Aster Capital, an international venture capital firm specialising in clean tech led the transaction alongside Ombu Group, a UK investment company committed to backing high growth technology businesses.
In addition to the capital raised, the deal also allows Iceotope to establish close cooperation with Aster’s strategic sponsors, particularly Schneider Electric.
The investment will allow Iceotope to commercialise the company's innovative cooling solutions for the £250bn global data centre and High Performance Computing (HPC) markets. The funding will help the company hire more staff, expand into new geographies and add to its current product ecosystem; furthermore, it will enable Iceotope to target larger transactions and more ambitious supercomputing projects.
“This really is the deal of the century for us” said Iceotope founder and CEO, Peter Hopton. “As a start-up in the north of England, it’s fantastic that Iceotope’s technology has attracted the investment of an international consortium. We strongly believe that our technology has the potential to revolutionize the HPC and data centre industry and we’re thrilled that it’s not gone unnoticed. 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.”
Commenting on the investment, John Bean, director R&D Data center Cooling at Schneider Electric said: "We have been looking at various technical approaches to liquid cooling for years and concluded that Iceotope has created a scheme that addresses performance and user experience expectations."
The global IT ecosystem is estimated to account for ten percent of all electricity consumed on earth and this is largely due to the current energy demand of data centers, HPC and supercomputing facilities. Iceotope’s innovative technology claims to be able to halve the energy requirement of these facilities and reduce their infrastructure costs.
Since Iceotope installed its first production system at the