The SC Launch program announced that portfolio company, Charleston-based ISI Technology has been accepted into the Microsoft Ventures Accelerator program. It received entry into the program for its Heatworks technology, and specifically its first model of a digital water heater that improves efficiency in the home.
The SC Launch program stems from SCRA Technology Ventures, which is dedicated to investing in innovative companies like ISI Technology throughout South Carolina. Since 2006, SCRA has given $81 million in funding to entrepreneurs and early-stage enterprises in the area.
The Microsoft Ventures Accelerator program provides mentorship and resources to its members to support technology companies with a focus on home automation.
More than 5,000 companies applied to the Microsoft Ventures Accelerator program, and only 10 were accepted.
“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.”
ISI Technology is commercializing its water heater, known as Heatworks Model 1, which can save individuals up to 40 percent on energy costs and 10 percent on water. The Heatworks Model 1 has a Microprocessor that controls power and temperature 60 times per second, creating in more comfort and efficiency. Additionally, users can obtain data on their water heater via WiFi. Heatworks Model 1 will become available for purchase in Fall 2014.
Since ISI Technology was accepted into the SC Launch program in 2011, it has received two portions of investment and more than 1,300 backers for the Heatworks Model 1 on Kickstarter.