SHM Controls closes $800,000 for smart heating system rollout

SHM Controls

SHM Controls Inc. (SHM), a Vancouver-based smart heating system provider, announced that it has closed $800,000 in funding, from investors including Rhiza Capital, WUTIF Capital, Keiretsu Capital, Alliance of Angels, and the Keiretsu Forum.

This second round of financing will be invested into 100 new SHM smart heating system installations in the heart of Vancouver. Last year, the company worked on installations in multi-family residential buildings around Greater Vancouver, which they said led to an average annual natural gas savings of 30 percent.

SHM says that similar smart heating systems are unaffordable except for the largest multi-residential
Malky describes similar systems as generally unaffordable for all but the largest multi-residential buildings. “By comparison, the remaining 80 percent, the small and medium-size buildings, can pay for our system out of their savings,” said SHM co-founder and CEO Oded Malky.

Following the Greater Vancouver rollout, SHM plans to pursue an estimated $17B multi-family residential market around Canada and in the U.S.

“That’s the low-hanging fruit,” Malky said. “With 6,000 buildings and a backlog of demand, this is an immediately addressable market,” Malky said.

SHM plans to expand its offering to include office buildings, schools, and hospitals, with other commercial and industrial buildings to follow.

Aeman Ansari

Aeman Ansari

Aeman Ansari is a freelance writer who has been published in many Toronto-based publications, including Hazlitt and Torontoist. When she’s not re-watching Hitchcock movies, she’s working on her collection of short fiction inspired by stories from her grandmother, one of the few women in India to receive post-secondary education in English literature at the time.