Monaire, a Boston, MA-based startup that utilizes AI to reduce waste and emissions from small commercial buildings, has raised $3.5 million in seed funding.
Investors
The round was led by Construct Capital, with participation from Workshop Ventures, as well as strategic individual investments from Steve Fredette, the president and co-founder of Toast, and Tom Kuo, co-founder of A-Street and chairman of the board at Mighty Earth.
Construct Capital is an early-stage venture capital firm founded in 2020, focusing on entrepreneurs who are reimagining the foundational industries of our society.
Monaire Use of Funds
The company plans to use the funds to further develop its proprietary sensors and AI technology, as well as expand into additional markets across the United States.
About Monaire
Founded in 2022 by Nishant Kanapilly and Rahul Subramany, Monaire offers predictive HVAC and Refrigeration (HVAC/R) maintenance and energy management solutions for small commercial buildings. The company employs AI to detect and diagnose problems with a building's existing HVAC/R system, automatically dispatching vetted technicians to address issues. Monaire's mission is to accelerate the world's transition to sustainable heating and cooling.
Funding Details
Company: Monaire
Raised: $3.5M
Round: Seed Round
Funding Month: March 2024
Lead Investors: Construct Capital
Additional Investors: Workshop Ventures, Steve Fredette, Tom Kuo
Company Website: https://monaire.ai/
Software Category: Predictive Maintenance and Energy Management
Source: https://www.prweb.com/releases/monaire-raises-3-5m-to-help-small-commercial-buildings-transition-to-sustainable-heating-and-cooling-using-ai-302094414.html