Quilt, a Redwood City startup from California, has raised twenty million dollars in a recently closed Series B funding round. The company designs sleek and customizable heat pumps. This follows a thirty-three million dollar Series A round that was announced in April of 2024.
The Series B round was led by Energy Impact Partners and Galvanize. Other participants included Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. Veery Maxwell from Galvanize will join the company’s board, as will former Nest CFO Tom vonReichbauer. This board appointment is a natural fit, as many Quilt employees previously worked at Nest.
The new capital will support the expansion of the company’s operations. According to co-founder and CEO Paul Lambert, Quilt has already installed close to one thousand units across sixteen U.S. states and five Canadian provinces.
Quilt represents a rare challenge to the established players in the heat pump market. The company employs a software- and design-first strategy to compete. A notable example is an over-the-air update delivered to already-installed heat pumps. This software and firmware improvement boosted the performance of those existing units by more than twenty percent.