Firmus Technologies, a data center technology company based in Singapore, is close to completing a US$180 million pre-initial public offering (IPO) funding round.

This funding is aimed at supporting the company’s planned stock market debut next year.

The proceeds from the pre-IPO round, managed by Morgans Financial, will help develop a 100MW AI factory in Tasmania.

Founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, Firmus develops AI factories and GPU cloud services.

The company also offers sustainable cooling technology for energy-intensive data center operations. It received early funding from Temasek and KKR-backed ST Telemedia Global Data Centres.

The funding round has attracted institutional, high-net-worth, and strategic investors.

Among its shareholders are notable investors such as Alex Waislitz and members of Melbourne’s Pratt family. The company is preparing for large-scale deployment in Australia.

🔗 Source: The Australian Financial Review

🧠 Food for thought

1️⃣ AI infrastructure companies are riding a dual boom in sustainability and computing demand

Firmus Technologies represents a new breed of data center companies focused on addressing the dual challenges of increasing AI computing demands and sustainability.

The Asia-Pacific data center liquid cooling market alone is projected to grow from $1.10 billion in 2024 to $11.76 billion by 2034, representing a massive 26.65% CAGR driven by energy efficiency needs 1.

This growth is fueled by a fundamental technological shift, as over 95% of existing data centers aren’t equipped for liquid cooling, which is essential for managing the high heat output of AI workloads 2.

Firmus’s technology strategy addresses a critical industry challenge: AI workloads are expected to double energy requirements by 2030, creating unsustainable demands on power grids unless new cooling approaches are implemented 2.

The company’s 2023 partnership with ST Telemedia Global Data Centres to create a global network of “Sustainable AI Factories” positions it at the intersection of two high-growth trends 3.

2️⃣ Data center companies are evolving from power consumers to grid supporters