Since its debut, the company has been financed by industrial groups Marcel Dassault and Erasteel, an advanced materials subsidiary of Eramet Group that makes lanthane-based alloys, an essential element of the magnetic refrigeration technology used by Cooltech.

The corporate venturing unit of Anglo-Dutch consumer goods company Unilever has made plans to increase its assets under management with its latest $450m fund from its parent, Global Corporate Venturing can reveal.

Cisco Systems has acquired Austria-based SolveDirect for a undisclosed amount.

Alongside Reed Elsevier Ventures, which led the round, and Nokia Growth Partners in the B round were local bank IBB Beteiligungsgesellschaft, through its Fonds Technologie Berlin venture unit, and venture capital firm Kizoo Technology Ventures founded by serial entrepreneurs Michael and Matthias Greve.

David Leftley had been nearly four years as head of venture capital Europe at Vodafone and been a board observer at portfolio companies Oxford BioSignals, TOT Power Control, Compliant Phones, Vasona Networks, CellEra and Affirmed Networks.