NcodiN secures €16M Seed round to break AI's main bottleneck with the world's smallest laser. Co-founders of NcodiN: Fabrice Raineri (CSO), Bruno Garbin (CTO), and Francesco Manegatti (CEO). NcodiN, the deep-tech startup pioneering optical interposer technology with integrated nanolasers, has secured €16 million in oversubscribed Seed financing round. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251119479101/en/ Co-founders of NcodiN: Fabrice Raineri (CSO), Bruno Garbin (CTO), and Francesco Manegatti (CEO). The funding will propel NcodiN from R&D to industrial scale, enabling to develop product development, key engineering hires to support the industrialization of its technology in a CMOS pilot line on 300 mm wafers, and the build-out of its supply chain and customer partnerships. The equity round was led by MIG Capital, with participation from Maverick Silicon, PhotonVentures, and Verve Ventures, alongside continued support from existing backers Elaia, Earlybird, and OVNI. NcodiN is developing NConnect, a new generation of photonic interposers designed to overcome the "copper wall" - the performance and energy limits of electrical interconnects that constrain AI systems. At its core is the world's smallest laser, enabling dense integration on silicon and unprecedented scalability without disrupting existing processor architectures. This breakthrough allows chipmakers to pack supercomputer-level power into a single processor, paving the way for faster, more efficient AI hardware. This fundraising will accelerate industrialization of the platform, including an industrial pilot to demonstrate compatibility with advanced packaging techniques. With this round, NcodiN will also establish a Silicon Valley presence, expand its R&D capacity, and scale its team in preparation for large-scale manufacturing partnerships - bringing new technology to break the copper wall and redefine AI hardware performance. "This funding marks a pivotal milestone for NcodiN. We are delivering the missing piece for the industry's most pressing challenge: enabling extremely high memory bandwidth to power the AI factories of tomorrow. Our technology unlocks wafer-scale superchips by providing the most energy-efficient interconnects for networking across tens of chiplets - an essential component in the architectures everyone is chasing. As new generations of GPUs and AI accelerators emerge to keep pace with rapidly evolving GenAI algorithms, NcodiN is laying the photonic foundation that makes them possible." Francesco Manegatti, CEO and Co-founder, NcodiN "Memory bandwidth has become a defining bottleneck in AI, with copper interconnects struggling to deliver the reach and efficiency required for next-generation systems. NcodiN's photonic interposers unlock memory bandwidth and capacity beyond copper's limits. We are excited to support NcodiN as they enable architectures that will define the future of AI hardware." Over the past 18 months, NcodiN has earned broad industry recognition for its vision and breakthrough work addressing AI's interconnect bottlenecks. The company has demonstrated proof-of-concept nanolasers with record energy efficiency below 0.1 pJ/bit, integrated nanodetectors, and full optical links, all on silicon. In parallel, NcodiN established an independent cleanroom that now serves as a hub for rapid prototyping and joint development with industry partners. To strengthen its foundation, NcodiN has expanded its network of strategic advisors, welcoming, among others, Eli Yablonovitch, Gus Yeung and Peter de Dobbelaere. Eli is a renowned physicist, pioneer of photonic crystals, and cofounder of Luxtera, Ethertronics, Luminescent, and Alta Devices. Gus previously served as General Manager at ARM, where he spent almost 20 years helping the company grow and establishing ARM as the reference design platform for today's CPUs. He also served as CTO at Intel Foundry Services, driving the organizational and technological transformation required to serve world-class external customers. Peter is a seasoned Silicon Photonics engineer, who played a central role in Luxtera's rise as the first major success story in this industry. "NcodiN is addressing the next big opportunity in Silicon Photonics, the Silicon Photonic Interposer, which permits high-bandwidth communication in a multi-chip system, particularly for AI and Machine Learning. To do this, they embed high-performance nanolasers in silicon, thereby combining physics elegance with manufacturability. This has the likelihood of revolutionizing all future large scale cyber systems." "NcodiN is working at the center of the AI infrastructure market, a sector experiencing rapid, significant growth driven by the surging demand for generative AI, the proliferation of big data, advancements in specialized hardware like GPUs, and the widespread adoption of cloud computing. The company's ambitious team is shaping and empowering the future of computing to drive innovation across multiple industries. We couldn't be happier to support them." "At Elaia, we've been proud backers of NcodiN since it's early days when it was a CNRS spin-off. While copper interconnects struggle to keep up, NcodiN is rewriting the rules with the world's smallest laser and a revolutionary optical network. This isn't just innovation; it's the key to unlocking the next leap in AI and hyperscale performance. Looking forward for the next milestones of the company!" About NcodiN Founded in 2023 in Paris, France, NcodiN is a deep-tech startup pioneering optical interconnects for the next generation of computing. By integrating the world's smallest lasers on silicon, NcodiN develops photonic interposers that surpass the speed and energy limits of copper, enabling systems previously unthinkable. In the "more-than-Moore" era - where processors grow ever larger and more complex - NcodiN is paving the way to "more-than-copper", providing the optical backbone to scale computing infrastructure efficiently and sustainably. MIG Capital is one of the leading German VC investors. Through its MIG funds, MIG invests in young deep tech and life sciences companies in German-speaking Europe and beyond. To date, the company has invested over €770 million in approx. 60 start-ups. MIG portfolio companies develop innovations in areas including biopharmaceuticals, energy and environmental technologies, advanced computing, digitalization / IoT, medical technology, and digital health. The MIG investment portfolio currently consists of more than 30 companies. View source version on businesswire.com:https://www.businesswire.com/news/home/20251119479101/en/ NcodiN

French deeptech startup NcodiN raises €16M from dutch-based PhotonVentures, others. Fabrice Raineri (Chief Scientific Officer), Bruno Garbin (co-founder & CTO) and Francesco Manegatti (Co-founder & CEO) | Image credit: NcodiN Paris-based NcodiN secures €16M to support the next stage of its chip communication technology and prepare for industry testing and partnerships. Paris-based NcodiN, a deeptech startup redefining how chips communicate, has raised €16M in an oversubscribed Seed funding round to advance its optical interposer technology with integrated nanolasers. The round was led by Germany's MIG Capital. Maverick Silicon, PhotonVentures, and Verve Ventures also joined, along with existing investors Elaia, Earlybird, and OVNI. Josh Miner of Maverick Silicon says, "Memory bandwidth has become a defining bottleneck in AI, with copper interconnects struggling to deliver the reach and efficiency required for next-generation systems. NcodiN's photonic interposers unlock memory bandwidth and capacity beyond copper's limits. We are excited to support NcodiN as they enable architectures that will define the future of AI hardware." Capital utilisation. NcodiN will use the funds to support its shift from research work to industrial production. The company plans to advance product development, add engineering roles for work on a CMOS pilot line using 300 mm wafers, and build its supply chain and customer network. The funding will also allow NcodiN to open a Silicon Valley base, increase its R&D operations, and grow its team as it prepares for large-scale manufacturing agreements. The company aims to introduce technology that moves beyond copper limits in data links and alters the performance path of AI hardware. Francesco Manegatti, CEO and Co-founder, NcodiN, says, "This funding marks a pivotal milestone for NcodiN. We are delivering the missing piece for the industry's most pressing challenge: enabling extremely high memory bandwidth to power the AI factories of tomorrow." "Our technology unlocks wafer-scale superchips by providing the most energy-efficient interconnects for networking across tens of chiplets - an essential component in the architectures everyone is chasing. As new generations of GPUs and AI accelerators emerge to keep pace with rapidly evolving GenAI algorithms, NcodiN is laying the photonic foundation that makes them possible." Redefining how chips communicate. Founded in 2023 by Francesco Manegatti, Bruno Garbin and Fabrice Raineri, NcodiN is developing NConnect, a photonic interposer platform designed to bypass the "copper wall," a term used to describe performance and energy limits in electrical connections within AI hardware. The company integrates nanolasers on silicon to create photonic interposers that carry data through light rather than electrical signals. This approach targets the constraints that arise as processors expand in size and processing load. NcodiN plans to use new funding to move the platform into industrial testing. The next stage includes a pilot to show that NConnect can operate with the current packaging methods used by chip manufacturers. During the past 18 months, NcodiN has shown nanolasers, nanodetectors, and complete optical links built on silicon. The company has also set up a cleanroom for prototyping and for joint work with partners that are exploring new interconnect options for AI systems. NcodiN expands advisors' network. NcodiN is expanding its advisory network as it builds its optical interconnect platform. The company has brought in figures with long experience in photonics, chip design, and semiconductor operations, including Eli Yablonovitch, Gus Yeung, and Peter de Dobbelaere. Eli Yablonovitch is a physicist known for work on photonic crystals and for cofounding companies such as Luxtera, Ethertronics, Luminescent, and Alta Devices. Gus Yeung spent nearly two decades at ARM, where he worked on the growth of the company and on establishing its designs across the CPU market. He later became CTO at Intel Foundry Services, where he worked on internal and external technology programs. Peter de Dobbelaere has long experience in Silicon Photonics and contributed to Luxtera's development into a significant player in the field. The group will support NcodiN as it moves its technology toward industry deployment. What do the investors have to say? Eli Yablonovitch, Professor in the Graduate School, UC Berkeley, says, "NcodiN is addressing the next big opportunity in Silicon Photonics, the Silicon Photonic Interposer, which permits high-bandwidth communication in a multi-chip system, particularly for AI and Machine Learning. To do this, they embed high-performance nanolasers in silicon, thereby combining physics elegance with manufacturability. This has the likelihood of revolutionising all future large-scale cyber systems." Dr Oliver Kahl, Principal, MIG Capital, adds, "NcodiN is working at the centre of the AI infrastructure market, a sector experiencing rapid, significant growth driven by the surging demand for generative AI, the proliferation of big data, advancements in specialised hardware like GPUs, and the widespread adoption of cloud computing. The company's ambitious team is shaping and empowering the future of computing to drive innovation across multiple industries. We couldn't be happier to support them." Clément Vanden Driessche, Partner, Elaia, mentions, "At Elaia, we've been proud backers of NcodiN since its early days when it was a CNRS spin-off. While copper interconnects struggle to keep up, NcodiN is rewriting the rules with the world's smallest laser and a revolutionary optical network. This isn't just innovation; it's the key to unlocking the next leap in AI and hyperscale performance. Looking forward to the next milestones of the company!" Brief about the lead investor. MIG Capital is a German venture investor that backs early deeptech and life-science startups. Its funds have invested over €770M in about 60 companies, with a current portfolio of more than 30 firms working in fields such as biopharma, energy, environmental tech, computing, IoT, medical technology, and digital health.

EQS-News: MIG CAPITAL AG / key word(s): financing MIG Capital, via its MIG Fonds, leads €16 million seed financing for AI hardware startup NcodiN 20.11.2025 / 07:05 CET/CEST the issuer is solely responsible for the content of this announcement. MIG Capital, via its MIG Fonds, leads €16 million seed financing for AI hardware startup NcodiN. * Deep-tech startup is developing NConnect, a new generation of photonic interconnects designed to overcome fundamental performance and energy bottlenecks in AI and HPC systems. * The optical interposer technology with integrated nanolasers enables extremely high memory bandwidth to power the AI factories of tomorrow. * Funding will allow NcodiN to establish a presence in Silicon Valley, expand its R&D capacity, and grow its team. MIG Capital AG, one of Germany's leading venture capital firms, announced today it is leading the €16 million seed investment in French deep-tech start up NcodiN through its MIG Fonds 17 and 18. The funding round includes participation from Maverick Silicon, PhotonVentures, and Verve Ventures as well as continued support from historical investors Elaia, Earlybird, and OVNI, underscoring broad confidence in NcodiN's mission to redefine AI hardware infrastructure. At the core of NConnect's differentiation is the world's smallest laser, enabling dense integration on silicon and unprecedented scalability without requiring disruptive changes to processor architectures. The company has demonstrated proof-of-concept nanolasers with record energy efficiency below 0.1 pJ/bit, integrated nanodetectors, and full optical links - all on silicon. In parallel, NcodiN established an independent cleanroom that now serves as a hub for rapid prototyping and joint development with industry partners. Validating its strong technological foundation, NcodiN has established network of strategic advisors, welcoming Eli Yablonovitch - world-class physicist, widely regarded as the father of photonic crystals and cofounder of companies such as Luxtera, Ethertronics, Luminescent and Alta Devices - as well as Peter De Dobbelaere, Vice President at Cisco, who played a central role in Luxtera's rise as the first Silicon Photonics success story. Dr. Francesco Manegatti, CEO and Co-founder of NcodiN, commented: "This funding marks a pivotal milestone for NcodiN. We are delivering the missing piece for the industry's most pressing challenge: enabling extremely high memory bandwidth to power the AI factories of tomorrow. Our technology unlocks wafer-scale superchips by providing the most energy-efficient interconnects for networking across tens of chiplets - an essential component in the architectures everyone is chasing. As new generations of GPUs and AI accelerators emerge to keep pace with rapidly evolving GenAI algorithms, NcodiN is laying the photonic foundation that makes them possible" Dr. Oliver Kahl, Principal at MIG Capital, said: "NcodiN is working at the center of the AI infrastructure market, a sector experiencing rapid, significant growth driven by the surging demand for generative AI, the proliferation of big data, advancements in specialized hardware like GPUs, and the widespread adoption of cloud computing. The company's ambitious team is shaping and empowering the future of computing to drive innovation across multiple industries. We couldn't be happier to support them." About NcodiN Founded in 2023 in Paris, France, NcodiN is a deep-tech startup developing photonic interposers with integrated nanolasers to overcome the speed and energy limits of traditional semiconductor hardware. With a vision to enable scalable, energy-efficient computing, NcodiN is building the foundation for the next era of semiconductor infrastructure. MIG Capital is one of the leading German VC investors. Through its MIG funds, MIG invests in young deep tech and life sciences companies in German-speaking Europe and beyond. To date, the company has invested over €770 million in approx. 60 start-ups. MIG portfolio companies develop innovations in areas including biopharmaceuticals, energy and environmental technologies, advanced computing, digitalization / IoT, medical technology, and digital health. The MIG investment portfolio currently consists of more than 30 companies. MIG's investment team is made up of a dedicated group of engineers, scientists, physicians and entrepreneurs who use analytical and creative processes to assess the risks and opportunities of business models and technologies. Their reputation, experience and network provide excellent access to companies, institutions and decision-makers to support the growth of their portfolio companies. In recent years, MIG Capital has realized more than ten successful portfolio company sales, including Siltectra (to Infineon) and Hemovent (to MicroPort). It has placed several companies on the stock exchange including BRAIN, NFON, BioNTech, and Immatics. For further information, please visit: www.mig.ag, www.mig-fonds.de. LinkedIn: MIG Capital