The Michigan Pre-Seed Capital Fund had given funding to 6 companies in Michigan totaling $1.5 million. So far, the Fund has given more than US$20 million in seed funding to 89 start-ups in Michigan. AutoBike, AlertWatch, BEET Analytics Technology, IROA Technologies, Patient Provider Communications, and TM3 Systems are the program's recent recipients. Since the Michigan Pre-Seed Capital Fund is a collaboration of the state's SmartZones, companies need to be sponsored by a local SmartZone and have matching capital funding to qualify.
Manager of capital programs of Ann Arbor SPARK, Joe Licavoli explains the importance of the Fund to Michigan start-ups. "Across the state, companies are seeking capital to support product commercialization, which is an exciting sign that our entrepreneurial culture is both thriving and maturing. The Michigan Pre-Seed Capital Fund helps these emerging companies attract and secure the additional investment capital that they need to continue to grow here in the state," he said.
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