UC Berkeley-founded HVAC coating developer Nelumbo has added Utec to its investors as it boosted its series A round to $19.5m.
Nelumbo, a US-based heat exchange technology spinout of University of California (UC) Berkeley, increased its series A round to $19.5m today following an extension co-led by University of Tokyo Edge Capital (Utec), the institution’s venture capital unit.
Prime Mover’s Lab co-led the $14m expansion, which also featured Berkeley Catalyst Fund, a vehicle that invests on behalf of UC Berkeley’s College of Chemistry, and industrial products group Danfoss.
Safar Partners, Darwin Venture Management, Neue Fund and Photon Fund filled out the round.
The initial $5.5m tranche led by Berkeley Catalyst Fund took place in 2018 with participation from Danfoss, renewable energy producer UPC Renewables, Photon Fund and 1517 Fund.
Founded 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.
Its offering includes products for…
