STOCKS | iPronics Raises $125 Million in Series B With Nvidia Participation

Spanish silicon photonics company iPronics said on Wednesday that it has completed a $125 million Series B round led by Maverick Silicon and Light Street Capital, with Nvidia participating. According to Sina Finance, the company said total funding has risen to $177 million, and the new capital will be used to expand operations, accelerate commercial deployment, and meet demand for its rack-scale optical switch product, Optical Networking Engine (ONE), in AI data centers. iPronics said its core product is a programmable optical circuit switch that uses silicon photonics chips to reconfigure intra-rack optical paths in under a millisecond. The company said the device can adjust the network when GPU failures or workload changes occur, and that it aims to shrink existing optical circuit switching equipment by about 20 times to fit more ports inside a rack. Its current chip is the 32-port ONE-32, with plans for 72-port and 144-port versions. The company said it was spun out of the Polytechnic University of Valencia in 2019 and is legally named IPronics Programmable Photonics, S.L. It has opened its first U.S. office in Santa Clara, California, and plans to use the latest funding to expand its local team and production. In January 2025, the company completed about 20 million euros in Series A financing and launched ONE-32. The round was co-led by Maverick Silicon and Light Street Capital, with Nvidia participating. Other new and existing investors include Triatomic Capital, Bosch Ventures, Catalight Capital, the European Innovation Council Fund, Tate Family Trust, Fine Structure Ventures, Amadeus Capital Partners, Build Collective, and Criteria Venture Tech. Maneesh Muthal, senior managing director at Maverick Silicon, joined the board, while Jeffrey Tate, former Rambus CEO and now a Light Street adviser, also joined the board. Zhenyao Sun of Catalight is serving as an adviser. Chief Executive Christian Dupont said the backing from Maverick Silicon, Light Street Capital, and Nvidia strengthens the company’s vision of making iPronics a leader in a new category of optical networking.