Asetek Raises $8 Million & Appoints Industry Veteran Sam Szteinbaum Chairman of the Board
Asetek Inc. announced today that it has raised an additional $8 million dollars in venture capital and appointed industry veteran Sam Szteinbaum as Chairman of the Board. The completion of this fund raising round is said to cap a string of successes for Asetek in 2009. In June, Asetek partnered with Corsair to launch the Corsair branded, Asetek manufactured Hydro H50 CPU Cooler, bringing Asetek cooling technology back into the enthusiast market. In August, HP introduced Asetek supplied liquid cooling options to further enhance the quiet computing capability HP’s new Z400 and Z800 workstations. And, in September, Dell introduced its new 100% liquid cooled line up of extreme performance Alienware Aurora and Area-51 desktop gaming machines.
Sam Szteinbaum brings more than 20 years of international management and technology industry experience to his position as Asetek’s Chairman of the Board. Much of Szteinbaum’s career was spent at Hewlett Packard where he served in a variety of leadership roles in the areas of business development, marketing, finance and general management. Szteinbaum’s international experience includes overseeing HP’s PC and printer operations in Canada and Latin America, as well as a three year assignment in Singapore. Sam’s leadership while vice president and general manager for HP’s PSG Americas Consumer Products organization was credited with growing his organizations revenue to over $5.5 billion.
"The successes Asetek has achieved in 2009 show clearly that the benefits of enhanced performance and improved acoustics enabled by the company’s factory sealed liquid cooling systems are important differentiators for computer OEMs serious about addressing the performance segments of both the commercial and consumer PC markets," said Szteinbaum.
"We are also gratified by how rapidly the enthusiast market has embraced our liquid cooling technology following the launch of the Corsair H50 CPU cooler," continued Szteinbaum. "Raising an additional $8 million in venture capital funding given the current difficult economic climate, demonstrates clearly the confidence our investors have in Asetek’s management team and technology to continue to expand its market share in the workstation, gaming and performance segments of the PC market. I am excited to work with the management team at Asetek to help the company realize the full potential of liquid cooling in the market."
"Since joining our very active--and involved--board of directors in February, Sam has made significant contributions to the company" states André S. Eriksen, Asetek’s CEO. "As Chairman of our Board, Asetek will continue to benefit from his rich network within the PC industry, and his experience in international operations and management as we cultivate our core markets and extend our thermal management expertise and industry-leading liquid cooling products into new segments."