Tim Heidel Co-Founded Veir Raises $110M in Series C Funding

Veir, a Woburn, MA-based provider of superconducting power delivery systems for AI data centers, has raised $110 million in a Series C financing round, co-led by Matter Venture Partners and Tyche Partners, bringing the total amount to $225 million.

The round also saw participation from LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures, Hui Capital, Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures, VXI Capital, and others.

The company will use the funding to expand manufacturing capacity, advance its products, and strengthen its technical and commercial capabilities.

What is VEIR?

VEIR develops superconducting power delivery systems designed to meet the growing electricity demands of AI data centers.

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As AI infrastructure expands, traditional copper-based power systems can require more materials, installation work, and physical space. VEIR aims to address these challenges by using superconducting cables that can transfer more power through a smaller footprint.

Its integrated systems combine superconducting cables with cryogenic cooling, controls, termination units and monitoring technology. The approach is designed to help data center operators deliver power more efficiently while reducing installation complexity, material requirements, and labor costs.

How Much Funding Has VEIR Raised?

VEIR has raised $110 million in its latest Series C funding round, bringing its total funding to $225 million.

The round was co-led by Matter Venture Partners and Tyche Partners.

The company has also received investments from LG Technology Ventures, Gates Frontier, Sabanci Climate Ventures, Hui Capital, Engine Ventures, Galvanize Climate Solutions, Piva Capital, Congruent Ventures, VXI Capital, and others.

Who Invested in VEIR’s Series C?

The $110 million Series C round was co-led by:

• Matter Venture Partners
• Tyche Partners

Other participating investors include:

• LG Technology Ventures
• Gates Frontier
• Sabanci Climate Ventures
• Hui Capital
• Engine Ventures
• Galvanize Climate Solutions
• Piva Capital
• Congruent Ventures
• VXI Capital
• Other investors

Why the Funding Matters

VEIR will use the new funding to expand its manufacturing capacity, advance its product portfolio, and build the technical and commercial capabilities needed for wider adoption.

The company is also preparing for initial commercial deployments and developing the manufacturing, supply chain, and installation infrastructure needed to support larger-scale projects.

Who founded VEIR?

VEIR was founded in 2019 by Tim Heidel and is headquartered in Woburn, Massachusetts.

The company designs and manufactures superconducting power delivery systems, initially targeting AI data centers.

“AI infrastructure is advancing at a pace that requires us to rethink how power is delivered, not simply optimize the systems that exist today,” said Tim Heidel, CEO of VEIR. “This financing gives us the resources to move from demonstrating the potential of superconducting power delivery to manufacturing and deploying systems at commercial scale.”

“AI is critically important and requires more efficient power delivery systems to continue to scale, while the physics of copper has become a fundamental limitation,” said Weijie Yun, Managing Partner at Tyche Partners.

Market and Business Growth

VEIR has demonstrated a 3-megawatt superconducting power delivery system, marking progress toward commercial deployment.

The company is now working with customers and industry partners on reference designs for AI factories and commercial installations.

Its initial focus is on power delivery system's for AI data centers located behind the meter, where electricity infrastructure is managed within the facility rather than relying solely on the wider grid.

What Happens Next?

VEIR plans to prepare for its initial commercial deployments while expanding manufacturing and supply chain capacity.

The company will continue working with data center operators and industry partners to develop reference designs and integrate superconducting power delivery systems into next-generation AI campuses.

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