CoolIT Systems Closes $6.2 Million Financing Round

CoolIT Systems, a major player in advanced electronics cooling solutions, has completed a CDN $6.2M financing package.

The investment was led by iNovia Capital, a 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 at the Consumer Electronics Show (Las Vegas) and CeBIT (News - Alert) (Hanover).

Officials said the 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 a statement.

Abbott said that 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 that the company selected iNovia because the business they are into 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.

Lyon said that 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 the company is negotiating.

"The CoolIT team exemplifies the entrepreneurial leadership we look for in companies," said Ross Bricker, CEO of AVAC Ltd.

Bricker said that the CoolIT team is 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," he said.

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 agribusiness, ICT, life sciences, and other industrial technology sectors.