Liquid cooling technology specialist wins £5m investment backing

British Patient Capital has invested £5m in Iceotope, a Sheffield-based developer of immersion cooling solutions for data centres and other IT infrastructure, as part of a £30m Series B round.

The investment has been made via Future Fund: Breakthrough, British Patient Capital’s £375m programme where it co-invests with private sector investors in innovative, R&D-intensive UK companies.

The round was led by ABC Impact, and joined by nVent, SDCL Energy Efficiency Income Trust plc, Northern Gritstone, Pavilion Capital and Edinv.

Iceotope’s liquid-based, precision cooling technology provides a low-cost, high-performance solution for efficient cooling of data processing IT equipment, while also reducing the sector’s carbon emissions and water usage.

Judith Hartley, CEO of British Patient Capital, said: “From its head office in Sheffield, Iceotope is a great example of the breadth and depth of talent and technology we have in the UK.

“The management team has extensive sector experience, and given the rapidly increasing demands for global data processing, the business is well-placed for international expansion.

“Iceotope is precisely the type of business Future Fund: Breakthrough was created to support, and we are delighted to be helping the business as it scales up and strengthens the UK’s position as a global science superpower.”

David Craig, CEO of Iceotope Technologies, added: “This significant investment, the largest amount so far invested in liquid cooling, is a testament to the great work of our designers, as well as the many technology and channel partners that have placed their trust in our ability to cool data centre servers more efficiently in a vertical rack form factor.

“Given the global importance of the data centre sector, which can only increase as edge facilities proliferate and extend to the far reaches of civilization, we look forward to accelerating our global deployment plan with the help of our new and existing investment partners.”

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