VentureSouth, a Columbia, SC-based network of angel groups and funds, made its largest investment last quarter in TiO, the home automation brand. A separate firm, The Launch Place, based in Danville, VA, also invested $250,000 “to further immerse TIO’s brand in the home building and custom installation market.”
The investment in TiO will be The Launch Place’s 13th investment, totaling $2.5 million. The Launch Place is co-investing with angels across the southeast, including VentureSouth.
”We are excited about TiO joining our portfolio of high-growth companies,” said VentureSouth managing director Paul Clark. “We believe home automation will become as common as appliances, and this investment demonstrates our desire to invest in disruptive technologies that can provide a positive return to investors. Our investment in TiO is also a great example of how angel groups collaborate across the Southeast. VentureSouth worked closely with groups such as The Launch Place in Danville, VA to provide TiO with the capital and connections it needs to scale quickly.”
Sanjay Patel, CEO and founder of TiO Inc., added, “We are pleased to announce VentureSouth as an investor in TiO. We were impressed with their efficient processes, as well as the caliber of the VentureSouth team and its members. It’s an exciting time to be a part of our company and we look forward to a lasting, profitable relationship with VentureSouth.”
As part of investment requirements from The Launch Place, TiO will expand its operations to the Dan River Region by hiring additional employees with an extensive long-term plan through 2020. The company, in addition to receiving a $250,000 investment from The Launch Place, will also use the organization’s entrepreneur wrap-around services of mentoring, training, coaching, and business consulting services.
“Typically an intuitive control ecosystem like the TiO solution are usually reserved for higher-priced and complex home automation systems,” said Eva Doss, president and CEO of The Launch Place. “We are very impressed with the solution they have built as well as the niche market potential for the company to really grow.”