including Congruent Ventures, Breakthrough Energy Ventures, The Engine, Galvanize Climate Solutions, VXI Capital and Munich Re Ventures.
Lead investors include Matter Venture Partners, Tyche Partners, Munich Re Ventures and Breakthrough Energy Ventures.
VEIR Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Participant | Mar 2021 | |
 Paris | 2 | Lead | Mar 2021 | |
| United States | 2 | Participant | Mar 2021 | |
| Boston, MA | 2 | Participant | May 2023 | |
| San Francisco, CA | 2 | Participant | May 2023 | |
| San Francisco, CA | 1 | Lead | Oct 2026 | |
| San Jose, CA | 1 | Participant | Oct 2026 | |
| Boston, MA | 1 | Participant | May 2023 | |
 Shenzhen | 1 | Participant | Oct 2026 | |
| United States | 1 | Participant | Oct 2026 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Gates Frontier | Denver, CO | 1 | Participant | Oct 2026 |
| San Francisco, CA | 1 | Participant | Oct 2026 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialVEIR Competitors
VEIR competitors include listed companies like Say Yenilenebilir Enerji and Drilling Tools, and private ones like LumaStream, VoltServer, Greenzo Energy and Xunchi Xunjie.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| St. Petersburg, FL | Private | - | - | $56M | - | |
| Providence, RI | Private | - | - | $100M | - | |
 Delhi | Private | $2M | - | $108M | 49.8x | |
| Chongqing | Private | - | - | $109M | - | |
 Turkey | Publicly listed | $40M | $6M | $52M | - | |
| United States | Publicly listed | $160M | $29M | $50M | 0.8x |
VEIR Public Comps
VEIR is still privately-owned, but its public comps include Say Yenilenebilir Enerji, Drilling Tools, Pyxis Tankers, Geospace Technologies, Tigo Energy, Ekos Teknoloji, Lumir, Fire & Gas Detection, Lesico and Energous.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $40M | $6M | 1.2x | - | 8.2x | - | |||
| $160M | $29M | 0.8x | 0.8x | 4.2x | 3.2x | |||
| $39M | $13M | 2.3x | 2.0x | 6.7x | 3.8x | |||
| $111M | ($2M) | 0.4x | - | (30.1x) | - | |||
| $104M | $10M | 0.4x | 0.5x | 4.5x | 48.0x | |||
| $46M | ($9M) | 1.6x | - | (8.2x) | - | |||
| $8M | $351K | 5.0x | 6.1x | 110.8x | - | |||
| $13M | $500K | 4.9x | - | 131.1x | - | |||
This data is available for Pro users. Sign up to see all VEIR competitors and their valuation data. Start Free Trial | ||||||||
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 $222M across 5 funding rounds. |
| What was VEIR's last funding round? | VEIR's last funding round was a $110M Series C in October 2026, led by Matter Venture Partners and Tyche Partners. |
| Who are VEIR's investors? | VEIR's investors include Congruent Ventures, Breakthrough Energy Ventures, The Engine, VXI Capital, Galvanize Climate Solutions, Tyche Partners, LG Technology Ventures, Fine Structure Venture, Hui Capital, Engine Ventures and 4 others. |
| Which companies are comparable to VEIR? | Companies comparable to VEIR include LumaStream, VoltServer, Greenzo Energy, Xunchi Xunjie, Say Yenilenebilir Enerji and Drilling Tools. |
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