Calgary's CoolIT Systems raises $6.2 Million led by iNovia Capital
Earlier this week Calgary's CoolIT Systems completed a $6.2 million series B growth financing led by existing investor iNovia Capital and new investor Chart Venture Partners, L.P. of New York.
"This financing will support the increased working capital and manufacturing capacity required by our rapidly growing delivery schedules," said Geoff Lyon, CEO & CTO of CoolIT Systems. "I'm particularly excited about our 2012 product line; where we're aiming to reduce data centre cooling costs by up to 70% while supporting density increases to over 30kW per rack."
"One of Henry Ford's most visionary moves one hundred years ago was the standardization of liquid cooling to solve heat related limitations as automobiles moved to mass production. The datacenter is at this same turning point, and we view CoolIT's solid experience and IP position working with liquid at a micro-scale as fundamental to future computing systems", said Shawn Abbott, Partner with iNovia Capital.
A pioneer of maintenance free liquid cooling technology, CoolIT delivers hundreds of thousands of reliable, cost-effective, high-performance cooling systems each year to system manufacturers, data centre operators and through its Corsair partnership to retail customers.
