Tag Archives: Venture Capital

UM Fund Invests In Brain-Computer Interface Developer

ANN ARBOR — The Zell Lurie Founders Fund at the University of Michigan’s Zell Lurie Institute for Entrepreneurial Studies announced an investment in Neurable, a brain-computer interface technology startup.

Continue reading UM Fund Invests In Brain-Computer Interface Developer

Speakers Announced For Michigan Growth Capital Symposium

ANN ARBOR — The Michigan Growth Capital Symposium has announced speakers for the event, to be held May 16-17 at the Ann Arbor Marriott Ypsilanti at Eagle Crest.

The 36th annual MGCS, the Midwest’s largest venture capital and startup showcase, will feature nearly 60 high-growth companies  presenting from around the United States that span the life sciences and technology industries.

There will also be two keynote presentations and four panel discussions by industry leaders. More than 500 entrepreneurs, researchers, investment professionals and business executives are expected to attend.

Check out the agenda at http://www.MichiganGCS.com. Those attending from outside the Detroit area may reserve a room at the Marriott before 3 p.m. Friday, April 21 to receive a discounted rate of $154 a night.

Clay Thorp of Hatteras Ventures and Markus Limpinen of Crowd Valley headline an impressive roster of respected industry speakers.

Other speakers include Jim Adox, Venture Investors; Sundu Brahmasandra, NeuMoDx Molecular; Mike Blue, Histosonics; Markus Limpenen, Crowd Valley; Clay Thorp, Hatteras Ventures; Larry Berlin, First Analysis Corp.; Don Layden, Baird Capital; Jonathan Murray, Draper Triangle Ventures; Steve Robert, Autobooks; Joan Susie, Bank Director; Justin Field, National Venture Capital Association; Anna Haghgooie, Sandbox Industries; David Kereiakes, River Cities Capital Funds; Dan Kidle, Arboretum Ventures; Ibraheem Badejo, J&J Innovation Center; Sandra Cochrane, Western Michigan University Homer Stryker M.D. School of Medicine; Bill Mayer, Ann Arbor Spark;   Karen Spilizewski, RiverVest Venture Partners and BioEnterprise Corp.

The full list of selected presenting companies will be announced a few weeks prior to the event. Here’s a look at a partial list:

  • Clicktivated – An “amplified video engagement” system for brands looking to create an enhanced interactive user experience
  • TAI Diagnostics – A biotechnology company focused on providing a non-invasive and highly sensitive diagnostic test to monitor the health of transplanted organs in patients who have received solid organ transplants
  • TibaRay, Inc. – A medical device company inventing the next generation of radiation therapy systems, particle accelerators, radio frequency sources and components
  • Neurotherapia – A medical therapeutics company focused on discovering and developing new chemicals for the treatment of neuroinflammatory disease
  • Carrot Wellness – A mobile app designed to encourage users to lead healthier, more active lives
  • WayMark – A Detroit-based mobile and online service that allows local businesses to create and manage digital advertising
  • Histosonics – A medical device company focused on developing Robotically Assisted Sonic Therapy (RAST), a completely non-invasive, focused ultrasound treatment
  • Opticyte – A University of Washington spinout formed to commercialize a next-generation oximeter that will allow clinicians real-time monitoring of cellular oxygenation and perfusion.
  • Atlas Space Operations – A provider of cloud based space access in the rapidly growing global space market

To register for the event or for more information, visit www.michigangcs.org.

Report Shows Michigan Venture Capital Industry Growing

ANN ARBOR — The Michigan Venture Capital Association’s annual report, released this week, shows the good news and bad news of the Michigan VC industry.

Let’s get the bad news out of the way first: The amount of venture capital under management in Michigan remains only a small fraction of the national total as of 2016, $2.4 billion of $333.5 billion nationally, or 0.7 percent.

But there’s good news too. That $2.4 billion in venture capital management in 2016 is up 60 percent from $1.5 billion under management in 2011. Nationally, the growth rate in VC under management over those five years is far lower, 22 percent.

Continue reading Report Shows Michigan Venture Capital Industry Growing

StockX Closes $6M Funding Round

DETROIT – StockX, the online consumer “stock market of things,” announced that it has closed a $6 million round of funding from several celebrity investors, including actor Mark Wahlberg, rappers Eminem and Wale, music manager Paul Rosenberg, former AOL executives Ted Leonsis and Steve Case, singer-songwriter Tim Armstrong, talent manager Scooter Braun, fashion designer Jon Buscemi, and others.

Additional investors include Courtside Ventures, a media and technology venture fund, and  Detroit Venture Partners, both backed in part by Quicken Loans founder and downtown Detroit investor Dan Gilbert.

Continue reading StockX Closes $6M Funding Round

ACE ’17 Coming Jan. 26

SOUTHFIELD — The Annual Collaboration for Entrepreneurship 2017, better known as ACE ’17, will be held Jan. 26 at the Westin Southfield hotel.

ACE celebrates and promotes entrepreneurship in the Great Lakes region by bringing together entrepreneurs, service providers, investors, students, government agents, and other members of the business community to network, learn, and connect.

Continue reading ACE ’17 Coming Jan. 26

Holly steel firm gets $3.5M VC loan

Steel Producer Gets $3.5M VC loan

HOLLY — The venture fund Arctaris Michigan Partners LLC and affiliates announced a $3.5 million growth capital loan for Holly-based AFCO Manufacturing LLC, a manufacturer of adjustable steel columns.

This transaction represents one of seven current investments for AMP’s fund, which was created through a partnership between Arctaris Michigan Partners LLC, the State of Michigan and U.S. Treasury Department to provide growth capital to underserved and underbanked Michigan businesses.

With 49 years of operations, AFCO fabricates certified adjustable steel columns, lintel angles and temporary telescoping support columns for the home construction industry.

AFCO’s base of more than 100 customers consists of distributors of residential building products and large homebuilders, spanning from the East Coast to the Rocky Mountains.

The company has 17 employees and expects significant job growth to meet growing customer demands.

“Arctaris’ investment into AFCO demonstrates our confidence in the company’s leadership and our firm’s commitment to providing non-dilutive royalty financing solutions to companies operating in Michigan,” said Jonathan Tower, managing partner of AMP. “We seek to invest in additional opportunities like AFCO in Michigan with an eye toward growth, impact investment, and job creation.”

Arctaris Michigan Partners launched the Michigan Income and Principal-Protected Growth Fund LP to provide growth capital to underserved Michigan businesses. With capital from the U.S. Treasury Department, the State of Michigan, U.S. commercial banks, foundations and other private investors, the Fund provides loans to small- and mid-sized businesses seeking to expand their Michigan operations or move to the State.

Arctaris Michigan Partners, based in Detroit, is an affiliate of Boston-based Arctaris Royalty Partners LLC, a leader in economic development and impact investment for inner cities and underbanked communities throughout the U.S.

More at http://www.arctarismichigan.com.

MSU Foundation Launches $5M Tech Transfer Fund

EAST LANSING — A new $5 million venture investing subsidiary of the Michigan State University Foundation called Red Cedar Ventures will help MSU-based business startups and technologies overcome early funding gaps, accelerate growth and provide growth-stage capital.

Continue reading MSU Foundation Launches $5M Tech Transfer Fund

GR Software Firm Gets $8.6M In Capital

GRAND RAPIDS — The Grand Rapids-based data center management software developer Blue Medora announced the close of an $8.6 million Series B funding round led by St. Louis-based Lewis & Clark Ventures.

Blue Medora’s existing investors — Palo Alto, Calif.-based VMware Inc., Ann Arbor-based eLab Ventures, and Grand Rapids-based Start Garden and Grand Angels, also supported the round, bringing Blue Medora’s total capital raised since its inception to $14.5 million.

Continue reading GR Software Firm Gets $8.6M In Capital

UM’s Social Venture Fund Invests In Teaching Technology Firm

ANN ARBOR — The Social Venture Fund, a student-led venture fund at the University of Michigan’s Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies, has invested in an early-stage bridge financing round for Austin, Texas0based Querium Corp.

Querium is an educational technology developer that uses artificial intelligence to provide students with step-by-step coaching for math, science and engineering.

The Social Venture Fund contributed $50,000 towards a total $720,000 convertible note round and was one of approximately 10 investors.

Continue reading UM’s Social Venture Fund Invests In Teaching Technology Firm

UM VC Event Announces Presenting Companies

ANN ARBOR — Organizers of the 25th annual Michigan Growth Capital Symposium have announced the 36 companies that will be presenting at the event.

The companies are early stage and growth companies seeking funding in life sciences, IT and technology.

Hosted by the University of Michigan’s Zell Lurie Institute for Entrepreneurial Studies, with support from the Michigan Venture Capital Association, this year’s symposium will be held May 17-18 at the Marriott Eagle Crest Resort in Ypsilanti.

Continue reading UM VC Event Announces Presenting Companies