Reservoir raises $8M for smart water heater technology

Boston-based startup Reservoir has raised $8 million in seed funding to develop predictive, smart heat pump water heaters. The funding round was led by Asymmetric Capital Partners, with participation from Founder Collective and MCJ.

Reservoir aims to reduce household utility bills and promote renewable energy by using predictive technology to heat water during periods of high solar output or low grid rates. The system functions as a thermal storage unit, heating water ahead of demand to optimize energy usage. Additionally, the technology is designed to act as a safety system to detect leaks, frozen pipes, fumes, and bacteria. The company has already installed systems in nearly 100 homes in the Boston metro area and plans to use the new capital to accelerate growth in Boston and expand into other cities across the United States.