Comcast Ventures, the corporate venturing arm of mass media group Comcast, has led a $16m series A round for US-based geothermal technology developer Dandelion Energy, TechCrunch has reported.
GV, an early stage investment vehicle for internet and technology group Alphabet, also participated in the round, as did home builder Lennar Corporation, New Enterprise Associates (NEA), Collaborative Fund, Ground Up and ZhenFund.
Spun off from Alphabet’s moonshot research division, Alphabet X, Dandelion produces geothermal heating and cooling systems for home use.
The company’s products are currently only available in the state of New York, though it may look to expand following the series A round. It will use the cash for hiring, research and development, and the expansion of its warehouse resources.
ZhenFund had joined Borealis Ventures and Collaborative Fund to invest $2m in Dandelion when it was spun out in mid-2017. All three returned for a $4.5m series A round led by NEA and backed by Ground Up, BoxGroup and Daniel Yates in March 2018.
Photo courtesy of Dandelion Energy.
