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Eight-year-old semiconductor startup Frore Systems has raised a $143 million Series D, led by MVP Ventures, at $1.64 billion valuation, the company announced<\/a> on Monday.<\/p>\n Frore has now raised $340 million total, the company said. Frore doesn\u2019t make the chips themselves; it makes liquid cooling systems for them. Founded by two former Qualcomm engineers, the company\u2019s tech was initially created to offer air-cooling tech for phones and other small fanless electronics.<\/p>\n The company\u2019s focus on chips was inspired by Nvidia CEO Jensen Huang, who received a demo of the technology about two years ago, Bloomberg reported<\/a>. Huang suggested they develop liquid-cooling options, the new must-have for AI chips and systems. So they did, releasing products that work with various Nvidia chips and boards. The company has also developed products for Qualcomm and AMD.<\/p>\n AI semiconductors have been a hot area for investment. Other new unicorns in the field include Nvidia competitor Positron<\/a>, which hit a $1 billion valuation in February; Recursive Intelligence which landed a $4 billion valuation right out of the gate<\/a>. Eridu just launched, too, with a $200 million Series A round<\/a> (though it declined to disclose its valuation), to build new AI networking chips.<\/p>\n Participating investors in Frore\u2019s latest round include Fidelity, Mayfield, Addition, Qualcomm Ventures, and Alumni Ventures, among others.<\/p>\n<\/div>\n