Our Investment in enVerid
One of our core investment themes is the rise and need for “Autonomous Buildings”. By “autonomous” we mean that building itself should possess the ability to decide and act independently, making choices that are both beneficial to its own efficiency as well as to the experience of its occupants. When it comes to occupant experience, one of the most basic provisions a building should deliver for is high Indoor Air Quality (IAQ). Not a mere measure of comfortable temperature, IAQ is also the provision of an environment free of pollutants and toxins. Taken further, a building's IAQ is critical to the productivity, enjoyment and comfort of all occupants. This is why we invested in enVerid, the creator of an award-winning molecular air cleaning system that improves both efficiency and IAQ.
enVerid’s system replaces outdated, inefficient and costly ventilation methods with a practical, proven, energy-saving approach. For context, today’s HVAC systems provide IAQ by refreshing the total volume of indoor air up to 20x times per day. Conditioning this outdoor air requires enormous amounts of energy for heating, cooling and cleaning (filtering). enVerid has developed a patented air treatment and energy-saving system that adapts and improves upon the technology originally used to maintain air quality in submarines and spacecraft. The HVAC Load Reduction (HLR) modules generate 20-30% HVAC energy savings, deliver immediate capital cost savings on new HVAC systems while delivering superior indoor air quality to occupants of commercial buildings. Bonus: buildings that employ HLR technology can also earn a significant number of LEED points required to achieve a LEED Platinum.
If that’s not impressive enough, in 2019 enVerid was awarded the prestigious Product of the Year Award by a panel of judges from the American Society of Heating and Air-Conditioning Engineers (ASHRAE) at the world’s largest, most comprehensive gathering of HVAC industry professionals from around the globe. This 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. Judges commented that enVerid’s HLR technology “was not only innovative but visionary,” and called it “an industry game-changer.” We concur.
Based in Greater Boston, we were thrilled to find this talented, locally-based team. With Christian Weeks as CEO, enVerid has an industry veteran at the helm with expertise across sales, business development and GM experience in rapidly growing startup environments. He is complemented by an impressive technical founder in Udi Meirav who has developed and patented enVerid’s core technology, along with strategy lead Marwa Zaatari who brings tremendous regulatory insight and industry influence.
We were introduced to enVerid by our friends at Breakthrough Energy Ventures, who led this Series A1 funding round. Similarly, the mission-driven team at Ajax Strategies also participated. The company will use these funds to build out the engineering and sales teams in support of its plans for customer and inventory growth. We can’t wait to see what this talented team achieves next!
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