A company launched in 2024 by three Waterloo Engineering graduates has secured US $50 million in backing to help drive a move away from residential gas furnaces to its all-electric, smart heat pumps.
Vancouver-based Jetson, which was started by experienced technology entrepreneurs Stephen Lake, Matthew Bailey and Aaron Grant (all BASc ’12, mechatronics engineering), announced the funding infusion this week as it sets its sights on transforming the home heating and cooling industry in North America.
“Heat pumps have worked for decades, but their cost and complexity have put them out of reach of most homeowners,” Lake, the CEO of Jetson, said in a media release.
“We’re removing the friction by making the process digital, fast, and affordable, while fully managing the purchase from start to finish. This funding will help us quickly bring this experience to more homeowners across the U.S. and Canada.”
An estimated 46 per cent of homes in Canada and the U.S. use gas furnaces for primary heating. Jetson has so far installed over 1,000 of its electric heat pump systems in Colorado, Massachusetts, New York, and Vancouver.
Lake, Bailey and Grant first made their mark with Thalmic Labs, a Kitchener startup rooted in their Capstone Design project. Its flagship project, the Myo gesture control armband, turned your arm into a remote control.
Thalmic later pivoted to the development of smart glasses and, after changing its name to North, was acquired by Google in 2020. The trio then worked for Google before launching Jetson to try to make an impact on climate change.