Aeroseal might be the most impactful company in the emerging climate tech world that few people have heard of. Maybe that’s because they were there before all the climate tech headlines of the last few years, or maybe it is the humble, unassuming midwestern personality of the Ohio-based company. Either way, any quiet is certainly done now: Aeroseal is in the midst of a breakout moment in its journey fighting climate change by sealing buildings to prevent energy loss. Since our initial investment in spring 2021, Aeroseal has grown dramatically, and with its new round of funding, Aeroseal will have the resources to assume their position at center stage.
People, products, and market position are the critical dimensions that together define a company. Aeroseal has made conscious progress on all fronts since our initial investment two years ago. When our team first met Aeroseal CEO Amit Gupta, we were impressed by his experience as an entrepreneur and his commitment to building a strong, connected team. That’s why we’re not surprised that Amit has added to his already very capable leadership team some new members that are critical for future growth. Industry veteran Bob Swilik came on to spearhead product strategy, and the executive team also welcomed Aseem Gupta as COO. Most recently, Bethany Sanker, who is an experienced building products marketer, has joined as the company’s VP of marketing along with Maggie McCarey as Head of Policy and Market Development,
There is one more component that along with the people that defines Aeroseal. As we have learned first-hand, Amit has created a very special culture that helps define the company. It is more than a company; it’s a tight-knit, mission-driven community. Perhaps it’s those unique midwestern roots, but when you spend time walking the halls at Aeroseal’s Dayton headquarters, you see the pictures of more than 200 employees with their extended families—some multi-generational, others with their pets—including some in the yard of the CEO Amit with his family, others bonding and collaborating at company retreats. It is very clear this company has a purpose and a soul.
This focus on cultivating a strong team with a deep sense of their shared mission has already paid off in product development and a strong go-to-market motion. Aeroseal’s products continue to gain traction in both residential home and commercial buildings—in fact, the company’s rate of business growth is actually increasing as it gets larger. This new round of capital will help accelerate the scaling up and reach of Aeroseal’s existing and new technologies. Home Seal Connect for duct sealing and AeroBarrier Connect for building envelope sealing have already been deployed in over 260,000 buildings across all 50 states. Aeroseal products have also been implemented in 29 countries, and the company is now expanding global operations in the UK and other European countries given the strong regulatory and policy commitments to limit greenhouse gas emissions. And in the near future, Aeroseal’s sealant technology is headed for the gas pipeline industry, which faces similar leakage issues to building operations.
Of course, we are not the only ones to witness what is happening. The market is indeed starting to take notice. At the beginning of this year, Bill Gates shared in his annual letter that Aeroseal is a key part of the solution needed to stop the 40% loss of energy used to heat and cool our homes through leakage in the typical building. Aeroseal eliminates this waste. CNBC has highlighted how Aeroseal puts an end to drafty houses by sealing leaks without the need for construction. Aeroseal’s products have also made repeat appearances on This Old House. But it is not just Aeroseal’s position in the market that is winning. Thanks to the landmark Inflation Reduction Act of 2022, the market is coming to Aeroseal. Even though some of the details in the IRA, it clearly calls out rebates for duct sealing.
In support of Aeroseal’s growth as one of the leading climate companies, we are thrilled to invest once again alongside our existing investment partners at Breakthrough Energy Venture, 2150, and Energy Impact Partners, as well as new investor OGCI, in Aeroseal’s $67.5 million Series B. As Jim Collins details in his book Good to Great, it takes rare leadership, crisp execution, and the dogged pursuit of a core mission for a company to be great. Aeroseal is well on its way—and soon many more will know the story and hopefully join the Aeroseal mission #ForABetterBuiltWorld!
