Oxygen8 scores $4m in seed financing led by GSPV’s Fund II

Vancouver-based Oxygen8, a maker of high-efficiency HVAC and energy recovery ventilation systems, has collected $4 million in a seed-stage financing.

Vancouver-based Oxygen8, a maker of high-efficiency HVAC and energy recovery ventilation systems, has collected $4 million in a seed-stage financing. Canadian venture capital firm Greensoil PropTech Ventures led the round, with participation from other investors. Oxygen8 is the first investment for Greensoil PropTech Ventures Fund II, a recently launched $100 million fund.

PRESS RELEASE

VANCOUVER, BC, April 14, 2021 /PRNewswire/ — Oxygen8, a manufacturer of high-efficiency HVAC and Energy Recovery Ventilation Systems, announced Thursday the closing of a $4 million-plus (USD) Series Seed funding round, anchored by Greensoil PropTech Ventures (GSPV) and other strategic investors. In recent months, Oxygen8, a Vancouver-based start-up, has installed more than two dozen of its flagship Nova ventilation systems, providing fresh, filtered air in buildings across the United States and Canada. Projects include Ohio State University’s baseball stadium, Boston College’s Center for Digital Innovation in Learning, the University of British Columbia’s Monashee Residence Hall, a New York City restaurant and multiple office buildings and schools.

Oxygen8’s fundraising and strong sales come as it plans the release of six new models to accommodate building owners racing to provide healthier air in the pandemic age.

Meanwhile, researchers, including a Harvard team, continue publishing studies showing that ventilation, along with well-oxygenated air, can improve cognitive function in office and school environments. Oxygen8 is the first investment for Greensoil PropTech Ventures Fund II, a recently launched $100 million (USD) venture capital fund investing entirely in early to mid-stage PropTech firms. GSPV targets companies employing transformative property technologies in the U.S. and Canada, while also investing in European and Israeli businesses.

GSPV II builds on the firm’s first fund, Greensoil Building Innovation Fund (or GSPV I), a pioneering $59 million (USD) PropTech fund launched in 2015. Among other PropTech firms, GSPV I has successfully invested in companies that make smart home battery systems (Electriq Power), an environmental building data and invoice automation platform (Goby), construction management software (Procore), real estate deal management platform (Dealpath), wireless lighting controls (Amatis) and carbon sequestering technology for concrete (CarbonCure).

“GSPV believes strongly in supporting serial entrepreneurs and innovators, like Oxygen8 co-founder and CEO James Dean, who recognize novel opportunities to provide solutions, generate returns and reshape markets,” said Jamie James, managing partner of GSPV II. “Investing in Oxygen8 highlights our firm’s focus on advancing high-performance building solutions that improve indoor environmental quality for occupants, while limiting and reducing the energy-related carbon impacts of the overall built environment.”

“We are excited to have Greensoil PropTech Ventures as a strategic investor in Oxygen8,” said Oxygen8 CEO James Dean. “The Greensoil team brings significant experience in healthy and energy efficient buildings, and their Limited Partners and industry contacts are some of the leading owners and developers of buildings in North America. Greensoil’s team doesn’t just invest. They advise and make key introductions that generate business.”

HVAC systems are typically large, centralized and energy inefficient, with a lot of duct work, and they mostly recirculate the same air, including contaminants such as dust, dirt and germs. Oxygen8’s compact, dedicated outdoor air system continuously draws in fresh air and uses cutting-edge heat exchanger technology to recapture energy from the exhaust air. Oxygen8’s products provide fresh air at the optimal temperature and humidity, while recovering thermal energy to create comfortable indoor environments with a low-carbon footprint and less energy consumption.

Novel membrane technology recaptures humidity and prevents viral crossover, moisture issues and mold, while high performance MERV 13 air filters remove contaminants before air enters a building. Oxygen8’s decentralized and semi-centralized systems are installed with a suite-by-suite or floor-by-floor approach that helps generate savings for building owners and provides customizable zoned air flow. The company’s low-profile, ceiling, wall- and floor-mounted HVAC designs reduce space requirements and eliminate vertical duct chases and roof-mounted units that can fill up to 15 percent of a building’s valuable real estate.

ABOUT OXYGEN8
Oxygen8 Solutions Inc. is an HVAC company producing innovative technology that improves the indoor air quality of buildings throughout North America. The firm’s engineering and manufacturing operations are based in Toronto, with sales and marketing located Vancouver. Sales partners can be found at www.oxygen8.ca/rep-locator and product selections can be done at http://selection.oxygen8.ca/Login.