OurCrowd portfolio company enVerid Systems, a leader in HVAC technology, has closed on a $20 million Series B round of financing led by Breakthrough Energy Ventures. enVerid’s HVAC products significantly lower upfront system costs and reduce annual energy consumption by 20-30% while improving indoor air quality (IAQ). OurCrowd participated in this most recent round.
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).
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.
The additional funding will be used to scale support and operations, increase investments in product development and add new distribution partners.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!