Hong Kong-based electricity-free cooling technology startup i2Cool has raised HK$100 million ($12.7 million) in a Series A funding round from investors including CITIC Capital’s private equity investment affiliate Trustar Capital, according to a company statement on Thursday.
Future Times Technology and the Hong Kong and China Gas Company, or Towngas, also committed capital in the round, alongside investors from previous funding rounds, the statement added.
The latest Series A financing round marks the startup’s fourth round of funding in the past two years.
i2Cool is backed by Neil Shen’s Hong Kong X Technology Fund, HongShan-funded Clear Water Bay Venture Capital, Shenzhen-headquartered venture capital firm China Prosperity Capital, Shanghai-based investment firm Silicon Harbor Capital, and more.
The committed capital in this round will be used to advance R&D of new technologies, expand its product portfolio, and step up its push into global markets.
The startup’s zero-energy, low-carbon cooling technology allows sectors like architecture, chemical industry, power & telecom, new energy, logistics, grain storage, and solar panels to decrease heat, cut air conditioning expenses, and increase efficiency.
Founded in 2021, its products have been implemented in over 100 projects globally, spanning more than 20 countries and regions worldwide, including mainland China, Hong Kong, Macao, Southeast Asia, the Middle East, Europe, and the United States.
