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British Patient Capital invests £5 million in immersion cooling technology business Iceotope

Press release 07 July 2022

British Patient Capital has invested £5 million in Iceotope, a Sheffield-based developer of immersion cooling solutions for data centres and other IT infrastructure, as part of a £30 million Series B round.

The investment has been made via Future Fund: Breakthrough, British Patient Capital’s £375 million programme where it co-invests with private sector investors in innovative, R&D-intensive UK companies. The round was led by ABC Impact, and joined by nVent, SDCL Energy Efficiency Income Trust plc, Northern Gritstone, Pavilion Capital and Edinv.

Headquartered in Sheffield, Iceotope’s unique, liquid-based, precision cooling technology provides a low-cost, high-performance solution for efficient cooling of data processing IT equipment, whilst also reducing the sector’s carbon emissions and water usage.

From its head office in Sheffield, Iceotope is a great example of the breadth and depth of talent and technology we have in the UK. The management team has extensive sector experience, and given the rapidly increasing demands for global data processing, the business is well-placed for international expansion. Iceotope is precisely the type of business Future Fund: Breakthrough was created to support, and we are delighted to be helping the business as it scales up and strengthens the UK’s position as a global science superpower. Judith Hartley CEO, British Patient Capital
This significant investment, the largest amount so far invested in liquid cooling, is a testament to the great work of our designers, as well as the many technology and channel partners that have placed their trust in our ability to cool data centre servers more efficiently in a vertical rack form factor. Given the global importance of the data centre sector, which can only increase as edge facilities proliferate and extend to the far reaches of civilization, we look forward to accelerating our global deployment plan with the help of our new and existing investment partners. David Craig CEO, Iceotope Technologies

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Notes to editors

About British Patient Capital

British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank plc’s commercial arm.

Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5 billion to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

This investment from British Patient Capital does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.

About Iceotope

Iceotope’s chassis level precision immersion cooling solutions are engineered to cool the whole IT stack, in every use case, from Hyperscale to the Extreme Edge. By removing the need for fans and air-cooling infrastructure, Iceotope’s technologies operate in near silence — bringing game-changing reduction in energy and water consumption, and significant cost reductions in the design, build and operation of data centres and HPC solutions. For more information, visit iceotope.com.

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