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IceGiant

Operating

J R Thermal, LLC

Software & AI · Austin, TX · Founded 2013

Patented technology that cools even the most powerful chips

Post-money valuation ⓘ
$20.3M
As of Dec 2022 · from Reg CF Offering (2022) · pre-money + amount raised, not a traded price
Total raised
$812,651
Crowd $293K · Private $520K · 2 rounds since 2019
Latest share price
$1.95
Reg CF · Common Stock · Jun 2022 offering price

Financials

FY2020–FY2025 · from SEC filings · hover any figure for its source
$456K
−$47K
2020
$412K
−$159K
2021
$326K
−$233K
2022
$128K
−$98K
2023
$87K
−$127K
2024
$11K
−$2K
2025
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2020 reviewed*
FY2021 unaudited
FY2022 unaudited
FY2023 unaudited
FY2024 unaudited
FY2025 unaudited
Income statement
Revenue
$456,001
$412,162
$325,776
$128,055
$86,921
$10,675
Cost of goods sold
$163,969
$369,090
$239,925
$41,771
$108,650
$0
Gross margin
64%
10%
26%
67%
-25%
100%
Net income
-$46,704
-$158,694
-$233,420
-$98,404
-$127,312
-$2,306
Taxes paid
$0
$0
$0
$5,993
$6,120
$1,039
Balance sheet
Cash
$110,917
-$18,687
$290,358
$196,434
$42,850
$74,814
Accounts receivable
$11,432
$120
$5
$1,443
$0
$23,945
Total assets
$308,584
$282,791
$299,459
$681,462
$546,001
$576,569
Short-term debt
$197,943
$276,301
$62,764
$345,885
$272,208
$339,106
Long-term debt
$47,500
$89,543
$233,070
$334,673
$0
$55,838
Total liabilities
$245,443
$365,844
$295,834
$680,558
$272,208
$394,944
Other
Headcount
—
8
2
8
6
2

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$20.0M
pre-money
Reg CF · Common · Jun 2022

Blue bars are the pre-money valuation the company stated for a priced round.

Share price over rounds

log scale
$1.95$0.6775$0.2354
Jan 2019Jun 2022
Round offering price or verified disclosed saleDisclosed sale, unverified or year-only

Disclosed sales come from the issuer's own filings (prior-offering lines, audited-statement notes) and are amount ÷ securities sold. A down round is a firm point more than 25 % below the previous firm point of the same share class on a comparable basis; the comparison ignores unverified and year-only lines.

Cap table

Share counts as of May 1, 2026
ClassOutstandingVotes / shareShare of totalLast price
Units120,000—100.0%$1.95Jun 2022

Principal holders% as the filing states it, May 1, 2026

  • Jeremy Rice6,400,000 Class A Units62.5%of company
  • P180 Investments LLC (managed by Joel Trammell, 100% owned by Joel Trammell2,062,500 Class A-1 Units20.2%of company
  • Everyone else (not named in filings)17.3%

Sold to the crowd

From the company's SEC filings: share counts per class, each class's voting and conversion terms, and the holders of 20% or more that Form C requires (officers and 10%+ holders on Form 1-A). Filings name only large holders, so most owners — including crowd investors — are not listed, and a holder's percentage may be of its own class rather than of the whole company. Prices and crowd share counts are in today's share terms — adjusted for splits and conversions since they were sold. Hover a figure for its filing.

Fundraising history

Raised $292.7K / $1.1MInvestors 300Post-money $20.3M

Team

8 people
Jeremy RiceFounder
President

Jeremy Rice, Ph.D., Founder and Technical Advisor at IceGiant, is a lifelong innovator, credited with over 20 US Patents. Jeremy obtained a great foundation in the applied sciences while earning his doctorate in mechanical engineering from the University of Connecticut, researching fuel cells, heat pipes and rotating film cooling for zero gravity applications. From graduate school, Jeremy went into industry, broadening the scope to product development, thermal system optimization and manufacturing line bring up. A few stops along the way include Asetek, a leading liquid cooling manufacturer, and Google, in both their platforms and data center groups. At each stop, he has led successful new technology introductions into high volume products. Jeremy lives in Austin, TX with his wife and daughter.

Oscar MartinezFounder
CEO

Oscar Martinez is a Cofounder and CEO of IceGiant. He's an experienced entrepreneur, investor, and avid tech enthusiast. Having led companies since 2003, Oscar is able to combine experience with opportunity to maximize revenue potential. Through his years at IceGiant, he has made numerous top-level connections within different industries, including gaming, data centers, VFDs, and manufacturing. In his free time, Oscar is an avid tennis player, loves to be outdoors, travels, and spends time with his wife and daughter.

James Prior
Marketing Advisor

James advises on marketing for IceGiant. He is an experienced technology professional with a diverse background, from technology journalist to product management and marketing at leading semiconductor companies. At AMD, James was head of the Client Computing group's desktop enthusiast product management team responsible for defining and launching the AMD Ryzen, and Ryzen Threadripper, desktop processors, and the AMD Wraith line of coolers. James holds a BSc in Electrical and Electronic Engineering from the University of Portsmouth, UK, and lives near Austin, TX.

Katie Carpenter
Principal Thermal Engineer

Katie is a technology enthusiast with world class knowledge of all things involving heat transfer. She possesses a high amount of expertise in the thermal management of high-powered electronics. Prior to IceGiant, Katie worked on thermal solutions for advanced electronic technologies in the defense industry. She earned her B.S., M.S., and PhD in Mechanical Engineering from The University of Texas at Austin.

Nathanael Folds
Technology Specialist

Tech enthusiast for 8 years with five years of mechanical engineering background. Experience in projects ranging from IoT AR experiences, to CAD, to 3D-Printed prototyping, and social media. Also involved with the gaming community for the last 15 years. About 8 years ago, Nathanael built his first gaming PC, and was instantly got hooked into the hobby. He started building PCs for friends, advising others how to, and even started selling them locally. PC gaming is about as bad for Nathanael as being a car guy, always looking for ways to upgrade and make it better, so he started to learn to overclock. His passion for gaming only grows with each year and every amazing new AAA or indie game release, and those new games always require better parts in his PC. Nathanael graduated from Auburn University with a BS in Business Administration, Information Systems Management.

Dave Rosen
Advisor

Dave Rosen is the CEO of Wimo Games, Inc., an Austin, Texas based developer and publisher of mobile videogames founded in February, 2021. David brings a deep perspective on the gaming industry with more than 20 years of experience in marketing and executive leadership. From working with teams focused on disk-based HD console and PC titles to guiding developers through evolutionary platforms like eCommerce, digital media and live-service games, David specializes in building cohesive teams across corporate strategy, marketing and product development. David previously held roles with KingsIsle Entertainment, GREE International Entertainment, Electronic Arts, VG Holding Corp. and Bleacher Report/Turner Broadcasting, working with franchises including Wizard101, The Godfather, NBA Live, Burnout, Medal of Honor, Knights & Dragons, DragonSoul and has been part of multiple corporate acquisitions. David holds a BA in Political Science from American University and an MBA from the Warsaw Sports Marketing Center at the University of Oregon.

Gary Forni
Advisor

Leveraging over 25 years experience launching new technologies and new business models, Gary Forni’s focus is on mentoring, investing in, and growing startups in the Central Texas area. As an active member of the Central Texas Angel Network his focus is disruptive technology. As a member of the business community he works with accelerators to maximize the success of entrepreneurs including Techstars, the Austin Technology Incubator, and as a founding investor and mentor in the consumer goods centric SKU accelerator. Previous roles include running the Embedded Business Unit at Marvell Semiconductor and extensive time at Intel where he was the Worldwide Director of Marketing focused on strategic partnerships in the mobile space. At Intel he was a force in starting four new businesses, including both the flash memory business, which exited for $1.2B, and the XScale cellular business, which exited for $600M. At the industry level, Mr. Forni has published over twenty articles and papers, chaired standardization committees, and co-authored a book on flash memory technology. Mr. Forni holds both a Bachelor of Science degree in Electrical and Computer Engineering and a M.B.A. Today, he volunteers a significant amount of time focusing on both STEM and innovation education in Central Texas through roles on the E3 Alliance Board and as an Entrepreneur-in-Residence/Mentor at the University of Texas, and Techstars.

Joel Trammell
Advisor

Joel Trammell is a serial entrepreneur and lifelong learner about building great organizations. His leadership had led to multiple successful exits and exceptional investor returns over his 30-year career. Trammell is the owner of Texas CEO Magazine, which reaches more than 10,000 CEOs across the state. He is a pioneer in the field of CEO education and training. Trammell served as co-founder and CEO at NetQoS, a software company that optimized the performance of computer networks. Under his tenure, the company generated more than 10 times the return on invested capital. Trammell moved on to co-found another software company, CacheIQ, which delivered a 7X return to investors in 18 months. He also served as a board member and then CEO of the network services provider Black Box Corporation (NASDAQ:BBOX). He is also the co-founder and managing partner of Lone Rock Technology, a private equity firm. Trammell holds a bachelor’s degree in electrical engineering from Louisiana Tech University and is a former instructor at the US Navy’s Nuclear Power School. He currently lives in Austin, Texas, with his wife and their three children. In his free time, you might find him on his tennis court.

Names and titles as disclosed on StartEngine, SEC Form C. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Not requiredFewer than 300 holders of record

Filed 4 of 4 annual reports (FY2022–FY2025)

300 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

SEC filings

  • Form C-ARMay 1, 20260001929501-26-000002
    EDGAR
  • Form C-ARMay 1, 20250001665160-25-000909
    EDGAR
  • Form C-ARApr 29, 20240001665160-24-000645
    EDGAR
  • Form C-ARMay 1, 20230001665160-23-001077
    EDGAR
  • Form C/ANov 17, 20220001665160-22-002937
    EDGAR
  • Form C/ASep 12, 20220001665160-22-002388
    EDGAR
  • Form CJun 22, 20220001665160-22-001853
    EDGAR
Source: ManualCIK 0001929501TXShare price $1.95

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.