Cooling technology company Sure Chill, has secured £4m investment from investor The Garage Soho and Africa-focused capital manager, Novastar Ventures.
The Cardiff-based company initially developed its unique cooling technology to protect lifesaving, temperature-sensitive vaccines in emerging countries where access to consistent and reliable power supplies are rare.
The Sure Chill technology harnesses a unique property of water to enable continuous cooling from inconsistent power and is said to be the only company to use this type of technology. The technology can keep on cooling refrigerators for days when the power goes out.
The latest investment – which brings Sure Chill’s total fundraising to over £10m – will be used to accelerate the development of other applications for the patented technology. Peter Saunders OBE, serial entrepreneur and investor remains the largest shareholder.
The investment will be used to attract more top talent as well as expanding its operations with new offices overseas.
After proving the success of its technology through vaccine refrigeration in both on- and off-grid locations, Sure Chill has received increasing interest from some of the world’s largest brands looking to make use of its cooling technology in other major commercial sectors.
Sure Chill’s turnover last year was £3m and the company has plans to grow significantly. The company has already doubled its team size in the last 3 months and has team members in China, USA and the UAE.
The latest £4m injection comprised £2m from The Garage Soho and £2m from Novastar Ventures.
Nigel Saunders, CEO of Sure Chill, said: “Cooling is a foundation of modern society, wherever you are in the world – from keeping food and vaccines cool to even keeping our data centres functioning. Unfortunately, though, many methods available for cooling are not fit for today’s world. That’s why the technology behind Sure Chill is so unique – it stores energy naturally and enables cooling devices like refrigerators to keep on cooling when the power goes out.
“Sure Chill is fundamentally a big idea which can improve lives for billions in developing countries whilst also helping people and businesses in developed countries to time-shift energy and reduce energy costs. The tech is scalable from cool box to refrigerator to warehouse.
“We are delighted to welcome two significant investors to join our ever-growing story. Both bring a particular skill set and experience to the company which is complementary. The funds will ensure we take the business to the next phase by successfully entering new markets and making Sure Chill a global brand.”