Green technology startup Intellihot continues to add investors to its Series A round this week with Chicago investment group Cornertstone Angels coming onboard. The Galesburg-based green tech startup has secured investments this year from Independence Equity I LP and Central Illinois Angels, who invested $325,000 in the company just last month.
Intellihot’s signature technology is a tankless water heater that cuts wasted water and saves homeowners 30 to 50 percent off their yearly energy bills. Where traditional water heaters store large amounts of water and keep it heated at all times, Intellihot’s system has no tank and actively heats water as its needed throughout the home. Instant hot water eliminates both the water wasted by running the tap or shower to reach the right temperature, and eliminates the risk of running out of hot water with a system that depends on heated storage.
The Intellihot system can additionally adapt itself to your home’s unique water usage schedule. After as little as a week of regular use, the system will learn the patterns of hot water usage and program a schedule according to the times of the day you use hot water the most.
According to Intellihot CEO Sridhar Deivasigamani, the new funds will be put toward developing more energy efficient water heater systems and marketing the latest Intellihot units for both residential and commercial use.
“Intellihot is an incredibly exciting company given that it has developed a highly innovative solution to address issues surrounding our growing water and energy usage,” said Cornerstone Angels founder and managing director Michael C. Gruber. “The company is targeting a huge market with an elegantly engineered solution that provides a clearly compelling economic return.”
In 2010, the green tech startup was recognized as one of the top 24 startups operating outside of Silicon Valley during its participation in a reality TV show produced by Bob Cringely. The following year Intellihot was named among the top high growth companies in the state of Illinois by CAP20.
Visit Intellihot.com to find out more about the energy efficient water heater, and find out how you can secure a tankless system to start saving in your own home.