MI Pre-Seed Capital Fund Awards $444,000 in Microloans to 12 Tech Startups
The Michigan Pre-Seed Capital Fund, which supports high-tech startups, recently announced it has awarded more than $444,000 in microloans to 12 companies through the Michigan Microloan Program. To qualify for the loans, which range from $10,000 to $50,000, companies must be located in Michigan, have the rights to innovative technology, be pre-revenue, and have the potential for rapid growth and sales of over $10 million in five years. Companies must also be private entities working to commercialize technology of interest to the 21st Century Jobs Fund, which focuses support in the areas of life sciences, alternative energy, homeland security, and advanced automotives, manufacturing and materials. The 12 companies that received microloan funding earlier this month are:
2 of 10, Chesterfield, is commercializing innovative products for carrying concealed weapons geared toward the Homeland Security and law enforcement markets.
Applied Computer Technologies, West Bloomfield, is an auto infotainment firm that is developing technology to help prevent accidents due to driver distraction.
AutoBike, Troy, is designing and developing a bicycle for the casual rider that automatically shifts gears.
BAHRS (Break Away Hook Release System), Grand Rapids, is commercializing a mechanism to help anglers release snagged fishing lures. BAHRS won Grand Valley State University’s 2010 Idea Pitch Competition.
Eco-Fueling, Saline, is commercializing a retrofit device for diesel-engine vehicles that increases fuel economy by more than 10 percent while reducing emissions through the use of an ethanol additive.
ENRG Power Systems, Detroit, is developing a high-performance plasma drive ignition system for automotive and industrial applications.
Green Flag Credit, Grosse Pointe, is commercializing online marketing technology for the retail automotive sector.
I Pillbox, Canton, is developing a “smart” pillbox.
PerkPerk, Ann Arbor, helps consumers find and access club discounts and coupons.
Sentry Medical Technologies, Ann Arbor, is a medical device company developing technology that helps monitor and correct subconscious patient behavior.
Sterilogy, Bloomfield Hills, has developed a personal hand-sanitizer delivery device for use at home and in medical facilities.
truApp, Ann Arbor, offers an online platform for college students to showcase their work and experience to employment recruiters.
Since the Michigan Microloan Fund was established in 2009, 55 companies have received $2.3 million in subordinated loans.