ISI Technology, a Charleston, SC-based provider of a digital water heater, raised $2m in seed funding.
Backers included existing investors.
The company, which had raised more than $417m from more than 1,300 individuals via a Kickstarter campaign, intends to use the funds for production and commercialization of its HEATWORKS MODEL 1.
Led by Jerry Callahan, CEO, ISI Technology has developed the HEATWORKS MODEL 1 digital water heater, which uses a new technology to heat water immediately, while reducing water and energy waste. Its Patented Direct Electrical Resistance (DER) heating process directly heats water using electricity to heat the water molecules, delivering hot water. A digital temperature control uses a solid-state microprocessor and sensors to measure water temperature and auto-adjust power for stable temperature.