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January 14, 2014

IT cooling services provider Iceotope raises $10m in funding

The funding would be used in expanding its special liquid cooling process.

By CBR Staff Writer

UK based startup, Iceotope, which offers environmental IT cooling services to cool computer servers has raised about $10m in Series A funding, which was led by international venture capital firm Aster Capital together with Ombu Group.

The latest funding would allow the start-up to further commercialise its liquid cooling system for a £250bn global data centre and High Performance Computing (HPC) markets globally.

Iceotope founder and CEO Peter Hopton said that the latest funding marks the company’s deal of the century.

"We strongly believe that our technology has the potential to revolutionise the HPC and data centre industry and we’re thrilled that it’s not gone unnoticed," Hopton said.

The funding will also help the startup in expanding its work force, as well as mark its entry into new geographies and boost its current product ecosystem, in addition to targeting major transactions and supercomputing projects that are more ambitious.

In addition, the latest deal would also allow Iceotope to establish new strategic partnership with Aster’s strategic sponsors, mainly Schneider Electric, which is the global energy management expert.

"The support provided by our new investors, along with a new partnership opportunity with Schneider Electric, will have a big impact on the development of the company and will allow Iceotope to build a global product ecosystem based on Iceotope liquid cooling platform," Hopton added.

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Iceotope has developed a process that allows cooling down computer servers by submerging them in a special liquid, fluoroplastic, which is the liquid equivalent of Teflon.

Aster Capital managing partner Jean-Marc said that Iceotope can deliver breakthrough energy efficient solutions into the area of data centres infrastructure.

"We have been impressed by the effort and the progress made by the Iceotope team in the last couple of years and we envision that, thanks to our corporate sponsors, especially Schneider Electric and Solvay, we will be able to strongly support Iceotope development and make it the future liquid cooling market leader within HPC and data centre markets," Marc said.

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