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

In Brief Posted: 10:47 AM PDT · March 16, 2026 Image Credits:Rudall30 / Getty Images Julie Bort Another deep tech chip startup becomes a unicorn: Frore hits $1.64B 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 announced on Monday. 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. The company’s focus on chips was inspired by Nvidia CEO Jensen Huang, who received a demo of the technology about two years ago, Bloomberg reported. 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. AI semiconductors have been a hot area for investment. Other new unicorns in the field include Nvidia competitor Positron, which hit a $1 billion valuation in February, and Recursive Intelligence, which landed a $4 billion valuation right out of the gate. Eridu just launched, too, with a $200 million Series A round (though it declined to disclose its valuation), to build new AI networking chips. Participating investors in Frore’s latest round include Fidelity, Mayfield, Addition, Qualcomm Ventures, and Alumni Ventures, among others. Topics AI, AI chips, Hardware, In Brief, MVP Ventures, semicondcutors, Startups, TC June 9 Boston, MA Actively scaling? Fundraising? Planning your next launch?TechCrunch Founder Summit 2026 delivers tactical playbooks and direct access to 1,000+ founders and investors who are building, backing, and closing. REGISTER NOW Newsletters See More Subscribe for the industry’s biggest tech news TechCrunch Daily News Every weekday and Sunday, you can get the best of TechCrunch’s coverage. TechCrunch Mobility TechCrunch Mobility is your destination for transportation news and insight.

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