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Gaming and eSports used to be something for young enthusiasts, involving snacks and cola
GAMING, SUSTAINABILITY AND CORONA ACCELERATE A POSITIVE MARKET TREND FOR ASETEK
We meet up with Jimmy Fussing by Zoom from his home
more strongly in that short period than in the whole of
today, and there’s no reason to think the trend won’t
“A few years ago, we saw the company’s share price rising
office that – like so many others – he has had to set up
the preceding 7 years. A much bigger e-commerce sector
continue.
steeply, but at that time it was perhaps mainly due to a
this winter as the world waits for the Corona vaccination
requires more and more cloud solutions.
programme to be completed and take effect.
“When we also consider another general social trend
Vækstfonden invested in Asetek all the way back in 2004,
toward sustainability and energy saving, Asetek has just
Jimmy Fussing is Managing Partner of the venture
when it was a talented little start-up, and has since sold
the right technology and product platform,” says Jimmy
fund Heartcore Capital, formerly Sunstone Technology
half of its shares, doing so immediately after the company
Fussing. He is also convinced that, for the first time in
Ventures, which administers Vækstfonden’s investment
went public in 2013. But they are still involved, with a stake
many years, we are going to see a period of real growth
in Asetek A/S. The Danish government investment fund
of around 6% of Asetek at the time of print.
in demand for electricity, something he believes is highly favourable for Asetek’s other line of business, on-proces-
is one of Asetek’s major institutional investors. Heartcore
sor liquid cooling for data centers, which – among other
Capital also puts capital from institutional investors such as pension funds into start-ups. Today, Heartcore Capital
MATURE COMPANY WITH GREAT POTENTIAL
country’s biggest venture fund.
things – makes it possible to reuse up to 80% of inbound power.
is involved in 55 tech start-ups across Europe, and is the “Gaming and eSports used to be something for young enthusiasts, involving snacks and cola. Now, anyone can
“In our view, André Eriksen, the founder and CEO of
These times, says Jimmy Fussing, are highly favourable
see that many, many more people – including those from
Asetek, is a gifted, determined and visionary entrepreneur
to Asetek, on many significant parameters – even when
the parents’ generation – are getting into it. They follow
who, together with the rest of the team, has succeeded
it comes to Corona. “As unpleasant as the pandemic has
their favourite team, they play along and start to worship
in growing and maturing Asetek into a major, established,
been and still is all around in other ways, Corona has also
the best players on a par with famous sporting idols in
internationally-focused company,” says Jimmy Fussing.
helped to accelerate new consumer patterns that are
the physical world. The new heroes are eSport stars, and
“We believe the company has a potential that is about
making Asetek’s market position stronger and stronger –
a whole generation of young people looks up to them.
to be fulfilled in earnest, so that in theory it could evolve
and that is hardly going to roll back when the pandemic
They are role models, and becoming like them requires
into a new Danfoss,” referring to the world-famous Danish
is over,” says Jimmy Fussing. As an example, he mentions
investment in more powerful computers. It demands
energy technology manufacturer, where Asetek’s founder
that the extent of the world’s online retail trade has more
just the right technical equipment, and that’s where
first learned the ropes as a newly trained engineer and
than doubled during the pandemic of the last 10-11
Asetek comes into the picture,” explains Jimmy Fussing.
toolmaker, before he founded Asetek on the idea that
months – a trend that has seen the penetration rate grow
He points out that about 2 billion people follow eSport
computers and processors should be water-cooled.
L I Q UI D CO OLI NG DO N E RIGHT
fever of expectation. Today, we can sense – in the latest accounts, for example – that Asetek is meeting those expectations. Both of Asetek’s existing business areas – gaming and solutions for data centers – are moving in the right direction,” adds Jimmy Fussing. “At the same time, these are truly sustainable products that can make a significant difference to society.”
