Eight-year-old semiconductor startup Flore Systems has raised $143 million in Series D led by MVP Ventures at a valuation of $1.64 billion, the company announced Monday.
The company said Flore has now raised a total of $340 million. Furore does not manufacture its own chips. We manufacture liquid cooling systems for them. Founded by two former Qualcomm engineers, the company’s technology was originally created to provide air cooling technology for phones and other small fanless electronic devices.
The company’s focus on chips was inspired by Nvidia CEO Jensen Huang, who received a demo of the technology about two years ago, according to Bloomberg. Huang proposed developing a new mandatory liquid cooling option for AI chips and systems. So they released a product that works with a variety of Nvidia chips and boards. The company also develops products for Qualcomm and AMD.
AI semiconductors are a field where there is a lot of investment. Other new unicorns in the space include Nvidia competitor Positron, which reached a valuation of $1 billion in February. Recursive Intelligence has earned a $4 billion valuation since its inception. Eridu also just opened a $200 million Series A round to develop a new AI networking chip (though it declined to disclose its valuation).
Investors participating in Flore’s latest round include Fidelity, Mayfield, Addition, Qualcomm Ventures, and Almuni Ventures.
