NcodiN Raises €16 Million to Advance Photonic Interposer Technology for Next-Gen AI Chips
Paris‑based deep‑tech startup NcodiN is rapidly gaining traction in the global AI hardware ecosystem after securing significant funding to accelerate the industrialisation of its pioneering photonic interposer technology. Founded in 2023 to tackle fundamental hardware bottlenecks facing next‑generation computing systems, the company has completed multiple financing rounds, attracting top investors in the semiconductor and deep‑tech sectors.
In November 2025, NcodiN announced it had closed a €16 million ($18.4 million) seed funding round, a major milestone that will enable the company to transition from research and development towards industrial‑scale production of its optical interconnect solutions. The lead investor in this round was MIG Capital AG, a Munich‑based venture capital firm that focuses on early‑stage deep‑tech and life sciences companies via its MIG Fonds. Participation in the round also came from Maverick Silicon, PhotonVentures, and Verve Ventures, alongside continued support from existing backers Elaia, Earlybird, and OVNI Capital.
The €16 million seed investment was oversubscribed, underscoring strong investor confidence in NcodiN’s mission and technology. The funds are set to support industrialisation of the company’s core product, the NConnect photonic interposer, which embeds ultra‑small lasers and optical links directly onto silicon. This breakthrough is designed to overcome the physical limitations of traditional copper interconnects — a critical bottleneck that currently restricts memory bandwidth and energy efficiency in high‑performance computing and AI systems. By enabling extremely high data throughput and energy‑efficient communication between chiplets, NcodiN’s technology promises to unlock new levels of performance for future AI hardware.
NcodiN’s leadership team, including CEO and co‑founder Francesco Manegatti, sees the funding as transformative for the company’s growth trajectory. The investment will allow NcodiN to expand its research and development capacity, hire key engineering talent, and build out its supply chain, which are all necessary steps toward scaling production of the photonic interposers. The company also plans to establish a presence in Silicon Valley, positioning itself closer to major semiconductor manufacturers and potential strategic partners in the heart of the AI hardware ecosystem.
Before the November 2025 seed round, NcodiN had already been building momentum with earlier capital raises. In May 2024, the company secured a €3.5 million funding round, led by long‑standing European investors Elaia, Earlybird, and OVNI Capital, as it worked to accelerate development of its integrated optical link prototype. This earlier financing helped lay the groundwork for the larger 2025 seed round and supported expansion of its R&D infrastructure.
NcodiN’s photonic interposer technology targets the so‑called “copper wall” — the physical and energy constraints that electrical interconnects face as chip architectures become increasingly complex and demanding. By embedding integrated nanolasers on silicon, the company’s NConnect platform enables dense optical communication channels that can dramatically increase bandwidth while reducing energy consumption compared with conventional electronic approaches. Early technical achievements include proof‑of‑concept nanolasers with extremely high efficiency and full optical links on silicon, as well as the establishment of an independent cleanroom for rapid prototyping and collaboration with industry partners.
Investors in the seed round have highlighted NcodiN’s potential to shape the future of AI infrastructure. By addressing memory‑bandwidth bottlenecks and enabling scalable optical interconnect solutions, the company is well‑positioned in a market driven by surging demand for generative AI, big data processing, and specialised hardware accelerators. The participation of deep‑tech and hardware‑focused investors reflects confidence not only in NcodiN’s technological foundation but also in the strategic opportunity presented by next‑generation semiconductor architectures.
With its strengthened financial backing, NcodiN is poised to advance its optical interposer technology toward commercial deployment. The company’s focus on industrial pilot production, manufacturing partnerships, and strategic geographic expansion signals its ambition to play a central role in enabling the next era of high‑performance AI computing. As the startup moves into 2026, investors and industry watchers alike will be watching NcodiN’s progress as it works to bridge the gap between cutting‑edge photonics research and real‑world computing systems.
