· Investment Strategies · 2 sources · Updated · Verified
iPronics $125M Series B: Nvidia In, No Valuation
Valencia-based iPronics announced a $125 million Series B on September 2, 2026, co-led by Maverick Silicon and Light Street Capital, with Nvidia joining. Total funding is now $177 million. Valuation was not disclosed. The product is a silicon-photonics optical circuit switch for AI clusters, not a GPU.
Editorial team
iPronics raised $125 million Series B on September 2, 2026. The company says Maverick Silicon and Light Street Capital co-led. Nvidia joined. Total funding is now $177 million.
Unexpected truth: there is no valuation. Nvidia is a participant, not the lead. The product is a silicon-photonics optical circuit switch for AI clusters — not a GPU, and not a16z’s Machine Age Fund. Secondary recaps (Unite.AI) match the company dollar print. Last verified September 3, 2026.
This page is for people pricing optical interconnect as the scarce layer next to GPUs.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Funded. $125M B, Sep 2. No valuation. |
| Who led | Maverick Silicon + Light Street. No /fund/ pages here. |
| Nvidia | Joined. Not described as lead. |
| What iPronics is | Valencia UPV spin-out (2019). Rack OCS; silicon photonics; no moving parts vs MEMS/LCD OCS (company + Unite.AI recap). |
| Whether to diligence | Yes, if you underwrite GPU-cluster networking. No, if you need a mark. |
Investigate further when: you can get port shipments, hyperscaler PO volume, and a price per port versus Coherent / Lumentum MEMS OCS.
Wait or pass when: you need a post-money or a named production contract value.
What happened
| Field | Detail |
|---|---|
| Company | iPronics (ipronics.com); Valencia, Spain; new Santa Clara office (company). Founded 2019, UPV spin-off. CEO Christian Dupont; CTO Daniel Perez. |
| Round | $125M Series B · Sep 2 · no valuation |
| Co-leads | Maverick Silicon (Manish Muthal to the board); Light Street (Geoffrey Tate, ex-Rambus CEO, to the board) |
| Strategic | Nvidia |
| Also named | Triatomic, Bosch Ventures, Catalight, EIC Fund, Tate Family Trust, Fine Structure, Amadeus, Build Collective, Criteria Venture Tech |
| Total | $177 million (company) |
| Prior | January 2025 €20M Series A (secondary recaps). Do not treat that euro print as this dollar B. |
| Product | ONE / ONE-32: 32-port silicon-photonics OCS. Company: reconfigure in under 300 μs, added latency under 30 ns. |
| Manufacturing | March 2026: Fabrinet line. Company then: first ten hyperscaler / AI-cluster OEM customers — not restated in the September B post we used. |
Worked numbers (indicative)
- Setup: $177M total after a $125M print → this round is ~71% of all disclosed capital.
- Move: this is a startup-scale optics check. It is not a substitute for whatever Nvidia spends on incumbent transceiver and OCS vendors.
- Punch: without a valuation, you cannot say whether $125M bought control, a small slice, or a prepaid supply relationship. “Nvidia joined” is not a volume commitment.
iPronics vs Machine Age vs Etched
| iPronics (this print) | a16z Machine Age | Etched | |
|---|---|---|---|
| Job | Optical circuit switch | $1.1B fund for hardware | Inference chip |
| $125M B, no mark | Fund close $1.1B (Aug 28) | $700M at $21B | |
| Nvidia | Participant | Not this vehicle | Separate story |
Do not file iPronics under Machine Age just because both say “networking.” Machine Age is an a16z pool. This is a Valencia company with U.S. silicon specialists and Nvidia.
What remains undisclosed
Valuation, Nvidia’s check size, current port shipments, and whether the March “ten customers” are paying production. Maverick Silicon or Light Street are not in our fund directory. Related: iPronics · Machine Age · September 2–3 tape.
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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.
