Nuventix Secures $8 Million In New Funding
April 13, 2009
For Immediate Release
Funds Will Accelerate Asian Market Development and Advanced Engineering
AUSTIN, Texas (April 13, 2009) — Nuventix, Inc., innovator of SynJet® active thermal management solutions, announced today it has closed $8 million in new funding. The funding will accelerate advanced development of the company’s groundbreaking SynJet cooling technology, an active cooler of solid state lighting which uses synthetic jets to enable energy efficiency and reduce energy consumption in lighting designs. Funding will also be used to add support resources for existing and new Asian distributors as Nuventix expands its geographic reach.
Braemar Energy Ventures contributed $3 million and Uniquest of Korea added $1 million. The funding is an extension of Nuventix’ series C round of fundraising announced in July 2008 in which Braemar Energy Ventures had already participated. This additional $4 million closes out the company’s total $18 million series C round. The company also signed an agreement with Silicon Valley Bank that makes a $4 million line of credit available to the company. Nuventix has now raised $32.5 million since its inception. Nuventix will use these funds to add specialized engineering staff and to facilitate expansion into new geographies.
“In the current economic climate, investors are being more conservative about the companies they support. Braemar has significant investment experience in energy efficient lighting, and this additional funding is a strong vote of confidence in our products and our business prospects,” said Jim Balthazar, president and CEO, Nuventix. “With this funding, we look forward to accelerating the development of new, cost effective active thermal management designs and to expanding the geographic reach of SynJet cooling products.”
Nuventix’s SynJet electronics cooling technology is currently utilized by leading LED lighting manufacturers to cool high brightness LED lights. This technology allows LED designers and manufacturers to build energy efficient lighting solutions without thermal constraints. In addition to reducing energy consumption in lighting designs, SynJet technology can also be used for chip cooling in high performance servers, an ever increasing drain on energy resources.
“Nuventix’s unique energy efficient technology mirrors Braemar’s belief in being ahead of the curve and complements our existing energy technology portfolio,” said Dennis Costello, managing partner, Braemar Energy Ventures. “We’ve been impressed with the broad market adoption of Nuventix’s SynJet cooling technology and are pleased to continue our support during these difficult financial times.”
Nuventix is the company that cools, providing the only process using synthetic jets to answer the growing problem of thermal management in electronics. From chips in LED lighting to embedded computing and beyond, the Nuventix SynJet offers a reliable, quiet and energy efficient cooling solution in a variety of sizes and form factors. Nuventix, with its innovative and award-winning SynJet technology product line, has been solving thermal management problems for customers around the world since 2003. Visit www.nuventix.com.
For more information
- Helen Rodriguez
- INK Public Relations for Nuventix
- (512) 382-8988
- Ryan Ahearn
- (512) 382-8123
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.
For more information
- Alison McIntyre
- Prosek Partners
- (212) 279-3115 x269