A sex tech company jilted out of an Innovation Award at this year's CES has $2M more in private investment money. On the heels of the CES hubbub, the company, called Lora DiCarlo, also received its belated Innovation Award from CTA, the organization that administers the show.
"CTA did not handle this award properly," says Jean Foster, CTA's senior vice president of marketing and communications. "This prompted some important conversations internally and with external advisors and we look forward to taking these learnings to continue to improve the show."
Oregon-based Lora DiCarlo has been riding high on positive press following the CES attention. As a female-led, sex-positive company bringing robotics into the sex toy market, its become something of a standards bearer for gender-inclusive sex tech.
That image has been burnished by a social mission that's also helped lure investment money -- most recently $2M in private equity funding. Lora DiCarlo is headquartered in Bend, Oregon, which is considered an Opportunity Zone. Under an IRS program, companies based in economically-distressed communities can raise investment money that, under certain conditions, may be eligible for preferential tax treatment.
Lora DiCarlo's most recent backers invested in the company through the Oregon Opportunity Zone fund.
"I invested because Lora DiCarlo is positioned at the intersection of sexual health research and cutting-edge robotic technology creating new products that help everyone have more satisfying sexual interactions," says new Lora DiCarlo investor Richard Kado, President of Kado Family Inc. "Additionally, Lora DiCarlo's commitment to low-income and underserved communities demonstrates an exceptional level of corporate social responsibility while also providing meaningful tax advantages for investors."
The company's signature product is called the Osé, a hands-free G-spot massager that uses robotic linkages and actuation. If there's one downside of capturing all the buzz post-CES it's that the product isn't yet available.
According to the company, it will debut in fall 2019.