ANN ARBOR, Mich., Dec 11, 2008 /PRNewswire via COMTEX/ -- Three more Michigan start-up companies recently received investment commitments through the Michigan Pre-Seed Capital Fund: Arbor Photonics, Armune Bioscience and Aursos. To date, 28 Michigan companies have received a combined $6 million in critical seed funding through the Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan's 12 SmartZones.
"The Michigan Pre-Seed Capital Fund has had consistent deal flow since its inception last year, highlighting the need for start-up funding in the state," said Skip Simms, Michigan Pre-Seed Capital Fund administrator. "Michigan's start-up economy is thriving and the Pre-Seed Capital Fund is an important catalyst in the success of the businesses choosing to call our state home. More than $6 million has been invested in Michigan's economic future through the Pre-Seed Fund."
Recent funding recipients are:
-- Arbor Photonics, sponsored by Ann Arbor SPARK, received $250,000. Arbor Photonics is developing a 3C optical fiber laser for the manufacturing sector, based on technology developed at the University of Michigan.
-- Armune Bioscience, sponsored by the Kalamazoo SmartZone, received $200,000. Armune's prostate cancer diagnostic test and prognostic test make significant advancements from current diagnostic and prognostic tests available on the market today. Armune is also developing a lung cancer diagnostic test and a lung cancer prognostic test.
-- Aursos, sponsored by the Kalamazoo SmartZone, received $200,000. Aursos specializes in parathyroid hormone (PTH) treatments for osteoporosis that increase bone formation and decrease bone degradation.
To date, 25 additional seed-stage companies have received funding through the Michigan Pre-Seed Capital Fund.
Fund recipients are:
-- XG Sciences, Inc., Lansing
-- Phrixus Pharmaceuticals, Ann Arbor
-- Hybra-Drive Systems, LLC, Deerfield
-- ParkingCarma, Flint
-- OTO Medicine, Ann Arbor
-- Pixel Velocity, Inc., Ann Arbor
-- SensiGen LLC, Ann Arbor
-- EADevices, Inc., Kalamazoo
-- MedElute, Inc., Kalamazoo
-- Danotek Motion Technologies, LLC, Ann Arbor
-- Saleztrack, Detroit
-- Compendia Bioscience, Inc., Ann Arbor
-- Avidimer Therapeutics, Inc., Ann Arbor
-- RazorThreat, Royal Oak
-- Functional Brands, Detroit
-- JADI, Troy
-- Venomix, Kalamazoo
-- Accord BioMaterials, Ann Arbor
-- Cielo MedSolutions, Ann Arbor
-- Afid Therapeutics, Lansing
-- ERT Systems, Ann Arbor
-- Emiliem, Kalamazoo
-- 3IS, Novi
-- Fulcrum Composites, Midland
-- Global Energy, Flint
To qualify for the Michigan Pre-Seed Capital Fund, a start-up company must have the sponsorship of its local SmartZone and have received grant, angel or venture capital funding greater or equal to funding requested of the Michigan Pre-Seed Capital Fund.
The Michigan Pre-Seed Capital Fund is an equity investment fund and will receive the same returns on its investment as the third party investor. The returns that the Michigan Pre-Seed Capital Fund receives from its investments will serve as seed money for the Fund's continuation.
Posted by Erin Rose at 5:43 PM