Four Tech Startups Receive Funding from MI Pre-Seed FundBy Amanda Lewan on January 9th, 2015 /
Invest Michigan announced yesterday an investment of $375,000 in four Michigan based early state tech companies. Invest Michigan was formed in 2014 to help early stage companies grow in the state, managing the state of Michigan’s pre-seed fund.
The four companies are all working on unique technological advancement in Michigan. Check them out below:
Fusion Coolant Systems – This company headquarter in Detroit designs and manufactures a patented metal-working coolant system that enables faster production rates and improved tool life in aerospace, biomedical, automotive, and heavy equipment applications.
MyFab5 – MyFab5 is a crowdsourcing platform for discovering local food. The startup launched and is still headquartered in Ann Arbor, though they’ve quickly expanded their presence to other cities. Local food experts use MyFab5 to share rankings of their favorite places. Their app is now available in iPhone and Android.
SkySpecs – This company headquartered in Ann Arbor is a leader in drone technology. Its “WingMan” line of collision avoidance technologies provides tools to simplify piloting a drone. WingMan allows pilots to focus on the mission objectives. Their product Guardian also provides collision avoidance of nearby obstacles for the operator of the drone.
Zipments – Zipments is a personalized local delivery service that helps track the last-mile for brick and mortar retailers, ecommerce companies and consumers. Zipments allows its users the ability to choose the location and time of both pick-up delivery and carriers. Zipments is based in Grand Rapids but has been expanding their services to New York, Chicago, San Francisco and Washington, DC.
“These four companies are excellent examples of the diversity of technology we’re seeing developed across the state,” said Charlie Moret, president and CEO of Invest Michigan. “Invest Michigan is proud to support these companies, and all the companies in which we’ve invested, and looks forward to seeing the positive impact they make on Michigan’s economy.”
The Michigan Pre-Seed Fund 2.0 is managed by Invest Michigan and is a $6.8 million dollar fund aimed at supporting high-tech early stage companies and diversifying Michigan’s economy. It is funded by the Michigan Strategic Fund which itself is administered by the Michigan Economic Development Corporation.
The investment offer does come with a requirement that all participating companies secure a minimum of 1:1 in matching co-investment funds.
For more on the Michigan Pre-Seed Fund 2.0 visit them online at www.michiganpreseed.info.