MVF Announces Investment in Revert Technologies
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MVF Announces Investment in ReVert Technologies
An innovative energy efficiency solution is being pioneered in Maine as a result of Northeastern University’s Roux Institute Techstars program.
Maine Venture Fund is proud to welcome Revert Technologies, Inc (“Revert”) as our newest portfolio company.
The company reports that, globally, parasitic electricity loads (i.e. wasted energy) represent 10-15% of total electricity bills. To combat this, Revert manufactures a “smart” electrical outlet plug-in that allows energy users to monitor and control energy consumption. The solution is being sold to businesses and institutions that have large energy usage and can benefit the most from the tool simply by turning off appliances and lights when not in use. No other product on the market today allows for a single administrator user to control hundreds (or thousands) of devices at any given time, which is a perfect solution for IT or facility managers who are increasingly responsible for achieving company-level energy goals. Integrated into these controls are AI and utility grid analytics that automatically optimize for not only energy savings but also carbon emission reduction.
The company was founded in 2019 by CEO Ryan Li and CTO Joe Lybik at Yale University. The two first produced a working prototype in 2022 before applying to Northeastern University’s Roux Institute Techstars program and moving company operations to Maine. Ryan’s decision to relocate is the direct result of the Roux Institute and MVF’s intentional strategy to attract and retain world-class entrepreneurial talent. He explains: “Why Maine? It’s one of the first questions our customers, distributors, and investors ask. We’d then describe how local talents helped hustle our idea into a prototype, how our manufacturing partner didn’t require a minimum order quantity of a thousand to start making it, and how local business leaders mentored us through finding product market fit. We are grateful for the close-knit community of people who genuinely care about energy conservation and who generously provided their resources to help us succeed. That’s really everything we needed to develop a world-class technology and build an impactful business. So the question for us became why not?”
Revert is currently working with third-party manufacturing partner Alternative Manufacturing, Inc., based in Winthrop, Maine, and assembling and distributing from their new offices at Brunswick Landing. With ongoing mentorship from the Roux Institute and capital support from Maine Technology Institute, Maine Angels and Maine Venture Fund, the company is well positioned to grow impact and jobs in the state. Dr. Brien Walton, MVF Board Chair, describes the benefits of MVF’s investment; “The collaborations that MVF has fostered during the past few years, in tandem with several other partners in the state, make Maine an attractive place for founders to incubate and accelerate their concepts faster than they could in a larger, more diffuse ecosystem. In particular, Energy and Climate technology companies have a wealth of resources in the form of incubators and accelerators being launched via Acadia Capital Management, the Roux Institute, and Husson University over the coming months. MVF will also be a key partner in those efforts.”
Revert is busily fulfilling orders for it’s first large customers and ramping up production to meet a growing list of interested buyers. Revert team: welcome to the Maine Venture Fund portfolio, we look forward to supporting you along your journey!
About Maine Venture Fund
Maine Venture Fund invests in Maine businesses that have the highest potential for growth and impact. For more information, visit maineventurefund.com.
Inquiries:
Terri Wark
Maine Venture Fund
(207) 305-0006
terri@maineventurefund.com
