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The original item was published from 8/18/2016 5:10:51 PM to 9/14/2016 11:50:56 AM.

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Danville, VA Local Government News and Announcements

Posted on: August 18, 2016

[ARCHIVED] The Launch Place makes 10th startup investment

The Launch Place logo

The Launch Place announced Wednesday that it is investing $50,000 in CAARMO, to further validate market demand. Upon validation, CAARMO will have the opportunity to receive additional investment of $200,000 once milestones are achieved.

CAARMO offers the first vehicle health tracker that monitors and alerts car owners to needed auto service with an included connection to an auto technician.

A telematics-enabled OBD device installed in the vehicle sends diagnostic information to the owner and the automotive Service Center. So, the customers see what their car mechanic sees, both parties are on the same page.

Customers get instant auto-repair information before the problem gets worse, and the Service Center proactively provides its services to their customers, in their time of greatest need. This way, CAARMO builds trust and transparency between the service centers and the customers.

“The flexibility of our investment funds allows The Launch Place to provide smaller increments of funding to support companies in need of further product validation and also business model refinement,” said Eva Doss, The Launch Place President & CEO. “Often the smaller size investment is a precursor to a larger round of early stage funding, assuming that the company has met all the milestones and is on the right track to be successful.”

This investment marks the 10th investment The Launch Place has made in the last two and a half years. The investment portfolio includes nine companies that are continuing to grow and collectively have raised over $10 million in follow-on investments from other investors. These companies are currently hiring and job opportunities can be found on The Launch Place’s website.

“I am looking forward to establishing a partnership that will allow business expansion both locally with people and globally in scale. Our partnership with The Launch Place will help my team and I take this company to the next level,” says Vinay Raman, founder and CEO of CAARMO, Inc.

CAARMO is an initiative that aims to establish partnerships within the auto care industry and around the globe for collaborative vehicle care and management. CAARMO offers remote vehicle diagnostics for both vehicle owners and fleet managers to create an empowering service for better more cost effective vehicle health monitoring and management. The ultimate goal is a win-win relationship between the service provider and the vehicle owner. We strive to build that connection.

About The Launch Place
The Launch Place, from a $10 million grant received from the Danville Regional Foundation in 2012, assists with entrepreneurship and business development, and job creation and retention through its business consulting, mentoring and training, residential and office space subsidies, and two seed investment funds in the Dan River region of Virginia.

We, at CAARMO, believe in empowering auto service providers and vehicle owners across the globe for a better auto-care experience. We partner with highly specialized service centers who want to make a better, safer, and cost-effective auto-care experience for their customers.

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