Another deep tech chip startup becomes a unicorn: Frore hits $1.64B

Frore Systems, an eight-year-old semiconductor startup specializing in liquid cooling systems for chips, has raised $143 million in a Series D funding round led by MVP Ventures, reaching a valuation of $1.64 billion. The company has now raised a total of $340 million. Founded by two former Qualcomm engineers, Frore initially developed air-cooling technology for small fanless electronics but pivoted to liquid cooling for AI chips after a suggestion from Nvidia CEO Jensen Huang, who saw a demo of their technology about two years ago. Frore’s products are compatible with various Nvidia chips and boards, and the company has also developed solutions for Qualcomm and AMD. The rise of Frore reflects the growing investment interest in AI semiconductor technologies, with other startups like Recursive Intelligence and Eridu also achieving significant milestones or launching new AI networking chips. Notable investors in Frore’s latest funding round include Fidelity, Mayfield, Addition, Qualcomm Ventures, and Alumni Ventures. This funding and valuation milestone underscore the increasing importance