SAN JOSE, CA — June 23, 2014 KULR Technology Corporation, whose proprietary carbon fiber based thermal management solutions target to disrupt the $11B thermal management market, today announced the closing of a $1M Series A financing round from investors, including executives and founding investor of BYD Co Limited, Credit Suisse, and O2 Micro-Electronics. KULR’s carbon fiber-based architecture replaces less efficient aluminum and copper based heat spreaders and exchangers, which are energy intensive and less environmentally friendly to produce. Carbon fiber thermal interface materials are superior alternatives to particle based thermal interface materials for higher performance, lower contact pressure, higher compliance, and longer reliability.
KULR Technology’s disruptive, game-changing thermal management technology strives to solve the challenge of keeping electronics cooler, lighter, and safer in an ethical and environmentally sustainable manner. As the world of electronics demands increasing processing power and further miniaturization and transportation into electrification, KULR aims to revolutionize an industry that has been critical to the success of the entire electronics and computing markets.
The financing round was led by billionaire Mr. Zuo Quan Xia, founding investor and director of BYD Co Limited. BYD is the largest manufacturer of electrical vehicles and rechargeable batteries in the world. A subsidiary of Warren Buffett’s Berkshire Hathaway owns 10% of BYD through its $200M investment in 2008.
I am pleased to have participated in KULR’s financing round. I have known the KULR management team over the years. I have seen all the thermal management challenges BYD has faced over the last 19 years in its battery, electronics, and EV businesses. I believe KULR’s disruptive technology can make a significant contribution to the industry as a whole.
Mr. Zuo Quan Xia, Founding Investor and Director of BYD
We are very excited to be working with a group of world-class investor and industry veterans. After being in the semi-conductor chips business for over 15 years as an investor and product marketing executive, I have seen first hand the thermal challenges of our customers. Our solution will bring very unique features and benefits to our customers in cloud computing, mobile, IoT and energy storage markets.
Mr. Michael Mo, KULR Co-Founder and CEO