In October 2023, Encycle was acquired by Instone Capital Partners. Encycle’s HVAC optimization technology significantly reduces electricity use in large commercial spaces with rooftop HVAC units, which creates meaningful cost and emissions savings. Even with an exceptional product, unfortunately long sales cycles with large enterprise customers proved to be a significant hurdle to major growth. Although this was ultimately a disappointing outcome, we are pleased that the company remains operational with a new financial backer and the existing team staying on.