ZutaCore, a Foster City, California-based startup developing waterless, direct-to-chip, two-phase liquid cooling systems for data centers, said on June 2 that it raised US$100 million in series C.

The round was backed by Mitsubishi Electric, Carrier Ventures, Samsung Electronics via Samsung Ventures, and other investors.

The funding will support commercialisation and research and development for AI and high-performance computing.

The company said its platform uses two-phase direct-to-chip cooling in a sealed loop. A dielectric fluid boils at the processor, carries heat to a cooling distribution unit, then condenses and recirculates without water in the data hall.

ZutaCore said it has completed more than 75 deployments across the Americas, Europe, and Asia. It also set up a 2-megawatt end-of-row emulation platform in Israel to test multi-megawatt cooling performance and system integration before customer rollouts.

The raise comes as newer AI infrastructure such as Nvidia’s GB200 NVL72 uses liquid cooling to increase compute density and energy efficiency.

Carrier had already invested in 2025 through Carrier Ventures as part of a technology partnership tied to the company’s data center thermal strategy.

ZutaCore also named Yaniv Reinhold CFO, Sarah Warshavsky Oberman chief people officer, Yoni Nir chief research and development officer, and Sharon Shafran COO. Goldman Sachs & Co LLC acted as exclusive placement agent for the fundraising.

🔗 Source: ZutaCore