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As data center usage heats up, Submer raises $55.5M to cool things down

The race is on for better chips and data center capacity to handle AI workloads, but all that activity comes with a catch. Heavy processing power means

Among them is Barcelona-based Submer, which just raised $55.5 million at a valuation of half a billion dollars to scale its business: a system where entire racks are submerged in, and operate out of, vessels filled with proprietary, biodegradable, non-conducting coolant that co-founder Pol Valls likened to an “amniotic fluid.” Because of that list and the current pipeline in discussion, this round — led by M&G, with previous backers Planet First Partners and Norrsken VC also participating alongside new investor Mundi Ventures — is coming in at a valuation of about $500 million, said Valls. They turned to a network of retired industrial engineers and material scientists to help develop the product, which includes a coolant — a proprietary, non-flammable, biodegradable, synthetic mixture that has the viscosity of water, Valls said — and a smart container where server racks could be installed and operate.

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