Skytree – 18 August
Skytree is a carbon tech company that has developed CO2 and humidity filters that enable the recirculation of indoor air which significantly reduces ventilation costs and improves air quality within buildings and vehicles. Their vision is to move toward a future where essential materials such as fuel and cement are produced from carbon extracted directly from the air. To make this future a reality, they have taken steps to engineer scalable carbon removal products.
Skytree’s primary competitors are companies that sell heat pump technology, since this too is a great way to improve efficiency in HVAC systems. However, Skytree has developed Ersa: a B2B product designed to be integrated into electric vehicles where it creates a pocket of fresh, clean air while also improving energy efficiency. By reducing the load on heat pumps and simultaneously addressing air-quality issues, their patented process acts as a competitive advantage.
The company has gained +$1.2M in revenue from paid PoCs in the automotive industry to date, in addition to five patent families and a partnership agreement with a Tier 1. Skytree’s biggest hurdle to overcome in the next year will be to pivot to a software offering on top of their current hardware. They plan to accomplish this by hiring IT talent and building their models over time while eliciting as much input from their OEM partners as possible.
Max Beaumont, CEO – MSc, British, previously at European Space Agency
Alina Chanaewa, CTO – PhD, German, previously a postdoc in nano-structures at Vrije Universiteit
Floris de Bruijn, CFO – MBA, Dutch, previously exited two companies
Paul O’Connell, Head of Marketing – BA, Irish, founder of DutchStartupJobs
Skytree is currently looking to raise $3.5M in seed funding. This funding will primarily be used to increase building manufacturing capacity as well as accelerating product development & expanding their IP portfolio.
The company has raised $1.5M to date from accelerators, crowdfunding, angels, and a small institutional investor. Additionally, they have received about $500K in grants from the Dutch government to fund the development of their automotive technology with their partners. Lastly, they have raised approximately $500K in debt financing.
The team plans to expand by building their commercial and manufacturing competency as well as increasing their engineering and materials research capability. In addition to these new personsell, Skytree needs to fill a COO and CCO position. By the end of 2023, they plan to have expanded to 30 people in total.
Skytee’s primary source of revenue is the sale of their patented CO2 and humidity filters to Tier 1’s and OEM’s. They license their process to Tier 1’s in exchange for a fee.