i2Cool Shenzhen Limited, a platform company specializing in electricity-free passive radiative cooling materials, has completed a Series B financing round worth tens of millions of yuan, equivalent to several million US dollars. The round was led by Shenzhen TopoScend Capital Co., Ltd., with Linglu Capital serving as the exclusive financial adviser. The proceeds are intended to support production line development, core technology advancement, talent recruitment, and commercial growth in priority global markets.
Financing Overview
The newly raised capital will primarily support the construction of standardized nanoparticle production lines and the continued advancement of core technologies. A portion of the funding will also be used for recruiting key talent and accelerating commercial expansion in priority markets around the world. This investment represents a new phase of capacity building for the company's standardized nanoparticle platform.
Research Foundations and Product Platform
Founded in 2022, i2Cool focuses on the research, manufacturing, and commercialization of electricity-free passive radiative cooling materials. Its founding team is led by Professor Edwin Chi-Yan Tso and CEO Professor Martin Y. Zhu, who bring more than 15 years of research experience in radiative cooling and related fields. The company's Particle+ platform is built around standardized functional nanoparticles and extends into coatings, films, powder coatings, textiles, automotive coatings, and exterior wall tiles.
Full-Spectrum Thermal Management and AI-Driven Development
i2Cool's core technology uses full-spectrum thermal management and optical control to reflect solar radiation and emit thermal energy. Core products achieve solar reflectivity and mid-infrared emissivity above 95 percent while supporting color customization through photoluminescence and thermochromism. Related research was published in Science, and the company combines AI-powered optical simulation with polymer materials science to improve research and development efficiency by a factor of 12 compared with conventional methods.
Commercial Momentum and Global Expansion
i2Cool reports an order backlog of CNY 120 million, approximately US$17.9 million, and a three-year compound annual growth rate of 377 percent in operating revenue. Its solutions have reached more than 30 countries and regions, including markets across the Middle East and Southeast Asia. The company has completed more than 500 projects covering over 1.1 million square metres, with overseas markets accounting for 50 percent of revenue.
Expansion into High-Growth Sectors
Beyond buildings and power infrastructure, i2Cool is expanding into AI data centres, robotics, and new energy vehicles. The company has worked with partners including Sunwoda Electronic Co., Ltd., The Hong Kong and China Gas Company Limited, and Toyota Tsusho Corporation. These initiatives target growing demand for advanced heat-management solutions in technology and mobility industries.
Leadership and Investor Perspectives
Professor Martin Y. Zhu said the company's goal is to build a platform company for the sector rather than focus on a single radiative cooling product. He noted that the new financing will directly support standardized nanoparticle production lines and capacity expansion for high-value applications such as new energy vehicles and AI data centres. Yanping Shi of TopoScend Capital highlighted i2Cool's progression from a Hong Kong laboratory to scaled deployment across more than 30 countries and regions.
i2Cool's Series B round underscores growing investor interest in electricity-free cooling technologies that address energy efficiency and carbon reduction goals. The company's standardized nanoparticle platform, international commercial footprint, and AI-driven research capabilities position it for further growth. With new funding in place, i2Cool plans to scale production and expand applications across industrial and everyday settings.