GE Energy Financial Services, the corporate venturing unit of US-based energy conglomerate General Electric, and US-based thermal management and touch screen firm Bergquist Company have invested in the latest round of financing for thermal management company Nuventix. The round closed at $10m.
GE and Bergquist were joined in the round by existing investors, venture capital (VC) firms Braemer Energy Ventures, CenterPoint Ventures, InterWest Partners and Rho Ventures.
The VC firms had previously participated in Nuventix’s series C round, which closed at $18m in April 2009, along with Korea-based electronics component distrbutor Uniquest and fellow VC firm Advanced Technology Ventures. In addition, the firm secured a $4m line of credit from the Silicon Valley Bank.
Centrepoint, Rho and InterWest also invested in Nuventix’s series A and B rounds, in 2005 and 2007 respectively. Nuventix has raised a total of $42.5m in financing since its inception.
Nuventix has developed a cooling technology it calls SynJet to cool light-emitting diode (LED) lighting systems. LED systems, which are becoming more ubiquitous due to their energy-efficient qualities, need cooling to prevent them burning out quickly and the SynJet works as an alterative to traditional fan systems.
Ricardo Angel, senior vice-president of venture capital at GE Energy, said: "As the company that helped introduce lighting into homes and businesses more than 130 years ago, GE brings more than money to this investment, such as unparalleled expertise and market reach, to accelerate the adoption of next-generation lighting."
Steve Briggs, vice-president of marketing and product management at GE Lighting, added: "Nuventix’s technology can improve the quality of LED lights by making them brighter, longer-lasting and potentially cheaper."
GE’s contribution was made as part of its $200m Ecomagination Challenge, set up to invest in innovative home energy technology. Alongside the capital, GE has entered into a licensing agreement that will allow it to access Nuventix’s patent portfolio. Nuventix is one of 15 such organisations to benefit from the Ecomagination program.