Heat pump systems startup Quilt announced today a that it has raised $9 million in a seed funding round aimed at supporting its mission to reduce home-based fossil fuel dependency.
Founded in 2022 by three former Google employees, Quilt has developed its electric heat pump system for residential use, with integrated AI to identify heating and cooling patterns to optimize efficiency, leading to long-term cost savings.
Heat pumps are rapidly emerging as a key energy efficient and climate-friendly alternative to furnaces and air conditioners, producing fewer greenhouse gas emissions and reducing reliance on fossil fuels.
The financing comes as demand for heat pumps is expected to grow, driven partly by government incentives aimed at decarbonizing homes. The U.S. Inflation Reduction Act, for example, provides significant rebates and tax credits for heat pumps.
According to Quilt, cost savings driven by its AI-driven platform that recognizes home heating and cooling patterns and maximizes efficiency provides a further incentive for homeowners to switch to heat pumps.
Paul Lambert, co-founder and CEO of Quilt, said:
“Heat pumps are now widely recognized as a key solution to decarbonizing home heating. However, most heat pump systems today are more difficult to use than their more mature fossil incumbents. We’re developing heat pumps that are better than any HVAC system of any kind.”
The seed funding round was led by climate-focused investor Lowercarbon Capital and venture capital firm Gradient Ventures.
Chris Sacca, founder of Lowercarbon Capital, said:
“We all know heat pumps are cheaper and cleaner than burning gas, but Quilt makes the first and only model you want to show off because it’s also sleeker.”