# H2Scan Corporation

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/h2scan

- Industry: Electronics
- Headquarters: Valencia, US
- Website: www.h2scan.com
- Total disclosed funding: $17M
- Latest round: Series E (Jan 15, 2020)
- Investors on record: 8

## About

H2Scan Corporation specializes in advanced hydrogen sensor technology, providing innovative solutions for real-time monitoring and detection of hydrogen across various applications, ensuring safety in critical environments.Founded in 2002, H2Scan Corporation is based in Valencia, California, US, and focuses on developing advanced hydrogen sensing technologies. The company has successfully raised a total of USD 70.00 mn through funding rounds, with the most recent deal occurring on February 3, 2022, led by LetterOne and supported by GS Energy. The current CEO is Dave Meyers, who has been pivotal in driving the company’s growth strategy.H2Scan specializes in advanced hydrogen sensor technology, primarily offering real-time monitoring solutions for hydrogen detection across various applications. Their core product line includes the Gen 5 solid-state hydrogen sensors, designed for hazardous locations and delivering high-precision sensing with auto-calibration for a maintenance-free lifespan exceeding ten years. These sensors are integral to safety applications involving fuel cells, electrolyzers, and transformer monitoring, as they detect hydrogen emissions that can signify critical issues such as overheating or electrical arcing. Additionally, H2Scan has developed the HY-VAULT™ Transformer Monitoring Solution, which provides continuous hydrogen monitoring, aiding operators in identifying potential transformer failures before they escalate into significant hazards. The company serves a diverse client base in industrial utilities, energy storage, and chemical manufacturing sectors across North America and Europe, enhancing the safety and efficiency of hydrogen-related processes.H2Scan generates revenue through direct sales of its hydrogen sensor products and monitoring solutions, primarily leveraging a B2B model to engage with industrial clients in energy, utilities, and manufacturing sectors. Their flagship products, including the Gen 5 hydrogen sensors and HY-VAULT™ monitoring solution, are sold through direct transactions where customers purchase units based on their specific operational needs. The transaction structure typically involves one-time sales, though ongoing partnerships and service agreements may be established for maintenance and support. H2Scan’s pricing strategy is aligned with industry standards for advanced sensor technology, reflecting the high value of their innovative monitoring solutions, which cater to the critical safety requirements of their client base. The company’s revenue streams are bolstered by the increasing demand for hydrogen monitoring solutions in the context of the growing hydrogen economy.In February 2022, H2Scan Corporation raised USD 70.00 mn in venture funding, led by LetterOne with participation from GS Energy. The company plans to utilize this funding to expand its manufacturing and auto-calibration capabilities, add additional sales offices worldwide, enhance its marketing efforts, and invest in R&D. H2Scan aims to introduce upcoming products aimed at improving hydrogen detection technology, while also targeting expansion into new geographic regions, specifically focusing on increasing its presence in Europe and Asia by 2023.

## Funding rounds

- Series E, Jan 15, 2020, $11M — Energy Growth Momentum
- Series D, Jul 31, 2008, $4M — Chrysalix, Pasadena Angels, Tech Coast Angels, H5 Capital, Tri-Strip Associates, Ravinia Venture Fund, TGB Partners
- Series B, Dec 8, 2004, $2.5M — Chrysalix, Pasadena Angels, Tech Coast Angels

## Investors

- Chrysalix (https://capitalatlas.ai/funds/chrysalix) — Series B, Series D
- Pasadena Angels (https://capitalatlas.ai/funds/pasadena-angels) — Series B, Series D
- Tech Coast Angels — Series B, Series D
- H5 Capital — Series D
- Tri-Strip Associates — Series D
- Ravinia Venture Fund — Series D
- TGB Partners — Series D
- Energy Growth Momentum (https://capitalatlas.ai/funds/energy-growth-momentum) — Series E