Ethernovia raises $90M as investors rush to fund ‘Physical AI’

Summary

Investors and companies alike are trying to leverage developmental gains in AI to make leaps in technologies like robotics and autonomous vehicles — what’s being referred to now as “Physical AI.” That means some of the billions of dollars flowing to AI startups is starting to spill towards suppliers doing behind-the-scenes work to make these technologies real. The latest case is Ethernovia, which on Tuesday announced a $90 million Series B. The San Jose-based company makes Ethernet-based processors that help collect data from sensors scattered around a system — like in an autonomous vehicle — and quickly move it to a central computer. The company was already backed by Porsche SE and Qualcomm Ventures, but this round was led by Maverick Silicon — an AI-focused fund created in 2024 by hedge fund Maverick Capital. It was the first sector-specific fund that Maverick Capital launched in its 30-year history. It’s that kind of attention and funding that we’ll likely see more of this year as investors look to boost more under-the-radar companies like Ethernovia.