Published on February 20th, 2014 | by Derek Markham1
Next-Gen Water Heater Smashes Crowdfunding Goal, Attracts $2M Seed Funding
Inventors and innovators can take heart from this news on the crowdfunding front. What’s being billed as the world’s first all digital water heater, said to save 40% on energy and 10% on water usage, has not only smashed its crowdfunding goal, but also attracted $2 million in seed funding from investors.
The Heatworks Model 1, which was launched on Kickstarter with a $125,000 crowdfunding goal, ended up raising about $430,000 from backers, and will now be fully commercialized, thanks to an additional $2M in seed funding.
The Heatworks, from ISI Technology, has evidently hit on the right balance of features to get people interested in something that normally draws no notice, namely their hot water heater.
“People have become resigned to a mediocre hot water experience, where water takes minutes to heat and changes temperatures without warning.
The HEATWORKS MODEL 1 is the world’s first digital water heater, with a pioneering architecture that reliably provides hot water when you need it, at the exact temperature you like. As more and more people realize it’s time to modernize their water heater, global demand for HEATWORKS MODEL 1 has soared.” – Jerry Callahan, CEO of ISI Technology
Featuring no metal parts to rust or leak, no heating elements that can burn out, and no mechanical flow switches that can fail, the Heatworks Model 1 uses graphite electrodes and solid state components for a long and virtually maintenance-free life. The device also features a microprocessor and sensors to constantly measure water temperature and automatically adjust it, as well as smart grid and WiFi connectivity for remote measuring and control.
Due to its small size (12.5″ long and 6″ in diameter), the ability to produce hot water ‘on demand’, and to accept preheated water (such as from a solar water heater), this little water heater could have a variety of applications in both new construction and remodels.
“Water heaters, as most of us know them, have been around for more than 100 years, and rely on antiquated technology to deliver one of the most important amenities in the home. ISI has developed a much needed technological overhaul to the water heater that delivers the benefits homeowners demand. By delivering impressive levels of comfort, savings, reliability and connectivity, the HEATWORKS MODEL 1 brings the water heater into the modern, connected home.” – Greg Tew, School of Architecture + Design at Virginia Tech
If this little water heater looks like something that would solve your hot water woes, check out the full details at Heatworks.