enVerid Systems raises $20m Series B

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,” added 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.