Fairtree Elevant Leads Mojave’s $19M Series B for Humidity-First HVAC
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Mojave Energy Systems has raised $19 million in Series B funding to scale production of its ArctiDry platform. New investor Fairtree Elevant Ventures led the round, and new investor River Bay Investments made a significant investment. Returning backers At One Ventures, Fifth Wall, Myriad Venture Partners and Starshot Capital participated, as did new investors Cleo Capital and MetaTrail.
Mojave is based in Sunnyvale, California. It builds climate systems that treat humidity as a deliberate priority rather than a side effect of cooling, for commercial buildings in grocery, industrial, healthcare, hospitality, education and other sectors.
The patented ArctiDry DX is a liquid desiccant air conditioner, often installed as a Dedicated Outdoor Air System, that controls humidity and temperature separately. ArctiDry Hydro, launched in 2026, works with a building’s existing chilled-water plant to reach supply-air dew points as low as 25°F, colder than a standard chilled-water system can manage alone. It also extends existing chiller capacity and can improve overall plant efficiency by up to 20%.
Mojave customers report 30% to 60% lower energy use than standard HVAC systems, usually with payback in under 18 months. Installations are expanding across the U.S. as more commercial building owners adopt the platform.
The funding will grow Mojave’s sales team, expand manufacturing capacity and support new products on the ArctiDry platform. Phil Farese is CEO.
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