Larta Institute’s NSF-CAP alumni IOTAS has some good news. On May 18th, the Portland startup announced additional strategic venture funding from Oregon Angel Fund, Rogue Venture Partners, and government grant money totaling $5.3 million.
IOTAS targets a profitable and often ignored market of millennials with an effective smart apartment integration technology. Armed with experience from Larta’s NSF-CAP, specialized mentoring from Larta PA, Xiao-Wei Zhu, and $5.3 million in funding, IOTAS has the ability to meet demand and scale their technology to a commercial audience.
Larta and IOTAS
IOTAS completed Larta’s 2016 Commercialization Acceleration Program for the NSF Phase I. IOTAS Principal Advisor, Xiao-Wei Zhu, says: “Of the nearly 100 companies I have mentored from NSF/NIH/NIST programs, [IOTAS] is in the top five.” Zhu is also particularly impressed with the leadership and vision of IOTAS CEO, Sce Pike.
The global smart home market is expected to reach an estimated $121.73 billion by 2022, according to a study by Research and Markets. Though the market for IoT (Internet of Things) technology has erupted, most smart home appliances lack integration or cross-system functionality. Moreover, the target demographic for smart home IoT devices overlooks millennials, who are most likely to adopt the technology and also most likely to rent a residence.
The IOTAS Solution
IOTAS addresses the lack of cross-system functionality through working directly with developers to integrate IoT technology into rental units. IOTAS technology benefits property owners by allowing them to control units and common areas through a central dashboard, and benefits renters by allowing them to manage their residence from anywhere in the world.
The Future of IOTAS
The $5.3 million investment will assist IOTAS’ plan to expand its 13-employee team, giving the startup funding to hire software developers, customer support specialists, and sales and marketers. IOTAS is also planning to integrate new networking technology, and expand their reach of installed technology in 13 states to include Texas.