Oxygen8, a manufacturer of high-efficiency HVAC and energy recovery ventilation systems, has closed a $4 million-plus 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 is the first investment for Greensoil PropTech Ventures Fund II, a recently-launched $100 million 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 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.”
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.