Specifx Data, a San Francisco-based data software startup for HVAC systems, has raised $3.5 million in seed capital, the company announced to Axios.
Why it matters: The funding will help Specifx bring its first HVAC data collection app to market, just in time for the proposed SEC emissions disclosure rules to go into effect.
Details: Powerhouse Ventures led the all-equity round and received an observer seat on the board of the transaction.
- Better Ventures, Blackhorn Ventures, SaaS Ventures and Soma Capital also participated in the round.
- The company began raising funds in November after founding the company over the summer, CEO Ryan Martineau told Axios. The round ended in March.
How it works: Specifx’s software analyzes the performance of HVAC systems across an organization’s portfolio using insights gained from unit model numbers.
- The company’s software can detect how old the device is, which parts may need to be replaced, what type of coolant is being used and how much energy is being used. The company’s main app, Decoder, will be available in stores this month, Martineau says.
- Specifx is working to use this information to develop recommendations for property managers, e.g. B. when a unit needs to be replaced or if the unit meets local HVAC codes.
What we observe: Specifx works with large companies that have massive real estate footprints — think Bank of America or Walmart — that don’t necessarily have incentives to upgrade aging, inefficient HVAC systems until those systems fail.
- It remains to be seen whether the SEC’s proposed disclosure rules will change this calculation for these companies.
