Eight Michigan companies that have presented at the Michigan Growth Capital Symposium (MGCS) recently received investments from the Michigan Pre-Seed Capital Fund. The fund, a collaborative effort of Michigan’s SmartZones, has invested over $11.6 million into 50 companies since its inception in 2007. “The idea behind the fund is to provide capital for companies that are in the pre-seed stage, and give them a tool to help them raise a little more money then they might otherwise from the private sector,” said Fund Programs Administrator and Interim CEO of Ann Arbor SPARK Skip Simms. “Or, if they’re getting a Phase II Small Business Innovation Research grant for example, to give them an opportunity to raise money that allows them to really ramp up the commercialization of that grant.”
Simms says the MGCS is a vital part of Michigan’s ecosystem – and the Pre-Seed Fund complements the Symposium rather than the other way around. “Once these companies find some capital through their contacts as a result of the Symposium, then they’re able to leverage those investments with some additional capital from us,” he said. “What’s interesting for me when I go to the Symposium is that I see the companies that we’ve already invested in presenting for their next round of capital, and I also see companies trying to raise their first round of capital that I know I’ll be seeing probably within the next six to twelve months.”
The past MGCS presenters that received investment from the Pre-Seed Capital Fund earlier this year include:
Advanced Battery Concepts, LLC (presented in 2009): This Lansing-based company develops smaller, lighter and longer-life batteries for the large-format battery industry.
Armune BioScience, Inc. (presented in 2009): This Kalamazoo company develops and commercializes diagnostic tests for prostate, lung and breast cancers.
Current Motor Company (presented in 2010): This Ypsilanti company develops electric motorcycles and mopeds for commuters that have zero emissions and do not use oil.
Intervention Insights (presented in 2010): This Grand Rapids company provides physicians with personalized cancer information and insight into patient-specific treatment options.
Innovative Surgical Solutions (presented in 2010): This Southfield company offers a monitoring system for spinal surgeries, helping surgeons save time and avoid complications.
Inventure Enterprises, Inc. (presented in 2010): This East Lansing company secures and streamlines workforce screening and state background checks.
NextCAT, Inc. (presented in 2010): This Detroit company is commercializing a series of catalysts for use in biodiesel production, allowing producers to use less expensive raw materials and simplify the production process.
Tangent Medical Technologies (presented in 2010): This Ann Arbor company develops technology to address health and safety shortcomings of existing catheter stabilization products for peripheral intravenous (PIV) fluid/medication delivery systems.