Therma° Raises $19 Million Series A to Build Cooling Intelligence
Today, Therma°, a cooling intelligence platform combating food and energy waste, announced a $19M Series A. The oversubscribed round was led by Zero Infinity Partners, with participation from Deciens Capital, CityRock Venture Partners, Homecoming Capital, Ananta Capital, Kindergarten Ventures, Collaborative Fund, and Govtech Fund. Therma° will deploy the funding to become a scalable electric grid partner by dynamically lowering energy demand from cooling assets while saving customers money on utility bills.
Cooling, which includes refrigeration and HVAC (heating, ventilation, and air conditioning) is essential for human health. It is also the least understood major driver of climate change, accounting for nearly 10% of global CO2 emissions – including energy use, food waste, and refrigerant leakage. Cooling also drives emissions when extreme weather and high energy prices cause power shortages, forcing utilities to turn on expensive and dirty fossil fuel-based "peaker"power plants to maintain infrastructure and safety.
Therma° Cooling Intelligence Platform uses temperature tracking and energy optimization to alert customers to equipment breakdowns, reduce energy consumption, and move electricity usage to off-peak hours. Therma's vision is to transform cooling systems into virtual power plants that provide cheaper, cleaner energy while preventing billions of metric tons of CO2 emissions.
"The massive growth of refrigeration and air conditioning globally will greatly accelerate climate change unless we revolutionize cooling technologies," said Manik Suri, Therma° Founder and CEO.
"How do we best meet the ever-growing demands for cooling in the age of soaring energy prices and electric grid instability? We are excited about Therma's innovative answer to this crucial and underserved problem," says John Kwaak, Managing Partner at Zero Infinity Partners.
Dan Kimerling, Managing Partner at Deciens Capital, says, "Since we invested in Therma° two years ago, they have tripled revenue each year. Therma's vision to transform refrigeration into energy storage will advance energy security around the world."
"It is rare to find a start-up that successfully reinvents a legacy piece of ubiquitous technology like a refrigerator to prevent both energy and food waste," says Oliver Libby, co-founding Managing Partner of leading NYC impact investing firm CityRock Venture Partners.
Therma° is currently deployed with over a thousand customers across restaurants, hospitality, education, and food manufacturing including McDonald's, Domino's, Marriott Hotels and NOW Foods. Join us to transform cooling at hellotherma.com.
Cooling, which includes refrigeration and HVAC, is the least understood major driver of climate change. Therma° Cooling Intelligence Platform uses artificial intelligence, IoT sensors, and equipment controls to reduce energy usage, prevent food waste, and reduce carbon emissions.
Therma° was founded by Manik Suri, an expert on climate, technology, and public policy. Manik has spoken on the cooling crisis at leading forums including The New York Times Climate Hub at COP26 and Techonomy Climate. He previously held positions at global investment firm D.E. Shaw & Company, the White House National Economic Council, and is a former Affiliate of Harvard's Berkman Center for Internet & Society.