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Asetek Receives $4 million in Venture Capital
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Old 18th January 2007, 10:25   #1
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Icon17 Asetek Receives $4 million in Venture Capital

Broenderslev, Denmark – January 17, 2007 – Asetek, the market leader of thermal management solutions for semiconductors, announced today the investment of $4 million following the investment of $5 million closed last year. Northzone Ventures, Vaekstfonden, KT Venture Group, and a group of private investors participated in the round.

Asetek is the leading thermal management solution provider in the high performance, low noise and next generation mainstream chip cooling markets sporting international brands such as VapoChill® and WaterChill™.

As a part of a long term OEM strategy that we started implementing a year ago, I am happy that we have achieved the required milestones to get the 2nd tranche of the investment we received last year. During 2006 we have reached significant milestones such as finalizing product development, starting up a U.S. branch office, almost doubling the number of employees in our professional and committed team, signing up with leading Asian contract manufacturers, and I am proud to say that we will soon announce our first design wins with leading OEMs,” said André S. Eriksen, founder and CEO of Asetek.

This follow-up investment will enable us to achieve the business success that our technology innovation and market demand warrants, and 2007 will be all about product roll-out and getting design wins in various segments. In addition the investment allows us to continue our globalization, and we will soon open branch offices in Taipei and Hong Kong,” Mr. Eriksen continued and concluded by stating that Asetek will hire 10 new employees within Europe, US and Asia in the next few months.

Thermal management is more important than ever: with the arrival of native 4, 8 and 16-core CPUs, multi-CPU motherboards, rapidly increasing graphics chip power, increasing end-user demand for smaller form factors/lower acoustic emission, and finally datacenters that are struggling with cooling and density problems. Asetek has different state-of-the-art solutions to ease this increasing pain.

During 2007 I expect Asetek to engage in partnerships that enabled by Asetek’s thermal solutions will develop innovative new product concepts in terms of form factors, solution designs and performance,” said Gregers Kronborg, Chairman of Asetek and General Partner with Northzone Ventures. “Asetek will make the thermal solution an enabling design parameter to be considered strategically up front rather than a necessary evil fitted at the back end.”

“Efficient chip-cooling can no longer be provided by inexpensive ‘off the shelf’ single components. In the future optimized chip-cooling solutions will be an integral and important part of the system design process. To meet future requirements in advanced chip-cooling, Asetek's liquid cooling solutions are based on know how from different disciplines like thermodynamics, acoustics, fluid & air flow dynamics, mechanics, and material science. The current investment will help to cement Asetek as one of the most promising suppliers of integrated cooling solutions in the global marketplace," says Jimmy Fussing Nielsen, head of Vaekstfonden Technology Ventures.
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