Thanks to the investment of four groups, Yost Labs of Portsmouth will be receiving nearly a million dollar investment.
The Angel Capital Group network of micro venture capital funds, the Tri State Angel Investment Group, East Central Ohio Tech Angels Fund and TechGROWTH Ohio make up the investment group.
Officials with the four investment groups expressed joy in investing in a local company.
Don Perry, Chairman of the Tri State Angel Investment Group said in a released statement the, “investment in Yost Labs confirms Tri State’s belief that there are great companies in our area that can prosper with the support of angel funding and assistance,”
According to Dr. Eric Dobson, Chief Executive Officer of the Angel Capital Group, investing is companies like Yost Labs is thy they exist.
According to www.yostlabs.com, “YOST Lab’s patented sensor technologies enable motion and position tracking in many of today’s and tomorrows most exciting products. We enable virtual reality to be immersive and interactive. We enable drones and autonomous cars to navigate. We measure human motion for medical rehab and athletics. We enable robots to move where they are directed to go. We tell you where you are heading and how fast you are getting there.”
Some of Yost Labs customers include Apple, Google, Amazon, NASA and the US Navy.
According to released information, with the investment, Yost plans to add employees to meet the demands of the exploding virtual reality, drone and sensor markets. Industry analysts have named Yost Labs a technology leader in the emerging virtual reality market – a market estimated to be worth over $150 billion by 2020.
One of Yost Lab’s products is the PrioVR full-body immersive motion capture system.
Yeitechnology.com describes the PrioVR as a, “virtual reality gaming accessory. Providing full-body motion tracking, PrioVR delivers 1:1 movement and interaction in games. Easy for the average consumer to use and enjoy without technical expertise and compatible with other gaming accessories and systems, PrioVR allows for an immersive experience by enabling gamers to interact naturally for the first time with virtual worlds.”
Yost Labs has sold thousands of PrioVR systems with distribution starting in March.
Greg Merril, CEO in Yost Labs told the Daily Times, the investment is significant both strategically and financially.
“By the end of this year we are on track to have the largest user and developer community of any full-body inertial sensor interface device in the world,” Merril said.
He said the investment will result in staffing increases and engaging new markets.
Currently, the Company has ten employees and is projected to reach 300 employees by 2020.
“A motivating factor in our success is that 100 years ago southern Ohio and the surrounding Appalachian area was a national leader in manufacturing. With the depression, floods and other factors, this became an economically challenged region. Today, with the help of this investment, we are in the process of making the Ohio Valley into the next Silicon Valley,” Merril said.
For more information about Yost Labs visit www.yostlabs.com.
Wayne Allen can be reached at 740-353-3101, ext. 1933 or on Twitter @WayneallenPDT