Night sweats to climate tech: Kelvin eyes heat pumps and nabs $30M
Radiator Labs, a company born to solve steam radiator night sweats (an all-too-common problem in cities such as New York), is expanding beyond smart radiator covers with $30 million in fresh funds. The firm also announced a new name, Kelvin.
Climate tech-focused investor 2150 led Kelvin's Series A round, while Schmidt Family Foundation (aka Google money), Partnership Fund for NYC (aka private equity money) and "several previous investors" also chipped in, the company said in a statement.
When Kelvin's "Cozy" radiator cover debuted on Kickstarter, the company promoted it as a "NEST thermostat" for overly hot radiators. Since then, the product evolved from cloth covers for renters (think: giant oven mitts) to a series of sleeker metal covers offered to buildings under a subscription, costing "around $10–$15 / apartment / month," Kelvin told TechCrunch.
Kelvin declined to share its valuation and said it will use the money to expand into the U.K., Germany and other parts of Europe. The company added that it plans to start offering heat pumps — heating tech that is crucial to building decarbonization — "later this year."
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."
"As our technology scope expands beyond radiators, we wanted a name that was concise and descriptive of our mission," the company said. "In essence, what we're trying to do is to upgrade temperature control for occupied spaces in the most cost efficient way possible."