Reservoir raises $8M in seed round to Scale Smart Water Heaters

The funding round was led by Asymmetric Capital Partners, with participation from MCJ Collective and existing investor Founder Collective.

Reservoir will use the funding to expand its residential installation business across the Boston area, enter new US markets, train apprentices to address the shortage of skilled workers and improve its energy management software.

Founded by Luke Winston-Almanzar, Gabriel Parisi-Amon and Jake Felser, Reservoir develops smart water heaters that use artificial intelligence to predict household hot water needs. The system adjusts heating based on usage patterns, to help homeowners reduce energy consumption and costs.

The company's water heaters can also monitor for issues such as plumbing leaks and frozen pipes. The system can work as a thermal energy storage device by heating water when electricity demand and prices are lower.

Reservoir has installed around 100 units so far and aims to reach about 1,000 installations by the end of next year.

The company offers its technology through different models and provides installation as part of its service. Reservoir plans to use its new funding to expand its footprint and bring smart, energy-efficient water heating to more homes across the US.

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