A Solution to a Common Problem
In cities like New York, steam radiator night sweats are a common problem. Radiator Labs, the company born to solve this issue, is expanding beyond smart radiator covers with $30 million in fresh funds.
A New Name and a Broader Focus
The firm has also announced a new name: Kelvin. This change reflects the company’s broader focus on climate technology. The company’s Cozy radiator cover debuted on Kickstarter as a "NEST thermostat" for overly hot radiators. Since then, the product has evolved from cloth covers for renters to a series of sleeker metal covers offered to buildings under a subscription.
A Subscription-Based Service
The service costs around $10-$15 per apartment per month. Kelvin plans to use the new funds to expand into the U.K., Germany, and other parts of Europe. The company will also start offering heat pumps – heating tech crucial for building decarbonization – later this year.
Heat Pumps: A Crucial Step in Decarbonization
Heat pumps are a critical component in reducing greenhouse gas emissions from buildings. By leveraging waste heat and providing efficient temperature control, Kelvin aims to play a significant role in the transition towards net-zero buildings.
Differentiating Itself
Asked whether it will be challenging for Kelvin to differentiate itself from the temperature scale of the same name, the company told TechCrunch that it is not "overly concerned about confusion." According to Kelvin, the new name was chosen because it is concise and descriptive of its mission: upgrading temperature control for occupied spaces in the most cost-efficient way possible.
A Growing Presence
Radiator Labs has already demonstrated a significant presence in the market with its smart radiator covers. The company’s new funding and expansion plans indicate that it is poised to make an even greater impact on the climate tech landscape.
Kelvin’s Vision
As Kelvin continues to expand, its vision for the future of temperature control is clear: efficient, sustainable, and cost-effective solutions for building owners and occupants alike. With heat pumps on the horizon and a growing presence in Europe, Kelvin is well-positioned to make a significant contribution to the fight against climate change.
A Growing Ecosystem
The funding round includes participation from 2150, a climate tech-focused investor, as well as Schmidt Family Foundation (aka Google money), Partnership Fund for NYC (aka private equity money), and several previous investors. This diverse set of backers indicates that Kelvin is part of a growing ecosystem of climate tech innovators.
Conclusion
Radiator Labs’ expansion beyond smart radiator covers with $30 million in fresh funds marks an exciting new chapter for the company. With its focus on climate technology, efficient temperature control, and sustainable solutions, Kelvin is poised to make a significant impact on the market. As the world continues to grapple with the challenges of climate change, companies like Kelvin are crucial in driving innovation and progress.
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