CorePower Magnetics, a Pittsburgh-based startup, has raised a $10.5 million funding round co-led by Engine Ventures and Material Impact, announced on Thursday. The company is developing more efficient, power-dense components such as inductors and transformers using proprietary nanocrystalline magnetic materials, whose ultra-fine grains reduce energy loss. While these materials have historically been brittle and limited to operating at temperatures below 150 degrees Celsius, CorePower says it engineered alloys that can perform above 200 degrees while maintaining durability.
The higher temperature ceiling matters because power electronics are being pushed to handle more power, greater voltages, and higher frequencies. Magnetic material that can run hotter allows engineers to push more power through smaller components. In a data center, that could equate to about a 10% overall reduction in power demand, CorePower CEO Sam Kernion told Heatmap News. Kernion described data centers as "the tip of the spear for this really big push into power electronics," noting that electricity demand is growing while the grid becomes more complex.
The company is also designing advanced, medium-frequency transformers to operate across a broad range of frequencies, from 10 kilohertz to 100 kilohertz. CorePower previously completed a facility in Pittsburgh thanks to a $5 million ARPA-E grant, and it plans to invest in domestic manufacturing for its high-heat magnets. The startup is eventually looking to move into broader grid applications as distributed energy resources such as rooftop solar and batteries require bidirectional power flow and real-time conversions that conventional magnetic materials struggle to support.
What remains unknown is the valuation, the specific ownership stakes taken by the co-lead investors, and the timeline for commercial deployment. The dossier does not specify whether the $10.5 million round includes the earlier $5 million ARPA-E grant or is entirely separate, nor does it detail revenue, customer contracts, or production capacity. CorePower's claims about performance above 200 degrees Celsius and the 10% data center power reduction have not been independently corroborated in the available source.