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).
PARIS, November 20, 2025–(BUSINESS WIRE)–NcodiN, the deep-tech startup pioneering optical interposer technology with integrated nanolasers, has secured €16 million in oversubscribed Seed financing round.
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.
Transforming the Future of AI Hardware
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.”
Josh Miner, Maverick Silicon
Building on Momentum
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.”
Eli Yablonovitch, Professor in the Graduate School, UC Berkeley
“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.”
Dr. Oliver Kahl, Principal, MIG Capital
“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!”
Clément Vanden Driessche, Partner, Elaia
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.
