Home > Press > UK Trade & Investment Helps iCURIE Secure $17M In Financing
Nano-cooling technology company expands in UK with US financing
UK Trade & Investment Helps iCURIE Secure $17M In Financing
July 27, 2005
UK Trade & Investment's Global Entrepreneurs Programme (GEP) today announced
that its client, iCurie Lab Holdings Limited (iCurie), a nano-cooling
technology company, has successfully closed a $17 million private placement
led by Indigo Securities LLC and Axiom Capital Management Inc. of New York.
William Pedder, Chief Executive of Inward Investment Group at UK Trade &
"iCurie is a shining example of the type of company that the UK Global
Entrepreneurs Programme is designed to support - an entrepreneur with strong
intellectual property, and the ability to address major global markets."
The financing includes a syndicate of institutional investors and business
leaders from both the US and UK, and the company will also be gaining a
public listing via a share exchange with a fully reporting US
over-the-counter bulletin board company - iCurie, Inc, (OTCBB symbol: ICUR).
iCurie will use the proceeds to fund manufacturing and expansion.
Dr. Jeong Hyun Lee, former NASA and Samsung engineer and founder of the
"Although our core technology was developed in South Korea, I realised I
needed a more strategically appropriate location for growing a global company
based on our innovative intellectual property. UK Trade & Investment's
programme showed us how the UK is an excellent base from which to enter the
European and other global markets. Our Dealmaker also made professional and
advisory resources more easily available to me and provided invaluable
support for our fundraising."
GEP employs professional "Dealmakers" who assist entrepreneurs by identifying
sources of finance and assisting in setting up their companies in the UK.
Dealmaker Eric Van der Kleij said:
"It is very satisfying to have iCurie and its backers recognize the
advantages the UK offers to exceptional knowledge-based businesses. The
company now has many of the ingredients it needs to become the acknowledged
leader in its sector, and we are delighted with the trust they placed in the
programme to help them grow their business."
Since setting up operations in the UK, iCurie has received the first
certification of its technology well ahead of schedule. The company's iCurie
Cooled(tm) nanotechnology cooling system passed performance testing and
received certification from LG Electronics. iCurie wants its technology to
become the new standard in cooling for the electronics industry worldwide.
The GEP Dealmaker, Eric Van der Kleij, previously assisted iCurie in raising
$3 million in initial funding last year.
In addition to supporting the financing, GEP assisted iCurie with attracting
senior management and acquiring, transferring and securing the core
intellectual property into a British company. This provided a UK base from
which iCurie can grow into European and other global markets.
Notes to editors:
1. UK Trade & Investment is the government organization that provides
integrated support services for both UK companies engaged in overseas trade,
and foreign businesses focused on the UK as an inward investment location.
For more information visit the web site at www.uktradeinvest.gov.uk
UK Trade & Investment launched the Global Entrepreneurs Programme (GEP) in
2003 as a new approach to economic development. The GEP champions new
business ideas by bringing together entrepreneurs and those who can best
guide them towards success in the UK. The Dealmakers act as a liaison
between the government and entrepreneurs. GEP is currently working with 85
entrepreneurs from the US and Asia/Pacific, and an additional 20 have
successfully developed businesses or opportunities in the UK with the support
of the GEP. For more information visit the GEP website at
2. iCurie develops and commercializes nanotechnology derived cooling
solutions for the PC, personal communications and display industries. iCurie
was founded in 2000 by Dr. Lee, a former NASA and Samsung engineer. iCurie,
Inc. It is US publicly quoted (OTCBB symbol: CMTD ) parent of London-based
iCurie Lab Holdings Limited, and Seoul, Korea based iCurie Labs, Inc.
Additional information on iCurie and its technology is available at
UK Trade & Investment Press Office
Copyright © UK Trade & Investment
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