Vancouver-based startup Miru has announced $27.4 million CAD ($20 million USD) in Series A financing as it looks to accelerate the commercialization of its electronically tintable window technology.
The all-equity round, which closed July 2024, was co-led by BDC Capital, the investment arm of Crown corporation the Business Development Bank of Canada (BDC), and Angelo Paletta, president and CEO of Ontario-based TNG Capital Corp.
Miru claims its windows can increase the energy efficiency of buildings by 20 percent.
The deal also saw participation from Toronto cleantech-focused venture capital firm Greensoil. Miru’s spokesperson noted there were other participants in the Series A round, but declined to disclose names.
Miru’s spokesperson noted that prior to this round, the startup has raised $10 million to date. In 2023, Miru was one of seven organizations awarded a collective $7 million in funding from British Columbia’s Innovative Clean Energy (ICE) Fund. The startup received an additional $1 million in ICE funding earlier this year.
According to a statement from Miru, BDC Capital’s Vivian Kan, as well as Kieron Hayes joined Miru’s board of directors in April. A spokesperson for Miru told BetaKit that Hayes represents TNG Capital.
Miru develops electrochromic windows, which it simply calls “eWindows,” for the transportation and architectural sectors. Electrochromic materials can change their colour or opacity when an electrical voltage is applied.
According to Miru’s website, its windows automatically adjust to bring in natural light while controlling heat gain and glare, which it says can therefore reduce air conditioning loads to save energy.
The startup claims its windows can increase the energy efficiency of buildings by 20 percent and extend the range of electric vehicles by 10 percent. Miru said in a statement that its windows are being designed for use in not only the automobile and architectural sectors, but also the marine and aviation industries.
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A 2022 report in Smithsonian Magazine noted that smart windows have been around for some time, and can already be found in airplanes and car sunroofs. However, the report notes they have yet to go mainstream, largely due to the cost-benefit calculus. The Smithsonian cited a 2016 study on windows that indicated these products’ high price point, complex powering systems, and long installation processes are largely responsible for hindering their widespread adoption.
Miru’s spokesperson claimed the startup is the first to make “ceramic curved electrochromic windows,” adding the company sees a major opportunity in the automobile market with the increase of electric vehicle regulations and targets in North America.
Miru is led by CEO and co-founder Curtis Berlinguette, a professor of chemistry and biological engineering at the University of British Columbia (UBC). Berlinguette’s research group at UBC focuses on exploring and discovering advanced materials for high-performance, low-cost alternative energy technologies. He was inducted into the Royal Society of Canada for his work in 2021.
Miru is designing three demonstration plants in North America and Europe, with two additional plants currently in development. The new funding will be allocated to invest in Miru’s automotive glass roofs and support the construction of new pilot lines in North America and Europe. Pilot lines refer to small-scale industrial setups used to test and refine manufacturing processes before they are implemented on a full production scale.
Miru’s spokesperson noted that the company aims to bring its windows to market by 2025.
Feature image courtesy Miru.
