Cleantech start-up Iceotope raises $10m

Series A funding will be used to develop eco-friendly cooling solutions for data centres

A start-up that claims to reduce power usage in data centres by more than half today announced it has raised £10m from international investors.

Founded by Peter Hopton, Sheffield-based Iceotope specialises in liquid-based cooling solutions for high-performance computing (HPC) and data centres, which it claims can cut energy use in data centres by as much as 50% compared to fan-based systems.

Since the company installed its first system at the University of Leeds in early 2012, it has begun rolling out its system throughout Europe – recently equipping the 3,200 sq ft Poznan Supercomputing centre in Poland.

The $10m Series A investment was led by specialist cleantech venture capital firm Aster Capital, alongside input from tech-focused UK investor Ombu Group.

It will be used to further develop and commercialise Iceotope’s cooling solutions for the £250bn HPC and data centre markets by hiring more staff, continuing its international expansion and add to its product range.

In addition to the funding, Aster Capital said the deal would allow Iceotope to establish close co-operation with its strategic sponsors, particularly through a planned strategic partnership with global engineering giant Schneider electric.

It is Iceotope’s first investment since the original engineering team bought out the company in February 2012.

Peter Hopton, Iceotope founder and CEO, said: “This really is the deal of the century for us.

“As a start-up in the north of England with less than 20 employees, 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 revolutionise 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.”

Jean-Marc, managing partner at Aster Capital, added: “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.”

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