A tankless water heater company has raised $50 million in new funding as it prepares to move its headquarters from downstate Illinois to Chicago.
Intellihot, a commercial tankless water heater company, raised the new funds from Aegon Asset Management and the Avenue Sustainable Solutions Fund. The financing comes as the company plans to hire 50 new employees in the next two years and move its headquarters from Galesburg to the Chicago area next year.
Led by CEO Sridhar Deivasigamani, Intellihot sells its tankless water heaters to businesses that are looking to cut down on costs, greenhouse emissions and storage space. Intellihot’s solution provides hot water on demand, giving customers hot water only when they need it, allowing companies to eliminate extra storage tanks that have traditionally been used to heat water.
The company sells its water heaters to hotel chains like Hilton, Marriott and Hyatt, restaurants like Benihana, and Levi's Stadium, home of the San Francisco 49ers.
Itellihot was one of Chicago Inno's 20 Startups to Watch in 2020.
Founded in 2009, Intellihot has more 100 employees. Its earlier investors include the Clean Energy Trust, Energy Foundry and Central IL Angels.
