CooliBlade, the thermal management company known for its integrated thermal channels for the power electronics industry, has closed the seed funding round to complement the million-euro investment made last year. This 820’000 € additional SEED funding is speeding up the commercialization of CooliBlade’s proprietary NEOcore technology and the international business and sales development.
Butterfly Ventures is the leading investor of this funding round. Butterfly Ventures announced the first €47m closing of a new €100m EU Article 8 fund just a few months ago. The new sustainable development fund focuses on making capital investments in science-oriented growth companies in the technology sector and device innovations in the Nordic and Baltic countries. There was a good match between the scope of Butterfly Ventures’ new fund and CooliBlade’s mission. The existing and two new private investors also joined in this investment round.
CooliBlade gathered the funding to strengthen its ambitious growth plan and develop its capability in internationalization and current key accounts. One key target is also transferring the NEOcore technology into widescale production.
“We are pleased that we could close the funding negotiations smoothly with Butterfly Ventures. We see that Butterfly Ventures’ expertise and new fund give us a long-term partner to lead this round and potential future rounds with the professionalism required to support our ambitious growth strategies. The electrification boom is creating awesome business opportunities for our technology platforms, and this new additional SEED funding is accelerating our market entry implementation plans.”, says Vesa Pentikäinen, CEO of CooliBlade.
CooliBlade has built a strong foundation for growth in the first operational year. The company has started pilot projects in several high-power electronics application areas, from LED luminaires and telecommunications to AC drives and renewable energy solutions. The first product family, the COMET series, was launched in the spring of 2022. The production line ramp-up took place this summer. Multiple new product versions based on the NEOcore technology will be introduced in the next 12 months. The customer feedback from events and fairs such as PCIM Europe and Light+Building has created an in-depth view of the current thermal management market and its solutions and confirmed CooliBlade’s vision of solutions in its key application areas.
“We started following CooliBlade already when it was a research project. The company’s novel solution and experienced team made it easy for us to make the investment decision when we started deploying our latest fund. CooliBlade’s solution significantly enhances their customers’ product performance and fits nicely to the trend of electrification and energy efficiency.” says Ville Heikkinen, Partner of Butterfly Ventures.
CooliBlade’s NEOcore technology is the first integrated thermal channel for aluminum thermal management solutions. The technology enables instant heat transfer inside the whole heat sink structure, resulting in ultimate cooling performance. NEOcore technology allows low-weight, cost-efficient, and mass-customizable thermal management solutions that increase product lifetime and maximize customer designs’ performance.
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