Private companySeries A

Amperesand

By Scott McLeodPublished by PXS Research Updated October 26, 2026

Bottleneck owner

Company overview

Maker of a medium-voltage solid-state transformer (MV SST) purpose-built for AI data centers; $80M Series A (Nov 2025) co-led by Walden Catalyst + Temasek.

Amperesand builds a Medium-Voltage Solid-State Transformer (MV SST) that consolidates the medium-voltage power chain into one factory-built unit — SiC power modules, ~98.5% MV-AC→LV-DC efficiency, 99.999% uptime, tuned for 800V DC 'AI factory' architectures. Targets 30MW of commercial systems in 2026 for hyperscale AI and critical infrastructure.

Research mapping

Physical AI / Grid, Power & Thermal Infrastructure (L2) / Bottleneck owner

Evidence boundary

Original analysis and independent corroboration remain under development. Commercial scale and durable technical advantage remain under review.

What makes it defensible

First commercial MV SST purpose-built for AI data centers — 5× faster time-to-power, 50% smaller footprint, proprietary redundancy.

Position in the stack: Bottleneck owner in the power layer: solid-state transformer that collapses the MV power chain for AI factories; NTU spin-out with 8 years of SST R&D.

Who buys it

HyperscalersUtility — Grid OperatorsIndustrial Infrastructure Owners

Named customers: PSA International

Founding team

Brian Dow — CEO & Co-founder — Leads commercialization of the MV SST platform

Anshuman Tripathi — Co-founder — Senior Programme Director, Future Mobility & Power Grids, ERI@N (NTU)

Source

Financing detail

Last round: Series A ($80M, Nov 2025)

Investors: Walden Catalyst Ventures, Temasek, TDK Ventures, Xora Innovation, Material Impact, SG Growth Capital, Industry Ventures, Acclimate Ventures, Foothill Ventures

Capital in context

Mapped funds and investors

Direct relationships supported by published evidence.

Reported holdings as-of

No sourced relationships mapped yet.

Disclosed investment history

Fund / investor	Last sourced	Relationship	Evidence
Foothill Ventures	2026-10-14	participant	Source

Showing up to four relationships in each group. ETF weights describe the fund’s portfolio, not ownership of this company. Private investment history does not establish current ownership.