Good news today in MassHighTech about one of NSIV’s earliest graduates. Congrats to our friend CEO Peter Vandermeulen and his company!
3M makes Series B investment in 7AC
Woburn-based high-efficiency air conditioner company 7AC Technologies Inc. has received an unspecified Series B investment from the venture capital investment arm of manufacturing giant 3M, which also has a line of air conditioners.
Peter Vandermeulen, CEO and founder of 7AC, told Mass High Tech that St. Paul, Minn.-based 3M chose not to disclose the amount of the investment, but said the money will go toward product development as the company plans to introduce a commercial prototype in coming months using its liquid desiccant technology to remove humidity from the air. The process lowers air temperature and dries the air in a building in one step rather than two, like traditional air conditioners — saving half the electricity, according to Vandermeulen.