A South Bend-based startup, which is trying to shake up the speaker industry, has just received another cash infusion to the tune of $210,000.
VisionTech Angels, an investor group located in Indianapolis, is making the investment in Resonado and its trademarked Flat Core Speaker technology.
The investment firm says the money is part of a bridge round that sought to raise $500,000 for Resonado. It has surpassed that goal and is now approaching nearly $1 million.
“We’re extremely pleased to add Resonado to our investment portfolio,” said VisionTech Angels Executive Director Ben Pidgeon. “More than half of our 125 members participated in Resonado’s virtual pitch in June and of these, one-third made investments. That speaks volumes about the opportunity.”
Resonado was started three years ago by a group of students at the University of Notre Dame. They were trying to develop new audio technology. The result is a thinner, lighter, and more versatile speaker architecture.
Resonado Chief Executive Officer Brian Cho says the continuing support from the investment community is vital.
“Part of the support when we were first starting out was from investors at VisionTech Angels, and so this investment is particularly meaningful for us,” said Cho. “We’re determined to keep working hard to take our company to the next level and hope to represent Indiana and the Midwest well along the way.”
The money will help the company to continue research and development and focus on market readiness and manufacturing.
Inside INdiana Business first reported in July the company had signed a licensing agreement with audio manufacturer Zylux and has three products set to hit store shelves before the end of the year.
Cho appeared on Inside INdiana Business with Gerry Dick in February. Watch the below video: