Funding news · Sep 3, 2026
DCX Raises PLN 655M Series C+ Led by LiteOn Technology for AI Data Center Liquid Cooling
DCX Lands PLN 655M Series C+
DCX Liquid Cooling Systems (DCX POLSKA Sp. z o.o.), a Warsaw-based manufacturer of liquid cooling systems for AI and high-performance computing data centers, has raised PLN 655 million in a Series C+ round. LiteOn Technology led the round as sole investor.
What DCX Builds
Founded in 2019 by Maciej Szadkowski and Tomasz Buk, DCX designs and manufactures liquid cooling systems across two main architectures: direct-to-chip and immersion. Its portfolio includes:
- Enterprise coolant distribution units rated 600 kW to 2.6 MW
- Facility coolant distribution units up to 16 MW
- Cold plates
- Rack manifolds
- Modular data center systems
These products serve colocation, enterprise and hyperscale operators — the customer segments where AI training and inference workloads are driving unprecedented rack power densities and, consequently, demand for liquid cooling over traditional air-based approaches.
Deployment Track Record
The company's cooling systems have been deployed by three of the world's ten largest AI data-center operators and shipped to some 75 countries. Its customer list includes xAI and CERN.
That combination — hyperscale AI operators plus a research institution like CERN — signals validation across both commercial-scale AI infrastructure and high-performance computing environments. Shipping to roughly 75 countries also indicates a manufacturing and logistics operation with meaningful international reach.
The Funding
| Detail | Value |
|---|---|
| Round type | Series C+ |
| Amount | PLN 655M |
| Lead investor | LiteOn Technology |
| Investors | LiteOn Technology |
| Announced | September 3, 2026 |
Why This Round Matters
Liquid cooling has moved from niche to necessity as AI data centers push power densities beyond what air cooling can handle economically. DCX's product range spans the critical infrastructure layer of that transition: the coolant distribution units, cold plates and manifolds that sit between the facility and the compute hardware.
The Series C+ structure — a follow-on to an earlier Series C — suggests the company is scaling ahead of a larger financing event or strategic outcome. A single strategic lead investor in LiteOn Technology, a major electronics manufacturer, is notable: corporate investors at this stage often bring manufacturing scale, supply chain access and potential acquisition interest alongside capital.
Acquisition Angle
For strategic acquirers in data center infrastructure, thermal management and electronics manufacturing, DCX presents several attractive characteristics:
- Hyperscale validation. Deployment with three of the ten largest AI data-center operators is a reference set that is difficult to earn and highly defensible.
- Product breadth. From 600 kW enterprise CDUs to 16 MW facility CDUs, plus cold plates, manifolds and modular systems, DCX covers multiple layers of the liquid cooling stack.
- Global shipping footprint. Distribution to some 75 countries demonstrates operational capability beyond a single region.
- Marquee customers. xAI and CERN provide credibility across both commercial AI and research HPC segments.
- Strategic investor alignment. LiteOn Technology's lead position creates a natural pathway for deeper commercial or ownership integration.
What to Watch
With PLN 655 million in new capital, DCX is positioned to expand manufacturing capacity and product development at a moment when AI data center buildouts are accelerating globally. Key questions include how the company allocates capital between direct-to-chip and immersion architectures, whether it deepens relationships with existing hyperscale customers or broadens its operator base, and how its partnership with LiteOn Technology evolves.
For acquirers tracking the thermal management layer of AI infrastructure, DCX now sits among the more consequential privately held players in the category — with the capital, customer references and strategic backing to scale further.