July 15, 2008

Austin Business Journal

Two major venture capital firms invest in Nuventix's latest funding round

Nuventix Inc. says it raised $14 million in its latest funding round.The Austin maker of the SynJet device -- a quieter and cheaper way to cool light-emitting diodes and computer chips -- says it will use the series C funding to expand its product offerings for new markets. Nuventix also plans to expand its portfolio of LED products.Advanced Technology Ventures led Nuventix's latest funding round. Waltham, Mass.-based ATV and Braemar Energy Ventures of New York were new investors in the company."Demand for more reliable and efficient thermal solutions is high, especially since solid-state lighting designs will make such a huge impact in energy consumption," says Wes Raffel, general partner of ATV.Explaining his group's interest in Nuventix, Raffel says the Austin company "is poised to revolutionize how product manufacturers think about thermal management, and we are excited to be part of that."Late last year, Nuventix closed a $10 million series B round of funding and says it was able to launch a series C round based on significant investor interest.Nuventix has about 30 employees and plans to grow to more than 40 by year-end. In April the company nearly tripled its office space with a lease for 21,000 square feet on Bostone Lane in Southwest Austin.