VC fundraising for AI infrastructure & semiconductors companies
Hardware financing has come back hard on the back of demand for accelerated compute, with capital flowing into AI chip designers, networking silicon, optical interconnect and energy-efficient inference. Rounds are typically larger than software equivalents, dilution heavier, and the underwriting is on technical milestones, design wins and the path to volume - not next-year ARR.
The investor base here is a different population from software VCs: deep tech specialists, late-stage growth funds with semiconductor scale-up history, and strategic and corporate venture arms from the hyperscalers and IDMs - including Intel Capital, Nvidia's NVentures, M12 and Samsung's investment arms. These are the partners who will sit through a tape-out review and underwrite a multi-year capital plan to silicon and ramp. Flow has direct relationships with those investors.
Flow has experience running VC fundraising processes for AI infrastructure and semiconductor companies across AI accelerators, networking silicon, edge inference hardware and specialty fabless designers. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"AI infrastructure & semiconductors" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Design wins booked
Design-in to design-win rate
Revenue per design win
Gross margin by SKU
Wafer / die yield
Capex vs roadmap
R&D as % of revenue
Inventory turns
DSO / DPO cycle
Customer concentration
Foundry capacity committed
Bookings to billings ratio
AI infrastructure & semiconductors valuations in May 2026
Public AI infrastructure & semiconductors comps trade at 7.9x EV/Revenue. Median revenue multiple across AI infrastructure & semiconductors VC rounds was 29x in the last 12 months.
7.9x
Median EV/Revenue as of May 2026 for public AI infrastructure & semiconductors companies
24x
NVIDIA is the highest valued public AI infrastructure & semiconductors company based on EV/Revenue (excluding outliers)
3.2x
Median EV/Revenue across AI infrastructure & semiconductors M&A deals in the last 12 months
29x
Median EV/Revenue across AI infrastructure & semiconductors VC rounds in the last 12 months
Key recent AI infrastructure & semiconductors VC rounds
$1.7B Strategic investment raised by Rapidus was the largest AI infrastructure & semiconductors VC round completed in the last six months.
See all AI infrastructure & semiconductors VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Rapidus |  | Rapidus is a Tokyo-headquartered semiconductor firm established in 2022 developing 2nm logic chips using IBM technology by 2027. Backed by Toyota, Sony, and government subsidies exceeding 300 billion yen, it builds fabs in Hokkaido for mass production starting 2027. Rapidus targets automotive, AI, and mobile markets with power-efficient processors reducing consumption 75 percent versus 7nm nodes. | Nagase & CoUshio+10 | $1.7B | - | Strategic investment | |
Feb-26 | Cerebras Systems |  | Cerebras Systems Inc is an AI company. It designs the world's fastest AI infrastructure for training and inference. The company builds the world's largest semiconductor as well as the AI systems to power, cool, and feed the processors data. It develops software to link these systems together into industry-leading supercomputers that are simple to use even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use its supercomputers to train industry-leading models. The company uses these supercomputers to run inference at speeds unobtainable from alternative commercial technologies. It delivers these AI capabilities to its customers on-premise and via the cloud. The company generates the majority of its revenue from the USA. | 1789 CapitalAlpha Wave Global+8 | $1.0B | $23B | Series H | |
Apr-26 | Firmus Technologies |  | Firmus Technologies is an Austin-headquartered provider of AI data center infrastructure known as AI Factories, optimizing GPU clusters for maximum token generation throughput and profitability. Featuring liquid cooling across racks, power management, and AI FactoryOS operating system, it supports H100 and H200 GPUs with 99.99 percent uptime. Firmus' SMC cloud platform leverages SHARP networking for hyperscalers training large language models at scale. | CoatueNVIDIA | $505M | $5.5B | Undisclosed stage | |
Feb-26 | Ayar Labs | | Ayar Labs is a San Jose-headquartered semiconductor company pioneering in-package optical input/output technology. Its TeraPHY optical chiplet delivers terabit-per-second bandwidth with low latency for AI accelerators and data centers. The SuperNova light engine supports multiple wavelengths, and products integrate with processors from Intel and AMD to replace copper interconnects. | 1789 CapitalAlchip Technologies+9 | $500M | $3.8B | Series E | |
Feb-26 | MatX | | MatX is a San Francisco-headquartered semiconductor company designing custom AI accelerators for artificial general intelligence training and inference. The firm focuses on single-chip systems that integrate high-bandwidth memory directly with compute cores to handle trillion-parameter models. Founded in 2024 by former Nvidia engineers including Mike McQuaid, MatX targets hyperscale data centers with platforms surpassing Nvidia H100 clusters in efficiency for large language models. The company operates from California and emphasizes modular architectures compatible with PyTorch and TensorFlow frameworks. | Alchip TechnologiesAndrej Karpathy+10 | $500M | - | Series B | |
Jan-26 | Etched.ai | | - | PalantirPeter Thiel+3 | $500M | $5.0B | Undisclosed stage | |
Dec-25 | Unconventional AI | | Unconventional AI engineers bio-inspired hardware and software for energy-efficient AI computing, diverging from traditional architectures to mimic neural systems in silicon. | Andreessen HorowitzDatabricks+8 | $475M | $4.5B | Seed | |
May-26 | Graphcore |  | Graphcore develops Intelligence Processing Units tailored for AI and machine learning applications. The Bristol-headquartered startup's IPU architecture enables faster execution of models like transformers. Founded in 2016, Graphcore operates data centers and sells Colossus systems to enterprises worldwide. | SoftBank Group | $450M | - | Undisclosed stage | |
Jan-26 | Sunrise |  | Sunrise is a Shenzhen-based developer of high-performance GPUs for AI training, edge computing, and graphics processing. The company designs chips like the Sunhope series with up to 512 tensor cores, targeting data centers and autonomous vehicles. Manufacturing through TSMC processes, Sunrise supplies modules to Chinese hyperscalers and exports to Southeast Asia. Founded in 2018, it competes in the domestic semiconductor market amid US export restrictions. | 4ParadigmBeijing Lirr High Temperature Materials+10 | $432M | - | Undisclosed stage | |
Apr-26 | SiFive | | SiFive designs customizable RISC-V processor cores and IP for embedded systems, IoT devices, automotive, and datacenter applications. Its Freedom platform includes microcontrollers, high-performance CPUs, and vector extensions with associated EDA toolchains. Santa Clara-headquartered SiFive licenses cores to Samsung, Western Digital, and Andes Technology. Founded in 2015, the company shipped over a billion RISC-V cores by 2023, powering chips from Qualcomm and NVIDIA partners. | Apollo Global ManagementAtreides Management+5 | $400M | $3.6B | Series G | |
Mar-26 | Rebellions |  | Rebellions is a Seoul-based semiconductor company specializing in AI accelerator chips for large-scale inference workloads. Its ATOM family includes Lite, Max, and rack-scale systems, while the REBEL-Quad chiplet features HBM3E memory for high-bandwidth performance. The firm offers a software stack with SDK and compiler supporting PyTorch 2.0 and vLLM for generative AI deployments. Founded in 2020, Rebellions prioritizes energy efficiency in data centers, serving hyperscale cloud providers and AI service operators across Asia and North America. | Korea National Growth FundMirae Asset | $400M | $2.3B | Undisclosed stage | |
Feb-26 | SambaNova | | SambaNova is a Palo Alto-headquartered enterprise AI company providing full-stack solutions from Reconfigurable Dataflow Unit silicon like the 2023 SN40L chip to software platforms including Samba Cloud for instant inference on models such as Llama and Qwen, SambaStack for on-premise deployments, and SambaManaged for efficient data center AI services deployable in 90 days. | Cambium Capital PartnersIntel Capital+1 | $350M | $2.2B | Series E | |
Feb-26 | N | NIO GeniTech | | NIO GeniTech develops intelligent driving chips and supporting technologies with high computational power for automotive applications. | IDG CapitalNIO Capital | $329M | $1.4B | Series A |
Jan-26 | Ricursive Intelligence | - | 49PalmsDST Global+5 | $300M | $4.0B | Series A | ||
Dec-25 | Kunlun Core | | Kunlun Chip operates as Baidu's dedicated AI semiconductor division. Beijing-based Kunlunxin designs processors such as Kunlun 1 for inference and Kunlun 2 for training, integrated into Baidu Cloud and PaddlePaddle deep learning platform. The chips deliver performance for computer vision, natural language processing, and recommendation systems in data centers. | China Mobile fund | $286M | $3.0B | Undisclosed stage |
VC investors active in AI infrastructure & semiconductors
Shenzhen Capital Group is the most active VC investor across AI infrastructure & semiconductors, having invested in 18 startups in the last three years.
See all AI infrastructure & semiconductors VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Shenzhen Capital Group | | Shenzhen Capital Group is a Shenzhen government-established venture capital firm founded in 1999. Invests in small and medium enterprises, high-tech innovators, and emerging industries such as IT, internet, biopharma, new energy, and advanced manufacturing. Targets startups, growth-stage, and transforming companies aligned with national policies. Supports portfolio firms toward listings on domestic and international exchanges. Manages operations nationwide from its Shenzhen base. | Aixin Semiconductor TechnologyShengpeng MaterialsJoin Silicon+2 | 18 | Series A | |
European Innovation Council |  | The European Innovation Council is the European Union's flagship program for breakthrough innovations. Headquartered in Brussels, it provides grants and equity investments totaling over €10 billion through 2027 under Horizon Europe. It supports high-risk, high-potential projects via Pathfinder for early-stage research, Transition for scaling prototypes, and Accelerator for startups and SMEs with investments up to €17.5 million per company. The EIC co-invests with private venture capital in deep-tech ventures exhibiting strong ESG impacts, having backed over 800 companies since 2018 including over 60 unicorns. It partners with EIC Fund for equity stakes and coordinates jury evaluations from industry experts. | equal1Zadient TechnologiesNanopower Semiconductor+2 | 18 | Series A | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | Piris LabsVisibl SemiconductorsSygaldry Technologies+2 | 17 | Pre-seed | |
Samsung Catalyst Fund | | Samsung Catalyst Fund is Samsung Electronics' venture capital arm investing in data economy startups. Mountain View, California-headquartered, it targets automotive, robotics, digital health, IoT, AI, cloud, and device tech from seed to growth stages. Launched in 2020, the evergreen fund leverages Samsung's manufacturing and R&D for portfolio companies. | Normal ComputingAxelera AIEliyan+2 | 16 | Series B | |
Maverick Silicon | | Maverick Silicon is a venture capital fund investing in artificial intelligence and semiconductor infrastructure startups. Managed under Maverick Capital, it backs companies developing chips, data centers, and AI hardware. The fund participates in early rounds for firms advancing compute efficiency and machine learning accelerators. | Kandou AIInfinitesima LtdUpscale AI+2 | 15 | Series C | |
Addor Capital | | Addor Capital is a Zug-based investment firm financing early-stage ventures in cleantech and biotech. The company holds stakes in 20 portfolio firms and provides seed funding up to CHF 5 million. Operating since 2012, Addor partners with European VCs for follow-on rounds. | Wanxi MicroelectronicslecarcSpinQ Technology+2 | 14 | Seed | |
Mayfield Fund | | - | OpenLightCognichipFrore Systems+2 | 14 | Series A | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | Frore SystemsOsmoNeurophos+2 | 14 | Series A | |
Atreides Management | | Atreides Management is a Boston-headquartered investment firm applying long-term fundamental analysis to technology and consumer sectors across public equities and private markets. Founded in 2019, it manages strategies emphasizing durable competitive advantages in software, hardware, and media companies. The firm operates from Massachusetts with a focus on North American markets. | SiFiveCerebras SystemsOsmo+2 | 13 | Series B | |
IAG Capital Partners | | - | Xscape PhotonicsRAAAM Memory Technologies Ltd.proteanTecs+2 | 13 | Series A |
Founders and investors we've worked with
We've supported winning builders across AI infrastructure & semiconductors and beyond.
Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Krita
We advised Swiss investor Elysian Fields on its growth investment into Krita, the leading factoring platform in the Icelandic market.
See moreRecent VC fundraising track record
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