CoolIT Systems Closes $6.2 Million Financing

Posted by Kevin Dahl

CoolIT Systems, the industry leader in advanced electronics cooling solutions, has completed a CDN $6.2M financing package. The investment was led by iNovia Capital, a leading venture capital fund manager, and included existing angel investors and AVAC Ltd.

CoolIT recently launched its breakthrough Domino Advanced Liquid Cooling (ALC) solution for desktop computers to industry acclaim at the Consumer Electronics Show (Las Vegas) and CeBIT (Hanover). This financing was timed to support that launch and accelerate the completion of a number of development projects for OEMs based on patented CoolIT technology.

"Electronics performance is now governed by thermal design more than any other factor. Customers are demanding quiet, reliable and efficient equipment that can only be delivered with advanced cooling solutions of the caliber provided by CoolIT", said Shawn Abbott, partner with iNovia Capital. “In addition to technology excellence, CoolIT has a world-class management team with the proven ability to lead high-volume, quality technology design and manufacturing organizations.”

Geoff Lyon, CEO of CoolIT, said, "We selected iNovia because our business needs a strong, long-term capital partner that understands the market as well as the operational challenges due to rapid order growth from both channel and OEM partners. With the PC industry rapidly shifting towards liquid cooling, this financing allows CoolIT to expand the sales channels internationally and additionally facilitates strategic corporate initiatives including a key acquisition we are negotiating."

"The CoolIT team exemplifies the entrepreneurial leadership we look for in companies," said Ross Bricker, CEO of AVAC Ltd. "They are thinking and operating globally, while leveraging the experienced talent and access to international markets unique to Alberta. We are delighted to have iNovia join us in our support of CoolIT."

Company:
iNovia Capital
Website:
http://www.inovia.vc
Location:
Montréal, Québec, Canada

iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has offices in Montreal, New York City and Calgary and invests across North America. iNovia has $275M under management across three seed and early-­stage funds. For more information, visit www.inovia.vc... more

Company:
AVAC Ltd.
Website:
http://www.avacltd.com
Location:
Calgary, Alberta, Canada

AVAC Ltd. is a private not-for-profit company that invests strategically in promising early-stage commercial businesses focusing on the expansion of Alberta’s value-added agri-business, ICT, life sciences, and other industrial technology sectors. AVAC also participates in commercially-relevant agricultural research and is a strategic fund-of-fund investor in early stage venture capital. Created in 1997, AVAC has... more

Company:
CoolIT Systems
Website:
http://www.coolitsystems.com
Location:
Calgary, Alberta, Canada

For years, CoolIT has been working with leaders in the computer industry to research, design, and provide an affordable new cooling product that provides a comprehensive solution for end users while exceeding high OEM standards. This carefully designed and patented technology unleashes the full potential of a PC, providing superior cooling performance while reducing system level noise and improving reliability of... more


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Kevin Dahl

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