10 New York Greentechs to Watch in 2023
There are currently over 500 greentech companies in the Big Apple. More recent initiatives, such as the $250 million Community Decarbonization Fund oriented at financing clean energy projects, continue to drive further growth in this industry segment. Let’s take a look at ten of the most prominent green startups that contribute to the improvement of our environment with tech.
BOWERY FARMING
Founded Date: 2015
Total funding amount: $625.9 million
Industry: Agriculture
Mission: Reimagining our food system for the better
Bowery Farming was created in response to the diminishing quality and nutritional value of food and increasingly limited availability. The company wants to change the way we grow food through indoor farming, so that our food becomes more nutritious, healthier, and accessible. They fulfill their mission by building smart farms just outside cities where the produce is grown free of pollutants, while making better use of space and water. In that way, Bowery Farming helps to grow healthier, fresh, and more flavorful food in a safe manner.
ENERGYHUB
Founded Date: 2007
Total funding amount: $33.1 million
Industry: Energy
Mission: Turning utilities into virtual power plants
The Internet of Things is at the heart of EnergyHub’s business. As we increasingly adopt new, connected technologies at home (such as thermostats, solar batteries, and electric vehicles) EnergyHub found a way to turn these utilities and smart devices into a grid of distributed, intermittent, and renewable power systems via their dedicated software platform. Ultimately, it offers more reliable and cleaner power. The company is a subsidiary of Alarm.com, a provider of connected home solutions.
PRESCRIPTIVE DATA
Founded Date: 2015
Total funding amount: $5 million
Industry: Real estate
Mission: Optimize energy while maintaining comfort
Prescriptive Data has built a next-generation building management platform – Nantum OS. It helps to save energy while maintaining thermal comfort in buildings. The technology operates at the intersection of Operational Technology and IT, where it’s able to draw meaningful insights from institutional knowledge, IoT, big data, AI, and ML. The solution was built in cooperation with property operators and engineers so that it would address real estate issues indicated by them. The company has a “lab” in New York, where it works on further innovations.
KELVIN
FORMERLY: RADIATOR LABS
Founded Date: 2011
Total funding amount: $5.9 million
Industry: Energy
Mission: Reducing energy waste in radiator-heated buildings
Radiator Labs developed a system that maintains comfortable temperatures in radiator-heated buildings while significantly reducing energy waste and carbon emissions. Cozy™ is a wireless retrofit that is attached directly on top of existing radiators, offering an easily installable and low-cost solution. About a decade ago, the system won several awards, including the MIT Clean Energy Prize, which enabled the company to grow the business and scale, helping more property owners go green. Cozy allows for controlling temperatures via a mobile app equipped with powerful data analytics mechanisms, electrifying up to 80% of heating requirements and reducing heating costs by up to 45%.
ENERTIV
Founded Date: 2011
Total funding amount: $16.7 million
Industry: Real estate
Mission: Reducing carbon emissions through data analytics
Enertiv provides operational intelligence services for commercial real estate properties. Its software collects, analyses, and visualizes data to offer insights focused specifically on environmental, social, and governance (ESG) metrics of real estate and multi-family building portfolios. In essence, it turns building data into an asset that can be used for decarbonization efforts. The Enertive platform can be deployed for various use cases and at various stages of the digital transformation of real estate properties, and can save up to 34 cents per square meter when fully deployed.
ARBOL
Founded Date: 2018
Total funding amount: $9 million
Industry: Finance
Mission: Addressing climate risk
Arbol offers an innovative approach to climate risk management. The company’s analytics platform offers a complete ecosystem that not only assesses climate risk, but also helps to mitigate it. The platform allows entities from the agriculture and energy sector to connect with investors who can help them insure their businesses against weather-related risks. It uses a unique AI underwriter to estimate weather insurance contracts while keeping the premiums as low as possible.
SUSTAIN.LIFE
Founded Date: 2021
Total funding amount: $16 million
Industry: Carbon emissions reduction
Mission: Helping companies decarbonize
The youngest greentech on our list, Sustain.Life offers an all-in-one SaaS platform for managing business sustainability programs. The founders believe the climate crisis is today’s generation’s greatest challenge and strive to resolve it by offering companies the resources that are necessary to future-proof the planet and help businesses become more sustainable. The SaaS platform is equipped with all the tools CEOs require to make more sustainable decisions and help reduce harmful emissions.
AMOGY
Founded Date: 2020
Total funding amount: $208.3 million
Industry: Carbon emissions reduction
Mission: Turning ammonia into clean fuel
Amogy is on a mission to accelerate the global journey to Net Zero. It focuses on turning ammonia into energy as a means to decarbonize the heavy transportation and shipping industry, which is the largest emitter of greenhouse gasses in the US. The technology behind Amogy’s ammonia-to-fuel system breaks down the ammonia molecules into hydrogen and nitrogen. The startup will present its first ammonia-powered, zero-emission tugboat later this year and has signed a partnership deal with Mitsui OSK Line to start commercializing the system.
PHOOD SOLUTIONS
Founded Date: 2018
Total funding amount: $2.1 million
Industry: Waste management
Mission: Reducing food waste
Managing food waste is an essential component of tackling climate change. Phood helps retail grocers and food preparation operations reduce their food waste by automating food waste tracking. Phood’s solution features powerful data processing combined with computer vision to help businesses become aware of their food waste volumes with simple tracking mechanisms, which ultimately help reduce waste by an average of 40% and bring significant cuts in food expenditure.
DANDELION ENERGY
Founded Date: 2017
Total funding amount: $134.5 million
Industry: Energy
Mission: Reimagining heating and cooling
Giving access to affordable geothermal installations is at the heart of Dandelion Energy’s mission. This greentech was conceived at X, an Alphabet innovation lab, and is oriented at making renewable energy sources more accessible to homeowners. Dandelion Energy offers geothermal heating and cooling systems powered by a smart heat pump. The system is up to four times more efficient than legacy, radiator-based heating systems and reduces operational costs.
New York’s leading greentechs in 2023
New York's commitment to sustainability and its favorable policy environment have contributed to its emergence as a growing hub for green technology. The size of the market is hard to assess as new companies continue to emerge while others close or pivot to different sectors. Nonetheless, New York persists as the leader of innovation in green technologies, contributing to creating a more sustainable environment for future generations.
