Reservoir, a startup co-founded by Luke Winston-Almanzar, has raised $8 million in seed funding to bring its smart water heaters to more homes. The round was led by Asymmetric Capital Partners, with participation from Founder Collective and MCJ.
The company's water heaters use predictive heating to learn a household's usage patterns and heat water when electricity demand is low and prices are cheap. They also include an ultrasonic flow sensor to detect plumbing leaks and send alerts through an app.
Reservoir has installed about 100 devices in the Boston area, its initial market. Winston-Almanzar said the company hopes to have around 1,000 installed by the end of next year, which he said would represent megawatt-scale capacity.
The startup has started its own plumbing company to simplify sales and installation. The Core model costs $5,000 and the Max version costs $6,500, with installation included. Massachusetts residents qualify for a $1,050 rebate.