ANN ARBOR, Mich., Dec. 11 /PRNewswire/ -- Three more Michigan start-up
companies recently received investment commitments through the Michigan
Pre-Seed Capital Fund: Arbor Photonics, Armune Bioscience and Aursos. To
"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
-- 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.
|SOURCE Ann Arbor SPARK|
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