Barcelona-based Submer, a company specializing in immersion cooling technology for data centers and AI factories, has secured $55.5 million in a Series C funding round led by M&G, which manages £346.1 billion in assets. The investment values Submer at approximately $500 million. The funding will support the development of Submer's eco-friendly cooling solutions designed to handle the heat generated by heavy AI workloads and high-performance computing. The company's proprietary technology involves submerging data center server racks in a coolant to improve efficiency and sustainability as data center usage increases.