LiquidStack
LiquidStack, a Texas-based startup developing technologies to cool down data centers, has secured a $20 million Series B extension from investment firm Tiger Global.
Data centers are famously energy-intensive. According to various estimates, they use between 1% and 3% of the world's electricity. It's a figure that's expected to rise thanks to growing demand for AI services.
Launched in 2012, LiquidStack has created several cooling technologies for data centers. One of those is a coolant distribution unit, a rectangular-shaped device the size of a large fridge. It's designed to reduce the amount of water and energy needed in the cooling process compared to traditional methods, such as air cooling.
LiquidStack has also launched a two-phase immersion cooling unit to reduce energy in high-density server environments.
The startup's products are designed and manufactured at its Texas-based facility. It provides services from installation to maintenance. Overall, LiquidStack claims that its products can lead to a 41% reduction in energy usage and up to 100% reduction in water usage.
Joe Capes, CEO of LiquidStack, said that Tiger Global's support in the round was a "testament to the unique benefits that LiquidStack's technology and approach offer the market."
The $20 million Series B extension, led by US-based investment firm Tiger Global, brings the total Series B round to $35 million. According to PitchBook, additional funding in this round came from manufacturing giant Trane Technologies.
With the fresh funding, the company plans to double down on its investment in two-phase and single-phase cooling solutions and expand its coolant distribution unit product roadmap.
Check out the 13-slide pitch deck it used to secure the fresh funding.
