The investment is part of a bridge round raise intended to accelerate Resonado’s entry into the home audio, wearables, automotive and leisure vehicles industries.
INDIANAPOLIS, Indiana (August 25, 2020) – – VisionTech Angels, one of the premier angel investing networks in the Midwest, has successfully completed a $210,000 investment in Resonado, a startup out of the University of Notre Dame whose Flat Core Speaker™ (FCS™) technology is changing the shape of sound and disrupting multiple industries that use audio in their products.
Resonado is currently closing a $500,000 bridge round that began in early 2020. The round is oversubscribed at just under $1 million. Other investment groups participating in the round are Queen City Angels, Connetic Ventures, Lofty Ventures, and a number of private investors.
Commenting on the announcement, VisionTech Angels Executive Director Ben Pidgeon said, “We’re extremely pleased to add Resonado to our investment portfolio. More than half of our 125 members participated in Resonado’s virtual pitch in March and of these, one-third made investments. That speaks volumes about the opportunity.”
Pidgeon added, “The investment is also meaningful because our members, many of whom have founded and run successful companies themselves, are committed to supporting startups that launch from Indiana universities, whether through investment or business expertise. Indiana, and the Midwest at large, continue to strengthen its position as an innovation-rich ecosystem, launching startups and fueling investment.”
Resonado CEO and Co-founder Brian Youngil Cho welcomes VisionTech Angels to the team. “It’s a privilege to be working with VisionTech Angels, one of the most renowned investor groups in the Midwest. Although our team is from every corner of the country and even the world, we all met in Indiana at Notre Dame and Resonado wouldn’t be here today without the network and support we discovered there and in the surrounding communities. 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. 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.”
Resonado was founded in 2017 by Notre Dame students Cho, Christian Femrite, Erikc Perez-Perez, and Peter Moeckel, who were focused on developing audio technology more in-line with today’s devices. The result is a thinner, lighter, and more versatile speaker architecture that replaces the century-old speaker “cone” and gives manufacturers and brands greater flexibility to create and integrate into their products. This is welcome news for the wireless audio device industry, estimated to reach $134.2 billion by 2025 the automotive sound system market, and others that rely on innovative design and sound quality to drive consumer demand.
Resonado plans to apply the proceeds of the round to strengthening its intellectual property protection, support ongoing research and development, and finetune market readiness and manufacturing. The company signed a licensing agreement with leading audio manufacturer Zylux in late June and has three products set to hit store shelves before the end of the year.
About VisionTech Partners I VisionTech Angels
Founded in 2008, VisionTech Partners I VisionTech Angels is a privately held company that links investors to high-potential, early-growth companies. Based in Indianapolis, capital of one of the nation’s most vibrant innovation regions, VisionTech Angels has chapters in Bloomington, Fort Wayne, Indianapolis, Lafayette, Dayton, Ohio. Our investment portfolio includes 35 companies, and more than 130 members across Indiana and Ohio. Membership is open to accredited investors. Those interested in joining are encouraged to contact VisionTech Angels.
Resonado is an American technology company that designs and provides proprietary speaker transducer technologies to brands and manufacturers. The company’s flagship product, Flat Core SpeakerTM (FCS™) technology, is redefining the shape of sound with a fully scalable, thin-profile, lightweight, premium electrodynamic speaker transducer type. FCS technology’s thin structure and high aspect ratio enables unprecedented design innovations to products in industries including aerospace, automotive, consumer electronics, home theater, and marine. Resonado launched the brand nationwide as the Official Sound Partner of Notre Dame Athletics in late 2019 with plans to enter the marketplace in 2020. The company was founded by four undergraduate students at the University of Notre Dame in 2017 and is based in South Bend, Indiana. Learn more at resonado.com.