Amperesand has raised an $80 million Series A round co-led by Walden Catalyst Ventures and Temasek, marking one of the largest early-stage financings in next-generation power infrastructure amid intensifying demand from AI data centers. The funding positions the company to scale commercialization of its Medium Voltage Solid State Transformer technology, which aims to remove major power bottlenecks limiting the growth of AI, defense, and other high-density electrified systems.
The oversubscribed round includes new participation from Industry Ventures, Acclimate Ventures, and SG Growth Capital, alongside returning investors Xora Innovation, Material Impact, TDK Ventures, and Foothill Ventures. The funding will accelerate the production of 30MW of commercial systems slated for delivery in 2026, with early deployments focused on hyperscale AI operators that require higher reliability, faster installation, and significantly greater compute power density.
Amperesand’s Medium Voltage Solid State Transformer platform represents a foundational shift in how high-power facilities access and manage energy. The system integrates hardware, software, and intelligent controls into a single compact architecture that reduces installation labor requirements by half and accelerates time to power by a factor of ten. The resulting reduction of more than 80 percent in electrical infrastructure footprint allows customers to expand high-power facilities more quickly and with greater flexibility.
With global electricity consumption surging due to accelerated AI adoption, traditional electrical equipment such as transformers and switchgear now face lead times of 12 to 24 months. Amperesand’s solution, built on regionalized and secure supply chains, is designed to help hyperscalers and grid operators avoid delays, maintain grid stability, and enhance resilience as new megawatt-scale loads come online. The platform includes AI-native power controls, advanced cybersecurity, and a patented power-electronics architecture that supports both on-grid and off-grid environments.
The company is preparing to deliver its first commercial units to the Port of Singapore in early 2026 as part of a mission-critical charging pilot with PSA International. An additional 2026 commercial pilots have already been secured, with AI data center operators seeking rapid-deployment pathways for next-generation GPUs using Amperesand’s MV SST-based power architecture.
Amperesand’s technology is built on more than eight years of research in Solid State Transformer development. Xora Innovation incubated the company following its spin-out from Nanyang Technological University in 2023. In 2024, Amperesand completed full-power, overload, and bidirectional testing of its Generation 2 system, establishing the modular building blocks for its commercial platform.
Following its 2025 expansion into new engineering and manufacturing hubs in San Francisco and Reno, the company expects to surpass 100 employees globally by year-end as it scales production to meet surging demand.
KEY QUOTES:
“AI is redefining the limits of computing. But without a revolution in power infrastructure, this growth simply can’t scale. Amperesand is tackling one of the biggest bottlenecks in data center power delivery by leveraging new high-power, semiconductor-enabled technologies for faster, more efficient, and more sustainable access to energy.”
Young Sohn, Founding Managing Partner, Walden Catalyst Ventures
“Amperesand is obsessed with revolutionizing Medium Voltage to critical load power delivery for next generation AI data centers, defense, and other essential electrified assets. We focus on first principles to achieve market leading power density, efficiency, and reliability.”
“In this era of AI data center and other critical power systems becoming economic and national security interests for many countries, Amperesand’s MV SST Platform enables in-country cyber-secure controls and data, regionally available supply chains, and low CAPEX intensity local manufacturing. Our solution is an intelligent, universal Medium Voltage power source that works on-and-off grid to improve critical infrastructure resilience as new large electrical loads come online.”
Brian Dow, CEO and Co-Founder, Amperesand
“Over the past two years, Amperesand’s rate of progress on advancing MV SST productization across key metrics such as power density and cost has exceeded our expectations. The company is now ready to deploy a product that will completely redefine power infrastructure across mission-critical industries.”
“With $80M in fresh funds and an aggressive deployment schedule in 2026 across multiple customers, we expect Amperesand will extend its lead as the SST category leader.”
Phil Inagaki, Managing Partner and Chief Investment Officer, Xora Innovation
