SOMERVILLE, Mass.--(BUSINESS WIRE)--Conduit Tech, Inc. (Conduit Tech), a start-up working to accelerate installation of high-efficiency HVAC systems, today announced the successful close of their Seed Series financing round led by Breakthrough Energy Ventures (BEV) with participation from Emerson Collective, Picus Capital, Pear VC, and Collab Fund.
According to the U.S. Department of Energy and the U.S. Energy Information Administration, homes and buildings use 40% of U.S. energy and more than half of that energy is attributable to heating and cooling. Designing HVAC installations that minimize energy use and costs requires detailed analysis and evaluation of each home’s custom construction. Without this step, improperly designed and installed systems can consume as much as 30% more energy than expected and lead to maintenance and performance issues.
Residential HVAC Professionals perform the crucial task of designing, selling, and installing proper systems. This work is not just vital to reducing energy consumption – it also ensures the health and comfort of inhabitants, which is becoming more important with recent equipment advances and regulations. However, the HVAC industry is facing a critical labor shortage, with a projected 225,000 employee gap within five years – making it harder than ever to complete this vital work.
Conduit Tech was founded by Shelby Breger and Marisa Reddy in 2022, with the mission to enable HVAC Pros to more quickly and profitably design, sell, and install high-efficiency HVAC systems. The team developed the initial platform while participating in the Stanford Climate Ventures program and ultimately were accepted into the Breakthrough Energy Fellows program to further de-risk their technical approach and business plan. They are developing a software platform to maximize HVAC Pros' return on their labor hours by streamlining their tasks and increasing sales conversion on high-efficiency systems. BEV’s investment in Conduit Tech will enable the company to accelerate its development timeline and secure its position as a leader in the residential energy efficiency sector.
“HVAC contractors are on the forefront of the home energy transition, but they need the right tools to maximize their impact,” said Carmichael Roberts, Breakthrough Energy Ventures. “By aligning the financial interest of these professionals with the mission of reducing residential energy use, Conduit Tech is creating a win-win for the residential decarbonization movement.”
About Conduit Tech
Conduit Tech is developing innovative system sizing and sales enablement tools to support HVAC Professionals in designing, selling, and installing high-efficiency HVAC systems. Conduit Tech’s tooling will be integrated into the workflows of residential HVAC Pros, enabling them to do what they do best - provide comfort, health, and energy savings to their clients.
Visit www.getconduit.com to learn more.
About Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.