Boston’s Ecovent Snags $6.9M for Wireless Climate-Control Tech
Ecovent, the Boston startup whose wireless technology promises room-by-room control of a home’s temperature, has received $6.9 million in Series A funding as it prepares to ship its first round of products in August.
The company has already pre-sold $1 million worth of its temperature-controlling technology, which starts at about $490 per order during the preorder period. Ecovent sells wireless sensors and vents that, when fitted into a home’s existing ductwork, can control the temperature in individual rooms separately.
The homeowner can control the settings of each room through a smartphone app. Ecovent uses algorithms that study data from its sensors, such as temperature and the flow of heat through the home, to optimize a room’s temperature.
When Xconomy spoke to Ecovent CEO and co-founder Dipul Patel last year after the company raised $2.2 million from angel investors, he said adjusting airflow using vents and the sensors can cut energy usage by 20 percent to 40 percent. Patel, a former Lockheed Martin engineer, started the company while at MIT.
After the preorder period ends in August, the price will start at about $700 for a system. The cost depends on how many vents, sensors, and control kits a person orders. The Series A round was led by Emerson Climate Technologies, which is part of tech company Emerson (NYSE: EMR), with participation from Tamarisc and Blue Fog Capital.