Data Center Cooling Funding Tracker (17 deals)

Our funding tracker covering the Data Center Cooling Market

Below is the table listing all the deals. You may find our methodology at the end of this page.

And, if you want to gain a deeper understanding of the market and its current dynamics, get our report covering the Data Center Cooling Market.

Is the data center cooling market really attracting serious investment?

Data center cooling startups are attracting serious money, with at least $580.5 million in announced and completed equity financings across 17 transactions. But just four large deals account for 68.3% of that capital.

We identified 14 companies with qualifying financing between January 2024 and October 8, 2026. The largest transactions were DCX's announced $176 million strategic investment, ZutaCore's $100 million Series C, Accelsius's $65 million Series B and Submer's $55.5 million Series C.

Remove those four financings and the remaining 13 deals account for approximately $184 million. That gives us a much better sense of the funding available to companies outside the leading group.

There is still plenty of activity below $50 million. Corintis raised $24 million and then another $25 million, Iceotope secured $26 million, and LiquidStack received a $20 million Series B extension. These are meaningful amounts for specialized hardware companies.

The larger picture is clear: investors are willing to fund data center cooling at industrial scale, but only a handful of companies have reached that level. The rest are competing for considerably smaller checks.

How many data center cooling startups are actually getting funded?

Only 14 data center cooling companies received qualifying funding during the period, and most of them raised money just once.

Eleven companies appear in a single financing, while ZutaCore, Accelsius and Corintis each appear twice. None raised three times within the window.

Those three repeat fundraisers offer an interesting picture of where investors are comfortable putting additional money.

ZutaCore secured $30 million in February 2025 before announcing a $100 million Series C in June 2026. Accelsius went from a $24 million Series A to a $65 million Series B. Corintis raised $49 million across two Series A-family financings separated by just over two months.

Together, these companies attracted $268 million, or 46.2% of the funding we identified. They represent less than one-quarter of the funded company population.

Appearing once in this dataset doesn't mean a company has raised only one round throughout its history. Our analysis covers a defined financing window. Still, within that window, repeat backing is concentrated in very few businesses.

Which data center cooling companies have raised the most money?

DCX, ZutaCore and Accelsius lead data center cooling funding by a considerable margin, with $395 million in recorded financing between them during the period.

DCX tops the ranking through LITEON Technology's announced $176 million investment for approximately 25% of the Polish company's equity. ZutaCore follows with $130 million across two financings, while Accelsius has $89 million.

Submer and Corintis complete the top five. Altogether, these five companies account for 86.1% of known capital.

That concentration makes the market unusually dependent on a small group of businesses. One company's financing can change the entire picture.

Company	Deals	Capital raised
DCX Liquid Cooling Systems	1	$176M announced
ZutaCore	2	$130M
Accelsius	2	$89M
Submer	1	$55.5M
Corintis	2	$49M
Iceotope	1	$26M
LiquidStack	1	$20M
YxinData	1	>$14.2M
Green Cloud Map	1	≈$7.9M
MegaCool	1	≈$5.9M

These figures cover financing within our research period rather than each company's lifetime funding. DCX's amount represents an announced investment subject to closing, and Hashcool cannot be ranked precisely because its Series A amount was not publicly disclosed.

Is the $176 million DCX deal making data center cooling look bigger than it is?

Yes. DCX's announced $176 million investment represents 30.3% of recorded data center cooling funding, and the transaction is less straightforward than a conventional completed venture round.

In September 2026, Taiwan's LITEON Technology announced a strategic minority investment in Poland-based DCX Liquid Cooling Systems. DCX develops coolant distribution units, facility distribution equipment, cold plates and immersion-cooling solutions.

LITEON already supplies power-management and rack-level infrastructure for AI servers. Acquiring a stake in DCX would help connect its electrical products with thermal-management equipment, two increasingly interdependent parts of high-density data centers.

The important detail is that LITEON described the ownership stake as taking effect upon closing. The announcement establishes a proposed equity investment, but does not confirm that closing has occurred or that the full $176 million has been transferred.

We include DCX in our headline measure of announced and completed financing commitments, with that qualification. It should not be counted as confirmed settled capital on the evidence presented here.

If we exclude DCX entirely, the market falls to approximately $404.5 million in known financing.

That is still substantial for such a specialized market. But the distinction between a strategic minority investment and a completed venture financing matters when judging how much capital is available to other cooling startups.

What does a normal data center cooling funding round look like?

The median data center cooling round is $24 million, although startups at Seed stage are typically raising much less.

Across the 16 transactions with usable size data, the average financing is $36.3 million. Large rounds push that number upward, which is why the median gives us a better starting point.

The most common funding range is $20 million to below $50 million, with six transactions falling into that bracket. Accelsius's initial $24 million Series A, Iceotope's $26 million Series B and ZutaCore's earlier $30 million financing all sit around this level.

Compare those with the smaller companies. India's KuhlTherm raised $1.1 million, Australia's Enaxiom secured $1.8 million, and Belgium's MegaCool raised approximately $5.9 million.

At the other extreme, just two transactions reached $100 million or more, including the announced DCX investment. Together, they represent 47.5% of quantified capital.

Financing size	Deals	Known capital	Capital share
Below $5M	3	$6.97M	1.2%
$5M–<$20M	3	≈$28M	4.8%
$20M–<$50M	6	$149M	25.7%
$50M–<$100M	2	$120.5M	20.8%
$100M+	2	$276M	47.5%
Undisclosed amount	1	Not quantified	-
Total	17	≈$580.5M+	100%

The table includes announced equity commitments and rounded or bounded disclosures. Capital shares use approximately $580.47 million as the quantified base, so they describe the distribution of recorded amounts rather than an exact final cash total.

Which cooling technology is getting the most investment right now?

Direct-to-chip liquid cooling is currently the most heavily funded part of the startup market, with ten deals across seven companies and at least $279.1 million raised.

The category accounts for nearly 59% of all financings. It also has something the other cooling segments mostly lack: funded companies at nearly every stage from Seed through Series C.

As AI processors consume more power, removing heat with conventional air cooling becomes increasingly difficult. Direct-to-chip systems bring cooling fluids close to the heat-generating components, allowing operators to handle much denser installations.

ZutaCore and Accelsius use two-phase cooling approaches. Corintis develops microfluidic cooling hardware that targets heat closer to the processor itself. MegaCool focuses on advanced cold plates, while MicroRefrigeration is developing refrigerant-based direct cooling.

These companies don't all use the same technology, and their products may suit different customers. What they share is a focus on removing heat directly from high-power computing equipment.

ZutaCore's June 2026 announcement offers a useful commercial benchmark. The company reported more than 75 deployments worldwide and described further investment in systems for megawatt-scale installations.

That's a much more advanced commercial position than a young company still developing its first cooling hardware.

Why are cooling distribution units attracting such huge funding rounds?

Cooling distribution units appear to attract unusually large investments because DCX dominates the category's funding numbers.

Only two financings are classified under Cooling Distribution Units, yet they account for approximately $190.2 million, equivalent to 32.8% of the entire market's quantified capital.

DCX alone accounts for approximately 92.5% of that amount. The other transaction is YxinData's Series B exceeding $14.2 million.

A coolant distribution unit controls and circulates cooling liquid between data center equipment and the wider facility cooling system. As more racks adopt liquid cooling, these systems become increasingly important for operating the infrastructure reliably.

DCX's announced investment also concerns a broader business than CDUs alone. Its portfolio includes cold plates, immersion systems and facility-level cooling equipment.

That helps explain LITEON's interest. The industrial logic involves combining power distribution, cooling and rack infrastructure into a more integrated offering.

The category's apparent funding advantage therefore comes primarily from one proposed strategic transaction. Without DCX, its quantified financing falls to a little over $14.2 million. That's a very different picture.

Is immersion cooling falling behind direct-to-chip cooling?

Immersion cooling is receiving less new startup funding than direct-to-chip cooling, and its financed companies are considerably older.

We found four immersion-related financings worth approximately $109.4 million, compared with ten direct-to-chip deals.

Submer secured $55.5 million in October 2024, Iceotope raised $26 million in May 2026, and LiquidStack received a $20 million Series B extension in September 2024. Green Cloud Map accounts for the remaining approximately $7.9 million.

There is a striking difference in company age. The median funded immersion business is about 11.6 years old, compared with 3.1 years for direct-to-chip.

Iceotope dates back to 2005, LiquidStack to 2012 and Submer to 2015. None of the immersion financings in our window is classified as Seed or Series A.

That suggests immersion cooling currently has a more established group of funded specialists, while newer companies are entering direct-to-chip cooling more frequently.

Commercially, immersion still has a role. Submer's technology submerges computing equipment in dielectric fluids, while Iceotope uses a more targeted chassis-level approach. LiquidStack also offers both immersion and direct-to-chip products.

The boundaries between cooling categories are becoming less rigid as companies expand their product lines. Lower startup funding for immersion doesn't mean the technology is disappearing.

Why are cooling startups several years old before raising big money?

Large data center cooling investments generally arrive after years of engineering and commercial development, with companies raising more than $50 million having a median age of approximately 8.7 years.

For rounds below $5 million, the median company age is only 1.6 years.

Cooling equipment has to work reliably alongside expensive servers, power systems and facility infrastructure. A failure can affect large amounts of computing capacity.

A prototype may demonstrate promising thermal performance, but a data center operator needs much more: predictable maintenance, equipment compatibility, manufacturable components and the ability to support deployments over time.

ZutaCore was founded in 2016, Submer in 2015 and DCX in 2019. Each had years to develop products and commercial relationships before securing its largest financing in our window.

Accelsius offers a faster example. Founded in 2022, it secured $65 million in Series B funding through closes completed in 2025. The company's subsequent announcement pointed to expanding its Austin manufacturing facility, international rollout and deployment of its NeuCool technology.

Investors appear more willing to finance cooling businesses once capital can help turn a working product into a repeatable industrial operation. Getting to that point takes time, and often quite a bit of engineering work that doesn't make the headlines.

Why do so few data center cooling startups reach Series C?

Only two data center cooling companies raised Series C funding during the period, showing how narrow the later-stage venture market remains.

There were four Series A rounds and four Series B rounds, but just two Series C transactions and no conventional Series D+ financing.

The two Series C companies were Submer, with $55.5 million, and ZutaCore, with $100 million.

The median financing rises sharply at that point. Series A and Series B rounds have similar medians of $24 million and $23 million, respectively. Series C reaches $77.75 million.

That is more than three times the typical Series A or Series B check in this sample.

Later-stage cooling companies need much more capital for manufacturing, certification, supply chains and larger customer deployments. Investors may also expect stronger evidence of demand before financing that expansion.

We cannot calculate an actual Series B-to-Series C success rate from these figures because the dataset combines deals announced or closed over one continuous period. Some companies may reach Series C after the window ends.

What we can establish is that the market currently contains very few observable late-stage venture financings.

Funding stage	Deals	Known capital	Median round
Seed	3	$8.8M	$1.8M
Series A	4	$73M+	$24M
Series B	4	≈$125.2M	$23M
Series C	2	$155.5M	$77.75M
Series D+	0	$0	-
Growth Equity	1	$176M announced	$176M
Unknown	3	≈$41.97M	$7.9M
Total	17	≈$580.5M+	$24M overall

The Series A capital total excludes one financing without a precise disclosed amount. Stage totals use rounded recorded amounts, and Growth Equity includes DCX's announced investment rather than confirmed settlement.

What are data center cooling startups spending their big funding rounds on?

The largest data center cooling financings are now largely supporting commercialization, manufacturing and deployment, alongside continued technology development.

Accelsius's $65 million Series B offers a particularly direct example. In its January 2026 announcement, the company said the money would help expand production in Austin, accelerate international growth and deploy its two-phase liquid cooling systems.

ZutaCore's $100 million Series C had a similar commercial purpose, including global expansion and support for growing deployments. The company also announced plans to advance cooling technologies for newer chip architectures.

LiquidStack's $20 million Series B extension was intended to expand manufacturing and develop its direct-to-chip and immersion product lines. Its September 2024 announcement said the extension brought the wider Series B to $35 million.

Corintis has a different technical focus. Its microfluidic approach targets heat removal at the chip level. Applied Digital's December 2025 investment connected that work to a company actively developing high-performance computing data centers.

What these financings have in common is the amount of work required after a cooling technology has demonstrated that it functions.

Companies need to produce hardware consistently, qualify it for real infrastructure and deliver systems customers can operate for years. That is where a promising cooling startup starts becoming an industrial supplier, and where financing requirements can increase sharply.

Are big industrial companies taking over data center cooling investment?

Industrial companies have become some of the most important investors in data center cooling, particularly for businesses raising large rounds.

Six of the 17 deals have positively identified strategic investors. The median disclosed financing with strategic participation is $47.5 million, compared with $22 million among transactions explicitly lacking a strategic investor.

The companies involved are especially interesting.

Mitsubishi Electric, Carrier Ventures and Samsung Ventures participated in ZutaCore's June 2026 Series C. All have industrial interests connected to cooling, electronics or data center infrastructure.

Johnson Controls led Accelsius's Series B, with Legrand joining as another strategic investor. Johnson Controls brings thermal-management expertise, while Legrand supplies electrical, rack and connectivity infrastructure.

Applied Digital, which develops and operates AI computing facilities, led Corintis's $25 million financing. LITEON's planned investment in DCX brings another combination of industrial capital and operational interests.

These businesses have reasons to invest beyond financial returns. More powerful AI servers increase the need for cooling systems that work with their existing equipment and customers.

The funding-size comparison is suggestive, although the sample is too small to establish that strategic participation produces bigger rounds. And the DCX commitment makes the strategic-investor group particularly sensitive to one large transaction.

Still, industrial capital has clearly become part of the financing model for cooling companies moving toward large commercial deployments.

Which investors keep coming back to data center cooling startups?

No named lead investor appears more than once in the 17 data center cooling financings, making round leadership unusually fragmented.

Fourteen transactions disclose a lead, representing 15 distinct named lead or co-lead investors. Every one appears only once in that role.

Tiger Global Management backed LiquidStack's Series B extension, M&G led Submer's Series C, and Innventure led Accelsius's Series A.

BlueYard Capital led Corintis's September 2025 Series A, while Applied Digital led its December A1. Vsquared Ventures backed MegaCool, Arkam Ventures led KuhlTherm, and Epic Angels led Enaxiom.

The most visible recurring strategic investor is Carrier Ventures. It was involved in ZutaCore's February 2025 financing and participated again in the June 2026 Series C.

Financial lead investors are widely dispersed, but certain industrial backers are willing to maintain relationships across successive financings.

Today, the sector still lacks an obvious group of specialist venture firms repeatedly leading the majority of cooling rounds.

Is Europe or the United States leading data center cooling funding?

Europe currently leads data center cooling funding by recorded dollars, but North America has a stronger base of repeatedly financed companies.

Europe attracted approximately $312.4 million across six deals involving five companies. North America recorded six deals across four companies, totaling approximately $243.1 million.

Europe's lead comes largely from DCX. Without its announced investment, the region's total would fall to $136.4 million, below North America.

The United States has ZutaCore and Accelsius, both of which raised twice during our window. LiquidStack and MicroRefrigeration add further financing activity.

Europe's market is spread across several technical specializations. Spain's Submer focuses on immersion cooling, Britain's Iceotope develops precision liquid cooling, and Switzerland's Corintis targets processor-level heat removal. Belgium's MegaCool represents a newer entrant.

Asia-Pacific has five deals, one fewer than either Europe or North America, but attracts far less quantified capital.

Region	Deals	Companies	Known capital	Capital share
Europe	6	5	≈$312.4M	53.8%
North America	6	4	≈$243.1M	41.9%
Asia-Pacific	5	5	≈$25M+	4.3%
Total	17	14	≈$580.5M+	100%

The capital shares reflect known and bounded amounts, including DCX's announced investment. They do not include an estimated value for Hashcool's undisclosed financing.

Why are Asian data center cooling startups raising so much less?

Asia-Pacific represents five of the 14 funded data center cooling companies in our research, or 35.7%, but accounts for only 4.3% of quantified capital.

The largest disclosed financing is YxinData's Series B, announced in December 2025 at more than RMB100 million, equivalent to over $14.2 million in our database.

Green Cloud Map raised RMB56.7 million in primary equity as part of a wider transaction that also included RMB40 million in secondary share sales. We count only the primary component, approximately $7.9 million.

Guangzhou Hashcool also secured a Series A, but the public disclosure described it only as tens of millions of RMB. We include the financing without inventing an exact dollar value.

Outside China, India's KuhlTherm received $1.1 million in Seed financing, while Australia's Enaxiom raised $1.8 million for its heat-rejection system.

No quantified Asian deal reaches $50 million during the period.

The difference may partly reflect the companies and financing structures captured in our research. Chinese private financings are sometimes reported with less precise amounts, and industrial development can also be funded through arrangements outside conventional venture equity.

For now, though, the observable funding gap is large. Europe and North America contain several cooling companies raising tens of millions, while the Asian cohort is concentrated in smaller disclosed transactions.

Is investment in data center cooling growing steadily?

Data center cooling financing is still happening in bursts rather than through a steady stream of monthly deals.

Only 12 of the 33 completed months from January 2024 through September 2026 contain a qualifying financing. The median month has no deal at all.

December 2025 was the busiest month, with three transactions totaling approximately $104.2 million. These included Corintis's Series A1, YxinData's Series B and the final close of Accelsius's Series B.

June 2026 saw only one deal, but ZutaCore's Series C brought in $100 million. September 2026 also had one transaction, with DCX's $176 million announcement producing the highest monthly recorded amount.

Dates require some care. Accelsius publicly announced its Series B in January 2026, but regulatory records indicate that it closed in two tranches during October and December 2025. MicroRefrigeration's SEC filing was made in August 2026, although the first sale occurred in July.

We use the actual closing or first-sale date when the evidence supports it, while identifying announced transactions separately. The October 2026 observation period is partial and is not counted as a completed month.

This uneven activity makes short-term growth claims unreliable. A single large transaction can produce a spectacular monthly increase without any change in how many companies are successfully raising capital.

The pooled figures give us a more dependable picture: financing exists at several stages, but individual large events still dominate the calendar.

Which parts of the data center cooling market are investors barely funding?

Chillers and heat-rejection startups have almost no representation in our funding data, with just one $1.8 million financing during the period.

That transaction went to Australia's Enaxiom, which is developing HydroCool technology aimed at improving cooling efficiency and water use.

The small amount is striking given how important facility-level heat rejection remains. But our sample focuses on specialist private companies whose core business qualifies for the market, and a significant amount of broader cooling innovation takes place inside large industrial manufacturers.

Other gaps are easier to interpret. Immersion cooling has no Seed or Series A transaction during the window, while conventional Series D+ financings are absent across the entire market.

There are also no companies with three observed financings and no lead investors repeatedly leading multiple rounds.

These findings show where new equity financing has appeared. They don't establish that the technologies concerned lack commercial demand.

Anyone looking at today's specialist startup funding landscape would find far more activity in direct-to-chip cooling than in standalone heat-rejection businesses or late-stage cooling venture rounds.

What is the biggest obstacle for a data center cooling startup trying to scale?

The biggest financing challenge for data center cooling startups appears to be graduating from a working technology to a commercially established hardware business that can attract $50 million or more.

Only four companies exceed $50 million in cumulative qualifying recorded financing, while most of the 14-company cohort remains far below that level.

The operational demands help explain the gap.

A cooling startup needs to demonstrate reliable thermal performance, compatibility with servers and facility systems, maintainable hardware and a supply chain capable of supporting customer installations.

Corintis is addressing difficult processor-level thermal problems, including microfluidic cooling. Accelsius is scaling production of its two-phase NeuCool systems. ZutaCore is developing larger deployment capabilities and broader international distribution.

Each business has to overcome technical and commercial challenges at the same time.

Data center operators also have good reasons to be cautious. Cooling failures can threaten expensive computing systems, and buyers need confidence that suppliers will remain capable of supporting the equipment.

The funding figures suggest investors become much more willing to write large checks once a company can show credible progress on these requirements.

For younger companies, reaching that point may be harder than securing their initial financing.

What should we actually take away from the funding data?

Data center cooling has become a serious area of industrial investment, although most recorded funding goes to a small number of companies with mature technologies and credible commercialization plans.

We found a market with real depth in direct-to-chip cooling, where newer businesses are entering alongside companies already receiving large follow-on rounds. The contrast with immersion cooling is particularly revealing: immersion's funded companies are older, while direct-to-chip has more activity across the early financing stages.

Capital remains heavily concentrated. As seen above, the largest transactions can dramatically change the total, so judging the market by funding announcements alone would exaggerate how broadly money is available.

The role of industrial investors is another defining feature. Johnson Controls, Carrier, Mitsubishi Electric, Legrand, Applied Digital and LITEON all have commercial interests that connect directly to the cooling technologies they are financing.

That gives the larger rounds a clear industrial rationale. Companies are increasingly raising money to manufacture equipment, support customers and deliver cooling at the scale required by AI infrastructure.

The biggest weakness is the narrow financing ladder beyond Series B. Several businesses have attracted meaningful early capital, but very few have reached conventional late-stage venture financing.

That distinction will remain important when assessing new cooling startups. A promising thermal technology may attract early investors, but the companies securing the largest checks today are the ones showing a credible path toward becoming industrial suppliers.