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5 early-stage tech companies get $3 million from Michigan Pre-Seed Fund 2.0

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October 18-20, 2023 / Tucson, AZ
The annual summit for research institution gap fund and accelerator programs, including proof of concept programs, startup accelerators, and university venture funds

The Story

Detroit-based Invest Michigan has announced investments totaling $325,000 in five early-stage tech companies from its Michigan Pre-Seed Fund 2.0. That investment went along with matching investments from other sources of $2.7 million.

Since its launch last June, the $6.8 million fund has invested in 18 early-stage tech companies in the state.

The current round of funding went to:

Ann Arbor-based Arborlight, which uses LED lights and algorithms to replicate natural daylight indoors. It got $125,000 from Invest Michigan, with a co-investment from the Michigan Angel Fund.

Ann Arbor-based Cribspot LLC, which helps college student find rental properties and helps landlords manage their properties. It got $50,000 and a co-investment from angels investors.

Detroit-based ENT Biotech Solutions, a medical device company, got $50,000 and co-investment from angel investors.

NanoRETE, a Lansing-based company that promises early and accurate detection of tuberculosis, got $50,000 with co-investment from the Michigan Accelerator Fund and the MSU Foundation.

Ann Arbor-based PicoSpray, a maker of fuel-injection systems to make small engines more efficient, got $50,000 and co-investment from Invest Detroit and an unnamed original equipment manufacturer.

“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, in a news release.

The 2.0 fund has $5.8 million earmarked for investment in high-tech startup companies and $1 million 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 a one-to-one match in co-investment.

via 5 early-stage tech companies get $3 million in funding – Crain’s Detroit Business.

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