Funding round
d-Matrix Series C
d-Matrix, which works in AI compute platform manufacturing in Santa Clara, raised $275M in a Series C round announced on 12 Nov 2025, led by Bullhound Capital, Triatomic Capital and Temasek, at a $2.00B post-money valuation. 9 firms took part. It is d-Matrix's third venture round on record; the one before was a Series B in Sep 2023.
$275M
Amount raised
$2.00B
Post-money valuation
$1.73B pre-money
9
Investors
3 leads
14%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced d-Matrix at $2.00B after the new money. The $275M bought investors about 14% of the company. It came 26 months after d-Matrix's Series B. It is 64% of the $429M d-Matrix has raised in the venture rounds on record. No later venture round is on record for d-Matrix.
d-Matrix's funding rounds
d-Matrix has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Bullhound Capital, Triatomic Capital and Temasek led the round with 6 other firms.
Lead investors
- backs 9 venture-backed companies new investor
- Triatomic Capital new investor
- Temasek backs 195 venture-backed companies new investor
Also in the round
- Qatar Investment Authority backs 71 venture-backed companies new investor
- EDBI backs 67 venture-backed companies new investor
- M12 backs 141 venture-backed companies new investor
- backs 12 venture-backed companies new investor
- backs 65 venture-backed companies new investor
- Mirae Asset Venture Investments backs 37 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
257 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 4.6 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Luma AI Tech Companies | 19 Nov 2025 | $900M | $4.00B | Humain Ventures |
| Tech Companies | 3 Nov 2025 | $126M | $3.50B | Avenir |
| Tech Companies | 12 Nov 2025 | $75M | $1.30B | StepStone |
| Tech Companies | 10 Nov 2025 | $72M | $500M | Intrepid Growth Partners |
| Tech Companies | 19 Nov 2025 | $70M | $600M | Bessemer Venture Partners |
| Tech Companies | 20 Nov 2025 | $35M | $230M | Khosla Ventures |
| Tech Companies | 6 Nov 2025 | $19M | not disclosed | Salesforce Ventures |
| Tech Companies | 7 Nov 2025 | $3.7M | not disclosed | WOORI Venture Partners and Shinhan Venture Investment |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did d-Matrix raise in its Series C round?
d-Matrix raised $275M in its Series C round, announced in Nov 2025.
Who led d-Matrix's Series C round?
Bullhound Capital, Triatomic Capital and Temasek led it, with Qatar Investment Authority, EDBI, M12, Nautilus Venture Partners and Industry Ventures and 1 more.
What was d-Matrix's valuation at the Series C round?
$2.00B post-money ($1.73B pre-money).
How does it compare with other Series C rounds in Tech Companies?
257 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 4.6 times the median.