DETROIT – Invest Michigan announced Wednesday it has invested a total of $250,000 in five early stage technology companies through the University Commercialization Fund.
The Fund is a $1 million capital pool dedicated to help Michigan?s universities transfer technology to the marketplace. Funded companies are required to secure a 100 percent match of funds, from any source other than the state of Michigan.
The companies receiving funding include:
Black Pine Engineering ? Black Pine Engineering has developed The Woven Wheel, a disruptive technology in the turbo machinery industry that allows for the manufacture of turbines, compressors, and turbo machinery blades that are up to ten times cheaper and seven times lighter than other competing technology. The technology was developed at Michigan State University.
Brio Device ? Brio Device is a medical device company that has developed a product platform of airway management intubation products that improve patient outcomes by reducing unnecessary patient deaths and significant adverse events. The technology was developed at the University of Michigan.
Elegus Technologies ? Elegus Technologies is commercializing a battery separator that can increase the energy density of lithium-ion batteries without compromising safety. The technology was developed at the University of Michigan.
Movellus Circuits ? Movellus Circuits has designed a patent-pending clock generator technology for the microprocessor market that offers innovative mixed-signal IP and design services, delivered as either a soft or hardened IP in order to provide maximum design flexibility. The technology was developed at the University of Michigan.
OrthoForge ? OrthoForge has developed a bone restoration system that autonomously adapts to each patient and their unique healing state. In real-time, OrthoForge measures and characterizes the continuous reconstruction, using natural healing mechanisms to generate new bone. The technology is optioned at Grand Valley State University.
?The University Commercialization Fund was designed to help facilitate a technology?s transition from university research to a viable business,? said Charlie Moret, president and CEO of Invest Michigan. ?These startups are prime examples of the high-caliber research and development taking place at universities across Michigan, and we?re excited to be able to support their move to commercial markets.?
The University Commercialization Fund is funded by the Michigan Strategic Fund?s 21st Century Jobs Fund to provide financial support for the commercialization of cutting-edge technologies that demonstrate a plan to spinout the technology with startup companies. The Michigan Strategic Fund is administered by the Michigan Economic Development Corporation, the state?s lead advocate for economic growth.
All of Michigan?s 15 state universities are eligible to apply, as are startups that have a signed option for a license from one of the universities.
