Colorado vNet Secures Funding, Plans Expansion
The private funding is designed to "accelerate our product development" and "help us significantly grow our business."
Maybe there’s something in the high-elevation air, because lots of good news seems to be floating out of Colorado vNet lately.
The home automation and multiroom audio/video solution provider announces some expansion plans. It says it has closed a round of private funding to fuel market expansion in North America and internationally.
Last month the home automation and multiroom audio/video solution provider reported double digit growth for Q1 2009. At the time, the company credited its simple, pre-integrated systems that support dealer profitability for the recession era growth.
The company also cites those ideals in announcing the expansion plans. “Our philosophy has always been to build products of the highest quality with unrivaled usability and design,” says Bill Beierwaltes, CEO. “This investment reinforces the strength of that business strategy.”
Another reason for the planned expansion is an expectation that demand for home automation is about to explode. Colorado vNet refers to a prediction by ABI Research that home automation shipments are to reach nearly 2.8 million in 2011.
The private funding is designed to “accelerate our product development” and “help us significantly grow our business,” says Tom Gambon, CFO.
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Tom has been covering consumer electronics for six years. Before that, he wrote for the sports department of the Boston Herald. Migrating to magazines, he was a staff editor for a golf publication and an outdoor sports publication. Now, as senior writer/technology editor of CE Pro magazine since 2003, he dabbles in all departments and offers expertise in marketing. Have a suggestion or a topic you want to read more about? Email Tom at firstname.lastname@example.org
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