Hardware accelerator Highway1 made a big announcement on their second anniversary. They've upped their investment to $100,000 for 8% equity or $50,000 for 5% equity.
Brady Forrest, vice president of Highway1, said this to say about the program in a statement: “Highway1 is the most rigorous, hands-on hardware program in the world. A startup can complete a year of product development in only four months, helping your company become fundable sooner. You can enter with a garage prototype and leave four months later with a fundable, looks-like, works-like prototype. We look for the most serious startup teams, who are pushing the bounds of technology and are committed and ready to get to work. The increase in funding offers startups more resources to engage hardware and software engineers, designers and others to achieve even more during the program.”
Since launching in October 2013, the program has seen 153 founders from 58 companies graduate. In total these companies have raised $65 million in funding. Their alumni include Drop, Navdy, Podo and Ringly.
Highway1 was started by PCH, a manufacturing solutions powerhouse that does everything from prototyping, product engineering,manufacturing, packaging, logistics and distribution.
“It’s very gratifying to have 58 companies and 153 founders go through the program at Highway1 in just 24 months,” said Liam Casey, founder and CEO of PCH, in a statement. “We have seen incredible talent and creativity, as more entrepreneurs from around the world get interested in making great hardware products and building lasting companies. With almost 20 years of experience in hardware, we are able to share our insights about how to get products made, how to scale the business, and how to get value out of each dollar of investment. We look forward to helping more entrepreneurs build their dreams.”
In addition to the investment raise, the accelerator also started accepting applications for their Spring 2016 program. If you're interested in getting into their Spring 2016 program, you don't have much time left. The application deadline is November 16, 2015. You can apply here.