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ANN ARBOR, MICH. – DECEMBER 7, 2009 – Four more Michigan companies recently received investments from the Michigan Pre-Seed Capital Fund. To date, 38 Michigan companies have received seed funding from the Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan’s SmartZones. Combined, Mandy & Pandy, Algal Scientific, Axenic Dental, and RealBio Technology received $924,000 from the Michigan Pre-Seed Capital Fund.
“The Michigan Pre-Seed Capital Fund is a great resource for helping start-up businesses grow in our state,” said Skip Simms, Michigan Pre-Seed Capital Fund administrator. “The Michigan Pre-Seed Capital Fund is a resource that not only helps start-ups get launched in the state, but also keeps them here.”
Each of the Michigan Pre-Seed Capital Fund recipients will use the funding to support commercialization efforts. Specific innovations include:
o Mandy & Pandy teaches kids Chinese in a fun and easy way through books, CDs, DVDs, toys, fashion, and television. Similarly, Mandy & Pandy teaches English to Chinese-speaking children.
o Algal Scientific’s proprietary technology provides advanced nutrient removal for municipal and industrial wastewater allowing customers to meet stringent EPA standards, while producing algal biomass that can be used for biofuels and fertilizer production.
o Axenic Dental has created a disposable high-speed dental drill that can be used for any procedures in the dental market where re-useable metal handpieces are currently used.
o RealBio Technology will commercialize a 3D cell culture tool within the life science industry that will transform stem cell research. The Nth Degree System is a high-value, high-margin, single use tool that will have broad acceptance initially in stem cell ‘farming’ and research.
The Michigan Pre-Seed Capital Fund, a collaborative effort of Michigan’s SmartZones, is an equity fund that invests in technology-based companies to support business formation and acceleration. Ann Arbor SPARK serves as the Fund’s administrator.
To qualify for the Michigan Pre-Seed Capital Fund, start-up companies must be based on a technology in one of the state’s identified competitive technologies and have the sponsorship of a local SmartZone. In addition to SmartZone sponsorship, companies must have received grant, angel or venture capital funding as a match with the Michigan Pre-Seed Capital Fund investment.
The Michigan Pre-Seed Capital Fund is an equity investment fund that receives the same returns as the third party investor. The returns that the Michigan Pre-Seed Capital Fund receives from its investments will be redeployed by the Fund to continue its mission of helping start ups with their first round of capital.
