Encycle Announces Closing of $7.5 Million Financing Round
Summary
VANCOUVER, BC, Canada, May 12, 2021 – Encycle Corporation, a software technology company focused on helping commercial and industrial customers dramatically improve the efficiency of their HVAC systems using artificial intelligence-based services, is pleased to announce that it has closed a $7.5 million financing round from a group of advanced energy investors led by Cycle Capital. “Both companies’ technologies focus on reducing energy waste for a more sustainable tomorrow, and combining our offerings provides customers with the most compelling HVAC optimization solution on the market,” Morris explained. Encycle’s solution is an excellent fit for Active Impact’s portfolio since it delivers the optimal mix of cost savings and environmental benefit, and it’s the ideal time to scale.” Robert Chiste, Encycle’s Chairman and CEO, stated, “We are very pleased that Cycle Capital has led our latest funding round joined by new investors Active Impact Investments and Turntide Technologies and existing investors Prelude Ventures, NGEN Partners, Enertech Capital, and Sorfina Capital.” Chiste continued: “This funding, combined with the added expertise and leadership from the new Board and Observer members, will support the extension of our artificial intelligence-based technology into new customer applications. As we continue to accelerate customer adoption of our cloud-based Swarm Logic technology through channel partners and direct sales efforts, Encycle remains committed to investing in modern tools such as AI and data science to continually increase efficiencies and value.” Encycle developed Swarm Logic, a cloud-based technology that dynamically synchronizes HVAC rooftop units (RTU) control decisions, enabling RTUs to operate most efficiently by responding in real-time to changing conditions such as outdoor temperature and building occupancy levels. With offices in Montreal, Toronto, and Qingdao – in continental China – and a presence in New York and Seattle, Cycle Capital invests in companies at the development and growth stages that commercialize clean technologies that reduce greenhouse gas emissions, optimize resource use, and improve process efficiency.