Heat Pump Startup Quilt Raises $20M Series B Funding

Quilt Secures $20 Million in Series B Funding

Quilt, a startup headquartered in Redwood City, California, specializing in the development of aesthetically pleasing and adaptable heat pumps, has successfully completed a $20 million Series B funding round. This recent investment follows a previously announced $33 million Series A raise, which occurred in April 2024.

Investment Details and New Board Members

Energy Impact Partners and Galvanize spearheaded the latest funding round, with contributions from Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. Veery Maxwell from Galvanize and former Nest CFO Tom vonReichbauer will be joining Quilt’s board of directors.

VonReichbauer’s appointment is particularly noteworthy, considering the significant number of Quilt employees with prior experience at Nest.

Expansion Plans and Current Market Presence

The newly acquired capital will be allocated to broadening the company’s operational reach. According to co-founder and CEO Paul Lambert, Quilt has already deployed close to 1,000 units across 16 states within the U.S. and five provinces in Canada, as detailed in a statement on the company’s official website.

Disrupting the Heat Pump Industry

Quilt distinguishes itself as a unique startup actively competing against established players in the heat pump sector. The company’s strategy centers on a design-centric and software-driven methodology.

A prime illustration of this approach is a remotely delivered update that was deployed to already installed heat pumps. This software and firmware enhancement resulted in a performance improvement exceeding 20% for existing units.