Monday, April 13, 2009

Braemar backs Texas LED chiller Nuventix

By Mass High Tech staff

Braemar Energy Ventures has participated in the latest funding for Austin, Texas, cooling systems company Nuventix Inc., according to the company.

Of the $8 million tranche that closes out the Series C round for Nuventix, Braemar contributed $3 million, and Uniquest of Korea added $1 million. The remainder of the $8 million comes from an agreement with Silicon Valley Bank that makes a $4 million line of credit available to the company.

Braemar, with offices in Boston and New York, had already participated in the Series C round of fundraising announced in July 2008, bringing the total raised by Nuventix to $32.5 million since it launched.

Nuventix says it will use the new funds to add specialized engineering staff and to expand into new geographies for its SynJet active thermal management solutions. The SynJet cooling technology is an active cooler of LED lighting using synthetic jets to enable energy efficiency and reduce energy consumption in lighting designs, officials said.

Braemar is no stranger to LED technology companies, having invested in Billerica-based Luminus Devices Inc. The firm led Luminus’ $72 million fifth round of financing in March of 2008.