DG Matrix raises $60M to make data center power smarter

DG Matrix, a startup focused on modernizing data center power infrastructure, has raised $60 million in a Series A funding round led by Engine Ventures with participation from ABB, Cerberus Ventures, Chevron Technology Ventures, and others. The company develops solid-state transformers, specifically its Interport device, which acts as a power router capable of handling up to 2.4 megawatts. This technology enables integration of diverse power sources such as solar panels and grid-scale batteries, potentially replacing bulky, inefficient traditional transformers and uninterruptible power supplies (UPS) in data centers. The Interport device significantly reduces the physical footprint of power conversion equipment—from large skids to a compact four-by-four-foot unit—while improving efficiency from 82-90% to 95-98% and enhancing reliability by using fewer components. DG Matrix is currently deploying initial units to customers, primarily targeting data centers, which make up about 90% of its business pipeline, with the remainder focused on electric vehicle fleet charging