Air-conditioning disruptor Conry Tech chills on $3 million Seed round to halve power bills

Melbourne air-conditioning startup Conry Tech has raised $3 million in Seed funding as it looks to transform workplace cooling.

The round was led by specialist climate tech investor, Audacy. The cash will help complete development of the startup’s revolutionary “BullAnt” air-conditioner, which has the potential to halve energy bills in commercial buildings, as well as dramatically reducing CO₂ emissions from heating and cooling, as well as building out the team.

Conry Tech was cofounded by industry veteran Ron Conry, and Sam and Brenda Ringwaldt, in 2020. The trio already have a track record in transforming the HVAC (heating, ventilation, and air-conditioning) sector is ways that led rivals to commit industrial espionage.

Conry, an innovator who’s been in HVAC for six decades, was a finalist in the Startup Daily Best in Tech Awards as chief technical officer, while Sam Ringwaldt, the CEO, recently presented at the deep tech conference Cicada x Tech 23.

The startup is looking to raise a $10 million Series A in 2026.

Ringwaldt said their aim is simple: build the world’s best air-conditioner, with a dramatic impact on reducing carbon emissions

“We are building the BullAnt from scratch, with no off the shelf components, to be the most energy efficient air-conditioner on the market, and we have spent 5 years in R&D to get to this point,” he said.

“Like the iconic insect, our system is small, powerful, and distinctly Australian.

“This raise allows us to now accelerate through the next steps of our go-to-market strategy. We believe this has the potential to revolutionise air-conditioning, which is one of the largest sources of global electricity use and emissions.”

Ron Conry, CTO of his eponymous startup, took his previous business, Turbocor, to North America in 1999 following $26m in backing from the Canadian government, setting up 30 factories globally in his career.

The two men returned to Australia with the goal of manufacturing the BullAnt system here.

Conry said that in his 60 years in the industry, it’s barely changed and he wants to solve that problem as demand and energy consumption ramp up, and sees BullAnt as part of the federal government’s Future Made in Australia ambitions.

“With ambitious net zero targets on the horizon, we need genuine innovation to reduce soaring global HVAC emissions,” he said.

“It’s critical that new products like the BullAnt come to market as soon as possible, and it is our responsibility to make that happen. I believe there is a future for Australian manufacturing, and I sincerely hope we can make the BullAnt here. But most importantly, we must build it quickly, anyway and anywhere we can.”

Audacy cofounder Toby Chan said rising temperatures, rapid urbanisation, and economic growth will see cooling demand grow significantly, particularly in the APAC region.

“Conry Tech’s decentralised HVAC solution offers transformative potential, significantly reducing electricity consumption in commercial buildings and data centres,” he said.

“We’re proud to back Ron, Sam, and Brenda, three industry veterans with proven success in developing, scaling, and commercialising advanced HVAC technologies over the past 30 years. We look forward to assist the company to scale its solution globally, which offers significant decarbonisation potential whilst also increasing asset values for real asset owners and helping them to meet their sustainability goals.”