# Veir

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/veir

- Industry: Power & Utilities
- Headquarters: Woburn, US
- Website: www.veir.com
- Total disclosed funding: $112M
- Latest round: Series B (Nov 13, 2024)
- Investors on record: 14

## About

Veir, Inc., based in Woburn, US, specializes in advanced superconducting power line solutions that enhance power transmission for data centers and utility sectors, meeting the growing demand for efficient energy delivery.Founded in 2019, Veir, Inc. is focused on developing cutting-edge superconducting power line solutions. The company has raised a total of USD 75.20 mn through its Series B funding round on November 13, 2024, led by Munich Re Ventures, with participation from various investors including Microsoft Climate Innovation Fund and National Grid Partners. Tim Heidel serves as the CEO, driving the company's vision and operations in the energy sector.Veir specializes in advanced superconducting power line solutions designed to address the increasing power demands in data centers, power generation, and utility sectors. The company's core product offerings include advanced conductors and innovative cooling systems that significantly enhance power transmission capacities while streamlining infrastructure requirements. These solutions aim to eliminate bottlenecks in power delivery, facilitating faster data center construction and enabling power generation in previously constrained locations. Veir's technology is particularly relevant for clients in North America and Europe, where the demand for efficient, high-capacity power networks is rapidly growing. The company serves a diverse clientele that includes data center operators, utility providers, and industrial developers, all of whom benefit from Veir's ability to provide solutions that enhance power density and resilience along the electricity value chain.Veir generates revenue through direct transactions with its clients, primarily in the form of B2B partnerships that focus on the deployment of its superconducting power line solutions. The company’s business model is structured around long-term contracts with industrial clients, utility companies, and data center operators, where these entities leverage Veir’s technology to fulfill their increasing power requirements. Revenue derives from the sale and installation of its flagship products, including superconducting conductors and cooling systems, which are tailored to specific project needs. The pricing structure reflects the complexity and scale of the solutions provided, ensuring alignment with client demands and project specifications. These transactions typically involve detailed agreements that define project scope, deliverables, and timelines, allowing for ongoing collaboration and support throughout the implementation phase.In November 2024, Veir raised USD 75.20 mn in Series B funding, with plans to utilize this capital to expand its innovative solutions for data centers, utilities, and renewable energy developers. The company is focusing on geographic expansion into new markets in Europe and Asia, aiming for entry by late 2025. Veir is also developing additional superconducting solutions that are expected to launch in early 2026, further enhancing their product portfolio to meet future energy demands.

## Funding rounds

- Series B, Nov 13, 2024, $75M — RA Capital Management, Breakthrough Energy Ventures, Munich Re Ventures, Tyche Partners, Engine Ventures, Congruent Ventures, National Grid Partners, Piva, Fine Structure Ventures, Microsoft Climate Innovation Fund, SiteGround, VXI Capital, Galvanize Climate Solutions, Dara Holdings
- Series A, May 11, 2023, $25M — Breakthrough Energy Ventures, Engine Ventures, Congruent Ventures, Fine Structure Ventures, VXI Capital, Galvanize Climate Solutions
- Series A, Feb 17, 2021, $11M — Breakthrough Energy Ventures, Engine Ventures, Congruent Ventures
- Seed, Jan 2, 2020, $0.8M — Breakthrough Energy Ventures, Congruent Ventures

## Investors

- Breakthrough Energy Ventures (https://capitalatlas.ai/funds/breakthrough-energy-ventures) — Seed, Series A, Series B
- Congruent Ventures (https://capitalatlas.ai/funds/congruent-ventures) — Seed, Series A, Series B
- Engine Ventures (https://capitalatlas.ai/funds/engine-ventures) — Series A, Series B
- Fine Structure Ventures (https://capitalatlas.ai/funds/fine-structure-ventures) — Series A, Series B
- VXI Capital (https://capitalatlas.ai/funds/vxi-capital) — Series A, Series B
- Galvanize Climate Solutions (https://capitalatlas.ai/funds/galvanize-climate-solutions) — Series A, Series B
- RA Capital Management (https://capitalatlas.ai/funds/ra-capital-management) — Series B
- Munich Re Ventures (https://capitalatlas.ai/funds/munich-re-ventures) — Series B
- Tyche Partners (https://capitalatlas.ai/funds/tyche-partners) — Series B
- National Grid Partners (https://capitalatlas.ai/funds/national-grid-partners) — Series B
- Piva (https://capitalatlas.ai/funds/piva) — Series B
- Microsoft Climate Innovation Fund (https://capitalatlas.ai/funds/microsoft-climate-innovation-fund) — Series B
- SiteGround — Series B
- Dara Holdings — Series B