DETROIT – Invest
Michigan announced Thursday it has invested $325,000 in five early stage technology companies. The money came from the Michigan Pre-Seed Fund
2.0 and allowed these companies to leverage another $2.7 million in co-investments from
private sources.
Since its inception in June 2014, the Fund has invested in 18 Michigan startups through the Michigan Pre-Seed Fund 2.0, a
statewide investment fund of $6.8 million aimed at supporting high-tech early
stage companies and diversifying Michigan’s economy. The five latest companies receiving
funds include Arborlight, Cribspot, ENT Biotech Solutions, NanoRETE and
Picospray.
$125,000 co-invested with Michigan Angel Fund
Arborlight manufactures human centric
architectural lighting. They invented the concept of Daylight Emulation,
delivering the experience of dynamic daylight conditions tuned to geography and
time. Using complex algorithms, LED technology, and optics to emulate the
experience of dynamic daylight, Arborlight’s fixtures look, act and feel just
like traditional skylights but can be installed in virtually any space
otherwise inaccessible to daylight. Arborlight products are WiFi enabled
allowing users to tune them to personal preference, and they interface to
sensors and the Internet to interpret outdoor conditions real time.
Cribspot – $50,000
co-invested with Angels Investors
Cribspot is transforming the way you discover your
collegehome. Cribspot brings together thousands of rentals on one map so
you never have to go door-to-door or
site-to-site in search of housing. Helping you find and manage your college
home.
Solutions – $50,000 follow on co-invested with Angel Investors
ENT Biotech Solutions, a Detroit, Michigan venture developing a novel medical
device created by a practicing Otolaryngologist to remove tonsils/adenoids and
soft tissue.The management team, combined with its advisory board,
includes seasoned entrepreneurial, medical device sector, venture capital,
regulatory and scientific expertise.ENT’s product, The Elasso, is a
single-use, disposable device designed to be a cost-effective way to reduce the
tedious nature of adenoid and tonsil surgery.The one-step tool cuts,
cauterizes and removes tissue combining the advantages of heating and cutting
technologies.
NanoRETE – $50,000
co-invested with Michigan Accelerator Fund and MSU Foundation
NanoRETE is an early stage company with the mission to successfully replace
today’s suboptimal occupational tuberculosis diagnostic tests with a single, point-of-care,
optimized test platform at an affordable price.
Picospray – $50,000 co-invested with Invest Detroit and A
Major OEM
PicoSpray has developed a patent-pending EFI system for small engines that is a
direct bolt-on item and costs $20 less than traditional EFI systems. The system
enables the customers’ engines to meet emission regulations and use ethanol
fuels while improving fuel economy and reliability.
“Invest Michigan is proud to be partnered with investors
supporting these five companies that are excellent examples of the diversity of
technological innovation we’re seeing throughout the state,” said Charlie
Moret, president and CEO of Invest Michigan. “We look forward to seeing the
positive impact they make on Michigan’s economy.
“The Michigan Angel Fund was delighted to lead the round of
financing for Arborlight,” said Joseph (Skip) Simms, managing partner at the
Michigan Angel Fund. “This is a great example of an early stage company that
combines a product with software to create an innovative lighting solution in
environments lacking daylight.”
Michigan Pre-Seed Fund 2.0 is managed by Invest Michigan. It
is funded by the Michigan Strategic Fund which itself is administered by the
Michigan Economic Development Corporation, the state’s lead advocate for
economic growth. The fund has $5.8 million earmarked for investment in
high-tech startup companies in the areas of advanced automotive, manufacturing
and materials, agricultural technology, alternative energy, homeland security
and defense, information technology, life sciences and other innovative
technologies. An additional $1 million is dedicated to the University
Commercialization Fund to help universities transfer technology to the
marketplace. All companies that receive funding are required to secure a
minimum of 1:1 in matching co-investment funds.
For more information on the Michigan Pre-Seed Fund 2.0,
click on www.michiganpreseed.info.
