ANN ARBOR – Three more Michigan start-up companies received investment commitments in May, pushing the total investments made through the Michigan Pre-Seed Capital Fund to $5.4 million for 25 Michigan companies.

The Michigan Pre-Seed Capital Fund is an equity fund that invests in

technology-based companies to support business formation and acceleration.

Each of Michigan’s 12 SmartZone is responsible for recommending an investor to the Michigan Pre-Seed Capital Fund review board. Ann Arbor SPARK serves as the Fund’s administrator.

Funding recipients in May include:

Fulcrum Composites, sponsored by the Mt. Pleasant/ Midland

SmartZone, received $200,000. Fulcrum Composites utilizes advanced

materials and designs to develop structural components for the trailer and

energy industries.

Global Energy, Inc. (GEI), sponsored by Ann Arbor/Ypsilanti

SmartZone, received $250,000. GEI provides advanced auxiliary high

temperature PEM fuel cell power systems capable of reforming various fuel

sources to provide multiple, reconfigurable power output channels.

3IS, sponsored by Automation Alley, received $92,499. 3IS is a

business information aggregator that provides comprehensive, Web-based data

portals for the global electronics industry.

“Support across the state for emerging businesses signals a collective

commitment for creating new economy companies and jobs in Michigan,”

said Fund Manager Skip Simms. “The Michigan Pre-Seed Capital Fund is a resource that helps companies at a critical stage of formation and development work towards bringing products to market. Helping growing companies be successful works to retain business here in Michigan as well as attract and retain the talent these companies need to further their growth.”

To qualify for the Michigan Pre-Seed Capital Fund, start-up companies

must be a start-up company in one of the state’s identified competitive

edge technology and have the sponsorship of its local SmartZone. In

addition to SmartZone sponsorship, companies must 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, as

such, will receive the same returns 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.

The 22 other seed-stage companies have received funding through the Michigan Pre-Seed Capital Fund. Additional fund recipients, and their SmartZone location are:

MedElute, Inc., Kalamazoo

Accord BioMaterials, Ann Arbor

Afid Therapeutics, Lansing

Avidimer Therapeutics, Inc., Ann Arbor

Cielo MedSolutions, Ann Arbor

Compendia Bioscience, Inc., Ann Arbor

Danotek Motion Technologies, LLC, Ann Arbor

EADevices, Inc., Kalamazoo

Emiliem, Kalamazoo

ERT Systems, Ann Arbor

Functional Brands, Detroit

Hybra-Drive Systems, LLC, Deerfield

JADI, Automation Alley

MedElute, Inc., Kalamazoo

OTO Medicine, Ann Arbor

ParkingCarma, Flint

Phrixus Pharmaceuticals, Ann Arbor

Pixel Velocity, Inc., Ann Arbor

RazorThreat, Royal Oak

Saleztrack, Detroit

SensiGen LLC, Ann Arbor

Venomix, Kalamazoo

XG Sciences, Inc., Lansing

For more information, click on AnnArborSPARK.Org

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