Breaking: Frore Systems closes $143M Series D at $1.64B valuation AirJet Mini G2 wins third straight CES Innovation Award Qualcomm Snapdragon X2 Elite reference designs cooled by Frore Total funding hits $340M LiquidJet targets AI GPU racks: GPUs run 8°C cooler Breaking: Frore Systems closes $143M Series D at $1.64B valuation AirJet Mini G2 wins third straight CES Innovation Award Qualcomm Snapdragon X2 Elite reference designs cooled by Frore Total funding hits $340M LiquidJet targets AI GPU racks: GPUs run 8°C cooler
Company Profile  /  Thermal Technology

Frore Systems

The startup that decided AI's real bottleneck wasn't compute. It was heat - and it built a chip to move air at 100 mph.

Frore Systems logo

The Frore wordmark, white on navy. The name is an archaic word for “frozen” - a small joke you only get after the fan stops spinning and the room goes quiet.

$1.64B
Valuation
$340M
Total Raised
100+ mph
Airflow, No Fan
~91
Employees
The Story

A cooling company, which is a strange thing to be excited about, until you think about it

Here is a thing that is true and slightly funny about computers: they are, at some level, machines for turning electricity into heat, and doing a little bit of math on the way. The math is the part everyone pays for. The heat is the part everyone pretends isn't there. And for decades the industry's answer to the heat was a fan - a spinning piece of plastic that is loud, that breaks, that gets clogged with dust, and that basically hasn't changed since your grandfather's radio.

Frore Systems looked at that fan and asked the mildly heretical question: what if you just didn't have one? Not “a quieter fan” or “a smaller fan,” but no fan. Instead, a chip - a flat, solid-state thing the size of a stamp - with ultrasonic membranes inside that vibrate thousands of times a second and pull air through at more than 100 miles per hour. There is nothing you can see spinning. It is called AirJet, and it is, per the company, the world's first solid-state active cooling chip.

If you are the sort of person who finds this boring, I would gently point out that in March 2026 investors valued this cooling company at $1.64 billion, which is a lot of money to pay for the privilege of not hearing a fan. The reason is AI. Every large language model you have ever used runs on a chip that gets hot, and getting hotter, and the ceiling on how much compute you can pack into a laptop, a phone, or a data-center rack is - increasingly - not how fast the silicon can think but how fast you can carry the heat away. Frore's whole pitch is that it sells the thing standing between the chip and that ceiling.

The company likes to call this Frore's Law, an obvious and self-aware wink at Moore's Law. Moore's Law made the chips faster. Frore's Law is the corollary nobody put on a T-shirt: as the chips get faster, the thermal solution has to keep up, or the whole thing throttles itself back to a crawl. Frore would like to sell you the thermal solution, in every size, forever.

“Cooling is critical to enable the performance needed to realize the full promise of AI - today and in the future.”

Dr. Seshu Madhavapeddy, Founder & CEO
Origins

Two Qualcomm engineers, one garage, and a beer in San Diego

The founding scene is almost too on-the-nose for Silicon Valley. In 2018, Seshu Madhavapeddy and Surya Ganti had just wrapped up work on Qualcomm's in-display fingerprint sensor. Over a beer, Ganti - a former senior research scientist at GE, a company that knows a thing or two about cooling jet engines - floated an idea: what if you cooled a computer chip the way you cool a turbine? By July they had set up in Ganti's garage in Los Altos and named the company Frore, an old English word meaning frozen or frosty.

Madhavapeddy is a repeat founder - he built and sold Spatial Wireless and Sipera Systems - and had done tours at Qualcomm, Samsung, and Texas Instruments. Ganti brought the physics. The combination is the recognizable shape of a certain kind of hard-tech startup: someone who has exited before, paired with someone who understands the thing at a level most people never will.

Seshu Madhavapeddy

Founder & CEO

Repeat entrepreneur behind Spatial Wireless and Sipera Systems; former VP/GM of Qualcomm's in-display fingerprint sensor business, with prior roles at Samsung and Texas Instruments.

Surya Ganti

Founder & CTO

The physics half of the pairing. A former senior research scientist at GE, he brought jet-engine thermal thinking - and the core insight that airflow, not fans, was the answer.

What They Actually Sell

The Thermal Stack: from your laptop to a rack of GPUs

Frore's clever move is that the same core idea - move heat away, quietly, in the smallest possible space - scales in both directions. Down into a fanless phone. Up into an AI data center. The company bundles it all under a phrase it calls the “Thermal Stack.”

2022 · Edge / Consumer

AirJet Mini & Mini G2

The flagship. A solid-state chip that moves air with no visible moving parts. The G2 removes 7.5W of heat - 50% more than the original - and fits in laptops, tablets, phones, mini PCs, and SSDs.

2023 · Edge AI

AirJet Pro & PAK

Higher-capacity modules and packaged edge-AI cooling solutions (including AirJet PAK 5C-G2) built to keep sustained performance in fanless and edge-AI systems.

2025 · Data Center

LiquidJet

A 3D short-loop jet-channel direct-liquid coldplate for GPUs. Frore claims 75% higher heat-transfer efficiency, GPUs running 8°C cooler, ~4% more AI tokens/sec, and 55% lighter coldplates.

2026 · Data Center

LiquidJet Nexus

An integrated system for NVIDIA Kyber half-U compute trays, targeting 2x compute density per rack and support for 53°C inlet temperatures.

The line-up, smallest to largest. The physics is the same at both ends; only the plumbing changes.

Follow The Money

$340 million, four rounds, and a lot of repeat investors

2022
$100M
Series C
$80M
Series D
$143M

The tell in a funding history is who comes back. Qualcomm Ventures, Mayfield, Clear Ventures, Addition, and StepStone have re-upped across rounds. The $143M Series D (March 2026) was led by MVP Ventures, with Fidelity, Top Tier, and Alumni Ventures alongside - the round that tipped Frore into unicorn territory.

Cap Table Highlights

  • MVP Ventures — led Series D
  • Fidelity — led Series C
  • Qualcomm Ventures — recurring
  • Mayfield — recurring
  • Clear Ventures — recurring
  • Addition · StepStone — recurring
Design Wins

The proof is in the products already shipping

A cooling chip is worth nothing until someone builds it into a real device, and this is where Frore has quietly done the unglamorous work. AirJet Mini G2 shows up in Qualcomm's Snapdragon X2 Elite 2-in-1 notebook and Mini PC reference designs - the blueprints laptop makers copy - which is roughly the semiconductor equivalent of getting your ingredient into the recipe everyone else follows.

The most striking deployment is not a laptop at all. AT&T's Sonim MegaConnect - billed as the world's first ultra-compact Power Class 1 5G mobile hotspot - is cooled by AirJet and is shipping today on FirstNet, the network built for first responders. It is a nice illustration of the pitch: a device that has to be small, silent, sealed against dust, and absolutely cannot fail in the field. That is a hard place for a spinning fan to live, and an easy place to make Frore's argument.

On the far end, LiquidJet Nexus is aimed squarely at the NVIDIA-shaped future of the data center, where the constraint is how many GPUs you can cram into a rack before the whole thing cooks. The bet is symmetrical: whatever the device, heat is the tax, and Frore wants to be the one collecting the refund.

The Road So Far

Garage to unicorn in eight years

2018

The idea over a beer

Madhavapeddy and Ganti sketch the concept in San Diego and set up in a Los Altos garage.

2022

Out of stealth with $100M

Frore emerges, raises $100M, and announces collaboration with Intel on thin-and-light PC cooling.

2023

AirJet ships and wins

AirJet Mini and Pro reach the market and start collecting CES Innovation Awards.

2024

$80M Series C

Fidelity leads an $80M round, pushing total funding to $196M as AI thermal demand climbs.

2025

Into the data center

LiquidJet and LiquidJet Nexus extend the Thermal Stack to AI GPU racks.

2026

Unicorn status

A $143M Series D at $1.64B brings total funding to $340M.

Details That Amuse

Six things worth knowing

The Name

“Frore” is an archaic English word meaning frozen or frosty. It is the kind of name you only understand once the fan stops.

Jet-Engine DNA

The founding insight came from cooling jet engines - CTO Surya Ganti was a former GE research scientist.

Highway Speed

AirJet moves air over a chip at 100+ mph - with no fan blades anywhere in sight.

Self-Cleaning

The chip is designed to be dustproof and self-cleaning, so it won't clog like a conventional fan.

Frore's Law

An unofficial counterpart to Moore's Law: as chips get faster, cooling has to keep pace or performance throttles.

Classic Origin

It genuinely started in a garage in Los Altos in July 2018 - the most Silicon Valley sentence imaginable.

Frequently Asked

Questions people actually ask

What does Frore Systems make?
Solid-state and liquid cooling technology - most notably AirJet, the first solid-state active cooling chip, and LiquidJet, a direct-liquid coldplate for AI data centers.
Who founded Frore Systems and when?
It was founded in 2018 by Seshu Madhavapeddy (CEO) and Surya Ganti (CTO), both former Qualcomm engineers.
How does AirJet cool without a fan?
Ultrasonic vibrating membranes inside a thin chip pull in air and push it over a heat surface at more than 100 mph, with no visible spinning parts.
How much money has Frore raised?
About $340 million across four rounds, including a $143M Series D in March 2026 that valued the company at $1.64 billion.
Who uses Frore's technology?
Device and platform makers such as Qualcomm, plus edge-AI and data-center builders. AirJet also cools AT&T's Sonim MegaConnect 5G hotspot for first responders.
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