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Corporate | 20 November 2025 07:05

MIG Capital, via its MIG Fonds, Leads €16 Million Seed Financing for AI Hardware Startup NcodiN

MIG CAPITAL AG / Key word(s): Financing

MIG Capital, via its MIG Fonds, Leads €16 Million Seed Financing for AI Hardware Startup NcodiN

20.11.2025 / 07:05 CET/CEST

The issuer is solely responsible for the content of this announcement.

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Press release

MIG Capital, via its MIG Fonds, Leads €16 Million Seed Financing for AI Hardware Startup NcodiN

• Deep-tech startup is developing NConnect, a new generation of photonic interconnects designed to overcome fundamental performance and energy bottlenecks in AI and HPC systems.
• The optical interposer technology with integrated nanolasers enables extremely high memory bandwidth to power the AI factories of tomorrow.
• Funding will allow NcodiN to establish a presence in Silicon Valley, expand its R&D capacity, and grow its team.

Munich, Germany, 20 November 2025

MIG Capital AG, one of Germany’s leading venture capital firms, announced today it is leading the €16 million seed investment in French deep-tech start up NcodiN through its MIG Fonds 17 and 18. The funding round includes participation from Maverick Silicon, PhotonVentures, and Verve Ventures as well as continued support from historical investors Elaia, Earlybird, and OVNI, underscoring broad confidence in NcodiN’s mission to redefine AI hardware infrastructure.

At the core of NConnect’s differentiation is the world’s smallest laser, enabling dense integration on silicon and unprecedented scalability without requiring disruptive changes to processor architectures. 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.

Validating its strong technological foundation, NcodiN has established network of strategic advisors, welcoming Eli Yablonovitch – world-class physicist, widely regarded as the father of photonic crystals and cofounder of companies such as Luxtera, Ethertronics, Luminescent and Alta Devices – as well as Peter De Dobbelaere, Vice President at Cisco, who played a central role in Luxtera’s rise as the first Silicon Photonics success story.

Dr. Francesco Manegatti, CEO and Co-founder of NcodiN , commented: “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”

Dr. Oliver Kahl, Principal at MIG Capital, said: “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.”

About NcodiN

Founded in 2023 in Paris, France, NcodiN is a deep-tech startup developing photonic interposers with integrated nanolasers to overcome the speed and energy limits of traditional semiconductor hardware. With a vision to enable scalable, energy-efficient computing, NcodiN is building the foundation for the next era of semiconductor infrastructure.

About MIG Capital

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.

MIG’s investment team is made up of a dedicated group of engineers, scientists, physicians and entrepreneurs who use analytical and creative processes to assess the risks and opportunities of business models and technologies. Their reputation, experience and network provide excellent access to companies, institutions and decision-makers to support the growth of their portfolio companies.

In recent years, MIG Capital has realized more than ten successful portfolio company sales, including Siltectra (to Infineon) and Hemovent (to MicroPort). It has placed several companies on the stock exchange including BRAIN, NFON, BioNTech, and Immatics.

For further information, please visit: www.mig.ag , www.mig-fonds.de . LinkedIn: MIG Capital

Contact

MIG Capital

Oliver Kahl, Principal

+49-89-94382680

ok@mig.ag

Media Inquiries

MC Services

Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler

+49-89-210228-0

migag@mc-services.eu

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