SystemHeat received investments for serial production

Август 18, 2014

The plastic double-circuit heaters manufacturer SystemHeat has closed investment round of $500 thousand dollars with participation of experienced investors and entrepreneurs. A team led by a serial entrepreneur Chinarbek Otunchiev joined the Company. Earlier Chinarbek set up several successful companies in different industries, including a leader in the Russian market of coffee pods «Squesito» and distributor of Kirby vacuum-cleaners in Russia and the CIS. Otunchiev was also involved in the financial and agriculture market sectors. In the middle of 90s Chinarbek founded and lead the first private stock exchange in Kyrgyzstan. The Company’s founder Vladimir Bosnik has taken up a position of CTO and will concentrate on the new product development.

The Company has spent the received funds for the preparation of mass production and launch sales of heating systems. Otunchiev noticed, «I have been watching the energy-savings and energy-efficiency market for a long time. I know the Company for about 2 years. SystemHeat has a portfolio of unique products and technologies developed under the supervision of Vladimir Bosnik. It’s solutions may considerably change the attitude to the house and industrial heating.»

SystemHeat is a portfolio company of private investment fund Genezis Technology Capital and represents a landmark solution for heaters with the use of polymers instead of metal. Comparing with the usual heaters, the prime cost of such radiators is several times lower with the similar heat rate. Besides, this product is a benchmark for reliability and has a wide spectrum of design alternatives.

The managing partner of Genezis Technology Capital Maxim Shekhovtsov noticed, «We welcome the new team of professionals that has successful track-record of building of several businesses from the scratch. The company has reached the level when it requires professional management. I am glad that Chinarbek and Vladimir have found a common language and will concentrate on the new product development together.»

Denis Bednyagin, an independent expert in the energy sector (from Laboratory of Energy Systems, Swiss Federal Institute of Technology — Lausanne) is convinced that plastic heaters are a breakthrough solution allowing to change fundamentally the market situation of heating system. Only the size of Russian market is estimated at $1,2 billion dollars, and the world market is $16 billion dollars a year. Thanks to the technological advances and low cost, SystemHeat will seriously compete with the suppliers of traditional metal radiators and convector heating system suppliers.

SystemHeat (www.systemheat.ru) is a company specialized in the development of the hi-tech heating systems in different areas such as microelectronics, thermal clothes and heating systems.

Genezis Technology Capital (www.geneziscap.com) is a private investment fund founded by a well-known venture capitalist Maxim Shekhovtsov in late 2012. It is specialized in investments in high-technology companies at different stages (from start-up to expansion) in a wide range of technologies, including Internet, mobile services, industrial and energy-saving technologies. The investment amount in one company is from $200 thousand to $10 million dollars. The geography of investments is the whole world including states of the former USSR, the EU, USA and SEA.