Vette Corp. secures $15m series B financing led by 3i
Global supplier of thermal management solutions positioned for leadership in worldwide electronic thermal market
Manchester, NH - October 26, 2004 - Vette Corp., a global provider of thermal management solutions, announced today that it has closed $15 million in a round of Series B financing. The financing was led by venture capital firm, 3i and included existing investors, Kodiak Venture Partners and General Catalyst Partners. The company will use the funds for future acquisitions and to expand its manufacturing capabilities.
"3i''s support, as well as the ongoing commitment from our existing investors, will enable us to take a market-leading position in global thermal management solutions," commented George Dannecker, CEO of Vette. "Our first acquisition of Eumax in June 2004 provided a strong front-end for our business, with top tier engineering, solid Asian sales and manufacturing of fans and heat sinks for computer applications. Since the Series A funding, we have built out a strong global sales and supply chain organization and this new round of funding will be used for a second acquisition that will afford us a premier manufacturing engine, making us a total global solutions provider."
Vette''s heat sink technology works by dissipating the heat that electronic components create when drawing large amounts of power. The problem becomes more severe when coupled with the drive for smaller packaging of the electronic system, thus increasing the overall heat density of the application.
"As electronic components become smaller and power requirements continue to rise, thermal management is becoming a critical constraint on system performance, driving the demand increasingly higher for complex thermal solutions," remarked Peter Bollier, partner, 3i. "Vette has positioned itself firmly in the forefront of this industry with its advanced applications and its global, integrated approach to the market." Concurrent with the funding, Peter Bollier has joined Vette''s Board of Directors.
According to leading analyst firms, the worldwide electronic thermal market, estimated at $3.9 billion in 2003, is expected to grow by 8.8% annually for the next two years, with heat sinks and fans alone representing a $2.2 billion market.
Notes to editors
About Vette Corp.
Vette Corp. is a rapidly growing venture-backed global company that specializes in solving thermal challenges in electronic cooling for the leading OEMs in both the computer and industrial industries. With company owned Asian-based manufacturing of heat sinks and fans, coupled with their advanced applications and design teams, Vette Corp. offers their global customers the lowest cost, highest quality technology solutions for their most complex thermal problems. For more information, visit: www.vettecorp.com.
3i is a leading international venture capital firm with U.S. offices in Menlo Park, CA and Waltham, MA. Operating since 1945, 3i has invested over $31 billion worldwide, including co-investment funds, and has a total staff of 750 employees operating out of 30 offices in 14 countries. 3i leverages its worldwide presence to add value to its portfolio companies and investment partners. In the United States, 3i concentrates on early and late stage technology investments in companies with the potential to be leaders in their markets. Outside the USA, 3i invests broadly in buyouts, growth capital and venture capital.
Since opening its US businesses in 1999, 3i has become one of the most active early and late stage VCs in the US. Recent investments in early stage companies include Crystal IS, Neoguide Systems, DAFCA, SiGe, Nanostellar, Bitfone, and OmniGuide. 3i has been equally active in late stage companies with recent investments in Vonage, Speakeasy, Skystream Networks, Merchant e-Solutions, Placeware, Top Layer and SCP Global Technologies. Visit 3i and its portfolio at www.3ius.com.
About General Catalyst Partners
General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals'' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. For more information, please visit:http://www.generalcatalyst.com.
About Kodiak Venture Partners
Kodiak Venture Partners is a Waltham, Massachusetts-based venture capital firm focused on seed and early stage investments in emerging communications/IT, semiconductor and software companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking accelerated market success. Kodiak''s investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, building and funding market leaders. For more information, visitwww.kodiakvp.com.