INOVUES, a window technology company that provides the only solution that enables existing building facades to be retrofitted with the latest energy-saving and smart glass innovations without removal or replacement, announced the closing of its first equity funding round.
The round was led by Paulos Holdings and was oversubscribed with participation from new and pre-seed investors, including VC Fuel, Saint-Gobain NOVA, Fund4SE, Momentum Glass, Lateral Capital, E8 Angels, and the Central Texas Angel Network. The funding enables INOVUES to accelerate its plans to grow its team, expand commercialization efforts, and scale the adoption of its patented Glazing Shield™ technology.
Windows are responsible for up to 40 percent of the energy loss in buildings—the largest energy-consuming sector. Previously, to upgrade building windows, a full or partial replacement was required, which is an extremely expensive and disruptive process. INOVUES developed a non-intrusive retrofit solution that now provides the same benefits of full window replacement at a fraction of the cost and time and without disruption, offering up to 10 times faster payback period.
INOVUES’ insulating glass retrofits transform single- and low-performing double-pane windows—found in over 50 percent of all existing buildings—into high-performing multi-pane systems without removing or replacing any of their components, enabling them to incorporate the latest advancements in architectural glass. The non-invasive, overglaze retrofits improve window performance by up to 10-fold, reducing energy consumption by up to 40 percent while also increasing occupants’ thermal and acoustic comfort, among many other benefits.
“Our mission is to help cities achieve their energy efficiency and emissions-reduction targets by increasing the rate of window upgrades in existing buildings,” said INOVUES Founder and CEO Anas Al Kassas. “To achieve that, we have developed a low-carbon, high-ROI retrofit solution that makes upgrading building windows a financially attractive energy conservation measure instead of a massive capital upgrade associated with business disruptions and prohibitive payback periods.”
“INOVUES’ technology can radically shrink the carbon footprint of 20th-century buildings and help commercial real estate owners meet their sustainability and ESG goals with no tenant disruption and in many cases with payback periods of less than five years plus incentives,” said John Paulos, Vice President, Paulos Holdings, Ltd. “It is exciting for us to be a part of the journey INOVUES is taking to mitigate climate change and accelerate the transition to a sustainable cleaner world.”
“INOVUES is a game-changer in the energy efficiency market because it has developed an innovative, patented building retrofit solution that significantly reduces the energy usage and carbon emissions of existing buildings at a fraction of the cost of more expensive standard building retrofit options,” said Ahmad Atwan, Founder and CEO of VC Fuel. “We are excited that INOVUES has been recognized as the industry leader by winning prestigious green building awards on both domestic and international levels. At a time when cities are encouraging, and sometimes mandating, building owners to reduce energy consumption and carbon emissions, INOVUES has become the logical solution to such challenges.”
INOVUES has received numerous awards for its innovative technology and was featured by Bill Gates’ Breakthrough Energy in its 2021 Climate Action Playbook as a solution to remedy the significant energy loss from windows in existing buildings. INOVUES began offering its insulating glass retrofits to building owners in 2020 after three years of R&D, and since then, the company has successfully installed its product on buildings throughout the U.S.
ABOUT INOVUES:
INOVUES is an award-winning climate-tech startup that makes existing buildings more efficient and sustainable by retrofitting the facades and windows with the latest energy-saving and smart glass technologies without removal, replacement, or disruption. For more information, visit the INOVUES website.
Press Contact:
pr@inovues.com
Source:https://www.newswire.com/news/climate-tech-startup-inovues-raises-2-75m-to-help-decarbonize-buildings-21585094
