Iceotope raises £6 million of VC capital two years after entering administration

Cleantech start-up Iceotope has closed its Series A fundraising round with help from venture capital firm Aster Capital.

Sheffield-based business Iceotope has the funds it needs to finance international investment following a £6 million fundraising.

The transaction comes two years after the business, which has developed a liquid cooling technology for data centres, entered administration.

Back in October 2011, Iceotope moved into administration before being bought out by a consortium of investors two months later by way of a seven-figure deal.

The consortium, which acquired the technology and IP, was led by the original engineering team of the business, including the company’s inventor and current CEO Peter Hopton.

The capital it has now raised through the Aster Capital-led deal will be put towards commercialising its products as well as ramping up hiring to expand into new international markets.

Iceotope CEO Hopton says that the technology developed has the potential to ‘revolutionise’ the high performance computing (HPC) markets and data centre industry.

‘The support provided by our new investors, along with a new partnership with Schneider Electric, will have a big impact on the development of the company and will allow Iceotope to build a global product ecosystem.’

Having first installed its product at the University of Leeds in 2012, Iceotope has moved into continental Europe and recently completed the equipping of a 3,200 sq ft networking centre in Poland.

Jean-Marc Bally, managing partner at cleantech-focused investor Aster Capital, says that the firm was impressed by the progress made by the Iceotope team in the last couple of years.

He adds, ‘We envision that, thanks to our corporate sponsors, particularly Schneider Electric and Solvay, we will be able to strongly support Iceotope developments and make it the future liquid cooling market leader within HPC and data centre markets.’

Paris-based Aster Capital does not currently have any other UK-based portfolio businesses, but has interests in companies located in Israel, France, Germany, Holland and the US.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics

Series A funding