Dandelion bags USD 4.5m in funds to ramp up operations
US home geothermal systems provider Dandelion Energy Inc announced today it has raised USD 4.5 million (EUR 3.6m) in a funding round led by New Enterprise Associates (NEA).
Dandelion, which is a spin off of Google’s parent company Alphabet Inc (NASDAQ:GOOGL), has now secured a total of USD 6.5 million in funding, it said in a statement.
According to Kathy Hannun, co-founder and CEO of Dandelion, the New York City-based residential geothermal startup has been "overwhelmed" with demand from homeowners across the US.
“This round will help us ramp up operations to serve these customers and launch our new and improved 2018 offering,” she said.
Other participants in the latest funding round include BoxGroup, Daniel Yates, Ground Up, Borealis Ventures, Collaborative Fund and ZhenFund. Yates, who is the founder and former CEO of consumer energy efficiency software provider Opower, is now joining Dandelion as executive board member.
The funding announcement comes just a few weeks after Dandelion unveiled its acquisition of Geo-Connections, a software as a service (SaaS) company that is active in the geothermal industry.