ZutaCore Raises $100M Series C to Scale Waterless Cooling for AI and HPC Data Centers

Key Takeaways

• $100M Series C led by Mitsubishi, Carrier, Samsung Ventures.
• Waterless two‑phase cooling supports >4,000 W AI/HPC chips.
• 75+ global deployments demonstrate market traction.
• New 2 MW test platform validates megawatt‑scale performance.
• OmniTherm cold plate cools NVIDIA Blackwell in single PCIe slot.

Pulse Analysis

Data‑center operators are confronting a thermal crisis as AI models grow larger and compute density climbs toward multi‑megawatt levels. Traditional air‑cooling and single‑phase liquid solutions struggle to dissipate the heat generated by next‑generation processors, driving up energy consumption and operational costs. Waterless two‑phase cooling, which directly contacts the chip and vaporizes without a water reservoir, offers a compelling alternative by delivering higher heat‑transfer coefficients while eliminating the risk of leaks and reducing power draw.

ZutaCore’s recent $100 million Series C injection, anchored by strategic investors such as Mitsubishi Electric, Carrier Ventures and Samsung Ventures, signals strong confidence in this technology. The capital will fund expansion of its global sales footprint, accelerate R&D for megawatt‑class deployments, and support the onboarding of seasoned executives across finance, people, R&D and operations. With more than 75 installations across three continents and a 2 MW end‑of‑row emulation platform, ZutaCore has demonstrated the scalability and reliability needed to win over hyperscalers and enterprise cloud providers.

The broader market implications are significant. By cutting data‑center energy use roughly in half and removing water‑related risks, waterless two‑phase cooling can lower total‑cost‑of‑ownership and accelerate the rollout of AI‑intensive workloads. As major cloud players and OEMs adopt higher‑power GPUs and custom ASICs, ZutaCore’s platform positions it as a critical enabler of the next wave of sustainable, high‑performance compute infrastructure. Continued innovation, such as the OmniTherm cold plate for NVIDIA’s Blackwell GPUs, will likely drive further adoption and set new standards for thermal management in the AI era.