SCRA Technology Ventures' SC Launch program today announced that
Portfolio Company ISI Technology, based upon its Heatworks technology,
has been accepted into the Microsoft Ventures Accelerator program. The
program, sponsored by American Family Insurance, offers mentorship,
tools and connections to support business growth of technology-based
businesses focused on home automation. Nationwide, over 5,000 companies
applied to the program and only 10 were accepted. The Accelerator
program will culminate in a Demo Day, which will be held in December.
Charleston-based ISI Technology is commercializing an innovative,
tank-less electric water heater. The water heater results in 40% energy
savings and 10% water savings at no additional cost. ISI Technology was
accepted into the SC Launch program in 2011 and has received two
tranches of investment. After a successful Kickstarter campaign, the
company continues grow.
"We are deighted for ISI Technology to have this opportunity and gain
this recognition," said SCRA CEO Bill Mahoney. "Their Heatworks
technology is offering energy and water efficiencies that will improve
homes of the future, making them internet-linked appliances. We look
forward to their successful completion of this prestigious program and
their continued contributions to South Carolina's Knowledge Economy."
SCRA Technology Ventures helps innovative companies grow and develop new
technologies, creating jobs and advancing the Knowledge Economy
throughout South Carolina. This SCRA business sector provides support
and mentoring to early stage, start-up technology companies through its
flagship SC Launch. Since 2006, SCRA has deployed over $81 million in
funding for entrepreneurs and infrastructure to support over 290
high-tech, early-stage enterprises. SCRA has directly invested over $19
million into the program's top 71 South Carolina start-ups, attracting
over $301 million in add-on private investment. SCRA Technology Ventures
also supports commercialization and growth by facilitating the transfer
of intellectual property and accelerating the transition of inventions
to the marketplace.
Multiple economic impact studies show SCRA's cumulative output on South
Carolina's economy to be over $16.6 billion, and that the company has
helped create approximately 15,000 technology-related jobs in the state,
with annual wages averaging between $55,000 and $77,000.
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