Quilt, a Redwood City, California-based startup that creates sleek, customizable heat pumps, has raised $20 million in a recently closed Series B round. The company had previously raised a $33 million Series A, which it had announced would be due in April 2024.
The new round was led by Energy Impact Partners and Galvanize, with participation from Alumni Ventures, Gradient Ventures, Insight Ventures and LowerCarbon Capital. Vere Maxwell at Galvanize, along with former Nest CFO Tom von Reichbauer, will also join the board. (The latter should come as no surprise, as many quilters worked at the Nest.)
The new funding will be used to expand the company’s reach. Quilt has installed about 1,000 units in 16 U.S. states and five Canadian provinces, co-founder and CEO Paul Lambert said in a Comment Posted on the company’s website.
Quilt has been a rare startup that is challenging the established incumbents in the heat pump market. To oust him, the company has adopted a software and design-first approach. One example is an over-the-air update the company applied to previously installed heat pumps; New software and firmware improved the performance of existing units by more than 20%,
