Kelvin Labs
Series A · 2026
Series A · 2026

Cool the racks.
Unlock the watts.

Kelvin builds two-phase cold plates that pull 40% more heat than water loops — drop-in for the GPU servers straining every datacenter.

14
DC operators in pilot
$7.8M
signed pilots + LOIs
$18M
raising
01 / 20
The problem

AI datacenters are power-capped, not chip-capped — and 38% of the power budget is spent on cooling.

Racks designed for 15kW now host 120kW of accelerators. Air is finished; single-phase water is at its ceiling.

02 / 20
Why now
44GW

of new AI datacenter capacity breaking ground by 2028 (IEA Electricity Report, 2025) — every megawatt saved on cooling is a megawatt sold as compute.

03 / 20
Product

Two-phase plates. Single-phase simplicity.

01
Dielectric phase-change
Boiling heat transfer at the die: 40% more heat per plate than water.
02
Drop-in manifolds
Fits OCP rack specs; swaps in during standard maintenance windows.
03
Leak-inert
Non-conductive fluid — a leak wets a board, never kills it.
[ PHOTO — cold plate on H200 ]
04 / 20
How it works
STEP 01
Retrofit
Plates + manifolds in a maintenance window.
STEP 02
Boil
Heat vaporizes fluid at the die surface.
STEP 03
Condense
Row-end CDU rejects heat at higher delta-T.
STEP 04
Recover
Waste heat exits at reuse-grade 65°C.
05 / 20
Traction
01
14
operators in paid pilots
02
$7.8M
pilots + LOIs
03
31%
cooling energy reduction, measured
04
2,400
plates manufactured

Two hyperscaler qualification programs entered Q2 2026 — 18-month cycles with 9-figure annual volumes at the end.

06 / 20
Growth

Contracted pipeline, trailing 6 quarters

Q1 ’25Q2Q3Q4Q1 ’26Q2
07 / 20
Unit economics

Per-rack economics at list price

Per 120kW rackValue
Kelvin retrofit kit$38k
Annual energy saved$29k
Customer payback16 months
Kelvin gross margin52%
Margin at 10k racks/yr61%
08 / 20
Market · IEA + Omdia 2025

The $14B liquid-cooling market by 2028

0100%
13%
39%
48%
SOM — brownfield GPU retrofits 13%
SAM — direct-to-chip liquid 39%
TAM — all DC thermal 48%
09 / 20
Competition
Kelvin
Immersion tanks
Water cold plates
Rear-door HX
Retrofit simplicity → ↑ Heat flux ceiling
10 / 20
Moat
01
01

Microchannel IP

Five patent families on nucleation-site geometry — 3 years of boil physics.

02
02

Fluid partnership

Exclusive DC-volume terms with the only US maker of the dielectric blend.

03
03

Qual data

9,000 hours of powered soak data operators require and rivals lack.

11 / 20
Pilots

Operators measuring us right now

10 partners
[ logo 01 ]
[ logo 02 ]
[ logo 03 ]
[ logo 04 ]
[ logo 05 ]
[ logo 06 ]
[ logo 07 ]
[ logo 08 ]
[ logo 09 ]
[ logo 10 ]
12 / 20
Customer proof

“We recovered 1.1 megawatts of cooling overhead in one hall. That is eleven more racks of H200s we can bill — Kelvin paid for itself before the second row.”

Dr. Sofia Andrade
VP Infrastructure, northern-Virginia colocation operator
13 / 20
Business model

Revenue per rack over 5 years

Retrofit kit
+ Fluid service
+ Monitoring SaaS
+ Refresh cycle
sources uses ending
14 / 20
plan
The plan

Qualify. Standardize. Scale.

Thermal is qualified once and bought for a decade — the window to become the two-phase standard is the next 24 months.

15 / 20
Roadmap
Now
Hyperscaler quals
Two programs; first awards expected H1 2027.
H2 2026
Colo GA
Retrofit kits GA for top-20 colo operators.
2027
OEM design-ins
Factory-fitted plates with two server OEMs.
2028
800V next-gen
Plates for 250kW racks on the same manifolds.
16 / 20
Team

Thermal PhDs who have shipped at volume

[ photo ]
Dr. James Park
CEO — ex-Intel thermal pathfinding
[ photo ]
Dr. Yuki Tanaka
CTO — 22 patents, two-phase cooling
[ photo ]
Hank Rivera
Mfg — ex-Flex, 15 yrs
[ photo ]
Claire Dubois
BD — ex-Vertiv hyperscale
17 / 20
Financial plan

Revenue with this round

$41M
revenue exiting 2028
25
50
75
100
$2.1M
$4.6M
$8M
$14M
$24M
$41M
H1 ’26H2 ’26H1 ’27H2 ’27H1 ’28H2 ’28
18 / 20
Use of funds

Deploying $18M over 24 months

0100%
40%
28%
32%
Manufacturing line 40%
Qualification programs 28%
R&D + team + buffer 32%
19 / 20
Kelvin Labs

Every watt computes.

james@kelvinlabs.io · kelvinlabs.io
[ QR ]
20 / 20