Danfoss helped Nelumbo, a developer of technology that improves the performance of HVAC systems, increase its series A round to $19.5m.
US-based heat-exchange technology developer Nelumbo confirmed today it has added $14m from investors including industrial product manufacturer Danfoss to a series A round that now totals $19.5m.
University of Tokyo Edge Capital (Utec) and Prime Mover’s Lab co-led the extension, which included Berkeley Catalyst Fund, Safar Partners, Darwin Venture Management, Neue Fund and Photon Fund.
The $5.5m first close was led by Berkeley Catalyst Fund in November 2018 with participation from Danfoss, renewable energy producer UPC Renewables, Photon Fund and 1517 Fund.
Spun out of University of California (UC) Berkeley in 2015, Nelumbo has developed a surface treatment that can be applied to heat exchangers within heating, ventilation and air conditioning (HVAC) units to improve performance and resistance against corrosion.
The company’s offering includes products for freezer defrosting units and air conditioner coils. The additional series A cash will go to expanding existing product lines, launching new lines and improving its core surface treatment technology.
Keisuke Ide, a partner at Utec, has joined Nelumbo’s board of directors, as have Dakin Sloss, founder and general partner of Prime Mover’s Lab, and David Walther, co-founder and senior vice-president of engineering of Nelumbo.
The original version of this article appeared on our sister site, Global University Venturing. Photo courtesy of Nelumbo Inc.