← Back to Site
01 / 15

Diamond Cool

Closed-Loop Cryogenic Cooling for AI Infrastructure

The only sub-ambient, zero-water, PFAS-free cooling platform engineered for the 155 kW AI rack era.

Confidential — For Qualified Investors Only
The Problem

AI Hit a Thermal Wall

The NVIDIA GB300 NVL72 pushes 1,400W per GPU and 155 kW per rack — 17× the density of legacy infrastructure. Air cooling is physically dead.

155 kW
Peak Power Per Rack
1,400W
TDP Per GPU (Blackwell Ultra)
1,440
PFLOPS FP4 Per Rack
576 TB/s
Memory Bandwidth

Sources: NVIDIA, Barrack.ai, HPE, Thinkmate — See Works Cited [1]–[4]

Market Opportunity

$5.5B Today. $38B by 2033.

The data center liquid cooling market is growing at 18–31% CAGR. Hyperscalers are deploying $600B+ in AI infrastructure CapEx in 2026 alone.

$600B+
2026 Hyperscaler CapEx
40–60%
OpEx Spent on Electricity
30–40%
Electricity Wasted on Cooling

Sources: GlobeNewswire, GM Insights, Futurum Group, IDC — See Works Cited [5]–[14]

Market Validation

Exits Prove the Category

Major cooling companies are being acquired at massive valuations — and none of them offer sub-ambient, zero-water, or closed-loop cryogenic architecture.

CompanyEventValuationKey Metric
CoolIT Systems Acquired by Ecolab (Mar 2026) $4.75 Billion ~$550M NTM revenue, 29× EBITDA
JetCool Acquired by Flex (Nov 2024) Undisclosed $17M Series A (Bosch Ventures)
Accelsius Series B (Jan 2026) $89M Total Raised $65M round — Johnson Controls + Legrand

Sources: Ecolab, BusinessWire, Innventure, JetCool — See Works Cited [15]–[18]

The Solution

Closed-Loop Cryogenic Cooling

Four proprietary subsystems working together to deliver what no other company can: sub-ambient cooling at commercial scale.

1. Silica Dielectric Cold Plates

PFAS-free, non-conductive nanofluid on all 72 GPUs, 36 CPUs, and 18 NVSwitch ASICs. Zero water. Zero shorting risk.

2. LN₂ Cryogenic Injection

Secondary loop sub-cools silica fluid via dedicated heat exchanger. Achieves -15°C to -40°C at chip junction. Impossible with water.

3. Direct-Siphon Recovery

Captures exhaust N₂ gas and feeds it back to the liquefier intake. Reduces ongoing energy consumption by up to 60%.

4. Desiccant Moisture Control

Industrial desiccant dryers strip humidity to -40°F dew point. Eliminates condensation risk. Enables standard insulation.

Key Innovation

The Direct-Siphon Recovery Loop

How It Works

  • System uses a standard nitrogen liquefier to produce LN₂ from atmospheric air
  • LN₂ cools the silica dielectric fluid, absorbing heat from GPU cold plates
  • Warm nitrogen gas is captured — not vented — by the direct-siphon manifold
  • Recovered gas routes back to liquefier intake as nearly pure N₂
  • Liquefier spends far less energy on re-separation and re-compression

Result

Up to 60%
Reduction in Ongoing Liquefier Energy
Closed Loop
vs. Open-Loop Venting (Economically Ruinous)

This transforms cryogenic cooling from a prohibitively expensive open-loop process into a commercially viable, hyperscale-ready platform.

Efficiency Gains — GB300 NVL72

OpEx Savings: $75K–$115K/rack/year

Cost CategoryIndustry StandardDiamond CoolAnnual Savings
Cooling Electricity $80K–$120K (PUE 1.35–1.80) $15K–$25K (PUE 1.03–1.05) $65K–$95K
Water Consumption 1.8L/kWh (evaporative) 0 L/kWh (closed N₂ loop) 100% eliminated
HVAC Maintenance $8K–$15K $0 (no facility HVAC) $8K–$15K
Hardware Lifespan Standard lifecycle 25–40% extended Significant
< 6 mo
ROI Payback on Hardware Premium
$187M–$287M
5-Year Savings at Campus Scale (500 racks)
Competitive Landscape

The Only Complete Solution

CompanyTechnologySub-AmbientPFAS-FreeZero WaterClosed-Loop Cryo
CoolIT ($4.75B)Water cold plates
VertivCDUs, rear-door HX Mixed
Accelsius ($89M)2-phase immersion ✗ PFAS
JetCool (Flex)Microjet impingement
Diamond CoolCryo-silica direct-siphon ✓ -40°C
CoolIT — $4.75B
Water cold plates
✗ Sub-Ambient✗ PFAS-Free✗ Zero Water✗ Closed-Loop
Vertiv
CDUs, rear-door HX
✗ Sub-Ambient✗ Zero Water✗ Closed-Loop
Accelsius — $89M raised
2-phase immersion (PFAS)
✗ Sub-Ambient✗ PFAS-Free✗ Zero Water✗ Closed-Loop
JetCool (Flex)
Microjet impingement
✗ Sub-Ambient✗ PFAS-Free✗ Zero Water✗ Closed-Loop
Diamond Cool
Cryo-silica direct-siphon
✓ Sub-Ambient (-40°C)✓ PFAS-Free✓ Zero Water✓ Closed-Loop
Intellectual Property

7 Utility Patents Filed

Full-stack IP protection covering every layer of the cooling architecture — from silicon interface to facility enclosure.

#TitleStrategic Value
01Multi-Layer Impingement Cold PlateCore hardware — direct GPU silicon interfacing
02Closed-Loop Cryogenic InjectionDirect-siphon architecture — primary IP moat
03Cascaded Sub-Ambient ManagementMulti-stage cooling cascade for extreme density
04Gravitational Exhaust RoutingCondensation-free sub-ambient operation
05Thermal Propagation BarrierFire suppression and thermal runaway prevention
06Modular Zoning Architecture3-zone segregated enclosure design
07Refrigerant-Grade Sub-Ambient CDURack-level refrigeration to -15°C

Strategic portfolio value: $10M–$18M (internal valuation analysis)

Business Model

Three Revenue Streams

Hardware Sales

UL-2755 certified modular sidecar CDU. Plugs into existing racks — zero facility redesign. 8-week deployment. Per-rack BOM: $77K–$99K.

55–65%
Target Margin

Thermal Consulting

Cryogenic cooling design, sub-ambient retrofit architecture, PUE optimization. $250–$500/hr specialist rates. Begins Day 1 — converts to hardware sales.

40–60%
Target Margin

IP Licensing & OEM

License patented cold plate designs and nitrogen recovery logic to thermal OEMs (Vertiv, Supermicro, Dell). Pure royalty revenue stream.

90%+
Target Margin
Product Roadmap

Where We Are Now

Diamond Cool is currently in the Prototype & Testing phase. The next 6–12 months are designed to validate performance, achieve certification, and position for first hardware revenue.

PhaseTimelineMilestoneStatus
1. Patent Filing Completed 7 utility patents filed covering full cooling architecture ✓ Done
2. Prototype & Testing Now → Month 4 Single-rack cold plate fabrication, silica fluid loop validation, LN₂ heat exchanger bench testing, direct-siphon manifold proof-of-concept ◆ In Progress
3. Pilot Deployment Month 4 → 8 Full single-rack pilot at partner lab. Measure PUE, validate sub-ambient temps (-15°C to -40°C), stress test 155 kW thermal load Upcoming
4. UL-2755 Certification Month 6 → 10 Submit modular sidecar CDU for UL safety certification. REACH & RoHS environmental compliance. Upcoming
5. Manufacturing Ramp Month 8 → 12 Partner with BDE Manufacturing (Portland) for CNC cold plates. Medford Fabrication for enclosures. Build first 5 production units. Upcoming
6. First Hardware Revenue Month 10 → 14 Deploy certified sidecar CDU to enterprise & colo customers. First hardware sales + consulting retainers. Target
The Ask

Seed Round: $2.5M–$3.5M

Use of Funds

Hardware R&D & Prototype$550K–$750K
Cryogenic Equipment$200K–$440K
Engineering Team (18 mo)$365K–$495K
UL Certification$50K–$100K
Facility & Legal$115K–$170K
Operating Reserve$400K–$545K

Why This Amount

  • Median Q4 2025 seed post-money reached $24M — our valuation is conservative
  • Covers full prototype → pilot → UL certification with contingency
  • Extends runway through Phase 2, de-risking Series A
  • Accelsius raised $24M Series A after 2 years. JetCool raised $17M.
$12M–$18M
Pre-Money Valuation (Seed)
Financial Projections

Path to $75M Revenue

YearRevenueGross MarginEBITDA MarginEnterprise Value
2026$0.3M–$0.8M10%–20%Negative$12M–$18M
2027$1M–$3M20%–28%Negative$18M–$30M
2028$4M–$10M26%–32%-60% to -20%$30M–$60M
2029$12M–$25M30%–36%~Breakeven$50M–$90M
2030$25M–$50M34%–40%5%–12%$100M–$250M
2031$50M–$90M38%–45%12%–20%$250M–$600M

Margin benchmarks: CoolIT ~30% EBITDA [16], Vertiv 23.2% adj. operating [19], Modine 29.7% gross [24]

Exit Scenarios

Multiple High-Value Exits

Strategic Acquisition

Year 3–5 timeline. Vertiv, Schneider Electric, Ecolab, Supermicro actively acquiring cooling technology.

$80M–$200M

PE Infrastructure Roll-Up

Year 4–6 timeline. KKR sold CoolIT at $4.75B. Data center infra is the #1 PE target class.

$150M–$350M

OEM Licensing Sale

Year 2–4. Pure IP transaction to Dell, HPE, Lenovo. 90%+ margin royalty streams on patented designs.

$40M–$100M

Diamond Cool

Redefining Data Center Cooling
$5.5B+
Market Size (2026)
$75K–$115K
OpEx Savings Per Rack/Year
7
Utility Patents Filed
< 6 mo
ROI Payback

info@diamond.cool   |   diamond.cool