MoneyTree Reports $35.6M in MI Venture Deals Last Quarter

4/18/14Follow @XconomyDET

Venture capital funding surged nationwide during the first quarter of 2014, driven mainly by substantial investments in expansion-stage IT and software companies, according to the MoneyTree Report being released today.

That trend extended to Michigan, where MoneyTree reported that 14 companies snagged $35.6 million in venture capital investment during the first quarter of 2014. Though down from the last quarter of 2013, when MoneyTree reported $52.7 million in venture capital invested in 26 companies statewide, it’s still a significant amount of VC activity.

The list of Michigan companies and investors named in today’s MoneyTree report are:

NeuMoDx, an Ann Arbor-based molecular testing software startup, received $10.5 million from Arboretum Ventures, Baird Capital Partners, Pfizer Venture Investments, the University of Michigan, and Venture Investors.

Ablative Solutions, a medical device company in Kalamazoo, received $9.1 million from BioStar Ventures, the Michigan Accelerator Fund I, and an undisclosed investor.

Avegant, an Ann Arbor developer of virtual retinal display devices, received $4 million from the Michigan Angel Fund and undisclosed investors.

Varsity News Network, a school sports media company based in Grand Rapids, received $3.8 million from Arsenal Venture Partners, Invest Detroit, Grand Angels, North Coast Technology Investors, Start Garden, the Michigan Angel Fund, and an undisclosed investor.

Detroit Institute of Music Education, which teaches classes covering a variety of subjects including music entrepreneurship, received $3 million from Beringea.

ArborMetrix, an Ann Arbor healthcare analytics company, received $1.3 million from Renaissance Ventures and an undisclosed investor.

Larky, the Ann Arbor-based startup that helps users manage the array of discount cards they get from retailers, received $850,000 from the Michigan Angel Fund and an undisclosed investor.

UpTo, the Detroit-based social calendar app, received $670,000 from Detroit Venture Partners and Venture Investors.

uRefer, the word-of-mouth brand advocacy software developer based in Ann Arbor, received $660,000 from Early Stage Partners, RSVP Capital, and an undisclosed investor.

Quikly, the Detroit-based deals service, received $500,000 from Detroit Venture Partners.

BioPhotonic Solutions, based in East Lansing, received $500,000 from the Michigan Angel Fund and undisclosed investors.

AdAdapted, a mobile gaming advertising platform based in Ann Arbor, received $330,000 from the University of Michigan and an undisclosed investor.

Advanced Battery Concepts, a battery technology development startup in Clare, received $220,000 from an undisclosed investor.

Xg Sciences, the Lansing-based manufacturer of graphene nanoplatlets and related materials, received $180,000 from the Samsung Venture Investment Corporation.

Sarah Schmid is the editor of Xconomy Detroit. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @XconomyDET

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