Melbourne-based air-conditioning startup Conry Tech has raised $3 million in Seed funding to help change the way cooling systems work in offices and commercial buildings.
The funding round was led by Audacy, an investor that focuses on climate technology.
The new funds will help Conry Tech finish developing its innovative “BullAnt” air-conditioner, which could cut energy costs in commercial buildings by up to half and significantly reduce carbon emissions. The company will also use the money to grow its team.
Conry Tech was founded in 2020 by Ron Conry, a veteran in the air-conditioning industry, along with Sam and Brenda Ringwaldt.
The founders have a strong history of innovation in the HVAC (heating, ventilation, and air-conditioning) industry — their past work has been so impactful that it even led some competitors to try to copy their technology.
Ron Conry, who has worked in the HVAC industry for nearly 60 years, was a finalist in the Startup Daily Best in Tech Awards for his role as Chief Technical Officer.
Sam Ringwaldt, the company’s CEO, also represented Conry Tech at the Cicada x Tech23 deep tech conference, where he shared the company’s vision and innovations.
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 Conry Tech, previously took his company Turbocor to North America in 1999 with $26 million in support from the Canadian government and went on to set up 30 factories around the world during his career.
Now, he and his team have returned to Australia with the goal of manufacturing the BullAnt air-conditioner locally. Conry said that in his 60 years in the industry, HVAC technology has hardly changed, and he wants to fix that as demand and energy use grow. He also sees BullAnt as contributing to the federal government’s Future Made in Australia initiative.
“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.
