{"schema_version":"ctm-public-research-1.0","id":"corintis","name":"Corintis","ticker":null,"sector":"AI infrastructure · Chip cooling","description":"Corintis designs microfluidic cooling for increasingly power-dense chips, connecting thermal simulation, cold-plate manufacturing and in-chip cooling research.","coverage_note":"Historical financing evidence plus valuation, dilution and fee assumptions or comparable private prices you enter. No sourced per-share return or IPO endpoint is established.","url":"https://capitaltimemachine.com/private/corintis","publisher":"CapitalTimeMachine","dataset_revision":"ctm-research-2026-10-01","dataset_reviewed_on":"2026-10-01","feed_released_on":"2026-10-01","methodology_url":"https://capitaltimemachine.com/methodology","terms_url":"https://capitaltimemachine.com/terms","corrections":"mailto:capitaltimemachine@gmail.com","early_stage_research":{"name":"Corintis","sector":"AI infrastructure · Chip cooling","headline":"Could chip cooling produce the next unicorn?","overview":"Corintis designs microfluidic cooling for increasingly power-dense chips, connecting thermal simulation, cold-plate manufacturing and in-chip cooling research.","origin":"EPFL research spinout · Lausanne, Switzerland","founders":"Remco van Erp, Sam Harrison and Elison Matioli","website":"https://www.corintis.com","fundingHeadline":"$58M","fundingNote":"Total reported by Applied Digital · December 2, 2025","valuationHeadline":"~$400M","valuationNote":"Reuters source report after September 2025 Series A; not a current quote.","baseline":{"millions":"400","date":"2025-09-25","source":"valuation","note":"Approximate reported post-round valuation. Security rights and fully diluted denominator are unverified."},"sources":[{"id":"series-a","title":"Corintis announces $24M Series A","date":"2025-09-25","url":"https://www.globenewswire.com/news-release/2025/09/25/3156314/0/en/Corintis-raises-24M-to-target-the-next-AI-bottleneck-and-collaborates-with-Microsoft-for-chip-cooling-breakthrough.html","kind":"Company announcement"},{"id":"strategic","title":"Applied Digital leads $25M financing","date":"2025-12-02","url":"https://ir.applieddigital.com/news-events/press-releases/detail/138/applied-digital-leads-25-million-funding-round-for","kind":"Investor announcement"},{"id":"valuation","title":"Reuters reports approximate $400M valuation","date":"2025-09-25","url":"https://www.reuters.com/business/chip-cooling-startup-corintis-raises-24-million-adds-intel-ceo-lip-bu-tan-board-2025-09-25/","kind":"Secondary report · unnamed source"},{"id":"cooling","title":"Microsoft explains its microfluidic cooling tests","date":"2025-09","url":"https://news.microsoft.com/source/features/innovation/microfluidics-liquid-cooling-ai-chips/","kind":"Technology partner"},{"id":"seed","title":"EPFL reports 2022 early-stage financing","date":"2023-02-10","url":"https://actu.epfl.ch/news/startups-boost-of-early-stage-funding-in-2022/","kind":"University report · founder statement"}],"funding":[{"id":"CORINTIS-SEED","date":"2023-02-10","title":"2022 early funding · reported 2023","value":"3850000","currency":"CHF","kind":"funding_raised","detail":"EPFL quotes the CEO reporting CHF 3.85M raised in the first half of 2022. February 10, 2023 is the article date; exact closing date unknown. No USD conversion inferred.","source":"seed"},{"date":"2025-09-25","title":"Series A","value":"24000000","kind":"funding_raised","detail":"Led by BlueYard; participants included Founderful, Acequia, Celsius and XTX.","source":"series-a","id":"CORINTIS-1","currency":"USD"},{"date":"2025-09-25","title":"Cumulative funding reported","value":"33400000","kind":"cumulative_funding","detail":"Total disclosed with Series A; not a complete round-by-round reconciliation.","source":"series-a","id":"CORINTIS-2","currency":"USD"},{"date":"2025-09-25","title":"Reported valuation","value":"400000000","kind":"company_equity_valuation_reported","detail":"Approximately $400M after the round, attributed by Reuters to a source familiar with the matter.","source":"valuation","id":"CORINTIS-3","currency":"USD"},{"date":"2025-12-02","title":"Strategic financing","value":"25000000","kind":"funding_raised","detail":"Led by Applied Digital, for manufacturing, U.S. expansion and customer rollouts.","source":"strategic","id":"CORINTIS-4","currency":"USD"},{"date":"2025-12-02","title":"Cumulative funding reported","value":"58000000","kind":"cumulative_funding","detail":"Reported total; not an independently reconciled cap table.","source":"strategic","id":"CORINTIS-5","currency":"USD"}],"facts":[{"label":"Product stack","value":"Glacierware + Therminator","detail":"Design software, microfluidic cold plates and chip-emulation hardware address different parts of thermal development.","source":"series-a"},{"label":"Manufacturing milestone","value":"10,000+ systems","detail":"Company-reported output by September 2025, not a count of paid customers or a 2026 production forecast.","source":"series-a"},{"label":"Partner validation","value":"Up to 3× heat removal","detail":"Microsoft reported lab tests versus cold plates and up to 65% lower maximum silicon temperature rise, varying by chip and workload. This is not 3× lower absolute temperature or whole-site energy use.","source":"cooling"},{"label":"Expansion","value":"U.S. presence","detail":"Applied Digital describes a Bellevue office and plans to expand manufacturing and customer deployments.","source":"strategic"}],"thesis":"Cooling could become a larger part of chip performance economics as heat limits usable compute. The investment question is whether Corintis can turn differentiated thermal design into repeatable, profitable manufacturing and durable customer relationships.","bull":"Design tools, test hardware and cooling products could create multiple entry points into chip development and deployment.","bear":"Qualification cycles, leakage and reliability requirements, manufacturing yields, customer concentration and incumbent cooling competition can slow adoption or compress margins.","unknowns":["The December financing does not disclose a new valuation; September’s approximate $400M remains only a dated reference.","September’s $33.4M cumulative total plus $25M is $58.4M; December reports $58M. Preserve the published totals rather than silently forcing them to reconcile. The earlier CHF financing is retained in its original currency.","No verified per-share financing price, fully diluted capitalization, security conversion or investor liquidation waterfall is established in this profile.","Audited revenue, margins, cash burn, runway and customer concentration were not verified in the reviewed public sources.","Private shares may be illiquid, unavailable to a particular investor, diluted or worth zero. Scenario outputs do not establish investment access or a sale."],"milestones":[{"date":"2023-02-10","title":"2022 financing documented","detail":"EPFL reports CHF 3.85M raised during the first half of 2022; exact transaction date is not disclosed.","source":"seed"},{"date":"2025-09","title":"Microsoft cooling demonstration","detail":"Lab-scale and simulated-service tests demonstrate the approach; fleet-wide economics and reliability remain separate questions.","source":"cooling"},{"date":"2025-12-02","title":"Strategic data-center investor","detail":"Applied Digital leads the subsequent financing and describes expansion plans.","source":"strategic"}],"reviewedOn":"2026-10-01","slug":"corintis"},"observations":[{"id":"CORINTIS-SEED","title":"2022 early funding · reported 2023","note":"EPFL quotes the CEO reporting CHF 3.85M raised in the first half of 2022. February 10, 2023 is the article date; exact closing date unknown. No USD conversion inferred.","observation_date":"2023-02-10","date_precision":"day","date_role":"announcement","actual_entry_date":null,"value":"3850000","value_qualifier":"","currency":"CHF","value_scope":"funding_raised","share_class":null,"share_basis":"not_established","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-10-01","source":{"url":"https://actu.epfl.ch/news/startups-boost-of-early-stage-funding-in-2022/","publisher":"EPFL","title":"EPFL reports 2022 early-stage financing","locator":"EPFL reports 2022 early-stage financing; fundraising disclosure"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/corintis#CORINTIS-SEED"},{"id":"CORINTIS-1","title":"Series A","note":"Led by BlueYard; participants included Founderful, Acequia, Celsius and XTX.","observation_date":"2025-09-25","date_precision":"day","date_role":"announcement","actual_entry_date":null,"value":"24000000","value_qualifier":"","currency":"USD","value_scope":"funding_raised","share_class":null,"share_basis":"not_established","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-10-01","source":{"url":"https://www.globenewswire.com/news-release/2025/09/25/3156314/0/en/Corintis-raises-24M-to-target-the-next-AI-bottleneck-and-collaborates-with-Microsoft-for-chip-cooling-breakthrough.html","publisher":"Corintis","title":"Corintis announces $24M Series A","locator":"Corintis announces $24M Series A; financing disclosure"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/corintis#CORINTIS-1"},{"id":"CORINTIS-2","title":"Cumulative funding reported","note":"Total disclosed with Series A; earlier rounds are not separately reconstructed.","observation_date":"2025-09-25","date_precision":"day","date_role":"announcement","actual_entry_date":null,"value":"33400000","value_qualifier":"","currency":"USD","value_scope":"cumulative_funding","share_class":null,"share_basis":"not_established","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-10-01","source":{"url":"https://www.globenewswire.com/news-release/2025/09/25/3156314/0/en/Corintis-raises-24M-to-target-the-next-AI-bottleneck-and-collaborates-with-Microsoft-for-chip-cooling-breakthrough.html","publisher":"Corintis","title":"Corintis announces $24M Series A","locator":"Corintis announces $24M Series A; financing disclosure"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/corintis#CORINTIS-2"},{"id":"CORINTIS-3","title":"Reported valuation","note":"Approximately $400M after the round, attributed by Reuters to a source familiar with the matter.","observation_date":"2025-09-25","date_precision":"day","date_role":"announcement","actual_entry_date":null,"value":"400000000","value_qualifier":"~","currency":"USD","value_scope":"company_equity_valuation_reported","share_class":null,"share_basis":"not_established","confidence_class":"B","verification_status":"secondary_verified","checked_on":"2026-10-01","source":{"url":"https://www.reuters.com/business/chip-cooling-startup-corintis-raises-24-million-adds-intel-ceo-lip-bu-tan-board-2025-09-25/","publisher":"Reuters","title":"Reuters reports approximate $400M valuation","locator":"Reuters reports approximate $400M valuation; financing disclosure"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/corintis#CORINTIS-3"},{"id":"CORINTIS-4","title":"Strategic financing","note":"Led by Applied Digital, for manufacturing, U.S. expansion and customer rollouts.","observation_date":"2025-12-02","date_precision":"day","date_role":"announcement","actual_entry_date":null,"value":"25000000","value_qualifier":"","currency":"USD","value_scope":"funding_raised","share_class":null,"share_basis":"not_established","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-10-01","source":{"url":"https://ir.applieddigital.com/news-events/press-releases/detail/138/applied-digital-leads-25-million-funding-round-for","publisher":"Applied Digital","title":"Applied Digital leads $25M financing","locator":"Applied Digital leads $25M financing; financing disclosure"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/corintis#CORINTIS-4"},{"id":"CORINTIS-5","title":"Cumulative funding reported","note":"Reported total; not an independently reconciled cap table.","observation_date":"2025-12-02","date_precision":"day","date_role":"announcement","actual_entry_date":null,"value":"58000000","value_qualifier":"","currency":"USD","value_scope":"cumulative_funding","share_class":null,"share_basis":"not_established","confidence_class":"B","verification_status":"primary_verified","checked_on":"2026-10-01","source":{"url":"https://ir.applieddigital.com/news-events/press-releases/detail/138/applied-digital-leads-25-million-funding-round-for","publisher":"Applied Digital","title":"Applied Digital leads $25M financing","locator":"Applied Digital leads $25M financing; financing disclosure"},"supporting_sources":[],"citation_url":"https://capitaltimemachine.com/private/corintis#CORINTIS-5"}],"calculation_options":{"early_stage_assumptions":{"method":"early-stage-equity-sensitivity-1","mode":"early_stage","inputs":["amount","entry_millions","ending_millions","dilution_percent","upfront_fee_percent","carry_percent"],"basis":"User-assumed pro-rata equity; USD millions for valuations, USD for amount; fee deducted at entry; carry only on gains above original amount."},"ipo_offer_models":[],"valuation_comparisons":[],"user_entered_private_prices":true,"entered_public_price_review":null,"public_ipo":null},"limitations":["Historical research and hypothetical arithmetic, not live quotes, investment advice or an offer to invest.","Company valuation changes are not shareholder returns. Financing, dilution, security rights and exit access matter.","IPO offer-price marks are not realized sale proceeds; minimum investments and access are not established.","User-entered prices and valuations are assumptions, not sourced observations. Fee and carry treatment is stated by each method; taxes and distributions are excluded.","Selected surviving companies are not representative of private-market outcomes; investments may lose all value."]}