JetCool raises £14 million Series A funding round to meet demand for data centre cooling
Wed 18 Oct 2023
JetCool, a leading liquid cooling company for data centres, announced today the successful closure of a £14 million ($17 million) Series A funding round.
Led by Bosch Ventures, the corporate venture capital arm of the Bosch Group, the investment round includes participation from leading technology investors such as In-Q-Tel, Raptor Group, and Schooner Capital.
The funds will be used to fuel global growth and further expand the company’s road map of next-generation liquid cooling solutions to match the growing demand for AI and high-density computing. As part of its investment, Bosch Ventures Investment Partner, Adam Jackson, will join JetCool’s board of directors.
This investment comes at a time of intensifying demand for AI and high-density chips, where effective cooling solutions have become paramount. The global data centre liquid cooling market is rapidly growing; it accounted for £1.85 billion ($2.25 billion) in 2021 and is predicted to surge at a CAGR of 25.8% to reach a valuation of £25.5 billion ($31.07 billion) by 2032, according to Persistence Market Research.
“In the rapidly evolving tech landscape, with advanced AI platforms and complex chip designs, there’s an urgent need to address increasing heat, power, and water consumption in data centres,” said Bernie Malouin, CEO of JetCool.
“With support from Bosch Ventures, IQT, and our current investors, JetCool is poised to meet this demand and revolutionize the cooling industry,” said Malouin.
The AI and High-Density Chip Boom
In the era of AI-driven applications and dense chip architectures, JetCool’s patented microconvective liquid cooling technology is an option for addressing overheating, enhancing performance, and prolonging the lifespan of computing systems, ensuring they operate at their peak potential without compromising on efficiency or durability.
JetCool plays a role in powering high-performance computing and AI operations and also in sustainability efforts within the data centre industry.
“When a technology that saves natural resources and energy aligns with a rapidly growing market demand, it’s crucial to seize this opportunity,” said Dr. Ingo Ramesohl, Managing Director of Bosch Ventures.
“JetCool is well positioned to significantly transform the liquid cooling industry on a global scale, and this capital infusion will help drive continued leadership and innovation in this emerging, but soon-to-be essential, technology category,” added Ramesohl.
The investment follows two industry partnerships forged by JetCool. In May, JetCool debuted its SmartPlate System for Dell Technologies’ next-generation PowerEdge servers.
By integrating JetCool’s advanced liquid cooling into Dell PowerEdge servers, customers can deploy liquid cooling within the space of a traditional air-cooled server, maximising server investments while achieving superior computing performance.
In June, JetCool announced a collaboration with DuPont to increase the adoption of advanced liquid cooling technology and create a sales channel to target semiconductor companies in Taiwan and Singapore.
“IQT believes in investing in visionary startups and JetCool fits perfectly with this strategy,” said Jon Chait, Partner at In-Q-Tel.
“Demand for innovative liquid cooling solutions is being driven by increased water scarcity, and the rise in colocation and next-generation hyper data centres. We look forward to partnering with JetCool as they continue to grow their team, execute their go-to-market plan and take advantage of the tremendous global opportunity that lies ahead,” added Chait.
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