Cambridge-based Startup EcoVent Raises $500k From Angel Funding.
Cambridge-based startup EcoVent, has recently managed to raise a total of $500,000 in angel funding and is currently trying to find another round of funding, according to co-founder and CEO Dipul Patel.
This startup’s technology allows everyone within their own homes or apartment to have their own temperature zone and is particitpating in this year’s upcoming Techstars Boston incubator program.
Patel has refused to disclose on the names of investors, but commented that they included angels in Silicon Valley and Boston.
The startup expects to transfer over to the Techstars Boston space and leas 2,5000-square-foot space in the Seaport District of Boston starting during June. EcoVent is currently ran by five full-time employees which include the co-founders and are expecting to employ an additional eight by the year, Patel stated.
“I don’t think any of us expected it to be going this fast,” Patel said when speaking about the business.
Patel launched EcoVent in order to fix a problem that’s quite common to most homeowners and renters, how does one keep a sing room heated or cooled without wasting hot or cold air on other rooms that no is currently using.
The EcoVent technology shall feature a smart HVAC monitoring and control system that eliminates temperature imbalances and cuts utility bill by 35 percent, according to to information provided by the company.
The system is made up of a “smart thermostat” that keeps track of personal temperature preferences for each room and a wireless thermometers, or sensors in wall outlets placed through the area, they track motion, temperature and humidity. The thermostat is in communication with a motorized, wireless vents, and the system;s wireless network shall allow the owner of the home to control the temperature setting for each room from either a computer, smartphone, or tablet device.
Sometime during September, the company shall have over 20 systems already installed in residences around the country, ranging from condos to large houses as part of their beta testing phase, Patel said.
“We’ll try and get a second phase of the pilot program kicked off in the next few months, and (those customers) will get a newer iteration of the system,” he said.
A video on the company’s website says the EcoVent HVAC would cost $1,300 annually, compared to a standard HVAC system which costs about $2,000 per year.