Singapore, 26 Feb 2024 – KoolLogix, a leading innovator in heat removal solutions for data centres, is proud to announce the successful closure of its Pre-Series A funding round, led by OCBC, in December 2023. This milestone comes less than a year after its seed funding phase, underscoring the rapid growth and potential of KoolLogix in the technology sector. The invaluable support from EnterpriseSG has played a pivotal role in KoolLogix’s journey. Particularly noteworthy is the Enterprise Sustainability Programme (ESP) launched in 2021, which provided the company with access to green loans. These resources facilitated the expedited deployment of its test lab facility, amplifying the company’s capacity to innovate in energy-efficient solutions.
OCBC, the second largest financial services group in Southeast Asia by assets and a leading financial institution known for its sustainability initiatives, has been a strategic partner in this endeavour. KoolLogix has had a long-standing relationship with OCBC, but this was elevated in 2021 when the company received the Emerging Enterprise Award and the Emerging Enterprise Sustainability Award at the Emerging Enterprise Award jointly organised by OCBC and The Business Times. The investment from OCBC, which has also adopted KoolLogix’s technology in its own data centres, highlights the bank’s commitment to supporting green technologies and sustainable practices in the industry.
Mr Daniel Kwan, Head of Mezzanine Capital Unit, Global Investment Banking, OCBC, said “As a leading regional financial institution, OCBC is committed to driving the transition towards net zero and climate resiliency. We are excited to be part of KoolLogix’s journey to decarbonise the data centre industry, which fully aligns with our goal to build a low-carbon future. It is promising to see more home-grown enterprises with immense growth potential, such as KoolLogix, and we see huge value in our ongoing collaboration with Enterprise Singapore to support the local business ecosystem with innovative financing solutions.”
This fresh injection of capital marks a significant leap for KoolLogix, enabling the company to broaden its horizons beyond Singapore. With an existing office and User Experience Centre in Jakarta since 2023, KoolLogix is now poised to expand its international footprint. In addition to geographic growth, this funding will significantly boost its research and development efforts. Having collaborated with A*STAR’s Institute of High Performance Computing (IHPC) to develop a proprietary cooling system, KoolLogix has enabled data centre operators to save an average of 50% on energy costs. KoolLogix plans to advance the research collaboration with A*STAR by leveraging physics-based modelling and simulation, artificial intelligence (AI) and machine learning technologies to make its cooling systems smarter, helping its clients use even less energy and be more sustainable in the long term.
Mr. CK Cheong, Co-founder and CEO of KoolLogix, expressed, “We are delighted to announce a significant milestone in our growth journey, made possible by the early investment from OCBC. Their steadfast commitment has played a crucial role in advancing our shared objectives in sustainability and technology. This partnership has greatly bolstered our ability to address environmental challenges through innovative datacentre solutions, representing a significant step forward in our commitment to a sustainable future. We extend our heartfelt appreciation to OCBC for their vital role in our growth and shared vision.”
Through this new round of funding and strategic partnerships, KoolLogix is set to redefine efficiency and sustainability in data centre operations. It remains committed to pushing the boundaries of innovation in heat removal technology to pave the way for a more sustainable future in the data centre industry.
About KoolLogix:
Founded in 2018, KoolLogix is an award-winning data center thermal management company with a paradigm-shifting heat-removal solution that delivers improved energy efficiency and lower carbon emission. This is ideal for data center operators and their clients in achieving better operational returns and environmental sustainability goals. With headquarters in Singapore, KoolLogix has successfully deployed its solution to colocation, enterprise, and supercomputer data centers, servicing low to high power density ecosystems.
For more information, please visit: www.koollogix.com
About OCBC:
OCBC is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is one of the world’s most highly-rated banks, with Aa1 by Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
OCBC is the second largest financial services group in Southeast Asia by assets. The Group offers a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.
OCBC’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. Its insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the leading asset management companies in Southeast Asia.
The Group’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 410 branches and representative offices in 19 countries and regions. For more information, please visit www.ocbc.com
