A two-person Seattle startup lands $1 million to reinvent energy-hungry

Seattle-based TriMagnetix has landed new funding and commitments totaling $1 million to continue developing a semiconductor chip that, according to initial lab testing, consumes 800 times less energy than a traditional chip to process the same amount of data. Lisa Stiffler reported the round on October 15, 2026 in GeekWire Startups's report. The design uses nanomagnetic technology and electrical pulses and is resistant to radiation.

This piece is for readers who follow semiconductor startups, satellite hardware, and climate venture funding. It covers Acequia Capital, Athenaeum Ventures, Actuate Ventures, SNØCAP, and co-founders Madison Hanberry, Lucas Hahn, and Aspen White, plus the WaveWorks Technologies pilot, Plug and Play, Nvidia Inception, and the University of Washington.

The deal behind A two-person Seattle startup lands $1 million

Acequia Capital led the round, with participation from Athenaeum Ventures. Actuate Ventures has also committed. The combined total from the three firms is $1 million in funding and commitments. Last year TriMagnetix received a $200,000 investment from climate venture fund SNØCAP. Madison Hanberry launched the company in 2023, has served as chief of research and development, and is transitioning to CEO. Lucas Hahn, co-founder, president, and chief strategic officer, is the other employee. Hanberry’s sister, Aspen White, is also a co-founder.

TriMagnetix contracted with the Washington Nanofabrication Facility at the University of Washington to use the site’s fabrication equipment. It aims to have a product available for commercial sales within the next year. It is partnering with WaveWorks Technologies on its first paid pilot, has joined the Plug and Play Semiconductor Accelerator, and was recently accepted into the Nvidia Inception program, which offers support including marketing. Lisa Stiffler is credited on October 15, 2026 at 2:51 pm and at 6:42 pm.

Why A two-person Seattle startup lands $1 million raised now

Earthbound data centers struggling to curb energy use and heat output are seeking more sustainable chips, but TriMagnetix is particularly interested in satellite applications. Hahn said the Pacific Northwest, home to Starcloud and SpaceX, is the “satellite capital of the world.” Satellite companies have told him they want semiconductors that are energy efficient and resistant to radiation in space. He said that makes TriMagnetix’s devices “a no-brainer.” Initial lab testing found 800 times less energy than a traditional chip on the same amount of data.

Nanomagnetic technology requires only electrical pulses rather than the constant power stream traditional chips need, dramatically reducing electricity consumption and heat generation. The design is resistant to radiation and is built to integrate with existing computing infrastructure. Hanberry launched TriMagnetix in 2023. Hahn, the other employee, is co-founder, president, and chief strategic officer. The sales aim is a commercial product within the next year, alongside TriMagnetix’s first paid pilot with WaveWorks Technologies and a contract to use University of Washington fabrication equipment.

What the A two-person Seattle startup lands $1 million money

Chips made so far are not the high-performance graphics processing units, or GPUs, used for applications such as AI and 3D animation. They are not simpler central processing units, or CPUs. “It’s replacing specific compute in certain devices at a very low level,” Hahn said. “So not quite CPU yet, but it is at the core level doing similar things.” Initial lab testing found the part uses 800 times less energy than a traditional chip to process the same amount of data.

The startup contracted with the Washington Nanofabrication Facility at the University of Washington to use the site’s fabrication equipment. WaveWorks Technologies is the partner on the first paid pilot. TriMagnetix joined the Plug and Play Semiconductor Accelerator, and a kickoff photo shows Hanberry on the left and Hahn. The startup was recently accepted into Nvidia Inception, which offers tech experts, introductions to Nvidia’s corporate clients, and marketing. The combined $1 million is from Acequia Capital, Athenaeum Ventures, and Actuate Ventures.

Competitive context for A two-person Seattle startup lands $1 million

Hahn said the chip replaces specific compute in certain devices at a very low level, does similar things at the core level, and is not quite a CPU. It is not a high-performance GPU for AI or 3D animation. Satellite companies told him they want energy-efficient parts resistant to radiation in space, and he called TriMagnetix’s devices “a no-brainer.” He called the Pacific Northwest, home to Starcloud and SpaceX, the “satellite capital of the world.” Data centers are seeking more sustainable chips, and the startup is particularly interested in satellites.

WaveWorks Technologies is the first paid pilot. Plug and Play runs the Semiconductor Accelerator the company joined. Nvidia’s role is the Inception program: tech experts, introductions to corporate clients, and marketing. Acequia Capital led, Athenaeum Ventures participated, and Actuate Ventures committed, combining for $1 million. Climate venture fund SNØCAP invested $200,000 last year. Hahn, president and chief strategic officer, and Hanberry, moving from chief of research and development to CEO, are the employees. Aspen White, Hanberry’s sister, is a co-founder.

Open questions on A two-person Seattle startup lands $1 million

TriMagnetix aims to have a product available for commercial sales within the next year. It has contracted to use fabrication equipment at the Washington Nanofabrication Facility at the University of Washington. Its chips are not GPUs or CPUs. Hahn said the device is “not quite CPU yet” and is “replacing specific compute in certain devices at a very low level,” while it “is at the core level doing similar things.” The 800-times figure is initial lab testing against a traditional chip on the same amount of data.

Acequia Capital led, Athenaeum Ventures participated, and Actuate Ventures has committed. The combined total from those three firms is $1 million in funding and commitments. SNØCAP, a climate venture fund, invested $200,000 last year. WaveWorks Technologies is the first paid pilot. Hanberry launched TriMagnetix in 2023, has served as chief of research and development, and is transitioning to CEO. Satellite companies told Hahn they want chips that are energy efficient and resistant to radiation in space, which he said makes TriMagnetix’s devices “a no-brainer.”