enVerid Systems Raises $20 Million Series B Led by Breakthrough Energy Ventures
Syndicate partners participating in the round include Ajax Strategies, Building Ventures and OurCrowd
Boston, April 28, 2020 – enVerid Systems, the leader in HVAC Load Reduction® (HLR®) technology, today announced it has completed a $20 million Series B round of financing led by Breakthrough Energy Ventures with participation from Ajax Strategies, Building Ventures and OurCrowd. enVerid’s innovative HVAC products significantly lower upfront system costs and reduce annual energy consumption by 20-30% while improving indoor air quality (IAQ).
Traditional commercial HVAC designs rely on massive volumes of outside air to maintain indoor air quality, resulting in oversized equipment and often a 30-50% waste in HVAC energy consumption. To eliminate this waste, enVerid’s HLR technology cleans a building’s indoor air at a molecular level, enabling the building to use far less outside air ventilation while improving indoor air quality. Buildings can then invest in smaller, less expensive HVAC systems and realize immediate capital cost savings while enjoying up to 30% of ongoing annual energy savings for the life of the equipment. The use of HLR technology to reduce outside air is fully compliant with Indoor Air Quality Procedure (IAQP) standards published by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE).
“We are honored to have this incredible group of investors backing our vision to make the world a cleaner, healthier place—both inside and out—by commercializing technology that delivers energy savings and healthier indoor air quality for commercial buildings,” said Christian Weeks, CEO of enVerid Systems. “This funding will allow enVerid to increase its investment in product development and expand our market coverage with additional distribution partners.”
“Buildings remain one of the largest contributors to GHG emissions—19% on a global basis—and yet there is not nearly enough innovation happening in this space. As example, very little has changed in the HVAC market in the last 100 years,” said Carmichael Roberts, Breakthrough Energy Ventures. “We’re very excited about enVerid’s molecular air cleaning technology and market potential. Not only does enVerid improve inside air quality of buildings, it significantly reduces energy costs and improves a building’s GHG impact.”
Last year, enVerid’s HLR 14M product received the Product of the Year award from a panel of ASHRAE judges. The Product of the Year is the single most significant honor given annually to only one product across a vast industry, ranging from air conditioning and heating, to plumbing and air quality. The enVerid HLR 14M product also received the 2019 AHR Expo Innovation Award in the Green Building category.
enVerid’s HLR technology has also been ranked one of the top three energy saving technologies for commercial buildings by the United States Department of Energy. HLR technology can be used to earn LEED points under the United States Green Building Council’s new LEED pilot credit for indoor air quality. enVerid announced the first ever LEED Gold Certification using the new indoor air quality pilot credit in August 2019.
Funds from this round will be used to scale support and operations, increase investments in product development and add new distribution partners. In January, enVerid announced the hiring of HVAC industry veteran Doug Engel as Senior Vice President of Sales and Marketing. Other recent hires include Alex Goodwin as Vice President of Product Management and Mike Tomovich as Director of Engineering.
For more information, visit www.enverid.com
About Breakthrough Energy Ventures
Breakthrough Energy Ventures (BEV) invests in companies that leverage innovative technologies to help address climate change. Backed by many of the world’s top business leaders, BEV has more than $1 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. The fund was created in 2016 by the Breakthrough Energy Coalition. Visit http://www.b-t.energy to learn more.
Ajax Strategies invests in technology companies reducing greenhouse gas emissions. Visit https://www.ajaxinvestmentstrategies.com/ to learn more.
Building Ventures invests in and mentors early-stage start-ups in the built environment. The firm's mission is to champion the disruptive ideas in construction and real estate tech that transform the way we design, build, operate and experience our physical world. Headquartered in Boston with an office in San Francisco, the BV team consists of investors, entrepreneurs and built environment veterans working together for a better built world. Visit http://buildingventures.com to learn more.
OurCrowd is a global venture investing platform that empowers institutions and individuals to invest and engage in emerging companies. The most active venture investor in Israel, OurCrowd vets and selects companies, invests its capital, and provides its global network with unparalleled access to co-invest and contribute connections, talent and deal flow. With $1.4 billion of committed funding, and investments in 200 portfolio companies and 20 venture funds, OurCrowd offers access to its membership of 40,000 individual accredited and institutional investors, family offices, and venture capital partners from over 183 countries to invest alongside, at the same terms. To register and get involved, visit www.ourcrowd.com.
About enVerid Systems, Inc.
enVerid is committed to improving energy efficiency and indoor air quality in buildings worldwide through its innovative, award-winning HVAC Load Reduction® (HLR®) solutions. HLR technology enables immediate capital cost savings on new HVAC systems and provides up to 30% energy savings and superior indoor air quality. Deployed in over 10 million square feet of commercial, academic, and government buildings, enVerid’s HLR technology is ASHRAE-compliant, LEED-compliant, and eligible for utility rebates. For more information, please visit www.enverid.com.
Nicole Metro / Liam Sullivan