Nuventix secures $14 million investor funding
Nuventix is best known for its patented SynJet technology, a reliable and flexible air cooling system that has already been applied to LED modules from companies including Philips and LedEngin. SynJet modules use forced air cooling to efficiently – and directly – dissipate heat from any surface.
New investor Braemar Energy Ventures and existing investors CenterPoint Ventures, InterWest Partners and RHO Ventures also participated in the round of financing.
The funding will be used to expand the company’s portfolio of industry-standard LED lighting products. In addition, the company plans to expand its product offering for new markets where cooling in harsh environments would benefit from a new approach to thermal management. These markets include telecommunications, specifically in data centers, and outdoor lighting. Estimates from 2007 put the energy consumption of the Internet in the U.S. at 9.4% of total electricity use, and lighting at just over 20%.
“In the LED industry, SynJet technology is allowing LED manufacturers to offer brightness levels not thought possible for two more years,” said Jim Balthazar, president and CEO, Nuventix. “With this funding, Nuventix will bring similar cooling design innovation to other markets.”
New investors include ATV, 29-year-old bi-coastal venture capital firm with $1.6 billion in capital under management, and Braemar Energy Ventures, venture capital specialist in the energy sector. While ATV brings expertise from communications, infrastructure and software and services, both venture firms focus on funding clean energy.
“Demand for more reliable and efficient thermal solutions is high, especially since solid-state lighting designs will make such a huge impact in energy consumption,” said Wes Raffel, General Partner of ATV. “Nuventix is poised to revolutionize how product manufacturers think about thermal management and we are excited to be part of that.”