Lansing-based Invest Michigan and Detroit’s Invest Detroit have sold Ann Arbor’s PicoSpray to an unnamed OEM. PicoSpray is an industrial engineering company that replaces a carburetor in small engines with a low-cost electronic fuel injection system.
Invest Michigan and Invest Detroit were the only institutional investors that supported the company since its founding in 2015.
“Michigan is a leader in making capital resources available to high-tech startup companies that are innovating in key sectors,” says Charles Moret, president of Invest Michigan. “Early investments in tech companies are supporting Michigan entrepreneurs, helping to expand the state’s entrepreneurial-based economy and creating much needed high-tech jobs.”
Invest Michigan, a nonprofit funded by the Michigan Strategic Fund, and Invest Detroit work with Michigan entrepreneurs in an effort to build high-tech sustainable enterprise by providing capital and connection to resources. They partner and co-invest pre-revenue startups.
Invest Detroit Ventures is the venture team of Invest Detroit.