The company is expected to increase staffing to 102 by the end of this month, Dugan said.
“We’re looking to fill 47 open positions across the company including many roles in engineering,” he said. “As a result, we’ll go from 88 employees to just under 150 in the next 12 months.”
That represents a 40% increase in headcount and is expected to generate more than $3.3 million in payroll, Dugan said.
Aeroseal offers unlimited vacation and internal professional development programs. Earlier this year, it increased its minimum wage to $17.50.
But CEO Amit Gupta said “people are not just looking for money.”
“People are really looking for, even if they might not ask for it, people are looking for something that is fulfilling, something that is meaningful for them,” Gupta said. “That’s what we’re trying to provide. Not only fulfilling work, but a place where they can grow.”
While the company doesn’t have specific career growth plans, it does offer “amazing culture,” which inspires people to become the better version of themselves, Gupta said, one that focuses on having them “thrive, not just survive.”
Aeroseal was founded in 1997 by Mark Modera, the technology’s inventor. Carrier purchased the company from him in 2001 and Gupta purchased the company in 2010, leaving his job at Carrier to do so.
The company’s headquarters at 225 Byers Road in Miamisburg constitute 40,000 square feet of a 60,000-square-foot building. It also operates a 20,000-square-foot location at 1851 S. Metro Parkway in Centerville. Adding 30,000 square feet in Miamisburg will allow Aeroseal to bring its two locations under one roof in Miamisburg.
The expansion is estimated to cost between $1.5 million and $2 million, Dugan said.
To find support for expansion of its team and its headquarters, Aeroseal is looking into various avenues for funding to make the company’s investment in both areas more viable.
Gupta said the company is a climate technology company that places a great emphasis on engineering and “happens to manufacture” its own technology. Calling it a manufacturer is “grossly misrepresenting who we are,” he said.
“Out of our 100 people, there’s probably 10 people in manufacturing,” Gupta said. “We develop and enhance patented technology, which is unique in the world. That is our unique proposition, not that we manufacture.”
Equally important is that Aeroseal’s team, regardless of their job description, is driven by the impact it can have on climate change, Dugan said.
“The world produces more than 33 gigatons of emissions each year,” he said. “Our goal is to help offset 1 gigaton of carbon dioxide annually. This is our company’s broader mission and we know our team and technology can make this impact.”
Aeroseal has seen, on average, a 20% to 25% Compound Annual Growth Rate (CAGR) a year, but the company is planning to more than double that in the coming five years, Gupta said.
“The technology is needed all over the world, wherever there are buildings,” he said. “We primarily have focused on the U.S. until now, but we are getting enormous amount of interest from around the world, so we’ll start looking outwards a little bit more than what we have been doing up until now.”
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