CoolIT Systems leads industry shift from air to liquid cooling - Completes $6.2M Series B Financing

CALGARY, AB, Oct. 5, 2011 /PRNewswire/ - CoolIT Systems Inc. has completed a $6.2 million series B growth financing in conjunction with an expansion of business to service growing demand. Existing investors led by iNovia Capital and new investor Chart Venture Partners, L.P. of New York came together under a shared belief that CoolIT is ideally positioned to support the present industry shift from air to liquid cooling.

"This financing will support the increased working capital and manufacturing capacity required by our rapidly growing delivery schedules," said Geoff Lyon, CEO & CTO of CoolIT Systems. "I'm particularly excited about our 2012 product line; where we're aiming to reduce data centre cooling costs by up to 70% while supporting density increases to over 30kW per rack."

"We believe CoolIT has a unique ability to address this growing market", said Matt McCooe, Partner with CVP and recent addition to the CoolIT Board of Directors. "Higher density rack-mount systems including blade chassis and multi-processor 1U pizza boxes are all thermally limited; and our research has shown that both equipment manufacturers and operators are now keen to achieve the increases in capacity and reductions in power consumption afforded by moving to liquid."

"One of Henry Ford's most visionary moves one hundred years ago was the standardization of liquid cooling to solve heat related limitations as automobiles moved to mass production. The datacenter is at this same turning point, and we view CoolIT's solid experience and IP position working with liquid at a micro-scale as fundamental to future computing systems", said Shawn Abbott, Partner with iNovia Capital.

About CoolIT Systems
The pioneer of maintenance free liquid cooling technology, CoolIT delivers hundreds of thousands of reliable, cost-effective, high-performance cooling systems each year to system manufacturers, data centre operators and through its Corsair partnership to retail customers. More information, including data sheets, at www.coolitsystems.com.

About Chart Venture Partners
CVP is a $100M venture capital fund investing in highly advanced technologies with government and commercial applications. We invest in differentiated opportunities with large markets where we add value through our industry experience, network of relationships and technology insight. More at www.chartventure.com.

About iNovia Capital
iNovia partners with exceptional entrepreneurs to build successful companies in high growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $165M under management across two seed and early stage funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at www.twitter.com/iNovia.

SOURCE INOVIA CAPITAL