Residential geothermal solution startup Dandelion announced the successful closure to a $4.5 million dollar round of financing as it looks to scale up operations in its upstate New York operating area. The Dandelion team is on a mission to bring the promise of geothermal-based heating and cooling systems to homeowners around the world as an alternative to more traditional fossil fuel-based systems.
“We have been overwhelmed with demand and support from homeowners across the country,” said Kathy Hannun, cofounder and CEO of Dandelion, in a statement. “This round will help us ramp up operations to serve these customers and launch our new and improved 2018 offering.”
The round was led by New Enterprise Associates (NEA), with participation from BoxGroup, Daniel Yates, and Ground Up, as well as prior investors Borealis Ventures, Collaborative Fund, and ZhenFund. The funding round also brings the experience of Daniel Yates, former CEO and Founder of Opower, to Dandelion as he joins the team as an Executive Board Member and investor. Opower has years of experience in residential energy management systems and is currently the leading consumer energy efficiency software provider to utilities.
“Over the next decade, homeowners across America will replace their expensive, conventional home heating systems with Dandelion geothermal,” said Daniel Yates. “I’m thrilled to be part of the team that will lead this transition.”
Dandelion first sprouted in the cutting edge innovation labs of Google’s parent company, Alphabet, before blossoming as its own company in May of 2017.
To date, Dandelion’s innovations have cut the cost of home geothermal heating and cooling systems in half, which is an impressive feat for a company that’s been around less than a year. The system is currently being designed to deliver heating and cooling to homes, including hot water, with the entire system being managed by an intelligent brain that keeps everything humming along seamlessly with a Nest thermostat as the primary user interface for the system.
Dandelion continues to push aggressively into residential energy management and geothermal specifically. Earlier this month, Dandelion acquired Geo-Connections, the nation’s leading geothermal Software as a Service (SaaS) company.
Source: Dandelion
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