Quilt, the Redwood City-based, California startup that’s created sleek, customizable heat pumps, has raised $20 million in a Series B round that closed recently. The company previously raised a $33 million Series A, which it announced in April 2024.
The new round was led by Energy Impact Partner and Galvanize with participation from Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. Veery Maxwell at Galvanize will be joining the board, as will former Nest CFO Tom vonReichbauer. (The latter should come as no surprise given that many Quilters used to work at Nest.)
The new funding will go toward expanding the company’s footprint. Quilt has installed nearly 1,000 units in 16 U.S. states and five Canadian provinces, co-founder and CEO Paul Lambert said in a note posted on the company’s website.
Quilt has been a rare startup challenging entrenched incumbents in the heat pump market. To unseat them, the company has taken a software- and design-first approach. One example is an over-the-air update the company pushed to heat pumps that were already installed; the new software and firmware improved the performance of existing units by more than 20%.
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