VEIR raises $75 million with support from Munich Re Ventures

VEIR , a US-based developer of superconducting power transmission technology, has raised $75 million in a Series B round led by Munich Re Ventures, with backing from Microsoft’s Climate Innovation Fund, Tyche Partners, Piva Capital, National Grid Partners, Dara Holdings, and SiteGround.

The Massachusetts-based startup aims to commercialize its superconducting transmission solution, which it claims can deliver ten times the power of traditional cables while maintaining the same voltage and reducing infrastructure size. The technology replaces standard transmission lines with black pipes containing superconducting tapes cooled by liquid nitrogen at -321°F.

VEIR plans to deploy a proof-of-concept at a data center this year, targeting AI-driven energy demands. The company argues its system eliminates costly compressors used in previous superconducting projects, making large-scale deployment more feasible.