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News Release from: UK Trade and Investment
Edited by the Electronicstalk Editorial
Team on 28 July 2005
Nano-cooling technology company raises
funds
iCurie Lab Holdings, a nano-cooling technology company, has successfully closed a $17 million private placement led by Indigo Securities and Axiom Capital Management of New York.
UK Trade and Investment's Global Entrepreneurs Programme (GEP) today announced that its client, iCurie Lab Holdings, a nano-cooling technology company, has successfully closed a $17 million private placement led by Indigo Securities and Axiom Capital Management of New York William Pedder, Chief Executive of Inward Investment Group at UK Trade and Investment said: "iCurie is a shining example of the type of company that the UK Global Entrepreneurs Programme is designed to support - an entrepreneur with strong intellectual property, and the ability to address major global markets"
This article was originally published on Electronicstalk on 15 Dec 2004 at 8.00am (UK)
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The financing includes a syndicate of institutional investors and business leaders from both the US and UK, and the company will also be gaining a public listing via a share exchange with a fully reporting US over-the-counter bulletin board company - iCurie.
iCurie will use the proceeds to fund manufacturing and expansion.
Dr Jeong Hyun Lee, former NASA and Samsung engineer and founder of the company, said: "Although our core technology was developed in South Korea, I realised I needed a more strategically appropriate location for growing a global company based on our innovative intellectual property".
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"UK Trade and Investment's programme showed us how the UK is an excellent base from which to enter the European and other global markets".
"Our dealmaker also made professional and advisory resources more easily available to me and provided invaluable support for our fundraising".
GEP employs professional "dealmakers" who assist entrepreneurs by identifying sources of finance and assisting in setting up their companies in the UK.
Dealmaker Eric Van der Kleij said: "It is very satisfying to have iCurie and its backers recognise the advantages the UK offers to exceptional knowledge-based businesses".
"The company now has many of the ingredients it needs to become the acknowledged leader in its sector, and we are delighted with the trust they placed in the programme to help them grow their business".
Since setting up operations in the UK, iCurie has received the first certification of its technology well ahead of schedule.
The company's iCurie Cooled nanotechnology cooling system passed performance testing and received certification from LG Electronics.
iCurie wants its technology to become the new standard in cooling for the electronics industry worldwide.
The GEP dealmaker, Eric Van der Kleij, previously assisted iCurie in raising $3 million in initial funding last year.
In addition to supporting the financing, GEP assisted iCurie with attracting senior management and acquiring, transferring and securing the core intellectual property into a British company.
This provided a UK base from which iCurie can grow into European and other global markets. Request free introductory details about products from UK Trade and Investment ...
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