Asetek Closes ‘B’ Series Financing; Expands Growth in U.S.
Asetek, Inc., a world leader in liquid cooling and thermal management solutions, announced today that the company has completed its “B” Series of funding. D. E. Shaw Ventures has led the $16 million series B round bringing the total investment in Asetek to nearly $38 million since the company was founded in 2000.
PCs are getting smaller, acoustics are becoming much more important, which means better thermal management is needed. People are tired of PCs sounding like jet engines when operating under load. Asetek has a solution that solves the thermal challenges by cooling both the CPU and the graphics in the popular small form factor PCs. This thermal management technology enables the small PC’s to now deliver the same performance that previously required large bulky chassis. Noise is also minimized to provide a comfortable computing experience to the end user. Asetek enables a cost effective thermal solution that provides low acoustic noise together and high performance to be delivered in a small form factor chassis. This daunting capability is not possible with traditional thermal solutions that exist today.
“We are excited to participate with Asetek as it continues its strong growth in the thermal management arena,” states Andre Turenne, a Senior Vice President at the D. E. Shaw group. “Asetek’s business relationships with premiere OEMs such as HP, Acer and other leading PC OEMs are an impressive accomplishment. This validated our belief in the company’s vision and future success.
“We are pleased by the confidence D. E. Shaw Ventures has demonstrated in our company’s technology and market directions,” states Andre S. Eriksen, founder and CEO of Asetek. “The D. E. Shaw group’s distinguished staff and financial expertise are ideal to guide Asetek’s expansion and growth. We will use the additional capital to add sales, marketing and technical resources to enhance our product offerings and expand OEM thermal management products into new markets.
Success drives growth
Premiere OEMs throughout the world such as Hewlett-Packard, Acer, Packard Bell and others continue to recognize Asetek as the preferred thermal management solution for their advanced system requirement in markets such as gaming, workstations, small form factor desktops and others.
The market demand for thermal management is experiencing rapid growth as computing form factors continue to shrink. Asetek’s advanced liquid cooling solutions are recognized as the ideal and most elegant solution for these new stringent thermal requirements.
Company to Strengthen U.S. Sales and Marketing
In a related announcement, Asetek announced that it will expand its sales and marketing activities in San Jose, California.
The plan calls for all sales, marketing and business development activities to be driven from the United States. Engineering and other key functions will continue to be led from the highly specialized Danish thermal competence center. Supply Chain management will expand to include new facilities at Asetek’s new Xiamen facility in China.
According to Eriksen, “Our global marketing and sales operations along with parts of our executive management team have been located in San Jose since the beginning of 2008. This ‘relocation’ is really the culmination of a long-term strategy to be a true global player in the liquid cooling and thermal management arena by effectively distributing our various centers of excellence to better serve our customers.
Asetek currently has offices in the United States, Denmark, Taiwan, and China.
Founded in 2000, Asetek is the world leading system thermal and acoustic management solution provider. Specialized designs incorporating liquid-cooling, vapor phase or vapor chamber technologies are utilized in providing OEM design solutions. These solutions are designed for applications where end-users demand exceptional performance, low noise and maximum reliability. Asetek’s strong brand name products such as VapoChill® and WaterChill™ are often the favorite choice of enthusiast grade cooling solutions having obtained more than 200 international press awards in the past decade.
Asetek is headquartered in Denmark with offices in San Jose, California and Asia. Asetek works actively with leading-edge companies within the industry to ensure cost effective thermal performance, low acoustic noise and system reliability is achieved. For more information, please visit http://www.asetek.com.
About the D. E. Shaw Group
D. E. Shaw Ventures is the venture capital unit of the D. E. Shaw group. The D. E. Shaw group is a global investment and technology development firm with more than 1,500 employees; approximately $39 billion in aggregate investment capital as of July 1, 2008; and offices in North America, Europe, and Asia. Since its organization in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.