5 Startups Receive $3 Million from Michigan Pre-Seed Fund and PartnersBy Amanda Lewan on May 22nd, 2015 /
Invest Michigan announced yesterday the investment of $325,000 in five local early stage technology companies. The funding comes from the Michigan Pre-Seed Fund 2.0 and allows companies to leverage investments from private sources, totally $3 million raised for the companies.
The fund has invested in a total of 18 Michigan startups to date. Below are the five tech companies receiving funding from this round.
Arborlight – $125,000 co-invested with Michigan Angel Fund. Arborlight manufacturers architectural lighting, inventing their own concept called ‘Daylight Emulation’. The company’s algorithms, LED technology and optics emulate the experience of daylight. Their fixtures can be installed in any space often inaccessible to daylight and can be conneced to WiFi for personal preferences while interpreting outdoor real time conditions.
Cribspot – $50,000 co-invested with Angels Investors. We’ve profiled Cribspot quite a few time already. The startup is expanding quickly, helping college students find and rent easier on campuses. We can’t wait to keep watching this company grow.
ENT Biotech 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. Their product called the “The Elasso,” is a single-use, disposable device designed to be a cost-effective way to reduce the need for tonsil surgery.
NanoRETE – $50,000 co-invested with Michigan Accelerator Fund and MSU Foundation. According to this startup’s website, the World Health Organization estimates more than 1/3 of the world’s population is infected with tuberculosis (TB), and millions continue to die each year. Current screening and testing methods are slow and complex, but NanoRETE is helping to successfully replace today’s suboptimal occupational tuberculosis diagnostic tests with one 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.
Michigan Pre-Seed Fund 2.0 is managed by Invest Michigan. Learn more about it at www.michiganpreseed.info.