CHARLESTON, S.C.--(BUSINESS WIRE)--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 delighted 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.