Innovative Firm Sets Sights On Global Expansion Following Deal
Sheffield-based Iceotope has secured $10m of international finding as part of its drive to build its product range and expand the business overseas.
The innovative company has developed a cooling solution for global data centre and High Performance Computing (HPC) markets. HPC and supercomputing facilities account for a significant amount of electricity consumed across the world and Iceotope’s solution helps to significantly reduce this.
Iceotope is planning to use the investment, which has been provided by Aster Capial and Ombu Group, to expand its global reach, build its product range and target larger supercomputing projects.
Iceotope founder and CEO Peter Hopton said: "This really is the deal of the century for us, 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 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, said: "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."
Stephen Brooke, CEO of Ombu Group, added: "It is exciting to partner with a disruptive new leader in any industry, but to do so in the data centre cooling space is particularly thrilling given its huge demand for innovation. Iceotope's technology is outstanding and the company has an impressive commitment to quality. We look forward to working closely with Iceotope's strong management team to assist in the continued rapid growth of the business."
Andrea Cropley, partner and Head of Irwin Mitchell’s Corporate team in the North of England, advised Investment Partners, Iceotope’s existing investor, in relation to the funding deal.