Listen to this articleFrore Systems closed a $143 million Series D funding round, achieving unicorn status with a $1.64 billion valuation and bringing total capital raised to $340 million. The round was led by MVP Ventures, with participation from Fidelity Management & Research Company, Top Tier, Mayfield Fund, Clear Ventures, Addition, Qualcomm Ventures, StepStone Group, and Alumni Ventures. This marks a significant step up from the company’s prior Series C, underscoring rapid momentum in addressing critical thermal constraints in AI infrastructure.
What is Frore Systems?
Frore Systems is a Silicon Valley-based pioneer in advanced thermal management technologies that develops LiquidJet “direct to chip” liquid cooling solutions for high performance AI data centers and AirJet, the world’s first solid state active air-cooling chip, to enable silent, compact, and efficient cooling in consumer, industrial, edge, and IoT devices.
The proceeds will accelerate global manufacturing expansion, scale production operations in Taiwan and beyond, and drive deployment of Frore’s core platforms (LiquidJet, LiquidJet Nexus, and AirJet) across hyperscale data centers and edge environments. With AI compute demand and data center capacity projected to grow more than 3x by 2030, heat has become the primary limiter on performance, efficiency, and density. Frore positions its solutions as the foundational “AI Thermal Stack,” the integrated architecture for extracting heat from computing and networking hardware and rejecting it to the atmosphere. This layer now directly governs compute density, energy use, and overall system viability at scale.
LiquidJet is a multi stage 3D short-loop jetchannel direct liquid cooling (DLC) coldplate engineered for seamless integration into existing AI server architectures. It delivers 75% higher heat transfer efficiency, enables GPUs to run 8°C cooler, boosts AI token generation by 4%, cuts power usage effectiveness (PUE) by 10%, and reduces coldplate weight by 55%. LiquidJet Nexus builds on this as a lightweight, integrated coldplate system optimized for NVIDIA Kyber ½U compute trays. It eliminates hoses, connectors, and manifolds entirely, doubles compute density per rack, slashes thermal stack weight by 65%, and supports 53°C inlet temperatures, removing the need for mechanical chillers while further lowering power and water consumption.
AirJet complements the liquid lineup as the world’s first solid state active air cooling chip. It enables high performance AI workloads in ultra thin, silent, dustproof, and water resistant form factors for industrial edge gateways and consumer devices, eliminating thermal throttling without traditional fans or moving parts.
These technologies originated from the founders’ experience at Qualcomm in mobile and edge hardware. CEO Seshu Madhavapeddy and CTO Surya Ganti initially commercialized AirJet for compact, fanless devices before pivoting the core principles to data center liquid cooling following early demonstrations to NVIDIA leadership. The result is a differentiated platform: thinner and lighter materials, multi pass customized 3D coolant channels, and drop-in compatibility that outperform conventional cold plates in performance, simplicity, and total cost of ownership.
Dr. Seshu Madhavapeddy stated: “Cooling has become the single greatest limiter of AI performance. Traditional thermal technologies cannot keep pace with the AI revolution. Frore’s advanced cooling platforms remove that barrier, unleashing AI performance from Cloud to Edge.” Investors echoed this thesis. Andre de Baubigny, Managing Partner at MVP Ventures (lead investor), noted: “AI infrastructure is being built at a pace and scale that is putting new demands on every layer of the stack, and thermal architecture is quickly becoming one of the most important. Frore has built a breakthrough platform that unlocks higher compute density and efficiency across both hyperscale data centers and edge environments.” Navin Chaddha of Mayfield Fund added: “What excites us is how Frore Systems is reimagining the Thermal Stack by building a 3D short-loop jetchannel coldplate and applying scalable manufacturing to cooling, unlocking the performance and efficiency required for the next generation of AI platforms.”
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The timing aligns with industry wide shifts. As NVIDIA and hyperscalers push liquid cooling adoption for next generation GPUs, Frore’s chiller-less, “high inlet temperature” designs and weight reductions offer material advantages in electricity savings, water efficiency, and rack density, critical for both large cloud providers and sovereign AI network deployments. By addressing the full thermal stack from chip level extraction to atmospheric rejection, the company enables higher performance AI training and inference at lower operational and capital costs.
Founded in 2018 and headquartered in San Jose with manufacturing in Taiwan, Frore Systems has integrated its patented solutions into products from major OEMs and system builders worldwide. This Series D round, backed by a high quality syndicate with deep follow-on participation from early supporters like Mayfield, Fidelity, Qualcomm Ventures, and others, provides the capital to meet surging demand while expanding capacity. The valuation milestone reflects market recognition that advanced thermal management is no longer peripheral but a core enabler of the AI era’s infrastructure buildout.
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