Nextreme Thermal, a spinoff from RTI International that is developing cooling and power management technology for electronic devices, has another $13 million in the bank.
The funding positions Nextreme to move into expanded production next year of its products that are expected to be used by the military and also in mobile devices. Some products have been on the market since October of last year.
The company, which recently moved into a new facility, closed on a “B” round of financing that was led by Chart Venture Partners.
Also investing were In-Q-Tel, the investment arm of the Central Intelligence Agency, RTI, Redshift Venture Partners, and Harris & Harris Group. Japan-based ITOCHU Corporation and ITOCHU Technology Ventures also participated in the round.
”We are very pleased with where we are now positioned,” said Jesko von Windheim, Nextreme’s chief executive officer. “We are seeing strong interest in the OptoCooler UPF4 and UPF40 products and anticipate design wins in the telecom industry this year. With financing in place and production up and running, we can concentrate fully on making that happen.”
True to its name and as demonstrated in its first products such as the OptoCoolers, Nextreme Thermal has developed patented means of dealing with heat in electronics.
Nextreme technology helps cool light-emitting diodes and helps boost battery power in devices such as laptops and night vision goggles.
RTI spun out Nextreme as a separate company in 2004, and the company launched operations in January 2005.
In-Q-Tel first invested in Nextreme in 2006. The CIA unit also has provided Nextreme with research and development funding.
Nextreme closed on $8 million in 2004, with investors including RTP-based Aurora Funds. It kept the “A” round open through 2007, and Nextreme eventually raised $14 million.
