The Heatworks Model 1 just closed a successful Kickstarter round less than a week ago, raising over $400,000 and over three times their stated goal. Before the company can even finish celebrating, news has broken that they’ll have even more capital to complete delivery fulfillment and bring their innovative water heater to market.
Heatworks and parent company ISI Technology have landed a $2 million seed round from existing investors, no doubt thanks to a Kickstarter campaign that saw almost 1,400 backers. ISI Technology says that over 1,500 units are currently on order.
“People have become resigned to a mediocre hot water experience, where water takes minutes to heat and changes temperatures without warning,” said Jerry Callahan, CEO of ISI Technology. “The Heatworks Model 1 is the world’s first digital water heater, with a pioneering architecture that reliably provides hot water when you need it, at the exact temperature you like. As more and more people realize it’s time to modernize their water heater, global demand for Heatworks Model 1 has soared.”
The Model 1 boasts some pretty incredible benefits over standard water heaters, not the least of which is cost. During the campaign units sold for $350 at the high end. Of course, one unit won’t support an entire house. The Model 1 is meant to be installed at points of use; Think the kitchen, laundry room and bathroom, for example. That means no piping hot water through your house. It’s one less point of failure. Even with the need for multiple units, cost of installation can come in lower than installing a single traditional water heater.
“Water heaters, as most of us know them, have been around for more than 100 years, and rely on antiquated technology to deliver one of the most important amenities in the home,” said Greg Tew, Associate Professor and Director of Professional and Industry Relations for the School of Architecture + Design at Virginia Tech. “ISI has developed a much needed technological overhaul to the water heater that delivers the benefits homeowners demand. By delivering impressive levels of comfort, savings, reliability and connectivity, the HEATWORKS MODEL 1 brings the water heater into the modern, connected home.”
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