Total amount raised
$42 Million
Latest funding date
04/01/2024
Location
Quilt has successfully completed 4 funding rounds, attracting investments from notable firms such as Alumni Ventures, Incite Ventures, Energy Impact Partners, and Galvanize Climate Solutions. The company specializes in providing an advanced ductless heat pump system, featuring smart-home software for efficient home climate control.
Keep reading to explore the intricacies of Quilt's fundraising journey and the investors backing this innovative platform.
What Is Quilt?
Quilt is a private company based in Redwood City, California, specializing in advanced ductless heat pump systems for home climate control. The company operates within several industries, including HVAC, Home Improvement, Home Services, Internet of Things, and Smart Home.
Founded with a mission to provide efficient and intuitive home climate solutions, Quilt employs between 11 and 50 people. Their system includes smart-home software, room controls, and both indoor and outdoor units, offering personalized comfort and energy efficiency.
How Much Funding Has Quilt Raised?
- Seed Round
- Amount Raised: USD 9,000,000
- Date: May 2023
- Lead Investors: Gradient, Lowercarbon Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch Quilt's initial product offering, focusing on innovative home climate solutions.
- Series A
- Amount Raised: USD 33,000,000
- Date: April 2024
- Lead Investors: Energy Impact Partners, Galvanize Climate Solutions
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Quilt's operations across the U.S., starting with the Bay Area and Los Angeles, to meet the growing demand for their smart, intuitive, and design-forward heat pump technology.
- Series B
- Amount Raised: USD 20,000,000
- Date: December 2025
- Lead Investors: Energy Impact Partners, Galvanize Climate Solutions
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale Quilt's market presence and enhance product features to solidify their position in the smart home climate solutions market.
Total Amount Raised: USD 62,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Energy Impact Partners
- Details: Energy Impact Partners is a venture capital firm that invests in companies driving the energy transition. They focus on sustainable energy solutions and decarbonization.
- Investment Focus Areas: Energy, sustainability, technology solutions
- Notable Investments: Not publicly disclosed
- Galvanize Climate Solutions
- Details: Co-chaired by Tom Steyer, Galvanize Climate Solutions invests in companies that offer climate-related solutions. They aim to accelerate the transition from fossil fuels to electric energy.
- Investment Focus Areas: Climate solutions, sustainability, energy transition
- Notable Investments: Not publicly disclosed
- Lowercarbon Capital
- Details: Lowercarbon Capital is a venture capital firm focused on technologies that mitigate climate change. They invest in solutions that aim to reduce carbon emissions.
- Investment Focus Areas: Climate change mitigation, sustainability
- Notable Investments: Not publicly disclosed
- Gradient Ventures
- Details: Gradient Ventures is Google's AI-focused venture fund. They invest in early-stage startups that leverage artificial intelligence to solve complex problems.
- Investment Focus Areas: AI, technology startups
- Notable Investments: Not publicly disclosed
- MCJ Collective
- Details: MCJ Collective is a venture capital firm that invests in climate solutions. They support startups that aim to address climate change through innovative technologies.
- Investment Focus Areas: Climate solutions, sustainability
- Notable Investments: Not publicly disclosed
What's Next for Quilt?
Quilt is poised to capitalize on the growing demand for sustainable home climate solutions. With a $33 million Series A funding round, the company plans to expand its advanced heat pump technology across the U.S., starting in the Bay Area and Los Angeles. This expansion is driven by a significant market need for energy-efficient and intuitive home heating and cooling systems.
Future fundraising opportunities appear promising as Quilt continues to demonstrate market traction and technological advancements. The involvement of high-profile investors and industry veterans positions the company well for additional funding rounds. However, Quilt may face challenges such as competition from established players and ensuring seamless integration of their technology into diverse home environments.
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