<p id="speakable-summary" class="wp-block-paragraph">Eight-year-old semiconductor startup Frore Systems has raised a $143 million Series D, led by MVP Ventures, at $1.64 billion valuation, the company <a href="https://www.froresystems.com/media-room/frore-systems-becomes-1-64b-unicorn-as-the-thermal-stack-emerges-as-foundational-infrastructure-for-the-ai-era" target="_blank" rel="noreferrer noopener nofollow">announced</a> on Monday.</p>
<p class="wp-block-paragraph">Frore has now raised $340 million total, the company said. Frore doesn’t make the chips themselves; it makes liquid-cooling systems for them. Founded by two former Qualcomm engineers, the company’s tech was initially created to offer air-cooling tech for phones and other small fanless electronics.</p>
<p class="wp-block-paragraph">The company’s focus on chips was inspired by Nvidia CEO Jensen Huang, who received a demo of the technology about two years ago, <a href="https://www.bloomberg.com/news/articles/2026-03-16/fidelity-backed-ai-chip-cooling-company-frore-valued-at-1-64-billion-in-new-funding" target="_blank" rel="noreferrer noopener nofollow">Bloomberg reported</a>. Huang suggested they develop liquid-cooling options, the new must-have for AI chips and systems. So they did, releasing products that work with various Nvidia chips and boards. The company has also developed products for Qualcomm and AMD.</p>
<p class="wp-block-paragraph">AI semiconductors have been a hot area for investment. Other new unicorns in the field include <a href="https://techcrunch.com/2026/02/04/exclusive-positron-raises-230m-series-b-to-take-on-nvidias-ai-chips/">Nvidia competitor Positron</a>, which hit a $1 billion valuation in February, and Recursive Intelligence, <a href="https://techcrunch.com/2026/02/16/how-ricursive-intelligence-raised-335m-at-a-4b-valuation-in-4-months/">which landed a $4 billion valuation right out of the gate</a>. Eridu just launched, too, with <a href="https://techcrunch.com/2026/03/10/ai-network-startup-eridu-emerges-from-stealth-with-hefty-200m-series-a/">a $200 million Series A round</a> (though it declined to disclose its valuation), to build new AI networking chips.</p>
<p class="wp-block-paragraph">Participating investors in Frore’s latest round include Fidelity, Mayfield, Addition, Qualcomm Ventures, and Alumni Ventures, among others.</p>
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