The deal was revealed by VentureSouth when the company announced details of its first quarter portfolio investments, which also include cancer diagnostics firms, a medical device maker, and a composting and food waste manufacturer. The investment in TiO was noted as the firms largest investment of the first quarter.
TiO, which recently won a 2017 Consumer Technology Association TechHome Division Mark of Excellence Award for best audio product for its StealthStream 1 component, focuses on bringing a “new approach to home automation focused on simplicity and customer experience,” according to the company. The company's roots go back to its technology that was inherited from Colorado vNet. In 2015, the company was purchased by Anuva.
VentureSouth managing director Paul Clark says, ”We are excited about TiO joining our portfolio of high-growth companies. 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., adds, “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.”
VentureSouth made additional investments into existing portfolio companies including cancer diagnostics firm KIYATEC in Greenville; Pharmright in Charleston, makers of the Livi automated medication dispenser; Atlas Organics in Spartanburg, collectors and composters of food waste; and Brightfield Transportation, the Asheville company leading the way to make America “drive on sunshine.”