Denver's Rebound Technologies, a startup developing cooling systems, announced this week that it has closed a $5 million Series A financing.
The lead investors were Clean Energy Ventures and Skyview Ventures, with participation from Autodesk Foundation, the philanthropic investing arm of multinational software corporation Autodesk.
Rebound has developed an energy-efficient and more cost-effective alternative to traditional vapor compression cooling systems, employing its solutions across a variety of industries like food storage.
The company says its IcePoint technology is the first solution with a dynamic cooling capacity that gives cooling systems the agility to customize output based on immediate need.
As a result, Rebound's system provides cooling flexibility, uses less energy than traditional methods, while still meeting cooling needs.
"There are only a handful of practical and economic thermodynamic cycles in existence for cooling," Kevin Davis, co-founder and CEO of Rebound said in a statement. "We've developed an entirely new thermodynamic cycle for cooling based on affordable chemistry and combined it with technology advances in high-speed turbo machinery, heat exchangers, and other thermal fluid components. As a result, we now have something that can and should replace inflexible vapor compression systems globally."
Rebound will use the new capital to install its first industrial-scale systems with food manufacturers and cold storage logistics companies in North America.
Initially installed in combination with existing cooling systems, Rebound's cooling capacity will improve moisture control and rapid-freezing capabilities, while also lowering energy costs.
"Food manufacturers and cold storage logistics companies use the same technology that was invented 100 years ago. This comes with high capital and operating costs – as well as carbon emissions. Rebound's solution can help companies lower up-front costs, reduce maintenance and ultimately, use less electricity. That's good for customers and the planet," said Joe Speicher, executive director at Autodesk Foundation, in a statement.
Prior to this round, Rebound Technologies had received funding from the National Science Foundation, The U.S. Department of Energy and a group of seed investors including PRIME Coalition, Closed Loop Ventures and Investors' Circle.
