Valencia, Spain-based startup iPronics closed a $125 million Series B round on September 2, co-led by Maverick Silicon and Light Street Capital, with Nvidia and other investors participating. The financing brings the company’s total funding to $177 million. iPronics develops the ONE platform, which uses silicon photonics and optical circuit switches to reconfigure data-center connections in sub-milliseconds. The technology is designed to reduce GPU idle time, lower power consumption and shrink optical circuit-switch equipment by roughly 20-fold. Founded in 2019 as a spin-off from the Technical University of Valencia, iPronics has shipped switches for about a year, works with unnamed large AI infrastructure providers and is expanding its operations at a new Santa Clara office. The company also announced a 2026 manufacturing partnership with Fabrinet for high-volume packaging and assembly of silicon photonics components.