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HVAC data startup Specifx heats up with $3.5M

Apr 20, 2023
Illustration of a bar chart made of air conditioning units

Illustration: Lindsey Bailey/Axios

Specifx Data, a San Francisco-based data software startup for HVAC systems, raised $3.5 million in seed funding, the company tells Axios.

Why it matters: The funding will help Specifx launch its first HVAC data collection app, just in time for the proposed SEC emissions disclosure rules to go into effect.

Details: Powerhouse Ventures led the all-equity round and gained a board observer seat in the deal.

  • Better Ventures, Blackhorn Ventures, SaaS Ventures and Soma Capital also participated in the round.
  • The company started fundraising in November after launching the company over the summer, CEO Ryan Martineau tells Axios. The round closed in March.

How it works: Specifx's software analyzes HVAC systems' performance across a company's portfolio using insights gleaned from unit model numbers.

  • The company's software can tell how old the unit is, what parts may need replacing, what type of coolant it uses, and its energy consumption. The company's main app, Decoder, will be commercially available this month, Martineau says.
  • Specifx is working on building out recommendations to real estate managers using that information, such as when to replace a unit or whether the unit is compliant with local HVAC regulations.

What we're watching: Specifx is working with large companies that have a vast real estate footprint — think Bank of America or Walmart — that aren't necessarily incentivized to upgrade aging, inefficient HVAC systems until those systems die.

  • It remains to be seen if the SEC proposed disclosure rules will change that calculation for those businesses.
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