Nautilus sails to $26m series C

Nautilus will launch a manufacturing centre in Ireland for its water-cooled data centres following ISIF’s $5m commitment to its latest funding round.

Nautilus Data Technologies, a US-based data centre cooler developer, has raised $26m in series C funding from a consortium featuring Irish sovereign wealth fund Ireland Strategic Investment Fund (ISIF).

ISIF supplied $5m to the round, while conglomerate Keppel provided $10m through its indirectly-owned subsidiary Keppel Data Centres. Other backers included investment firm Emerson Collective’s sustainability initiative, Emerson Elemental, and undisclosed backers.

Founded in 2013, Nautilus is building data centre coolers that use a direct water supply before filtering and recirculating the liquid back to source. 

The technology is expected to be more cost-efficient and environmentally friendly than air-based models, which tend to waste water through evaporation.

The cash will be used to construct data centres that are either waterborne or close to an aquatic source. Nautilus will also open a prefabrication base in Ireland, and ISIF expects the first Irish-built centres to generate a maximum annual turnover of $40m.

Nautilus previously raised $10m in a series B round in 2015 from an unnamed energy sector investor, after unnamed backers had supplied $2m in series A funding in 2014, according to deals database PitchBook.

Paul Saunders, head of innovation and special investments for ISIF, said: “We are excited by Nautilus’s ability to substantially reduce the energy consumption and carbon footprint of data centres.

“It is a great example of the fund’s ‘double bottom line’ mandate of generating a commercial return in addition to supporting economic activity and employment in Ireland.”

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