Detroit-based Invest Michigan has partnered with private sources to invest $325,000 in Michigan-based companies such as a manufacturer of daylight emulation lighting, a housing rental service for college students, and a biotech solutions company, among others.
“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,” says Charlie Moret, president and CEO of Invest Michigan. Invest Michigan manages the Michigan Pre-Seed Fund 2.0, which has $6.8 million to invest in high-tech start-ups.
Ann Arbor-based Arborlight, a manufacturer of LED lights modeled after skylights that emulate daylight emulation, received $125,000. Ann Arbor-based PicoSpray, a data system for small engines, received $50,000, along with Ann Arbor-based Cribspot, a housing rental map; Detroit-based ENT Biotech Solutions, a manufacturer of medical devices; and Lansing-based NanoRETE, a creator of tuberculosis diagnostic tests.
Since the Michigan Pre-Seed Fund 2.0 was founded in June 2014, it has invested in 18 Michigan start-ups. The funding from the Michigan Pre-Seed Fund 2.0 has allowed companies to leverage $2.7 million in co-investments from private sources for a total investment of about $3 million in Michigan technology companies.