SOUTHFIELD – Five Michigan companies in the biotechnology, software, industrial and energy industries received $22.4 million in venture capital funding during the second quarter of 2005, a ten-fold increase from the second quarter a year ago.
What?s more, the number of deals in which Michigan-based venture capital funds invested increased from six in the first quarter of 2005 to 10 in the second quarter of 2005. During the second quarter of 2004, five deals were reported.
The news came from PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association Money Tree Survey. The survey showed total investment of $22.4 million in Michigan companies during the second quarter of 2005, compared with $2 million in the second quarter a year ago, and $1.5 million in the first quarter of this year.
?I believe this month?s activities with regard to venture capital in Michigan are encouraging,? said Jackie Goforth, leader of the PricewaterhouseCoopers ? Detroit Technology Practice. ?We have an increase this quarter over, not only last quarter, but also the same quarter in 2004.?
Michigan companies receiving funding during the second quarter of 2005 were the following:
Assay Designs, Inc., Ann Arbor; Biotechnology ? $5,000,000 – Develops and manufactures reagent kits for life sciences research.
Asterand, Inc., Detroit; Biotechnology – $3,500,000 – Provides tissue samples to biopharmaceutical companies for research use.
ISD Corporation, Holland; Software – $6,000,000 ? Provides payment management software.
ProNAi Therapeutics, Inc., Kalamazoo; Biotechnology – $525,000 – Develops Nucleic Acid inhibitor drugs.
STM Power, Inc., Ann Arbor; Industrial/Energy – $7,400,000 – Develops high efficiency, low emissions power generating system.
These Michigan-based venture capital funds were active with one or more deals in Michigan or around the nation during the second quarter:
ApJohn Ventures LLC ? 2
Arboretum Ventures ? 2
Beringea ? 1
EDF Ventures ? 2
North Coast Technology Ventures ? 1
Waypoint Ventures ? 2
