The Virginia-based seed fund adds a new company to its investment portfolio: a startup making significant headway in the home automation industry.
The Launch Place, a nonprofit organization in Danville, Virginia, that provides support and funding for startups in the Dan River Region, recently announced it would be adding a new company to its portfolio. TiO, a home automation startup that has expanded to Raleigh from its headquarters in Florida, became The Launch Place’s thirteenth investment.
This $250,000 seed investment is the fund’s first partnership with a startup within the home automation industry, and it provides enough backing for TiO to expand operations in the Dan River Region (one requirement of The Launch Place investment) and bring at least five employees to the new office.
TiO, short for “Turn it On,” creates hardware and software products that allow for wireless control of the home through a single app on a homeowner’s phone or tablet.