The round was co-led by Engine Ventures and Material Impact. Evergreen Climate Innovations, the Carnegie Mellon Catalyst Fund, and Baruch Future Ventures also participated in the round, which brings the company's total equity funding to $13.6 million. The company has raised an additional $27 million in non-dilutive funding through ARPA-E, Department of Energy and Department of Defense programs. CorePower will use the capital to expand manufacturing capacity, accelerate hiring, and scale commercialization of its advanced magnetic materials and components as it transitions from technology development to scaled domestic manufacturing.

CorePower Magnetics develops and manufactures advanced magnetic components that enable the next generation of power electronics. By taking a holistic approach from magnetic materials to component design and manufacturing expertise, CorePower delivers smaller, lighter, and more efficient inductors and transformers for applications including AI infrastructure, data centers, grid modernization, and industrial electrification. Founded in 2020 and headquartered in Pittsburgh, the company is backed by Engine Ventures, Material Impact, Evergreen Climate Innovations, the Carnegie Mellon Catalyst Fund, and Volta Energy Technologies, and has support from ARPA-E and the U.S. Department of Energy.