M&G has led a new funding round for data centre cooling technology company Submer.
Submer, which has so far raised $55.5m, said M&G’s catalyst strategy, alongside existing investors Planet First Partners and Norrsken VC and Mundi Ventures, committed to the series-C investment round.
Founded in 2015, Submer’s Smart Pods, immerses server racks in thermally conductive di-electric fluid, allowing generated heat to be effectively transferred, cooled and recycled.
M&G said its investment is expected to help support Submer’s global expansion, particularly in the US and Asia-Pacific.
Niranjan Sirdeshpande, global head of M&G’s catalyst investment strategy, said: “As global demand for AI and data capacity soars, Submer’s technology is a critical counter to the intensive energy and water requirements of digital infrastructure. Widespread adoption of liquid cooling will attract further institutional investment for its cost savings, sustainability benefits, not to mention the positive real estate fundamentals for property investors.
“Private capital has real potential to drive positive change and broaden the appeal for long term investors in this asset class and we’re excited to support Submer at this important time as they scale their capabilities globally.”
Pol Valls, founder and CFO of Submer, said: “We are grateful for the strong interest from investors and are thrilled to partner with M&G who very much align with our sustainability values.
“With this strong backing we are well positioned to continue to lead the liquid immersion cooling market and meet the growing demands of hyperscale data centres, enabling us to scale faster with our customers, whilst remaining focused on driving growing and meaningful impact in our industry.”
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