Deep Tech: Chip Dip

by Mark Miller

One Certain Trend in Tech? Escalating Compute Demand

AI, high-performance compute (HPC), cryptocurrency, and IoT are all driving the need for denser racks and more power… creating more heat, more noise, and more cooling challenges.

Immersion cooling for high-end servers is an emerging solution. Yes, it means dunking entire server racks – not in water, but in engineered dielectric fluids that conduct heat but not electricity. It’s a promising approach that can slash energy needs by up to 95%.

Immersion cooling is still early-stage (with less than 10% market penetration), but it is now hitting an inflection point. Leading chips from NVIDIA, Intel, AMD, Dell, HPE, and others are already engineered to be immersion-ready. In fact, immersion cooling is becoming the go-to approach for racks that exceed ~50 kW.

I recently met with Rutger de Haij, the CEO of Asperitas, one of the leaders in immersion cooling. Rutger’s journey to CEO is a story worthy of a pint in a pub, but for this article I’ll stick to business highlights.

When There’s a Gold Rush, Sell Shovels

Why is Asperitas well positioned?

Right now in datacenters, power is everything. The question is how to monetize it in the best way. Operators want to maximize compute per watt and per square meter.

Asperitas helps customers reduce power for cooling, freeing it for more compute. And the compact nature of its solution allows for better use of datacenter floorspace.

Demand is only growing. The EU’s Digital Decade initiative aims to deploy 10,000 edge nodes to boost sovereignty and reduce latency. Add in ambitious sustainability goals, and the case for immersion cooling becomes even stronger.

And as the saying goes, when there is a gold rush, it’s a great time to sell shovels.

It’s Not the Tech – It’s the Terms

Adopting new infrastructure is never easy, especially with multi-million-dollar investments on the line.

Establishing ecosystem standards is key. Asperitas has taken a leadership role through platforms like ASHRAE and OCP, helping the whole industry mature and adoption accelerate.

Interestingly, it’s not the technology standards that hold things up — it’s the terms. Negotiating warranties and adapting business processes take much longer than engineering the tech itself.

Cheering for the Competition Too

There’s healthy competition in this space. GRC has a solution, Submer is building its own datacenters, and the hyperscalers are designing proprietary systems.

So why Asperitas?

Its solution uses highly efficient natural convection cooling, supports powered cooling, and includes a full set of service tools. The systems are resilient even in remote, harsh environments — deserts, jungles, or anywhere in between. They also allow denser rack stacking, protect equipment from dust, and naturally operate in hotter climates.

Unlike some competitors building proprietary datacenters (which may compete with their own clients), Asperitas offers a flexible model that empowers enterprise and edge clients to control their infrastructure.

And the hyperscalers? They often build their own, but their scale is so vast that there’s plenty of room for multiple suppliers. They’re as much an opportunity as they are competition.

As Rutger put it: “I cheer when our competition wins. At this stage of the game, the more adoption we see for immersion cooling, the better for all of us.”

Rutger and I covered much more — from target markets to product roadmaps — but that’s enough for today.

Why We’re Paying Attention

Immersion cooling is a clear inflection-point technology that addresses the twin challenges of sustainability and scale. At Ventures.eu, we track pioneers like Asperitas closely because they embody the kind of deeptech solutions that can transform entire industries.

👉 If you’re an investor looking to back the infrastructure powering Europe’s digital future, this is why you should be speaking with us.