Global thermal management solutions continues expansion
Vette Corp has announced that it has closed $27 million in Series C financing. Investors AllianceBernstein and Wise Strategy Group Limited joined existing investors 3i, General Catalyst, and Kodiak Venture Partners, all of whom led the round.
Vette will further expand its manufacturing capabilities in Asia and the United States, continue horizontal and vertical integration in the thermal solutions market, and develop advanced thermal technologies.
"We view Vette as a very promising player in IT markets and power semiconductor applications," says Jamie Kiggen, senior vice president, AllianceBernstein. "Vette's thermal solutions continue to help solve the challenges of miniaturization and integration for electronics OEM's as they react to market demands for smaller, smarter and faster electronic devices."
"This funding enables us to provide our customers with a broader portfolio of thermal solutions, global supply chain support and the market advantage of low cost for their thermal solutions," said George Dannecker, President and CEO, Vette.
"We look forward to continuing our growth," concluded Dannecker.
Leading analyst firms expect the worldwide electronic thermal market to grow by 8.8% annually for the next two years (approximately $4.4 billion for 2006) with thermal solutions for power electronics representing a $2.2 billion market. Thermal management technology removes heat that diminishes the performance of electronic products in an increasingly wide array of industries. Heat dissipation problems in electronic components and systems increase as more powerful computer chips, increased system integration, smaller form factors, and more sophisticated power requirements continue to be driven by consumer demands.
