Another deep-tech chip startup has become a unicorn: Frore is valued at $1.64 billion

Eight-year-old semiconductor startup Frore Systems has raised a $143 million Series D, led by MVP Ventures, at a valuation of $1.64 billion, the company said. Announce on monday.

Frore has now raised a total of $340 million, the company said. Frore doesn’t make the chips himself. Where liquid cooling systems are manufactured for them. Founded by two former Qualcomm engineers, the company’s technology was initially created to bring air-cooling technology to phones and other small, fanless electronic devices.

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 that they develop liquid cooling options, which is the new must-have option for AI chips and systems. They’ve done just that, and released products that work with various Nvidia chipsets and boards. The company has also developed products for Qualcomm and AMD.

AI-driven semiconductors have been a hot area of ​​investment. Other new unicorns in this field include: Nvidia Positron competitorwhich reached $1 billion in February; Recursive intelligence Which received a $4 billion valuation right out of the gate. Eridu was also just launched with $200 million Series A round (although it declined to reveal its evaluation), to build new AI-powered network chips.

Investors participating in Frore’s latest round include Fidelity, Mayfield, Addition, Qualcomm Ventures, Alumni Ventures, and others.