---
title: "iPronics $125M Series B: Nvidia In, No Valuation"
description: "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."
date: 2026-09-03T00:00:00.000Z
tags: ["2026-vc-news", "startup-funding", "venture-capital", "artificial-intelligence", "infrastructure", "europe-vc"]
source: https://venturecapitaltracker.com/2026-ipronics-125m-series-b-nvidia-optics
---

# 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.

**[iPronics](/startup/ipronics) raised $125 million Series B** on **September 2, 2026**. [The company](https://ipronics.com/ipronics-raises-125-million-to-scale-programmable-optical-networking-for-ai-data-centers/) 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](/2026-a16z-1-1b-machine-age-fund). Secondary recaps ([Unite.AI](https://www.unite.ai/ipronics-raises-125m-series-b-to-scale-optical-networking-for-ai-data-centers/)) 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](https://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)

1. **Setup:** $177M total after a **$125M** print → this round is **~71%** of all disclosed capital.
2. **Move:** this is a **startup-scale** optics check. It is not a substitute for whatever Nvidia spends on incumbent transceiver and OCS vendors.
3. **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](/2026-a16z-1-1b-machine-age-fund) | [Etched](/2026-etched-700m-21b-jane-street) |
| --- | --- | --- | --- |
| Job | Optical circuit switch | $1.1B **fund** for hardware | Inference **chip** |
| Print | **$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**. Do not invent `/fund/` pages for Maverick Silicon or Light Street. Related: [iPronics](/startup/ipronics) · [Machine Age](/2026-a16z-1-1b-machine-age-fund) · [September 2–3 tape](/2026-september-2-3-investment-news-wonderful-console-optics).

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 3, 2026

**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.