Deep Tech Investment Announcement: Frore Systems
July 23, 2020 | Abree Murch
We’re pleased to announce that we have made our first investment into the Deep Tech Fund: Frore Systems.
AVG’s Deep Tech Fund invests in ventures that are focusing on valuable deep tech solutions. Likely target sectors include AI/machine learning, blockchain/distributed ledger, robotics, VR/AR/MR, genomics, advanced materials, longevity, and others.
Frore is tackling a huge, tremendously lucrative problem. The central processors that drive our phones, computers, servers — really all information and communications devices — run up against capacity constraints. We call upon more and more processing power in the use of these devices, but they are held back by heat. When too hot, thermal management systems kick in, automatically throttling back the processing speeds of these chips that make it all happen.
Frore seeks to provide twice the heat dissipation with half the thickness, volume, and weight of the current industry standard solutions. This can improve current processor performance by 2x.
The Team and Deal
The Frore team is deeply experienced in the space and comes from considerable success at Qualcomm. In fact, Qualcomm Ventures joined this round, as did two previous investors that include a 12-time Forbes Midas List member. The opportunity for AVG to invest in this Series A extension was hard fought. Thanks to Spike Ventures (our Stanford alumni fund), who was able to convince Frore to let us into this closely held round.
What We Liked About the Deal
- Strong backing from investors, including Qualcomm (where the two founders worked) and the lead partner of Mayfield Fund, Navin Chaddha, a 12-time member of the Forbes Midas List of Top 100 Tech Investors.
- Revolutionary new technology, using pulsating air flow to cool processors and improve performance 2x. A proprietary design and innovative approach is helping to create deep moats for Frore.
- Tremendous market need and size, with uses in computers, tablets, phones, servers, and more.
- Highly accomplished team, with outstanding expertise and track record of success at Qualcomm.
- Strong traction, including initial engagements with a who’s who of the major device makers and chipset vendors, with first sales anticipated in 2021.
AVG’s Deep Tech Fund invests in a venture portfolio of ~20-30 diverse companies tackling the toughest and potentially most lucrative tech challenges. The events of 2020 have underscored the critical importance of committing to and investing in science and rational thought for the well-being of society and the planet.