Nuventix, Austin-based creator of SynJet® active thermal management solutions, announced today it has closed $8 million in new funding, $4M in capital and $4M in credit. 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.”
