Mojave Raises $9.5M for Efficient HVAC Innovation
Deal News | Dec 18, 2024 | At One Ventures
Mojave Energy Systems, a startup focused on enhancing HVAC efficiency, successfully raised $9.5 million in a Series A funding round. This initiative aims at expanding the company's new air conditioning technology that targets reduced energy consumption in commercial and industrial buildings. The round, primarily supported by Fifth Wall and At One Ventures, included participation from Myriad Venture Partners, Starshot Capital, Alumni Ventures Group, and new entrant Earth Venture Capital. Emerging from the Palo Alto Research Center in 2022, Mojave has accumulated $25.6 million in funding to date. CEO Philip Farese outlines their innovative ArctiDry system, which employs a unique liquid desiccant approach, enhancing efficiency by 30% to 50% compared to traditional systems. With a promise of cost savings through reduced electricity usage, Mojave's units are competitively priced against existing technologies. The company foresees generating $10 to $20 million in revenue next year and anticipates further innovations with an upcoming HVAC unit integrated with a heat pump.
Sectors
- HVAC Technology
- Venture Capital
- Green Technology
Geography
- United States – The companies involved and the investment activities are primarily based in the United States.
Industry
- HVAC Technology – Mojave Energy Systems is directly innovating within the HVAC sector by developing efficient air conditioning technologies.
- Venture Capital – The article discusses VC firms like Fifth Wall, At One Ventures, and others investing in Mojave, indicating the relevance of this sector.
- Green Technology – Mojave's focus on reducing energy consumption and emissions aligns with advancements in green technology.
Financials
- $9.5 million – The amount raised in Mojave's Series A funding round.
- $25.6 million – Total funding raised by Mojave to date.
- $10 million to $20 million – Projected revenue for Mojave in the next year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mojave Energy Systems | Target | Company | An HVAC technology company focused on developing efficient air conditioning systems. |
| At One Ventures | Investor | Company | A venture capital firm co-leading the Series A funding round for Mojave. |
| Fifth Wall | Investor | Company | A venture capital firm which also co-led the Series A funding round for Mojave. |
| Myriad Venture Partners | Investor | Company | A returning investor participating in the funding round for Mojave. |
| Starshot Capital | Investor | Company | A returning investor who took part in Mojave's funding round. |
| Alumni Ventures Group | Investor | Company | A returning investor participating in the Series A round for Mojave. |
| Earth Venture Capital | Investor | Company | A new investor in Mojave's funding round. |
| Philip Farese | CEO | Person | CEO of Mojave Energy Systems. |
| Anastasia Istratova | Investor | Person | An investor from Fifth Wall who led the investment in Mojave. |