Startup Funding: February 2024

Power electronics, data center interconnects among 49 startups that raised $800 million.


A startup developing AI chips dedicated to low-power AI inferencing captured one of the largest rounds of February. The startup, Recogni, already offers a low-power vision inferencing chip. Several other sizeable rounds were focused on the automotive space, with robotaxis, autonomous delivery, and the sensors that enable them.

Another active area, power electronics drew funding for several companies taking unique approaches to improve aspects such as efficiency and density. Plus, multi-terabit interconnects and silicon photonics are two ways startups are trying to speed up data movement.

In addition to venture funding, numerous governments put money behind electronics and quantum technologies, including the U.S. Department of Energy, Canada’s FedDev Ontario, UK Research and Innovation, and the European Innovation Council.

This report covers 49 startups that collectively raised over $800 million in February.


Recogni raised $102.0M in a Series C round led by Celesta Capital and GreatPoint Ventures, joined by existing investors Mayfield, DNS Capital, BMW i Ventures, and SW Mobility Fund and new investors Pledge Ventures and Tasaru Mobility Investments, with debt provided by HSBC Innovation Banking. Recogni makes AI inference acceleration processor hardware and software. Its offerings include chips and cards alongside pretrained models, an SDK, and other software for model development, conversion, and deployment. Its products are targeted for a range of applications, such as generative AI inference in the cloud, automotive, and AI vision processing for autonomous platforms. Funds will support next generation system development. Founded in 2017, it is based in San Jose, California, USA.

Point2 Technology drew a $22.6M Series B extension from Bosch Venture and Molex. Point2 develops ultra-low-power, low-latency mixed-signal SoCs for multi-terabit interconnects using active electrical cables (AEC) in hyperscale and AI/ML data centers. It is also targeting automotive applications. The startup offers SoCs for 400G and 800G AECs that integrate multiple unidirectional SerDes channels with smart clock data recovery (CDR)/retimer functions. It uses a BER-aware architecture that correlates the total chip BER to the power consumption of each circuit block with monitoring and real-time background calibration during chip operation. It also provides a 25G NRZ SoC for network infrastructure. Point2 will partner with Molex to commercialize its scalable interconnect platform that uses RF data transmission over plastic dielectric waveguide to enable multi-terabit active cables. Founded in 2016, it is based in San Jose, California, USA.


Quilter raised $10.0M in Series A financing led by Benchmark with participation from Coatue and existing investors including Root Ventures and Harrison Metal Capital. Quilter is building generative circuit board design software. It combines reinforcement learning, neural nets, and distributed computing with the aim of creating the equivalent of a software compiler for circuit boards that can take a circuit schematic and manage all aspects of circuit board design including placement, routing, stackups, and pours. The tool also performs physics simulations to identify issues like crosstalk and electromagnetic interference and validate performance. It is currently available in open beta. Funds will be used for hiring and to expand the product to enable compilation of very complex boards with strict design constraints. Founded in 2021, it is based in Los Angeles, California, USA.

Manufacturing, equipment & materials

Niron Magnetics received $25.0M in strategic funding led by Samsung Ventures, joined by Allison Transmission’s Allison Ventures and automotive supplier Magna along with existing investors Shakopee Mdewakanton Sioux Community and University of Minnesota. Niron Magnetics makes high-performance permanent magnets based on iron nitride and free of rare earths. High-performance magnets have applications in hard drives as well as EV drive trains, consumer appliances, audio speakers, and industrial and commercial spaces such as wind turbines, elevators, and HVAC. Niron claims its magnets are less expensive and have inherently higher magnetization than rare earth alternatives. Funds will be used to expand its production facilities and scale manufacturing capacity for initial sales. Founded in 2015 as a spin off from the University of Minnesota, it is based in Minneapolis, Minnesota, USA.

Greenerwave received €15.0M in equity funding from Bpifrance, Agence de l’innovation de défense, Safran Corporate Ventures, Intelsat, BNP Paribas Développement, and Plastic Omnium. Greenerwave designs electronically reconfigurable materials that, combined with off-the-shelf electronic components and physical algorithms, are used to shape electromagnetic waves. Funds will be used to support industrialization of its first product, an electronically steerable antenna designed for satellite communications in the Ku band. It is also targeting cellular telecommunications, RFID, and radar imaging. Founded in 2016, it is based in Paris, France.

Chiral drew $3.8M in pre-seed funding led by Founderful and HCVC, with grants from ETH Zurich and Venture Kick. Chiral makes automated, high-speed robotic nanoassembly machines that integrate nanomaterials into electronic devices. It is currently focused on carbon nanotubes for creation of transistors, sensors, nanoscale systems that exhibit quantum effects, and targeted drug delivery systems. It offers both foundry services and equipment. A spin-off from ETH Zurich and Empa founded in 2023, it is based in Zürich, Switzerland.

Memory & storage

TopoLogic received JPY 700.0M (~$4.7M) in financing from SBI Investment, University of Tokyo IPC, Daiwa Corporate Investment, Japan Science and Technology Agency, IT-Farm Corporation, Japan Material Technologies Corporation Group, and Plug and Play Japan. TopoLogic develops devices based on topological materials. Its first is TL-RAM, an MRAM-type memory the startup says offers lower power consumption and higher-speed write compared with conventional MRAM. It is also working on a heat flux sensor for a range of applications including abnormality detection and failure prediction of batteries and power semiconductors. A spin out from the University of Tokyo founded in 2021, it is based in Tokyo, Japan.

Power devices

Wise Integration raised €15.0M (~$16.2M) in Series B funding led by imec.xpand, with participation from Supernova Invest, BNP Paribas Developpement, Région Sud Investissement, Creazur, CASRA Capital, and Angels for Greentech. Wise Integration develops gallium nitride (GaN) ICs and digital control technology for power supplies. The company says the combination of its 650V GaN devices with its 32-bit, MCU-based, AC-DC digital controller can offer simplified system design and improved power density and efficiency. Supporting power requirements from 30W to 7kW, target markets include consumer electronics, e-mobility, industrial, data centers, and EVs. Funds will be used for international expansion, R&D, and introduction of new products. Founded in 2020 as a spin out from CEA, it is based in Hyères, France.

Lotus Microsystems received DKK 60.0M (~$8.8M) in funding from Noon Ventures and the European Innovation Council. Lotus Microsystems develops miniature power converter modules using silicon interposer technology. The approach enables high power density through 2.5D and 3D packaging of power modules with integrated active and/or passive devices, including of different technologies, such as CMOS, MEMS, or GaN. It also provides high thermal performance with even heat distribution of power devices across the substrate in vertical and lateral paths. Target applications include consumer electronics, HPC, and industrial. Funds will be used to support development projects, R&D expansion, and accelerate its go-to-market strategy. Founded in 2020, it is based in Copenhagen, Denmark.

Ookuma Diamond Device received JPY 330.0M (~$2.2M) in debt financing from Hokuriku Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation. Ookuma Diamond Device is developing diamond semiconductor amplifiers and power electronics. It is specifically developing devices to be used in the Fukushima Daiichi Nuclear Power Plant decommissioning project, as diamond-based devices can withstand the high temperatures and radiation of that environment. The startup is also exploring applications in 6G wireless communications base stations, satellite communication equipment, and radar. A spin out from Hokkaido University founded in 2022, it is based in Sapporo, Japan.

Photonics & optics

DustPhotonics raised $24.0M in a Series B follow-on round that included Sienna Venture Capital, Greenfield Partners, Atreides Management, and Exor Ventures. DustPhotonics develops silicon photonics solutions for data communications in hyperscale data centers and AI applications. The startup claims its approach to integrating off the shelf lasers on silicon provides lower loss and higher optical margin and reduces the number of lasers required. It also incorporates high-speed modulators and detectors and passive elements. DustPhotonics currently offers photonic ICs that support 400Gb/s and 800Gb/s links, along with products specifically designed for immersion cooling. Funds will be used to scale production and accelerate development of its next generation products that will enable 1.6Tb/s applications. Founded in 2017, it is based in Modi’in, Israel.

Quantum computing

Diraq drew $15.0M in a Series A-2 raise led by Quantonation, joined by John Higgins Family Investments and the University of New South Wales. Diraq is building quantum processors based on electron spins in silicon quantum dots. This approach allows its processors to be fabricated using standard CMOS manufacturing technology. The startup says its technology has the potential to scale to billions of qubits per chip and enables qubit control with sufficient accuracy to allow for scalable error correction. Diraq intends to build a full stack of hardware and software available as a cloud accessible service. Funds will be used for R&D, hiring, and to launch in the U.S. Founded in 2022, it is based in Sydney, Australia.

Xanadu received a CAD $3.8M (~$2.8M) repayable investment from FedDev Ontario. Xanadu builds photonic quantum computers accessible via a cloud platform. It aims to create a fault-tolerant and error-corrected quantum computer capable of scaling up to one million qubits. Xanadu says that using photonics enables leveraging modern chip manufacturing facilities, the application of optical components developed by the telecommunications industry, and the use of fiber optics to network photonic chips together. The startup also offers software and quantum simulators, including an open-source software framework for programming quantum computers. Founded in 2016, it is based in Toronto, Canada.


Uhnder raised $50.0M in Series D funding led by ACME Capital with participation from Magna, Qualcomm Ventures, El Camino Capital, Monta Vista Capital, Sagitta Ventures, and HT Capital. Uhnder makes software-defined digital radar chips and sensor modules for the automotive, industrial and defense sectors. The startup says its 4D digital imaging radar-on-chip is capable of detecting and tracking height, speed, and distance at 50+ fps with high resolution while mitigating radar interference and spoofing attacks. Founded in 2015, it is based in Austin, Texas, USA.

sensiBel drew €7.0M (~$7.6M) in financing led by audio company Sennheiser, joined by existing investors TRUMPF Venture, Skagerak Capital, Investinor, SINTEF Venture, MP Pensjon, and Halden Kommunale Pensjonskasse. sensiBel develops optical MEMS readout technology, which it has incorporated into MEMS microphones it claims can provide studio-quality audio recordings. Based on interference and diffraction, it uses a tiny energy-efficient laser in combination with a miniaturized and integrated interferometer to accurately measure the motion of a silicon-based membrane. The startup’s microphones could be used in applications like enterprise video conferencing systems, 3D spatial audio capture, active noise cancellation headphones, and smartphones. The optical MEMS technology also has applications in other MEMS products such as accelerometers. Founded in 2016 based on research from SINTEF, it is based in Oslo, Norway.

Amazec Photonics drew €1.5M (~$1.6M) in seed funding led by PhotonDelta. Amazec Photonics develops application specific photonic integrated circuits (ASPICs) and fiber optic sensors based on the Fiber Bragg Grating (FBG) technique for ultrasensitive temperature sensing devices that can measure temperature changes to a precision of 0.0001°C. It is focusing on applying the technology to minimally invasive cardiovascular monitoring tools for earlier and easier diagnosis of cardiovascular diseases. Funding will be used to build devices for clinical trials, which are slated to begin this year. Founded in 2021, it is based in Oudkarspel, the Netherlands.


Company Sector Amount Raised (M, USD) Funding Type HQ
Project 3 Mobility ADAS & Autonomy $107.4 Series A Croatia
Recogni AI HW $102.0 Series C USA
Lumicore Displays $100.0 Series A China
Zelos Technology – Jiushi Intelligence – 九识智能 ADAS & Autonomy $100.0 Series A China
Starship Technologies ADAS & Autonomy $90.0 Series C USA
Uhnder Auto Sensors $50.0 Series D USA
Cambridge Mechatronics Sensors $40.0 Venture UK
Niron Magnetics Materials $25.0 Strategic USA
DustPhotonics Photonics $24.0 Series B Israel
Point2 Technology AMS $22.6 Series B USA
Greenerwave Wireless $16.2 Venture France
Wise Integration Power Semi $16.2 Series B France
Diraq Quantum $15.0 Series A+ Australia
Haomo.AI – Haomo Zhixing ADAS & Autonomy $13.9 Series B China
Quilter EDA $10.0 Series A USA
Ventiva Thermal Management $10.0 Series C USA
Glass Imaging Sensors $9.3 Seed USA
Lotus Microsystems Power Semi $8.8 Venture Denmark
sensiBel Sensors $7.6 Venture Norway
Oxford Ionics Quantum $7.5 Grant UK
TopoLogic Memory & Storage $4.7 Venture Japan
Direct Electron Equipment $3.9 Grant USA
Chiral Manufacturing $3.8 Pre-Seed Switzerland
AI Incorporated Sensors $3.5 Repayable Investment Canada
Delta g Sensors $3.0 Grant UK
Xanadu Quantum $2.8 Repayable Investment Canada
Crypto4A Security $2.8 Repayable Investment Canada
Hymag’in Materials $2.4 Seed France
Ookuma Diamond Device Power Semi $2.2 Debt Japan
AIxtal Manufacturing $1.8 Venture Japan
Amazec Photonics Sensors $1.6 Seed Netherlands
Amethyst Research Sensors $1.6 Grant USA
Phasecraft Quantum $1.5 Grant UK
Q-CTRL Quantum $1.3 Grant Australia
ISARA Corporation Security $1.3 Repayable Investment Canada
Infleqtion Quantum $1.2 Grant USA
Atlantic Quantum Quantum $1.1 Grant USA
HighRI Optics Materials $1.1 Grant USA
Sequent Logic Wireless $1.1 Grant USA
Alphacore AMS $1.1 Grant USA
Innosys Manufacturing $1.1 Grant USA
Oryl Photonics Equipment $1.0 Seed Switzerland
GoodLabs Studios Quantum $0.6 Repayable Investment Canada
CogniFrame Quantum $0.5 Repayable Investment Canada
ForeQast Technologies Quantum $0.5 Repayable Investment Canada
Quantropi Security $0.2 Repayable Investment Canada
NovoViz Sensors $0.2 Accelerator Switzerland
Qoherent Quantum $0.1 Repayable Investment Canada
Luxtelligence Photonics $0.1 Debt Switzerland

Leave a Reply

(Note: This name will be displayed publicly)